Five common money personalities are investors, savers, big spenders, debtors, and shoppers. Debtors and shoppers may tend to spend more money than is advisable.
In my 10-plus years of researching the psychology of money and happiness, I've found that there are seven distinct money personality types. Typically, we fall into a combination of many types, and not just one.
Your financial personality reflects traits and attitudes, such as whether you pay your bills on time, or how you feel about the future.
Actions you take with your finances can be tied back to your money personality, and identifying yours can help shape your approach to spending, saving, and investing. ... They might make rash decisions when it comes to money, often getting caught up in the moment by spending first and thinking about it later.
Psychologists who study the impact of wealth and inequality on human behavior have found that money can powerfully influence our thoughts and actions in ways that we're often not aware of, no matter our economic circumstances.
Most people in debt fear the future–this is normal. Fear of spending money, known as chrometophobia or chrematophobia, is an abnormal and persistent fear of spending money or being around it. Those who suffer from the condition have irrational anxiety when around cash.
There are two common attitudes toward money, one of optimism and abundance and one of scarcity and pessimism. People with an attitude of scarcity have a negative view of money and see money as a source of anxiety, fear or disgust. ... They are pessimistic so they spend rather than saving for the future.
A money language is how you view money, and the understanding of how you use money to express yourself. ... Talking about the different ways you view and use money can be somewhat daunting at first, but understanding your core financial values are necessary to establishing good communication about your finances.
Money can be utilized in many ways but we can sum it up into 4 simple acts: spending, saving, investing and giving.
Risk Takers
Some individuals are prone to take chances with money. This personality type will gamble with money regardless of how much they do or don't have. These people are different from spenders in that they often take unnecessary chances hoping for great results.
So what does this look like? Financial health or wellness includes: spending money based on your values; having low or reasonable debt; saving money to meet your goals; and having a safety net, such as an emergency fund or insurance, according to Klontz and Lowrance.
You have a steady flow of income, and you know how much you earn. If you're earning a regular paycheck, you're in a good place. Once you have that money coming in, knowing how much you earn logically follows.
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