FOLLOW “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.
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FOLLOW What Kind Of Financial Personality Are You? - Money Under 30
We all spend, save, and invest differently. That's because we're all inherently different people with different personalities. Knowing your financial personality can help you make a plan to spend more responsibly and come up with a budget that works for you. Today, we've come up with four different personality types.
Financial personality We all spend, save, and invest differently. That’s because we’re all inherently different people with different personalities.
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 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. FOLLOW The 5 Financial Personality Types
Whether you are highly aware of its influence in your daily activities, or you have a nonchalant attitude towards it, money plays a huge role in our lives. As your personality traits substantially affect how you perceive and allocate your budget, scientists described 5 financial personality types.
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. FOLLOW A Definition of Personal Finance Personal finance is about managing your own money - how much you spend, save, get into debt, and invest.
How you manage your money will depend on your age, education, ambit...
Best Personal Finance Books The Richest Man in Babylon, by George S. Clason. The message of this 1926 book is that rich people are rich because they save their money and don't get into debt. Your Money or Your Life, by Vicki Robin and Joe Dominguez. This book will change your relationship with money. The Little Book of Common Sense Investing, by Jack Bogle. This book is about index funds. Jack Bogle founded Vanguard and created index funds. The 4 Phases Of Personal Finance
Consider where you find yourself as each phase requires a different strategy.
From nothing to something. This is where you live from paycheck to paycheck without any savings. Try to build a financial buffer of at least one month of expenses. Gaining traction. Once you've saved at least one month of expenses, aim for saving six months of expenses. Peace of mind. Put your money in a savings account and don't touch it. Everything else you save from now on is meant for investing. Financial freedom. This is the stage where you have enough cash and investments to cover your cost of living. Deepstash is better on the app. Discover new ideas and get inspired daily. GET THE APP SIGN IN