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Your Money Personality
Your subconscious money beliefs that influence your decisions
Doing well with money isn't necessarily about what you know
It's about how you behave. And good financial behaviour is hard to learn, even for smart people. Money - investing, personal finance, and great decision-making in life - are typically not taught at school.
This quick exercise helps you discover your 'money personality' - the underlying, unconscious beliefs you hold about money.
Each of us perceives our own situation in a particular way, shaped by our personal history and upbringing. In reality, people often make flawed financial decisions based upon our own unique view of the world; where ego, pride, marketing, and odd incentives are scrambled together without an underlying awareness of what's driving them. Some flourish, many drift, others flounder.
Your money beliefs significantly influence your financial well-being.
A key step to your financial well-being is to 'know thyself' in order to make great decisions, ignore triggers, and explore the 'big picture.'
Contents
Investing is something we all need to do
It’s also hugely important to get it right.
The 10 principles inside will help you take advantage of opportunities provided by efficient capital markets, and provide a systematic, time-proven way to reach your financial goals.
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Your money personality is...
- Picked up in childhood
- Often just bits and pieces of the truth
- Handed down from one generation to the next
- Influencing your financial future and how you handle your money
- Usually hidden in the background. You don't even realise it's there most of the time
Your money personality has been found to be linked with:
- Income
- Net worth
- Credit card and other debt
- Financial behaviour
- Other aspects of financial health
The money personality test measures three key money beliefs
These beliefs are Commitment, Happiness and Vigilance. Each person will be given a score in each category. Higher scores mean stronger convictions.
It's not uncommon to have a money personality that initially appears contradictory. For instance, you might think "I hate spending money", while also believing that "things would improve if I had more money." Your results will provide insight into your personal money belief system.
Understanding yourself better empowers you. It's the best starting point for making changes and enhancing your overall financial well-being.
Your results will also help your adviser, by giving them a deeper understanding of your belief system around, and relationship with, money.
YOU PRIORITISE OTHERS
Commitment
When making a financial decision, you mostly care about how it will affect the people you love - and believe there’s always more you can give.
However, you often neglect to consider the effect that your financial decisions will have on you.
How you may feel...
- Your safety net isn't big enough
- Like you've never got enough money or time
- Lacking a plan and not in control
- Fearful of your personal finances running out
- Overly dependent on others
- Prioritise others to your personal detriment
- Money makes you nervous
- Concerned about looking after your loved ones
- Too easily swayed by external opinions
How you may feel...
- Too casual about your financial affairs
- Unorganised
- Like you've never got enough money
- Impatient
- Your safety net isn't big enough
- Impulsive and quick to make important decisions
- Lacking a plan for the future
- Living beyond your means
- As if you're gambling with your finances
YOU'RE TOO CASUAL ABOUT YOUR FINANCIAL AFFAIRS
Happiness
You're all about enjoying today. Thinking about the need to save often makes you frustrated and impatient, though - and, as a result, you frequently feel you don’t have enough money.
If you have a Happiness money personality, you’re probably not too anxious about the future, but you don’t spend enough time evaluating financial decisions.
YOU FEEL LIKE YOU NEVER HAVE ENOUGH
Vigilance
You're driven by a quest for security and peace of mind, but never feel secure or satisfied, no matter how much success you attain.
You're a control freak who dwells on what could go wrong, typically living within your means. You're well prepared for the unexpected and are a cautious, careful decision-maker.
But you’re slow to act, which means you often miss opportunities.
How you may feel...
- Unconfident
- Like you've never got enough money
- Lacking a plan
- Fearful and scared to make mistakes
- As if you're gambling with your finances
- Your safety net isn't big enough
- Overly-cautious
- Money makes you nervous
- Confused
