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4 Major Financial Personalities, & How To Use Yours As A Strength
“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 each paycheck into envelopes with designated purposes. Include a travel fund and emergency fund.
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“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.
“The Security Keeper”
If you track every dollar you spend, are a bit of a perfectionist, and always need to know what the plan is, this might just be your financial personality.
A security keeper focuses more on the day-to-day than future financial freedom. Seek out sound advice to help you step outside of your financial comfort zone.
SIMILAR ARTICLES & IDEAS:
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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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Financial personality
Knowing your financial personality can help you make a pla...
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.
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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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...