Are you the first to line up when a new iPhone is released? Or are you the one telling people to turn off the lights when they leave the room? Or perhaps you’re both?
Our relationship with money is as often as not commanded by our personality. Understanding that relationship is the first step towards a healthier financial life.
Although there are a few compelling sources on the topic of money personalities, this article will be focusing on the nine personality profiles described by author Dr Kathleen Gurney in ‘Your Money Personality‘.
It is possible that you may identify yourself with one of several of the described money personality profiles below. People are not checklists that can be fit into a box, after all.
High rollers are risk-takers, they are creative, competitive and love expensive items. A high roller would be comfortable investing in cryptocurrencies, NFTs and equity crowdfunding campaigns.
The name says it all. Optimists look on the bright side of finances. They are not highly involved in money matters and see money as something to enjoy rather than accumulate. YOLO is their motto.
Perfectionists are well-educated, good savers and safety players. They usually do heaps of research before investing their money, but unfortunately, because they’re so afraid to make mistakes, they overthink and overanalyse to the point of getting analysis paralysis.
Perfectionists prefer secure investments and often repeat strategies that have a proven record of success. If their parents have invested in property, they’re likely to follow suit.
Entrepreneurs are driven by passion and thrive on work and success. In addition, they enjoy the power and prestige of money. A typical entrepreneur invests in the stock market.
Hunters are highly educated and have above-average incomes. They tend to be impulsive when it comes to spending and investment decisions and they attribute financial success more to luck than ability and judgment.
Safety players are average income earners who prefer low-risk investments. Although well educated, they don’t feel confident taking risks, not even calculated ones. They usually invest in what has worked for them before and don’t feel the need to explore new avenues.
Achievers are hard workers and are proud of their accomplishments. They’re usually university graduates who like to figure out things independently and don’t trust others with their money.
Achievers don’t like to feel like they’ve lost something, so asset protection is their number one priority.
Money masters love money and can’t wait for an opportunity to talk about it.
They’re successful masters of their money and want to understand and learn as much as they can about it. They usually act on financial advice and want to be involved in the process.
Their success derives from their mindset.
Producers have high work ethics but usually are on low incomes.
They lack money management skills and find it challenging to get ahead. Producers can benefit from financial education.
No matter what your ‘money personality’ is, you can always learn and grow. Understanding your money behaviour can help you develop strategies to improve your financial life.
At UFinancial, we can help you navigate the complex and constantly changing financial landscape with a diversified, full-service model that supports you from getting your finances in order to building wealth that lasts. Talk to one of our financial experts today.