Which Money Personality are you?

Money Personality refers to a person's attitudes, thoughts, feelings, behaviours, and beliefs about money. Your Money Personality affects your relationship with money and how much money you save, spend and invest over time. 

Some of the personalities include: The Moneymaker, the Hoarder, the Anxious Investor, the Compulsive Spender, and much more.

Here are some of the Money Personality types you might identify with:

1. THE MONEYMAKER 

Remember the workaholic character ''Arjun' that Hrithik Roshan played in Zindagi Na Milegi Dobaara? Yes, he is a moneymaker.

Compulsive Moneymakers like Arjun feel that success and security come from earning more money. So, he spends most of his energy and time trying to make as much money ASAP. Since a lot of money also equals approval and recognition from other people, he tends to pedestal growing money over nurturing important relationships.  

2. THE HOARDER 

Do you know of that one uncle who's family lost a lot of money when he was a kid? Since then, that uncle has had this absolute fear of losing money. Neither does he learn how to invest, nor does he hire someone to do it for him. Today, he would rather pile up his stacks of cash and let it stay stagnant and ''rest'' in his tijori than invest in the stock market. (Even when he knows that he is actually losing money by not letting it grow).

Here, the uncle is absolutely risk-averse because he believes that being frugal is important and saving money = security. He may tend to save, even if there is no goal to save for. He could be super afraid of losing money and can spend his entire life without consciously spending because he is afraid that it ''might go away''

3. THE WORRIER 

Know of someone who checks their bank balance and obsesses over their credit card points and budget trackers just like fitness freaks obsess over their calorie intake? These guys lack confidence in their abilities to be financially free and are constantly worried that they will lose their money at any moment, even if they have a good bank balance.  

 

• They basically believe that control over money = control over life. So, they over-obsess about money because they have lost control over other areas of their life. 
• They might fear big life changes and fear unpredictability since they constantly create the worst-case scenarios of what will happen 

4. THE ANXIOUS INVESTOR/GAMBLER  

Jordan Belfort is an affluent investor and an over-active stock trader who is addicted to the stock market. The thrill of risk and promise of reward activate his pleasure cells and keep him alive. Though he worships money and believes that money will solve all their problems, he sometimes gambles it away to not feel ''bored''. Though sudden windfalls and devastating losses are not unusual, he wants to beat the stock market. But since he mostly fails, it gives him anxiety. So, he trades more and it gives him more anxiety. The loop continues. 

He tends to avoid looking at his losses and doesn't know the exact returns of his trades. Coz he chooses to ''remember only the good times''. Things can also get out of control if he borrows from retirement funds or his children's college fund to settle his losses. 

5. INDIFFERENT TO MONEY 

Do you hand your money to your investment advisor but don't care to check what he is doing with your money? People who are indifferent to money:

• Prefer to make no decisions rather than making 'some' decisions 
• Might have too much money but could feel overwhelmed by their options. So, they either freeze when it comes to making decisions or procrastinate on them. Unfortunately, they cannot receive long term investment benefits, even when they can.  

• Just the idea of creating a budget makes them nauseous, they won't look at their bank statements and will avoid thinking of money or talking about it.
• They could even give away some of it so that they don't have to look at it. 

6. THE SAVER - SPLURGER

Do you see this behavior where:

• You start the month by saving a lot of money and then one trigger ends up leading you to spend most of it.
• You initially save intentionally, but when triggered, you spend on things you don't need or will rarely use.
• You feel emotionally exhausted, confused, stressed, and disappointed when your pendulum swing shifts between both extremes.

7. SOCIAL SPENDER /CASH SPLASHER 

Do you have a rich friend who often happily picks up the tabs when you guys go out for dinner? Or that friend who often insists that the next round of drinks is on them? Here's how they might feel: 

• They could spend money to make themselves happy, boost their self-image, and self-esteem.  
• They could also desire to be admired and think highly of themselves. Also, they use the money to make others think highly of them. 
• Since they believe that the event is about them, and an opportunity to show how generous they are.

8. COMPULSIVE SPENDER

Remember Rebecca Bloomwood from ''Confessions of a Shopaholic'? Rebecca 

• Tends to spend money on things she doesn't necessarily need.
• Is outgoing and loves to treat people to something special, even when it's not needed.

• Tends to shop for immediate gratification, especially when she is in emotional distress.
• Will often go on shopping sprees, even if it leads to a large debt. She could try to hide large purchases from friends and family, and might be unable to stop spending, even if at the risk of going bankrupt.