The 8 Financial Personalities E-Book

Jerome Hoffman

• Herausgeber: WS
• Kategorie: Ratgeber
• Sprache: Englisch

Seitenzahl: 371

Veröffentlichungsjahr: 2024

Beschreibung

   As we navigate this universal journey called life, our past, beliefs, and experiences with others will create a system of pathways by which we see ourselves and the world around us. These core beliefs, helpful or harmful, will impact the development of our overall personality. The 8 Financial Personalities examines how we view money and investing. If we harbor negative core beliefs about money it will prevent us from moving toward a positive financial future.

   Stop letting the past distort your views and beliefs about financial things. Instead, use this text to determine your financial personality, understand the pros and cons of your personality type, and then learn how to make the desired changes. Practice clinging to those characteristics that are useful and let go of those that are holding you back from experiencing the world fully financially. Create a new view of money that will enhance your financial future and potentially the financial future of your children.

   Everyone from their early elementary years to their advanced age can benefit from the material contained in this text. Even those who have a good understanding of their own financial life can benefit from reading The 8 Financial Personalities. This book will help you understand the people in your life more fully, thereby increasing your empathy for others. Not only that but once you understand the motivations of the people you do business with, you can determine new ways of creating win win interactions. Such a value-add opportunity. The benefit to our personal relationships is no different, as we explore the compatibility of potential dating partners. This material is the perfect resource for premarital counseling because our inherent differences around money is one of the leading factors in the break down of relationships. 

   Take a few hours out of your busy life to read The 8 Financial Personalities. Those few hours will reap huge benefits today and in the future - intrapersonally, interpersonally and financially. Find your new future today and enjoy the ride.

Leseprobe

The 8 Financial Personalities

Jerome Hoffman

8financialpersonalities.com

Copyright © 2024 Jerome Hoffman

All rights reserved. No part of this book may be reproduced or used in any manner without the prior written permission of the copyright owner, except for the use of brief quotations in a book review

Paperback: 979-8-9911506-0-6

Audiobook: 979-8-9911506-1-3

Ebook: 979-8-9911506-2-0

Edited by Braeden Hoffman

Cover design by Braeden Hoffman

Contents

Introduction 1

The Personality of Money 7

The Squirrel 23

The Hummingbird 45

The Butterfly 67

The Owl 83

The Turtle 107

The Wildcat 131

The Crow 145

The Golden Retriever 155

Conclusion 165

Addendum 1 175

Addendum 2 179

This material is being put to paper in an attempt to help you identi-fy your financial personality type and use that information to inform your financial future. This is important because I have seen the strug-gles that people have when it comes to the topic of money, and how these struggles permeate our financial world. Rather than being able to make rational and prudent financial choices, we tend to get caught up in the emotional reactivity of how we have experienced money in the past.

Too often we allow our past experiences to determine our fu-ture. Unfortunately, this occurs in every aspect of our lives. Our view of money, especially, is the result of dark shadows that have cast neg-ative views on our financial future, dimming the excitement we might otherwise feel. Often this can give us a love/hate relationship with money. These struggles can create in us a belief that money is elusive: something that is hard to obtain and hard to hold on to. If we maintain this belief, how will our relationship with money change? Through this material I hope to help each of you evaluate where you are financially, decide where you want to be, and start moving in that direction. No more sitting on the financial sidelines. It is time to get into the game.

Preface

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Who am I to give you financial guidance that incorporates your per-sonality, emotions, financial intelligence, and past relationship with money? I have the education, training, and hands-on experience in both the therapeutic world and the financial world to provide such guidance in each of these areas. I will share a brief snippet of my jour-ney in understanding the individual, how that individual interacts with the people and world around them, and how the individual’s past im-pacts who they are today. Then I will walk you through my own per-sonal trek through the financial landscape. I hope that you hear more about my heart for people and my passion for all things financial than simply my credentials and experience.

