Finding Your Money Personality: Part 1

Finding Your Money Personality: Part 1

Has anyone ever told you that you have a great personality? What about your money personality? In today’s blog we are going to look at 5 money personalities and the impact they have on many aspects of our lives and our relationships. In “The 5 Money Personalities: Speaking the Same Love and Money Language,” the Money Couple Bethany and Scott Palmer unpack these categories in detail, so this blog is an introduction to the idea.
 
Every person has a primary and secondary money personality. The primary personality is the one that fits your actions and feelings about money without question. The secondary money personality is the one that resonates with you, but not as much as the primary. Our personalities are a result of the characteristics we are born with (nature) and the development and growth of those aspects through the environment in which we grow up (nurture).
 
The 5 Money Personality Types

1. Savers “get a rush out of saving money.”
2. Spenders actually get the rush from spending money.
3. Risk takers are more excited about the risk than they are of the potential profit that could be made.
4. Security seekers are most interested in their finances being safe and in line.
5. Flyers (as in fly by the seat of their pants) are rarely affected emotionally by money. 

​Financial decisions affect almost every aspect of our lives on a daily basis. Will you bring your lunch to work or go out to eat? Will you buy new clothes at the mall or wait for a great deal on used clothing or from the clearance rack? Will you buy a cup of coffee or brew your own? Will you work a conventional job or run your own business? These questions are universal and apply if you are single, married, in a relationship and within business as well.  Understanding these other personalities traits are important and will help to identify your motivations and reactions to decisions that are based on money. The good news about money personalities is that there is no motivation that is right or wrong, and each has it’s own strengths and weaknesses. You will gain a better understanding about people that are different than yourself and learn how to find common ground.
 
With a primary and secondary money personality, there are many combinations that can cause much relational conflict if there is not proper communication and understanding. Over 70% of divorces are because of disagreements about money. Even couples that have everything together on paper (managed debt, savings, assets, etc.) can still have issues because they respond to money in partially or even completely different ways. Learning how to utilize our strengths while steering clear of the pitfalls are two of the primary keys to success in life and relationships in regards to money.
 
In the coming blogs we will discover how to gain freedom and revelation as we look more closely at the strengths and weaknesses of each of the money personalities.