Why defining your money personality is key to financial health

We all have a relationship with money. 

  • Some have a caring relationship! People like Warren Buffett, who from a young age nurture their money and grow it.
  • Others have a neglectful relationship, those ones take a devil-may-care approach to their finances and never worry about it.
  • And there are those who abuse it. Those are the ones who should know better but when they have cash,, they spend it. But not only do they spend it, they spend it in order to make themselves feel better…and make others feel worse.
It can realy pay to check old mortgage protection and Life insurance policies. Policy holders can reduce costs significantly.

Understanding our money personality can be key to our financial health.

In the lead-up to Christmas, our money personalities matter. They decide how we spend, what we spend our money on and how much debt we are prepared to take on in order to get through the holidays.

10 personality types

In this piece of fun analysis, I look at one of the more interesting breakdown of money personality types (there are 10). In it, I uncover what makes some people efficient money managers while others seem to have an allergic reaction to money.

5 key ingredients to managing money

There are 5 key ingredients to managing your money effectively, those are:

  1. Identifying your relationship with money
  2. Planning
  3. Money knowledge
  4. Health and,
  5. Luck

For families, understanding their own personal relationship with money, uncovering their money personality and working through the key money management ingredients, they can take important steps to taking in control and staying in control of their financial future.

Frank Conway is founder of MoneyWhizz.org, the financial literacy initiative. 

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