Since the 1990s I have been actively working in the mental health arena. In the early years I worked with youth who struggled with severe emotional problems that often resulted in behavioral dis-turbances at school and at home. These children were relegated to special schools and group homes. The majority of my work with this population was in the school setting, where we would try to teach academics while simultaneously attempting to control behavior and provide safety for fellow students and staff. There were some opportu-nities for the kids to share some of their struggles, but healing did not seem to be the primary focus.

This led me to return to school, getting my B.A. in Child and Family Development and then my M.A. in Marriage & Family Ther-apy. As a licensed MFT (Marriage & Family Therapist) I have worked

Introduction

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in a variety of settings with diverse clienteles, from the mentally ill in day treatment facilities to community programs and private practice. Through my 20+ years and tens of thousands of hours seeing clients, I have found the following statistics to be true: it is widely accepted that the three most common areas of struggle for people are money, com-munication issues, and sex. There is a plethora of material out there on how to communicate better, have better sex, and how to make and grow one’s financial resources. However, there is a serious lack of re-sources that help you understand how your individual personality in-fluences your understanding of money.

Observing this lack in the marketplace led me to take several additional steps. As a licensed therapist, there are some limitations to the work I can do with clients. First, I was not able to help people who live out of state. Second, I could not allow financial advice to override therapeutic advice, even if money is the bigger struggle in someone’s life. For these reasons (and a few others) I became a life coach. This has allowed me to help more people without having to worry about geographical or therapeutic boundaries. But I still wanted to have an even broader impact on those that I might not be able to see in per-son. I also wanted to provide a referral source that was actually helpful for understanding your financial self. This book goes well beyond the others out there, as it also looks at the pros and cons of each money personality type and presents remedies for each, all in a user-friendly way.

Now allow me to walk you through my own personal financial journey. Approximately 20 years ago I became keenly interested in all things financial, especially with the various methods and techniques that everyday people could use to achieve financial freedom. The idea of financial freedom does not necessarily mean retiring early. Instead, it is the concept of having accumulated sufficient financial resources to pay for one’s day to day expenses, without having to depend on employment to keep one’s current way of living. One of the primary methods to accomplish this is to have passive income. Passive income is money that comes in regularly from sources other than an employ-er. These sources can be real estate, dividends, or even interest paid on one’s savings.

The idea of financial freedom motivated me to read every book I could find on the subject and to stay keenly aware of the finan-cial news. I also began interviewing people who had achieved finan-cial freedom to glean what I could from their experiences, challenges,

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successes, and failures. The learning curve I experienced was quite sharp, and it was fraught with many perils that had a costly impact on my financial health along the way. These financial missteps were painful, but they turned out to be great learning opportunities for my own personal financial growth. I have branched out into a broad range of financial opportunities, which mitigated the losses I experienced through many of my endeavors.

For me, investing began with day trading the small amount of cash I was able to put away each month into a Roth IRA. Over time, my day trading evolved into investing into securities with more of a holding strategy. This has allowed me to minimize the tax burden somewhat, as long-term gains have a favorable tax rate compared to short-term gains, which are taxed at your normal tax rate. Whenev-er possible it’s beneficial to harvest your gains after a calendar year of buying into the investment. Through my years of stock investing, positional trading has become my preferred strategy. I enjoy doing in-depth research on companies and watching their products come to market.

While continuing to enjoy positional trading, I kept searching for different and innovative ways to create wealth. I explored com-modities trading, invested in REITs (Real Estate Investment Trusts), and I even looked heavily at the Forex market (currency trading) and its inner workings. Simultaneously, I began investing into residential real estate that I could rent out to tenants. I’ve had both single family homes and apartment buildings. Each of these rental types had their own set of challenges, but both were profitable. I have never utilized the services of a property management company, but I see no prob-lem in doing so if your profit margins allow for it. Based on my person-ality and my own personal preferences I have moved away from the residential arena and have moved into commercial real estate. I have found that the NNN (triple net) commercial market is the most fitting for my goals. Of the landlord-based real estate investment strategies, NNN properties require the lowest daily time commitment. The time saved has provided some freedoms, allowing me to continue exploring the investment world.

