Know Your Money Psychology Style!
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We all make decisions with our money that, for one reason or another, do not work out. However, if you find yourself falling into patterns of behavior that lead to negative financial consequences, it could be time to examine a little more closely how you make those choices.
Experts who study how people make money decisions have identified certain psychological styles for doing so. Here are some profiles to see if one, or a few sound, like you and how you handle your finances
The Over-Giver
- Uses monetary gifts to express feelings and connect with people
- In some cases, this person may give gifts to others and neglect his or her own needs
The Bargain Maven
- Gets a thrill out of finding discounts, whether the product is needed or not
- Derives satisfaction from not having a sound financial plan in place, but the emotional boost he or she gets from landing a “good deal”
The Risk-Taker
- Always on the lookout for a “get-rich-quick” scheme, like the lottery or highly speculative investments
- Lacks patience and looks for shortcuts at the expense of prolonged security
The Striver
- Constantly looks for ways to improve the financial standing of themselves as well as their family
- May believe that with money comes power
- Very goal-oriented
The Ultra-Conservative
- Is afraid of losing money and, as such, opportunities for growth are sometimes lost
- May be overly affected by events from earlier in life that cause him or her to not want any risk in financial affairs
Just because you may be one of these money psychology types does not mean you are a bad person, but it is important you be aware of your tendencies so you can avoid falling into financial difficulty.
In addition, please know Safe 1 is always here to assist you during your financial journey. Should you have any questions, comments, or seek additional information, please do not hesitate to contact us here at Safe 1.