Greetings all!
I recently came across an interesting article about money personality types. Japanese author Ken Honda has been researching money and happiness for over 10 years and thinks there are seven money personality types. Each type has its own emotional response to money, e.g., how you spend when you are worried, financially distressed, or bored, or seeking the approval and admirations of others, etc.
Ken does say that most of us fall into a combination of several types, and I agree. What I liked about this article is that it breaks down the signs of each personality type, identifies the pitfalls, and provides money advice. And if you flip the pitfalls, they become very sound money advice for majority of us, regardless of the type! Here are some examples:
- Find a balance between spending and saving; do not skip on hobbies or activities that spark joy (The Compulsive Saver)
- Create a budget; learn to spend less than you earn (The Compulsive Spender)
- Do not neglect important relationships over growing your wealth; help others (The Compulsive Moneymaker)
- Be responsible with your finances (The Indifferent-to-Money)
- Don’t lose sight of your financial goals (The Saver-Splurger)
- Set aside monthly savings; be strict with financial risks you take (The Gambler)
- Work on understanding your financial worries; seek positivity around money conversations (The Worrier)
SOURCE:
https://www.cnbc.com/2021/04/28/7-money-personality-types-and-the-pitfalls-of-each.html
What did you think? Drop me a line!
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