My search did not stop with real estate and stocks, as I wanted a broad understanding of the entire financial world. I have started and run several businesses, including a non-profit. There are additional businesses I look forward to starting when the time is right. I continue to do positional trading, as it reminds me of panning for gold. I have

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also invested in bitcoin miners and have taken small positions in cryp-to and meme coins (virtual currency). I have even looked into investing in NFTs, rental property in the metaverse, and other promising invest-ment opportunities that are still in their infancy.

My point in sharing all of this is so the reader can get a glimpse of the depth and breadth of my exposure to the financial world. I love learning about and discussing all things financial. My financial journey has also informed me about my own personal biases. Even more im-portant, my own personal biases have impacted and helped form my investing intelligence. This has made clear to me how important it is for everyone to understand their own financial biases and how those biases impact their financial personality and financial IQ. Be cautious in your financial journey, as these biases can be limiting and prevent you from maximizing your financial well-being.

For example, when we consider an idea, concept, or even a word, our own biases and experiences impact how we view and inter-act with that idea. Money is at the top of the list of ideas that come with an individual personal history. Through my time seeing clients, mentoring others, and hearing of the experiences of people in my own social circles, I have seen the negative impact that those experiences and beliefs can have on one’s view of money. One’s view of money then impacts the way an individual handles their financial resources. Through this material you can realize the financial future you want, be it simply eliminating your negative stigmas around money, or mov-ing toward financial freedom. The choice is yours. Don’t let your past, your fears, or your anxieties around money keep you from realizing your financial potential.

The depth of my experience in mental health and the financial world are what make this book different. Much like a financial coach, I hope to help you assess your own strengths and weaknesses when it comes to money, and to fully utilize your strengths. I then hope to help you integrate new thinking and behaviors to replace any problematic thinking you may have, enhancing your understanding and usage of your own financial resources to fulfill your own goals.

So, what makes this information different from the thousands of other self-reported financial gurus? First off, I am no guru. I am just a therapist who has tried many different financial maneuvers in an attempt to better understand the investing world, and to see which techniques work. Most financial coaches have at least some formal training in financial matters, but often have limited practical knowl-

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edge. My experience comes from the real world, and is full of both successes and failures. This should give you confidence that what I share here is valuable and has worked in a real world setting. It also allows me the opportunity to share what did not work for me and why. Most financial gurus have a specific method that they use to teach success, because that’s what worked for them. We are NOT all the same. We each have different skill sets and different temperaments for financial risk. My goal is to help each individual find the financial path that uses their strengths, and help them to minimize their liabil-ities. A totally different focus than the sales oriented plans circulating around in the financial world.

Additionally, financial coaches have next to no training in ar-eas of mental health. These coaches may have enough insight to see that there’s a problem area, but will not be able to understand the depth of the issue or the root cause. Without processing and challeng-ing the root cause, growth is difficult. Not impossible, but difficult. My experience as an MFT gives me the training to really help you through your struggles, and to find healthier ways for you to move forward in your life. I can also help you grow in all areas of your life, not just the financial.

What can I not offer to you? I have never pursued a real estate broker license or a CPA license, so I will not be able to give specific investing advice. This means that I cannot directly advise anyone to purchase a specific stock, bond, REIT, or mutual fund. This is a good thing, though, because it will force you, the investor, to put a bit of effort into researching and choosing the investment instruments that are best for you. It also prevents another type of double dipping. If I were to recommend individual stocks, then it would behoove me to recommend stocks that I already own. Not only would I be paid for making the recommendation, but the price of my stock could actually go up if I encouraged enough buyers to purchase it. That doesn’t seem very ethical to me. In the public sector, when investment groups rec-ommend certain stocks they will often disclose that they also own the same stock, reducing this ethical gray area.

