Here’s an exercise for you to determine what kind of “money personality” you have. No, I’m not suggesting that you are on the brink of experiencing multiple personality disorder. The truth is, we all have a money personality based on our attitude towards money, which stems from what we have observed concerning money matters since we were kids.
Money types are not written in stone. As adults, we also have the power to change our money personalities. That always means a change in attitude, and a sometimes an uncomfortable measure of sustained self-awareness. To determine what kind of money personality you have, take an honest account of what you do with money, not what you say about it, either to yourself or to others.
Another thing to keep in mind, money types can be only generally categorized. As human beings, we are far too complex to be rigidly defined. So in examining the following types, focus on the general, overall tendencies you display. For example, you may be a tightwad who experiences moments of philanthropy, or a spendthrift who treats an investment with respect. With this in mind, see what overall tendencies you share most with one of the following five types.
1) The Tightwad
- Is afraid of running out of money before dying
- Saves money with no goal or purpose
- Deprives him/herself of a higher standard of living
- Grumbles about the high cost of living
2) The Spendthrift
- Has haphazard spending habits
- Feels tomorrow may not come – spend it today
- Does not save for emergencies, major purchases, or the future
- Has lots of credit and lots of debt
3) The Conservative Planner
- Has goals and a financial plan for the future
- Follows a flexible budget plan
- Lives within means
- Has minimum debt
4) The Liberal Planner
- Has goals and a general plan
- Understands and plays the leveraging game
- Has moderate to heavy debts
- Has some savings
5) The Gambler
- Has grandiose dreams and chases get-rich-quick schemes
- Has no savings
- Has no real plan
- Takes chances and is always waiting for “the ship to come in”
- Has heavy debts
- Wins big sometimes, and loses big often
One last word of advice. If you are a spendthrift or a gambler who is worried sick about money, contact us here at Credit Canada. We have a good track record with personality makeovers.