What’s your “money personality”? If you are not sure, we have a little quiz you can take by clicking the link above. Once you complete your quiz, you’ll receive an email with your answers and money personality.
Let’s dive into some psychobabble today. Did you know that there is scientific evidence that can correlate your personality with your money? Money and how you view and handle money really comes from a deeper level than you probably thought. There are 9 definitive personalities:
(1) Family Stewards – To family stewards, money is a means to take care of their families. They work hard to make money so that their family will not go without. Many times, family stewards are self-made. They are grounded and have their head on straight most of the time when it comes to making and keep their money. Family stewards tend to not take much risk with their savings. They may take risks in other areas of their life such as their career but they would never want their family to suffer financially or go without.
(2) Independents – Independents view money as a method to experience financial freedom. They are not overly concerned with massive accumulation but they do want to be free to buy whatever they want or go on whatever trip that they desire.
(3) Phobic – Phobics tend to feel uncomfortable with money. They do not feel deserving and avoid the responsibility that comes with wealth.
(4) The Anonymous – Confidentiality is the most important concern of the anonymous. They want their money to be used for good but they do not want the credit. Many times that is because they fear they cannot continue to give to others and do not want the pressure to give money.
(5) Moguls – Moguls love control. They want to know all their options but ultimately a mogul is going to make the decision with or without the blessings of others. Moguls tend to take risks with their money whether with investments or in life. Moguls will own their financial decisions – good or bad – they do not look back. Money is a means to an end to get to the next level. A mogul’s motto tends to be: “There’s always more money to be made. Always.”
(6) VIPs – VIPs invest for the status of investing. They want to be included in the “inner circles” and tend to donate more for the title & notoriety than the cause. VIPs will invest in what they perceive others view as a worthwhile investment – not necessarily what they are comfortable investing in or even is a good fit for them. A notable example of how VIPs can be steered wrong comes from the investors that were caught up in the Bernie Madoff scandal. Many investors in the Bernie Madoff scandal only invested because they perceived other “important people” were investing.
(7) Accumulators – An accumulator is NEVER satisfied they have saved enough. Female accumulators tend to have a very worried mindset about money as if at any moment they will be homeless and must survive on cat food. Male accumulators may not be as pessimistic but they still tend to have more of a “scarcity” mentality around money and their investments. Accumulators do an excellent job saving but have a hard time investing. They do not want to see much fluctuation in their portfolios.
(8) Gamblers – The name is self-explanatory. A gambler is fun to be friends with but may not be fun to be married to. They invest for the thrill or the joy. Adrenaline rush is more important than they ROI.
(9) Innovators – An innovator loves technology. They think that they more advanced or technical their investment product, the better. Innovators tend to be DIY investors. They want to move money around without asking for permission and if there is an “app for that” the better.
Most people have a variety of personalities associated with how they view or handle money and it can change due to life experiences and lessons learned. Personally, my dominant money personality is “Mogul” followed shortly by “Family Steward”. I am a Mogul of course because I am an entrepreneur. I love that there is no ceiling on wealth when you own a business. Now – the floor (or debt) is also endless but a true mogul knows it takes money to make money. My “WHY” for what I do is primarily for my family. I have 3 kids that I want to give everything to and if money is what opens the doors for them, then I will keep grinding away every day to make a better life for them.