Eventually I hope to write a blog, where I could go into detail about the choices I made financially and why I made them. Until then, I feel it is most important that you as the reader become more aware of your own biases around money and how those biases impact how you make financial decisions. So, let’s begin your journey to financial health.

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No, money does not have a personality. Any human attributes we perceive money to have are placed there by us. Money is merely a tool developed by people to make life easier. The tool of money helps to facilitate the exchange of goods and services and has helped us to move beyond the barter system of yesteryear. Just imagine if we were still using the barter system today. Each of us would have to create a tradable good or service. We would then have to trade that good or service with people who make or grow those items that we need. This system would be fraught with problems and it would take substantial time and energy to transact with other people on a daily basis. The creation of money has streamlined our lives and increased accessibili-ty to those things we need.

Money is also neither good nor bad. So why does the mere thought of money provoke an internal reaction? That internal reaction is emotion being filtered through our thoughts (hopefully), and then expressed as a feeling. Each reader has a set of values and beliefs, developed over time, that skew the truth when it comes to money. Other tools and concepts are skewed by our own biases as well, like the vehicle we drive or the passage of time. The individual can benefit from addressing the emotions tied to these as well, but our focus here is strictly financial.

Many social constructs have aided in the skewed view that in-dividuals have obtained about money. Throughout its history, money has been used as a dividing agent between the rich and the poor and

The Personality of Money

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of the strengths and weaknesses you may want to change or adjust.

The Financial Personality Quiz

As you take the quiz, answer realistically rather than how you think you should answer. This will give you a better gauge of where your journey should begin and where that journey may take you. Also, you may not be able to identify perfectly with any of the given answers, but find the one that reflects your view the closest.

Question 1. In a social situation the topic of investing comes up and you

get excited, share your experiences, and ask questions.

feel your eyes glaze over and wonder what else you could be doing.

feel your palms begin to sweat and feel flushed.

think, “they are talking about some risky stuff.”

wonder, “why invest? I would rather have a new iPhone.”

share about your recent win at the race track or casino.

evaluate if this conversation will help you achieve your goal.

think about the greed in the world.

Question 2. You have a savings/checking account

with 3-6 months of expenses and a brokerage account.

but are unsure of the approximate balance and don’t care.

and avoid looking at the balances.

with substantially more than 6 months of expenses and know nearly the exact balance.

with a consistently low balance.

and only pay attention to the balance when preparing for your next big play.

and don’t allow anyone access because it would mess up your plans.

with a small balance most of the time, because extra funds are given to help others.

Question 3. When it comes to credit cards, you

have 3 or more cards that are usually paid off entirely at the end of each month.

are not sure how many cards you have or what the companies

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are (Visa, Discover, etc.).

have one or two cards and don’t look at the balance until the end of the month.

usually use a debit card, but may have one credit card for an emergency.

have more than 3 credit cards that are rarely paid off entirely at the end of the month.

carry balances on most cards because you want as much cash available as possible.

have as many as can serve your purposes.

maybe have one card for when you have given away too much money in a month.

Question 4. When you hear terms like CAP Rate, ROI and Stock divi-dends

you are interested and want to know more.

you have no idea and you don’t care.

you have no idea, but it sounds scary or overwhelming.

you have some idea, but these things just aren’t for you.

are uninteresting, but if you have money later you might look into it.

you are not interested because it is irrelevant to the stock tip you received from a friend.

you are interested if it will help you achieve your current goal.

you think that they are just relevant to those who put money before helping others.

Question 5. Money is

opportunity

just is

scary

safety

fun

chance for more

irrelevant

hope for others

Question 6. If you have $20 in your pocket you don’t need, you will

buy another share of a REIT you own.

wash it when you do the laundry because you forgot about it.

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worry about what you should do with it.

save it for a rainy day.

spend it sooner rather than later.

take it to poker night.

put it toward your goal.

drop it off at the homeless shelter next time you walk by.

