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What Kind Of Financial Personality Are You? - Money Under 30
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Financial personality
Knowing your financial personality can help you make a plan to spend more responsibly and come up with a budget that works for you.
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Frugal Saver
Being a Frugal Saver means all your money is going towards saving.
How you can improve:
- Oversaving won’t make you happy. Spend responsibly.
- If you’re not saving, you may also not be investing. Investing allows you to grow your money over time.
- Investing doesn’t have to be all about stocks and bonds, you can invest with just a few cents thanks to apps, or you can invest through Robo-advisors who do nearly all the work for you.
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Financial Sage
How you can improve:
- You’re probably depriving yourself of something, even if that’s just a cup of coffee now and then.
- If you're concerned about money, try to make more money by getting a side hustle.
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Spendthrift
The Spendthrift has a spend-first mentality.
How you can improve:
- Combining responsibility with a little bit of spending is the key.
- If you’re sick of seeing dismal savings rates in your bank account, upgrade to a high-yield savings account.
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YOLO Spender
YOLO Spenders will spend it all, happily.
“You Only Live Once,” they tell themselves.
How you can improve:
- One of the best options for those who overspend is paying yourself first. Put a chunk of money into your savings account every paycheck.
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“The Freedom Finder”
The freedom finders like to spend on new experiences in the pursuit of “living life to the fullest.”
Try using a budgeting app or immediately allocating a portion of...
“The Relationship Protector”
The relationship protector is often family-oriented. If they can support them emotionally and financially, it gives them their sense of achievement at having helped.
A relationship protector is far less likely to make spontaneous investments when others depend on them, and their conservative approach to saving prepares them for retirement.
“The Opportunity Seeker”
They’re always looking to expand their options, and every financial decision is carefully calculated to maximize growth.
The opportunity seeker has to watch out for taking on more risk with business initiatives or investment opportunities. Spending time with a professional to seek a second opinion can help you assess whether the newest opportunity is the best one for you.
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The Investor
People who invest are those who love the risk, trade frequently and have enough confidence to think they will beat the market.
A 2011 study found out that most investors u...
The Big Spender
The Big Spenders like to make social statements by having the latest car, clothes, or phones. They use the money for love and attention and are the main representatives of consumerism.
Advice: Think twice before making a purchase and try to filter the things that you really need from those bought by reflex.
The Ostrich
The Ostrich is someone who would rather bury their heads in the sand than organize their finances.
Advice: Ostriches should try to take slowly their heads out of the sand. They should try to examine their finances, take a close look at a better saving rate and consider approaching a financial planner.
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The Golden Rules of Personal Finance
- Spend less money than you earn
- Always plan for the future: you should always look forward beyond the current month
- Make your mon...