What’s Your Cash Personality?
No one likes to think about money – unless of course it’s winning lotto or getting a raise. But the daily choices that we make have an enormous impact on the kind of life we lead. Living in the consumption-focussed society of today, people tend to fall into a routine with their spending, otherwise known as their money personality.
Discovering which money personality you are is the first action you can take in managing your finances. Once you know where you are likely to go wrong with your spending and saving it will be much easier to remedy the situation and stay on track in the future. See which of these you identify with…
Hey Big Spender – You’re Playing With Fire!
ENTREPRENEURS - People in this category are often workaholics who reap the benefits of such a lifestyle. Their hefty income is used as a form of ego boosting, power assertion and a measure of their success. They are passionate about what they do and the reward themselves with the best of the best. Nothing is too good for the entrepreneur!
HIGH ROLLERS – Work hard, play hard. This is the motto of the high roller, and as outgoing, creative and competitive people, they strive for the power and recognition that money brings them. Investment is an adventure, the outcome of which is not a key concern. It’s the thrill of the ride that matters – to this person the possibilities are endless.
HUNTERS – Much like the entrepreneur, the hunter has a strong work ethic and ability to bring about success. Yet the hunters fall behind the entrepreneurs as they spend with their heart instead of their head and lack the confidence the entrepreneur exerts. As a result, rather than skills and performance, success is put down to luck. With an average to above-average income, these (usually) highly educated hunters use impulse spending to reward success, which contributes to their in-the-moment lifestyle.
DRIVE-BY SPENDER – Unlike the previous categories the drive-by spenders have a careless disregard for their financial future, and therefore, is the one who is most likely to fail. This person could swing either way when it comes to income, but will have debts up to their ears, no will, and no real savings to speak of. Often embarrassed at their financial situation and afraid to admit they may have stuffed up they will brush off not only problems but suggestions as well. This person is most in need of financial goals to work towards.
Playing it Safe
PERFECTIONIST – The perfectionist strives for the unobtainable; nothing is ever quite good enough. Risky ventures are not an option as they lack confidence when it comes to their money and find fault in any investment that makes it past their internal screening process.
FENCE SITTER – Despite being well educated the fence sitter lacks confidence when it comes to money decisions and therefore is not motivated to take any financial risks in the form of investments or business ventures. As average earners their money is stowed away in a savings accounts, as this is what is easiest and therefore works best for them.
On The Right Track
OPTIMIST – The optimist is content with their money situation and feels little anxiety when it comes to their financial future. This does not necessarily mean they are well off, as attention to things such as investments and taxes is minimal. Money is there to be enjoyed as most of the people in this category are in or near retirement. Spending can be seen as impulsive but is in no way risk-oriented.
HUMAN PIGGY BANK – this person is fanatically frugal with no intention of using savings for any kind of luxury or indulgence. Instead it will be stowed away for a ‘rainy day’. Although it is good to have savings, this keen eye on finances can cause rifts between the penny-pincher and their family and friends.
PRODUCERS – The producer is a lot like the hunter, except they constantly feel frustrated as they earn a much lower income. The work ethic is there; they’re just not seeing the rewards. Education is highly valuable to people in this category as they often misunderstand the systems behind finances. Risks are taken but not well thought through and as a result profits are rarely made.
Show Me The Money!
ACHIEVERS – Despite having trust issues and the need to control their money, the achiever works hard and believes that this more than anything else will yield a reasonable fortune. This works for them, as they are high-income earners who are proud of their accomplishments. Protection is key so they are fairly conservative when it comes to investments and risk.
HEAD OF THE CLASS – This person leads the most balanced lifestyle where contentment is right up there with financial responsibility. Willing to take well-researched risks and advice from others, they are the wealthiest (despite not earning the most). Involvement in their finances is high as they enjoy participation.
Well there you have it, 11 different money personalities. So which are you?
All of them (bar the drive-by spender) have both positives and negatives that can be weighed up. This means you may be able to identify with a few of the personalities, as of course no one is confined to just one type of personality. All this means is that it is going to be a little bit harder to work out what you need to do to stay on track with your budget. Perseverance is the key.
Reader Comments
Posted By: May Shotton - 30 June 2008 13:56:54
What a great article. This is my first time on the site, so I don't know how old it is, but is is certainly well-researched and written
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