Question 7. When you were growing up, money and investing

were taught like any other subject.

were never talked about, as if taboo.

brought up anger and friction in the family.

were a constant stress as bills always loomed heavy.

were irrelevant because today is what is important.

were fleeting and so taking chances with it makes sense.

was used strategically, sometimes used manipulatively.

didn’t matter, it was about helping other people.

Question 8. If you inherited $50,000 today, you would

invest into a rental property or buy shares of stock or other investment.

put it into a checking or savings account and deal with it at a later time.

worry that you’ll do the wrong thing with it.

put it into a checking or savings account until you find an ap-propriate CD.

purchase a new car or fix up the house right away.

try to double or triple your money quickly.

use it to achieve your goal.

find charities to donate it to.

Question 9. A stock you own increases by 30%, you

assess whether to keep the gains there or invest into some-thing else.

didn’t know you owned that stock, but let it ride.

worry about losing your profits but don’t want to mess up, so you do nothing.

would never own the stock in the first place, too much risk.

take the profits to use on a trip a friend recommends.

cash it all out and find a riskier play to make a better return.

wouldn’t have it unless it was part of a bigger plan.

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wouldn’t have it because it does not align with your desire to give.

Question 10. A friend asks you what they should do with the company bonus they received, your answer is

“have you considered DRIPs?”

“I have no clue.”

“don’t ask me, my own stuff is stressful enough.”

“save it, aren’t there always a chance of layoffs?”

“spend it, have fun.”

“go to Las Vegas and see how much you can make on it.”

“it is irrelevant to me, so whatever you think.”

“have you thought about helping an organization with a part of it?”

Question 11. Financial security is

important for long-term stability.

seemingly a good idea.

a goal, but you have no idea how to get there and all the steps seem scary.

impossible to achieve, but the more you save the closer you get.

something you can worry about later.

something you will have when you win the big one.

something you will have when other goals are met.

being able to give when and how much you want to.

Question 12. Earned income is

a stepping stone to better things.

is what you make at your job.

is all you want to worry about.

is what you can depend on.

is important to enjoy.

a way to take on bigger and riskier plays

what provides for your needs while you accomplish other things.

what you use to make the lives of others better.

Question 13. Passive income is

the ultimate goal.

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you’re not sure, but it sounds like science fiction.

involves learning too much and making too many scary choic-es.

good for others, but you can’t put what you have at risk.

takes too much time and sacrifice now.

nice but taking more risk is more fun.

good for those who want to retire and take it easy, but you have things to do.

not sure, does it align with your giving?

Question 14. When preparing to buy a replacement vehicle you will

research, then purchase a gently used vehicle to avoid the price drop of a new car.

purchase what car meets your needs and preferences at the time.

put it off because there are too many choices to be made.

purchase the cheapest vehicle to get you by.

purchase based on feeling, like what it looks like and the col-ors available.

play your cards right and maybe you will win one.

purchase a vehicle that other people will admire.

purchase the cheapest vehicle that allows you to help others.

Question 15. When my accountant calls, you

look forward to the call to learn what is new and how to pivot.

are not very interested, but try and listen.

get nervous and quickly get overwhelmed in the conversation.

dread it because you know it will cost you money.

are surprised because you don’t have an accountant and just file taxes at the last minute.

think they’re going to judge your money activities again.

consider it a nuisance and call back when it is a higher priority for you.

worry about an audit because of all of your tax write-offs.

Question 16. After working an extra day last week, the extra money will

be put into a brokerage account and invested into a stock or REIT.

be put in your bank account and may be used or invested later.

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cause some anxiety until you decide what to do with it.

be put in your bank account and then into a CD or other safe investment.

be used to go on a trip or host a party for your friends.

be put into a high risk endeavor as it is unexpected money anyway.

not even be noticed unless you need new clothes to meet with someone important.

