WHAT IS YOUR MONEY TYPE?
Like many personality tests, there is also one for money. Olivia Mellan, a psychotherapist and
author, has created personality groups based on how people react to money. There are also
setbacks and needed improvements to each personality:
MONEY TYPES:
1. HOARDER – These are those who carefully save money. They tend to
avoid spending whenever possible, and tend to derive satisfaction from
watching the digits climb in their bank account instead of spending money
on vacations, clothing, or other forms of entertainment. Hoarders are also
big on investing money (not speculating), and might also be very good with
budgets.
PROBLEM – Hoarders are frequently seen as “cheap” and are frequently
disliked. They are frequently obsessed with conserving their money.
PERSONAL IMPROVEMENTS – Hoarders need to force themselves to
spend money on themselves or others for leisure, and make an effort to
enjoy life more.
2. SPENDER – These are the people who derive satisfaction from shopping,
spending money on themselves and others, and frequently live on a
paycheque-to-paycheque basis. They have serious problems with saving
any money, and usually find themselves in debt, even to a financially
crippling extent. Spenders usually can’t stick to a budget, and have
difficultly achieving long-term goals.
PROBLEM – Spenders are frequently broke and poverty amongst this group is
a serious personal and social concern.
PERSONAL IMPROVEMENTS – More financial education and adherence
to a strict budget are ways spenders can be more financially responsible
with their money.
3. MONK – You see money as inherently bad for people and society, believing
that too much money causes too many life difficulties (similar to the rap
song by The Notorious B.I.G., Mo Money Mo Problems). Money is seen as a
corrupting thing and best to be avoided as much as possible. Monks get
more satisfaction pursuing activities that build a better society, such as
helping the poor.
PROBLEM – Monks tend not to see how money can do much good for people.
PERSONAL IMPROVEMENTS – Become a part of a fundraising campaign.
Start to watch money purchases so some savings can be used for charitable
causes.
4. AVOIDER – As the personality title suggests, avoiders try to stay away
from money matters as much as they can. They frequently feel
overwhelmed by money matters, and unqualified to make important
money decisions. Because of this emotional distancing from money, they
don’t take mental notes about how much money they have, how much
they spend, or how much they owe. Frequently, avoiders get stressed out
when forced to deal with money matters, and tend to find people to handle
money for them.
PROBLEM – Avoiders tend to rely on others for financial advice. They are
frequently the people you hear about who get scammed by unscrupulous
money promoters. They seek help far too often with money, and it
frequently leads to trouble.
PERSONAL IMPROVEMENTS – Attend financial education classes and
become more aware how money works so as to alleviate the feeling of
money powerlessness.
5. AMASSER – This type is very motivated to make, invest and grow money.
They equate having wealth as a measure of personal success, and a lack of
money for them is seen as a life failure. Amassers are very driven, and
usually have a professional background in money, investment or
entrepreneurship, and frequently see learning about making money as a
lifelong pursuit. They usually make their own financial decisions, and are
usually among the wealthiest people.
PROBLEM – Amassers sometimes sacrifice other things in their lives for the
goal of accumulating money. They may neglect personal relationships as a
result. They may also become speculators; seeking illogical, risky large gains
PERSONAL IMPROVEMENTS – Include activities in their lives that do not
involve money at all. Avoid pie-in-the-sky financial gambles.