What is Your Money Personality – and How Did it Develop?

What is Your Money Personality – and How Did it Develop?

What is your money personality?

I recently came upon this quiz online and here are my results:

Capture

These results are accurate.  I’ve got a case of bag lady syndrome and have been like that pretty much since I started living on my own.  For anyone not familiar with the term, bag lady syndrome is a fear of ending up destitute.  I am confident in my financial decision making skills, but I still view money as a security blanket.  (More on this later…)

And while I don’t save as much as many in the FIRE community, I’ve always been an above-average saver.

The Other Personalities

According to The Money Couple, these are the other personalities:Capture2We all know people who fit this category, right?  People who love the finer things in life and live life to the fullest.  I also know people who give thoughtful gifts; it makes me think about the Five Love Languages, because receiving gifts is an important expression of love to some people.

Capture4Think about anyone you know who is an entrepreneur at heart.  This is definitely not me.  I am willing to take a normal amount of risk in the markets since I have a long time horizon, but I’m risk averse in daily life.

Capture3This is the closest match to my husband’s personality.  Money is relatively unimportant to him; it is simply a means to an end.

How did you develop your money personality?

  • Were you born with your money tendencies?
  • Was it influenced by the way your family taught you about money or your financial situation growing up?
  • Has it been impacted by your life events in adulthood?

Growing up, we always had plenty of food and a warm house, but we did not have much money.  My dad was a farmer and outcomes were often dependent on factors outside our control – Mother Nature and the agricultural markets.  I think this is a big factor that shaped my money personality; I didn’t want to have so little control over my own financial destiny.  Thus money became a security blanket to me.  I saw how hard my dad worked, yet all that hard work didn’t always translate into money in the bank.  I’ve made safe, traditional education and job choices in adulthood because of my risk aversion, and it’s also been a reason for my “save for a rainy day” mantra.

I also think some of it is just our inherent personality.  I am the firstborn and have the traditional firstborn traits.  I’m conscientious, cautious, controlling, and achievement oriented (yep I love setting goals!).  As far as I know, my younger brother is good with money, but he’s not a crazy finance nerd like me.

Ongoing life events impact our money personality, too.  There was a period of almost three years at the end of my first marriage where I was the only breadwinner.  (Did I mention this was during the last economic meltdown?)

This series of events could have led to financial ruin for a lot of people.  While I did have a rebuilding period after my divorce, I did not have to start from scratch.  I had been saving for a rainy day – that day came, and it lasted nearly 3 years.  I was thankful that I had developed the ability to live below my means and that I had a healthy emergency fund stashed away.  This experience simply reinforced my belief that MONEY = SECURITY and FREEDOM.

Would you change your money personality?

Overall I’m pretty satisfied with being a saver and security seeker.  I sleep well at night without worrying about money.  But in an ideal world, I would take a little more risk, have more fun in the moment, and stress a little less about life in general. 

As our daughter grows older, we will teach her to live frugally and save.  But I also hope that she will take calculated risks and enjoy her life to the absolute fullest.

What is your money personality?  How do you think it developed, and would you change it?

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