Question 17. A friend has decided to invest in real estate, specifically NNN commercial properties. The friend asks you to invest with them. You may choose to invest if

the ROI on the deal makes sense.

they can explain what ROI means.

they can guarantee nothing will go wrong and no details are shared to keep anxiety low.

some collateral is in your possession that you can sell for the same value if things go wrong.

it is a good friend and you have the funds available.

the ROI is high enough to make the deal interesting.

it is in alignment with your goals and other benefits may come out of it.

the answer is always no because you will never have sufficient funds available.

Question 18. You are walking down the street and see a person in need. You have five dollar bills and some change in your pocket. You think

“I could give without impacting my bottom line.”

“I am not sure of my own finances, but could probably give without repercussions.”

“I could give a little without creating too much worry later on.”

“I could give some, but then I will have to do without later.”

“I’ve got it, so I can give it.”

“I can give the change and I can use the $5 for poker night.”

about what your next task on your agenda is.

“I can give it all but then I won’t have enough to cover rent again.”

Question 19. Your sibling talks to you about wanting to start a busi-

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ness. They want you as a partner because your qualities complement your siblings and seem like a good fit. Your initial thought is

“it sounds like an incredible opportunity to get ahead.”

“spending time together sounds nice but what do I know about business?”

“what if it doesn’t work out?”

“it might put my financial future in jeopardy.”

“sounds like fun, what do we do next?”

“let’s flip a coin, if heads you get 51% and if tails I get 51% of the business.”

“does this arrangement help me in any way, connecting me to other businessmen?”

“this will take time away from serving the community.”

Question 20. When someone brings up the topic of money or the financial future, you feel

hopeful.

bored.

concerned.

constrained

like people put too much emphasis on it, especially the future part.

unsettled and want to increase the risk level of your own in-vestments.

undaunted and wonder how you can make this a beneficial interaction.

alone, like no one understands what is important in this life.

That’s it! Congrats on finishing the test! Here’s how to score it. Each letter represents a different money personality type. Each time that letter is selected, one point should be attributed to that financial per-sonality.

0 - 5 Low presentation

6 - 12 Mid to strong presentation

13 - 20 Very strong presentation

A score of five or less equates to a low presentation of that money type. A score of six to twelve would express a mid to strong presenta-

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tion. A score of more than twelve in any one personality would repre-sent a very strong presentation of that money type.

The money personality types are as follows:

a.) Owl (Tycoon)

b.) Butterfly (Unconcerned)

c.) Turtle (Evader)

d.) Squirrel (Accumulator)

e.) Hummingbird (Spender)

f.) Wildcat (Gambler)

g.) Crow (Opportunist)

h.) Golden Retriever (Martyr)

Keep in mind that you will likely have parts of you that are reflected by several money types. This is a protective factor. The higher your score is in only one area, the more difficult it can be to move to a more bal-anced presentation. Most likely you will have a dominant type—your highest score on the test. This is the type you should use primarily to assess your strengths and weaknesses. Keep that dominant archetype in the forefront of your mind as you read about each of the types.

If you need additional assistance in scoring the test, would like further help moving from one financial personality to another, or want to talk more about investing or life issues please go to my website or email me directly. Please be patient as I am in contact with many peo-ple in any given week.

Website: lifecoachadvising.com

Email: [email protected]

The Personality Types

The following is a brief description of each. Included is a functional name for reference and an animal name to help you remember. Please don’t read too much into each animal name, they are just a connective tool to help you remember.

The Squirrel (The Accumulator). The focus of this personality type is on saving and keeping what they have. Money is usually viewed as safety and security. The squirrel is often driven by the anxiety of not

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having enough in the future. (27% of the population).

The Hummingbird (The Spender). This money personality type lives for today. If the spender has some extra funds, and some-times even if they don’t, they are known to host a party or take friends out for drinks. Money burns a hole in their pockets and they do not look to their financial future very often, if at all. (13% of the popula-tion).

The Butterfly (The Unconcerned). This money personality does not see the importance in having a working knowledge of money or in-vesting. Their perspective is often, “what does it really matter as long as I am able to get by? I can always learn that later if I need to. Or someone else will do it for me.” (12% of the population).

