Introducing SpartanMoneyNG

We all have something we believe to be true about money — whether or not we can have it, whether or not we’re good with it, and whether or not we’ll achieve financial freedom.

You probably already have a general idea of whether you’re a saver or a spender, but a good understanding of your money personality would go beyond those basic ideas, informing you on what really drives that behavior, what your money type means for the long term and much more.

Financial Psychology occupies the space between psychology and behavioural economics. Advertisers and marketers are well aware of this and you would benefit immensely if time is taken to understand the respective money personas.

Here are my seven money personalities:

THE MONEY MONK

Money monks think of money as dirty, bad, and that too much of it corrupts. The underlying belief for money monks is that "money is the root of all evil." They worry that they may become greedier and more selfish, and losing sight of positive human, or spiritual ideals and values. They often associate with people of modest means rather than with those who amass wealth and probably avoid investing their money, for fear that it might grow and make them even wealthier.

THE HOARDER

Hoarders see money as security. They like to save money, prioritizing financial goals through periodic budgeting. They are risk-averse and often gather cash that they would probably be better off investing — or even spending. Money hoarders often tend to keep their money hidden under mattresses and in other secret places rather than putting it in a bank or investing in conservative investments such as money markets, bonds, or mutual funds.

THE SPENDER [SOCIAL VALUE & SPLASHER]

Money spenders see money as social status symbol and self-esteem booster. They engage in impulse shopping, often buying gifts for self and loved ones. They may spend most or all of their monthly income earned, and even be in debt.
The odds are that they have a hard time-saving money and prioritizing building wealth for the rainy day.

THE OSTRICH

Money ostriches would rather bury their head in the sand than organize their finances. They tend to have a hard time having a budget, opening bank statements, balancing checkbook, paying bills promptly, investing money, and doing taxes until the very last minute. Money Ostriches are more prone to feeling that they are inadequate or incompetent in dealing with the complexities and the details of their money life.

THE FITBIT

Money fitbits are very emotionally attached to their personal finance. They tend to obsess on checking bank balance, review budgets, track spending, obtain shopping loyalty points, change various service providers from cable to the internet as though they are training for the money Olympics. The real behavioural money driver for fitbits could be fear of the unknown, fear of terminal health conditions, and anxiety about life changes.

THE AMASSER

The amasser tends to equate money with self-worth and power, and so a lack of money leads to feelings of failure and even depression. They are happiest when they have large amounts of money to spend, to save, or invest. The money amasser's major goal is to multiply money as quickly as possible hence, they tend to seek for investments with high rates of return & higher risks.

THE SPARTAN

The Spartan sees money as a catalyst that can be used to multiply wealth. They desire it and are willing to pay the price for it towards obtainng if for the rainy day. They tend to be very frugal on money matters, brave and resolute to long-term financial goals. They track spending through periodic budget reviews, they invest conservatively in fixed deposits, money markets, bonds, or mutual funds. They often tend to invest in passive income generating assets, and ultimately do plan towards building and leaving wealth for three generations after them.

Your money personality determines what is possible in your financial life and journey towards financial freedom.
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What is your money personality... The Money Monk or The Spartan?
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