How is Your Money Personality Impacting Your Finances?
aliko-aapayrollservices.com - Small businessess from 1 to 80 employees outsource your payroll management to us and let us worry about your payroll processing.
RSS Follow Become a Fan

Delivered by FeedBurner


Recent Posts

Tax changes to expect when you’re expecting
2016 Tax Tips for 2015 Filing Year
From Proprietorship to Corporation - When is the Best Time to Incorporate?
Tax Specialists Brief your Clients About CRA Fraud And E-Mail Scams
Bank of Canada cuts rates again

Most Popular Posts

Help your teenager build credit responsibly
Being an Executor of an Estate
Anti-Aging
Student Line of Credit
Principal Residence Exemption

Categories

aliko nutrition store- isotonix
aliko payroll services
canada revenue news and videos
canadian news
CPP ,OAS RRIF ANNUITY
Cross border Tax
Disability awareness and Benefits for disabled
estate planning
FINANCIAL LITERACY
HEALTH & NUTRITION
Home Car Insurance
Income Splitting Strategies in Retirement
INVESTING
kids and money -set your children up for financial success
life insurance
on line safety tips
online safety tips
PAYROLL
Real Estate - Investments / Retirement
RETIRE HAPPY BLOG
Retirement planning
SAVE YOUR MONEY
Save your money
SERVICE CANADA NEWS
small business planning
Tax Information for Students
tax news
tax planning
tax tips.ca
Tech news
TFSA

Archives

January 2016
July 2015
May 2015
April 2015
February 2015
December 2014
November 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013

powered by

MY BLOG

How is Your Money Personality Impacting Your Finances?

How is Your Money Personality Impacting Your Finances?
 
 
 
 
 
 
How is Your Money Personality Impacting Your Finances?
 
 
Written by Sarah Yetkiner
“To become different from what we are, we must have some awareness of what we are.” – Eric Hoffer
I love to read; I have done ever since I was a child. My Mum is an avid reader and our house was always filled with books. I devour books the way that some of my friends devour movies and when I set my goals each month there are three that remain the same: ‘read one fiction book’, ‘read one non-fiction book’ and ‘listen to an audiobook’. (The fiction is my escape, the non-fiction is my education and the audiobook keeps my brain busy when I’m in the car!)
Over the past 18 months my non-fiction choices have mostly been books about finances, the psychology of money and the habits of successful people. One of the books that has really impacted me is “Secrets of the Millionaire Mind” by T. Harv Eker. Over the next two weeks I’m going to share a couple of the concepts from the book that resonated with me and which have helped my clients identify, address and eliminate some of the barriers that were holding them back from financial success and building the foundation for a happy retirement.
Money Personality
In his book, Eker explores the idea that each person has a money personality. His exploration is based on research by Olivia Mellan and he suggests that, when it comes to the way we handle money, people can be divided into four distinct groups. Eker asserts that someone’s money personality can have a dramatic impact on their ability to earn, hold and grow their money and that an awareness of your money personality and how it can impact your finances is the first step in creating positive change. See if you can identify which of the four groups you might belong to:
Spender
As the title suggests, Spenders love to spend their money. They like the immediate pleasure that comes from buying things for themselves and they can be generous to others, often picking up the tab for dinner or buying gifts “just because”. Spending money to accumulate “stuff” or to indulge themselves makes Spenders happy but they may also have a hard time prioritizing their spending and putting money aside for savings. Spenders tend to focus on living in the moment rather than looking at the bigger financial picture and they often find themselves in debt because of their spending habits.
Saver
Savers love to hold on to their money. They tend to be very organized with their finances, often having a clear, written budget and they always know how much money is in their bank account. Savers watch their spending carefully, often to the point where they have a hard time justifying purchases that seem “frivolous” such as vacations or entertainment. Many Savers worry about their future financial security and they tend to be very conservative with where they choose to put their money, often preferring the safety of a high interest savings account over investments such as mutual funds or stocks.
Avoider
Chances are that if your money personality is Avoider you stopped reading at the first mention of the word “money”. If you are still reading it’s probably because your Saver friend is making you! Avoiders avoid dealing with money as much as they possibly can. They never know how much is in their bank account and are often late with bill payments; not necessarily because they don’t have the money but because they don’t make paying bills a priority. In many cases, Avoiders consider money to be challenging and complicated and prefer to devote their energy to more interesting things. They tend to be hit with late fees and bank charges simply because they don’t pay attention (Creditors love Avoiders!). You can often identify an Avoider by the pile of unopened bills and statements on their kitchen counter and the way they cross their fingers when they hand over their debit card.
Money Monk
The Money Monk feels that amassing money or giving it undue importance is wrong on a spiritual level. Money Monks tend to give away as much of their money as possible either to good causes or friends/strangers in need. They don’t feel right about having money when others don’t and so they find ways to benefit others without building wealth for themselves. Money Monks will often avoid investing their money because they don’t want to be perceived as “greedy” and the idea of building wealth doesn’t sync with their spiritual, political and human values.
When it comes to creating financial security and building wealth sometimes the most powerful tool can be an understanding of our strengths and our areas of challenge. The psychology of money is an area that is often overlooked when it comes to dealing with finances but factors such as your money personality can have a big impact on your ability to earn, hold and grow money. Awareness is the first step when it comes to implementing change; understanding how an obstacle affects you and then taking action to overcome it will lead to dramatically different results. Which money personality type best describes you? How has it impacted your financial health? How can you use this awareness and understanding to take actions that will help you build a stronger financial future?
 
 
 
 
 

0 Comments to How is Your Money Personality Impacting Your Finances? :

Comments RSS

Add a Comment

Your Name:
Email Address: (Required)
Website:
Comment:
Make your text bigger, bold, italic and more with HTML tags. We'll show you how.
Post Comment