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Money Personalities

Presentation on the four money personalities

Bruce Dehm

on 21 September 2015

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Transcript of Money Personalities

Money Personalities
Money Monk
Saver / Hoarder
Spenders feel better when
when they spend money.
Good Points:
1. Fun, impulsive and spontaneous.
2. Risk Taker.
3. They drive the economy.
Good Points
1. Have lots of money.
2. Love to reconcile checking account.
3. Not much card debt.
Savers enjoy the feeling and security
of having lots of money.
Money Monk
Money monks believe that
money is beneath them.
Good Points:
1. No fear.
2. No desire.
3. Ethical.
Bad Points:
1. Impractical.
2. Self Limiting.
3. Money is a form of suffering.
4. Very seldom have any money to worry about.
Bad Points:
1. Irresponsible & frivolous.
2. Always broke.
3. Lots of debt.
Avoiders hate to deal with money.
Good Points:
1. Relaxed (until they are forced to deal with money).
2. No money worries.
Bad Points:
1. Procrastinate.
2. Avoid responsibility.
3. Waste a lot of money on late fees.
Bad Points:
1. Money gives them a feeling of power and control.
2. Don't have a lot of fun with spending money.
3. Emotional attachment to money.
So why is knowing about money personalities important?
Awareness is the first step in change.
If you're not happy with your relationship with money, knowing your money personality is the first step in changing that relationship.
Knowing about money personalities will help you understand why...
Money is the single biggest reason most marriages and small businesses (like farms) fail.
Group Activity
Identify 2 or 3 favorite sayings or words that each personality would commonly use.
You behave the way you do with respect to money, and...
Why others act like they do.
What kind of money personality do you think these people have?
1. This person has piles of unopened mail on his or her desk.
2. This person has lots of new equipment, but is always complaining they have no money.
3. This farmer orders and buys everything, but lets his wife figure out who should get paid.
4. This farmer has only buys used equipment, is always broken-down and claims he or she produces milk cheaper than anyone around. The place looks like it could use a good cleaning-out.
5. This person is 55 years old and is still working for Mom and Dad. They like cows, but cannot be bothered with the books and financial performance of the farm.
Once you understand money personalities, you will have a better undersanding of why people act the way they do. You will feel less frustrated by their actions.
Awareness is the first step in change.
10% Saving for Retirement / Investment
10% Saving for Long Term Spending
10% Saving for Education
55% Budget for Food, Clothing, Home
10% Budget for Play
5% Budget for Giving
Full transcript