The Owl (The Tycoon).Owls tend to take advantage of every opportunity to increase their net worth. This personality type enjoys learning in general, but especially about all things financial. Investing techniques and financial opportunities get the owl’s blood flowing. They may even freely share what they have learned with others. (14% of the population).

The Turtle (The Evader). The turtle tends to pull back and be-come fearful when decisions about money need to be made. Unlike the accumulator who is anxious about not having enough money, the evader fears not having enough information or making a financial mis-take. The turtle will retreat into their shell when confronted with con-versations or decisions about money. (23% of the population).

The Wildcat (The Gambler).The most common of the final three is the gambler. The wildcat takes great risks in pursuit of their goals. The gambler is always on the lookout for the next big payday. They are “the bigger the risk the bigger the reward” people. (6% of the population).

The Crow (The Opportunist).This personality type is the sec-ond rarest group. The opportunist has an insatiable need to “make it,” which is defined differently by each individual in this group. The ex-treme crow has few qualms about using or taking advantage of others if it will get them closer to their goals. (4% of the population).

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The Golden Retriever (The Martyr).This group is by far the rarest. The martyr is always other centric. When faced with a choice of meeting their own needs or helping someone else, the martyr will usually help others and forgo what would have benefitted them. As a result, the martyr is often taken advantage of financially. (1% of the population).

Important Keys to Remember

Before we look more deeply at each of the money personality types, it is important that you understand some basic concepts. First, pret-ty much every reader will have characteristics of more than one per-sonality type. This is actually a protective factor, meaning it is a good thing. The more entrenched the reader is in only one way of seeing and interacting with money, the more difficult movement becomes, and the more extreme their behaviors around money tend to be. It’s similar to getting stuck in the mud while driving. When a vehicle gets stuck, the more the tires spin, the deeper the vehicle falls into the mud. The further the vehicle falls into the mud the more difficult it is for another vehicle to pull them out. It is much the same for each of the money personality types. The farther we are into one personality type the more difficult the process is to get out.

Movement from one personality type to another is quite pos-sible. This movement can even occur without the individual realizing that their views and actions are changing. Environmental factors, ex-perience, and knowledge of the financial world can motivate these changes. Movement between personality types can also be “forced.” Like changing a habit, you can force new behaviors through practice and repetition. These changes are observable if we are tuned into looking for them. Once you understand your own financial personality you will be more open to seeing these changes in your own life.

Another important point is that each of the money person-alities have pros and cons. This means that each of the types have parts of them that are valuable and that we would benefit from in-corporating into our own financial life. Then there are parts that we would be better off leaving behind. As the different personalities are discussed, a section will be incorporated on the pros and cons. Recom-mendations on what parts to keep and what parts to let go of will be addressed.

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Also, it will probably be helpful to see each of the personalities of money on their own continuum. On the one end of the continuum you have the weakest display of the characteristics, and at the other end you have the strongest display. To grasp this concept let’s take an obvious example. Everyone gets angry, right? When observed on a continuum, on the one side you have the individual who gets angry but internalizes the feeling. When this happens the individual may not show any outward expression of anger, except maybe getting quiet or being unresponsive. On the other end of the spectrum (continuum) is the individual who has explosive anger and damages the relationships around them. The same emotion, anger, is being expressed in vast-ly different ways. Neither of these extremes are healthy, by the way. Between the two extremes, there are varying degrees in the inward/outward expression of anger. The closer to the middle of the continu-um we get, the healthier our expression of anger typically is. The same is true as we consider the characteristics of our money personality. The more central on the continuum we can stay, the better our finan-cial decisions tend to be. This leads into the next concept—balance—which will be discussed throughout the text.

