Tuesday, March 30, 2010

Do You Know Your Money Personality?

Over and over
I tried to prove my love to you
Over and over
What more can I do
Over and over
My friends say I´m a fool
But over and over
I´ll be a fool for you

’cause you got personality,
Walk, personality
Talk, Personality
Smile, Personality
Charm, personality
Love, personality
- Personality (as sung by Lloyd Price)

OK, you have (a) personality – that essence of humanity that makes you, you. Got it? That’s what makes the world go ‘round. Did you know that you also have a Money Personality? Your Money Personality affects the way you deal – or don’t deal – with your money. There are several quizzes you can take to determine your Money Personality. Most people have elements of several different types but tend to have a dominant type. Knowing your Money Personality type can help you manage your way to financial success. Below is a Money Personality quiz we have used with clients, spend a few minutes to answer the questions and score yourself with the key at the end.

You just received $5,000 and you can do whatever you want – what would you choose?
A. Find a way to play/enjoy it
B. Pay bills, then save the rest
C. Wonder what I want to do with it and decide to figure it out later
D. Use it for someone else or an organization or mission that deserves it
E. Buy something I really want

When it comes to dealing with money:
A. I don’t really want to be bothered with it
B. I enjoy keeping track of what I have
C. I use it to buy things
D. I find ways to give it back to the world
E. I use it to enjoy life, knowing I’ll earn more

When it comes to following a budget:
A. I don’t like budgets and tend to go on instinct each month
B. After paying bills, or sometimes before, I squeeze out money to help others and make contributions
C. I take time to look at expenses/income and watch it carefully
D. I use it to see how much money I need to earn to make sure life is fun
E. I think more money should be budgeted for shopping trips

When it comes to spending money:
A. I’ll spend it for someone I care about or give to my church or other charity
B. I don’t get much enjoyment from spending; in fact it does not feel good
C. I don’t usually know how much I have to spend, but still I may buy something
D. I buy something I want and I really get a kick from spending
E. I’ll often spend on things that include me and activities with other people

I deal with financial record keeping as follows:
A. I regularly keep records to ensure I have enough to play and live life well
B. I keep careful records
C. I keep them when I have to, but I usually don’t consult them to make decisions about spending
D. I keep records for the purpose of paying bills, tithing, giving to charities or people for whom I care
E. I would rather someone else keep the records, I only manage them when I have to

When it comes to saving money:
A. I am usually good at saving money
B. I often save but I like to live life in the present and value the use of money
C. I believe in saving, but usually leave it up to someone else to manage
D. I usually have little or no savings
E. I save when I can, but I often end up giving it to those who need it more than I do

This is my attitude toward credit cards or borrowing money:
A. I usually have credit card debt to pay off but I don’t know how much
B. I won’t borrow money or use credit card for myself but if someone else needs it, I often help them
C. I like credit cards and don’t feel bad about using them to buy things I want even if I can’t pay them off immediately
D. I often use credit cards but usually have enough to pay them off
E. I usually don’t buy things on credit or that creates debt

When I want a certain item but it’s not within my budget:
A. I look to see whether I can earn enough later to justify the expense. I’ll buy it if I think it will benefit me in business of influence others
B. If I really want it, I’ll buy it even if it isn’t in my budget
C. I don’t usually have a budget. When I do, I tend not to pay attention to it, I may or may not buy the item
D. I definitely do not purchase an item until I have planned for the item and have the money for it
E. I’ll consider how much it means to someone else. If it will really help them I’ll probably buy it

I worry about money:
A. When I think about my future and want to be sure I have enough for my later years
B. Only when I discover there are things I forgot about or didn’t know to pay and they are now overdue
C. When someone else is angry with me about my spending habits
D. When I don’t think I have enough to help others or contribute to my favorite mission
E. When I want to enjoy events and cannot afford to use the money for somewhat risky investments

When I think about providing for my future security:
A. I’d rather live in the moment and have what I want now
B. I leave the worrying and planning to others
C. I’d rather help others than worry about myself
D. I plan very carefully
E. I think about it but more often celebrate with others. I put some away for the future but am less concerned about that than living life to the fullest


A answers ___
B answers ___
C answers ___
D answers ___
E answers ___

Dominant money personality:

Mostly A answers: SPENDER. You love using money to bring you pleasure. And as a result, you have a hard time saving and delaying gratification for long-term goals.
Good trait: Generous with yourself and others. Know how to enjoy life in the moment.

Mostly B answers: HOARDER. You enjoy holding on to your money and find it difficult to spend on luxury items or for immediate pleasure.
Good trait: Good at budgeting, prioritizing and delaying gratification.

Mostly C answers: AVOIDER. You probably feel anxious or incompetent about dealing with money and therefore neglect everyday tasks like bill paying and balancing your check book.
Good trait: Don’t let money take up too much space in their lives and are often quite involved in other areas of their life in a constructive way.

Mostly D answers: CELEBRATORS. Having large amounts of money at your disposal to save, spend and invest makes you feel happy and secure. Amassers equate money with self-worth, so a lack of it can lead to depression.
Good trait: Understand the benefits of money in many different ways.

Mostly E answers: MONEY SAINT. You think money corrupts and feel guilty about having more than you need. A large raise of inheritance would make you anxious.
Good trait: Have a high degree of moral integrity and are committed to noble ideas.

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