Do you often find yourself daydreaming of great wealth, and wondering how the rich and powerful amassed their wealth? Or do you find yourself becoming rich, by winning the Lotto, but you never buy a ticket? And just in case, for whatever illogical reason, you do get rich without putting in the work, what is your plan, to hold onto that money you have inherited or won?
There’s an old cliche that has been doing the rounds now for eons, that best describes many who sit around wistfully waiting for wealth to miraculously drop in their hands, without bothering to invest in the planting of the seeds that will result in the reaping of a bountiful harvest.
All of this begs, the question: What Type Of Money Personality Are You?
Yes, there are money personalities, and the type of money personality that we are, largely determines, how successful we are in achieving and maintaining our monetary goals.
There’s an age-old saying, which, if we pay attention to, sooner rather than later, could help in guiding us towards reaching our financial goals, but too few of us, bother paying this bit of wisdom from the ages, any mind. But here’s a reminder of this bit of wisdom: ‘We never plan to fail, we just failed to plan’. And that is the truth and reality, of many people sitting around today, waiting to cash in on a Lotto ticket or some other kind of windfall.
So, because we obviously fail to plan, it begs the question, why?
Well, there are a multiplicity of reasons, but the primary reason is that we usually think we have time. And in reality, we all do, but the time is now, it’s not a futuristic concept that we can keep pushing back until we deem it convenient to take in hand and have one of that carpe diem, moments!
Time is NOW – We must act on our Instincts when they speak to us, as that is the time we are all best able to make the necessary calculations and accommodations to prepare for the ‘distant future’ when our earning capacity has waned, and without the necessary planning, we are then left to the mercies of others, to survive.
For the purposes of this feature, we at Images and Profiles, have identified Five-basic types of Money Personalities, to help you in determining which personality you are, and the required steps needed, to put you on track.
5- Basic Types of Money Personalities:
- The Gambler: The Gambler always believes time is always on his/her side, so there is no need to make the necessary financial preparations, such as consulting a financial advisor; initiating a saving regime; or creating a budget, to guide one’s spending. Believing time is on their side, the Gambler lives in the moment, with scant regard for tomorrow and what it brings, because when tomorrow comes, things will be as they are today, so why worry? And, as this continues in perpetuity, no preparations are made, so poverty awaits at the end of an illustrious life!
- The Giver: Is an honest-to-goodness, Mr. Nice Guy, or e=his female equivalent – Miss Goody-Two-Shoes. This character is a genuine friend and neighbour who is always willing to loan a friend or a neighbour, his last dollar, without knowing where the next one is coming from. If this character, was to do an introspectional audit, he/she would realize that they are owed to the tune of a small fortune, by friends, family, relatives, and others, who have borrowed over the years, but have never paid back and thus leaving the Giver, the poorer for the exchange! Because the Giver, is always giving, no time was taken to prepare a cushion for him/herself, and at the end of the day, is likely to end up financially destitute.
- The Spendthrift; Is perhaps, the saddest of all the money personalities. This character, is usually a good earner, and has held several high-paying jobs, but has combined the ‘qualities’ of the Gambler and the Giver, and so never gives a thought for tomorrow, and is committed to enjoying today. This character is usually up-to-speed with and owns all the latest gadgets; never hesitates to max a credit card; gives expensive presents, especially to those who do not need them; and will more likely than not foot the bill, at the end of the day, when out for a night on the town. This character sees money/credit as the means to a good time, not a continuing good time and so over-indulges social whims and financial fancies without batting an eyelid, at the eventual cost – The Future.
- The Planner: The Planner is perhaps the most envied of all the money-personalities, as the planner actually has a plan, and all moves, especially when it comes to spending, follow this plan. There will be no spontaneity. No unbudgeted spending such as lunch or a night on the town, as all will and must be accounted for because there is a Plan. This character will be the one taking lunch to work; car-pooling or taking the bus, as the expense of a taxi, is out of the question. No treats unless birthdays and or anniversaries, and these are budgeted for…And this character slowly but surely builds the foundation he or she is comfortable with, and one that will stand them in good stead, in lean times.
- The Builder: This is the rarest of money types, tho more common than is widely held. From day one, his/her eyes are on the prize, and the seldom gets distracted. So life is a series of strategic moves. From the get-go, the goal is saving. So whilst friends are shooting the breeze and spending to do so, The Nestegg Builder is hunting opportunities. Not a skinflint or freeloader, the Nestegg Builder regards money spent on social entertainment as an investment, as he/she will be picking your brain, in search of business opportunities; stock options, and or general investment opportunities. Usually, self-schooled in the vagaries of money management, this character, is a master networker, who evaluates friendships before entering into them. Adept at all social skills, their role at social gatherings is that of processor, not divulger. And more often than not, is more likely to indulge in a sidebar, with someone at a party, whom it is deemed, to have more to offer in a one and one setting, than in a general free-wheeling convo. It is from this class of individuals, our mega-entrepreneurs are born, as they whilst their companions slept, were putting the finishing touches to their master plans and in the end, become the movers and shakers.
Now, there are no hard and fast rules determining individual success, but understanding your personality type will help to guide your steps.
When you have a complaint, do you seek to register it quietly in private, or seek to blow it up in public? The choice you make may end up with you winning the battle (For the Likes) but losing the War ( Of Survival).
Do you know how to say No, just because, or are you the doormat who they all come to for solutions without a care for your own wellbeing?
Are you a consensus builder or a stand-alone kind of personality?
Do you know how to assert yourself, your right, and your space without being obstreperous? Or are you the character to cave, the first time you are challenged?
These are binding character traits of our money personalities, and to achieve our financial and social goals, its best we identify and harmonize our Money Personalities, to reflect our desired goals…as when we do this, we begin to plan and remember we do not plan to fail, we fail because we failed to plan!