Balance is the idea of finding that middle ground. This feeling of being centered or balanced creates a sense of equilibrium, steadi-ness, or stability. Balance won’t necessarily be in the middle of the continuum because everyone’s sense of balance is a little different. Generally, though, balance will not be at either extreme and will entail moving and growing toward the middle. Just like when couples have come in for therapy, one of the early goals of counseling is to start moving each partner toward a middle ground. Couples often become polarized in their relationships. This polarization does not allow for any give and take. Instead, it promotes that “stuck in the mud” feeling. Movement toward the middle in the money personality continuum allows the individual to utilize the attributes of both extremes without getting stuck in the mud of either.

There is also great generational variability when it comes to financial personality types. An example of this is the generation that went through the Great Depression. These individuals are much more likely to be in the accumulator type due to the environmental factors of that time. Money was sparse and many who lived through this pe-riod struggled financially. Unfortunately, the generation that followed often continued that same view of money because they were taught to have similar fears and anxieties around financial stress. So yes, our

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money personality can be a generationally taught set of beliefs. In the current post-COVID experience, once again, a movement toward the accumulator perspective and an increase in the unconcerned and evader personalities is occurring.

One last point of interest is that some of these financial per-sonalities seem to be opposing strengths/weaknesses. The martyr is centered on others while the opportunist is centered on their own successes. The gambler tends to be impulsive while the evader takes no action. The unconcerned takes no time to learn about finances while the tycoon thrives in that learning environment. And finally the spender spends everything while the accumulator spends nothing. It could be very useful to identify one’s opposing group. Why is that im-portant? As is commonly suggested, we are often attracted to our op-posite when seeking out a partner. Knowing what our opposite money personality is can give us insight into our dating and relational habits. If the evader knows, for example, that their opposite is the gambler and they don’t want to be in a relationship with a gambler, then they can watch for signs of risky financial behavior when dating. Now as we move into a more in depth look at the different money personality types, each will be broken down into four main sections, with a notes section at the end. The first section will take a deeper dive into the characteristics of each personality type. The second and third sections will look at the positives and negatives of each of the financial person-alities and the impact they have on the individual’s financial life. The fourth section will be a “helps” section. Here information will be given to promote positive change, with directions on how to create a new working paradigm around money. The notes section will be a place for any special considerations for each group.

Though you might be tempted to go directly to the one that you most identify with, it will serve you best to go back and familiarize yourself with the other types. The reason for this is twofold. The first is that concepts will be discussed in each of the types that you might find helpful in your own financial life, along with a few therapeutic nuggets of truth that can be extrapolated to other areas. The second reason is that having a working knowledge of each group will give you insight into where other people in your life fall and how to better un-derstand them. This is especially true when looking at dating partners, as you want to be cautious if someone you’re dating is stuck in the mud. This stuckness will impact their financial life and therefore po-tentially yours as well. Also, as a side benefit, if you have children you

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will be more able to guide them to develop a healthier relationship with money, which will contribute to their future success. Okay, here we go.

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The squirrel is the ultimate saver. The accumulator is not saving to go on a cruise or to put their children through college. Rather, the accu-mulator is a lifestyle of doing without. The squirrel makes a decision, consciously or unconsciously, to not spend money unless absolutely necessary. This decision impacts all areas of the squirrel’s life and the lives of those around them. The negative effects of doing without are felt most by those closest to the accumulator because of their con-stant interaction with them. There are two types of accumulators, though they may appear similar in the way they act toward finances.

The first type of squirrel is the pragmatic accumulator. These squirrels are not motivated directly by financial anxiety or the fear of not having enough. Instead, this group tends to have a reserved and pragmatic way about them in general. These individuals tend to be much more quiet, tend to take their time making decisions, and tend to be more practical in making those decisions. The pragmatic accu-mulator tends to be an internal processor as well. An internal proces-sor is an individual who thinks about and solves problems in their own head before sharing with others, or who might not share with others at all. A bit of a tangent here, because this is important: the internal processor needs to learn to share their thought process if they are in a relationship. “Partner” is short for “partnership.” A partnership is the coming together of each individual’s skill set to further the relation-ship or business. In order for the