Which money type are you? Personalities that shape your financial life

Financial literacy covers various nuances of handling money, but the personal aspect is often left out. Meanwhile, each person has their own monetary personality type. It largely depends on how a person manages their income and expenses, and what emotions they feel about it.

When we know our type, we better understand why we made a mistake, we can adjust our habits and attitudes related to money, and make more informed decisions that help us achieve our goals. Depending on the author’s approach, the number of monetary personality types may vary. But for the first acquaintance with the concept, five are enough, which are mentioned more often than others.

5 money personality types

1. Investing

A person with an investing personality type focuses on how his money can generate income. He understands that he must calculate the risks, but he can sacrifice the present for the sake of future benefits.

It is typical for the investing type to think long-term, and he knows exactly how to calculate compound interest. He invests every additional ruble in financial instruments that guarantee income. It is easy for the investing type to say “no” to anything if it does not promise obvious financial benefits.

The advantage of this monetary personality type is the readiness for the future. He is well-versed in the financial market and constantly calculates risks in order to invest money profitably and gradually increase capital. He always has short— and medium-term goals and plans for how to achieve them.

Among the disadvantages of the investing type is an obsession with the future, which can cause them to miss out on pleasant opportunities in the moment. Sometimes he may also lack the flexibility to deal with emergency issues because the money is invested in long-term assets. In addition, the obsessive desire to earn as much as possible for future investments can lead to overwork.

2. Thrifty

A person with this type of personality is confident that accumulating savings is the best way to gain confidence in the future. He’s constantly saving money, even when he doesn’t have a specific goal. The priority of the lean type is to save money in everything, so they often look for the cheapest things, not paying attention to quality. He is motivated by the concern that any spending will lead to financial instability, and he will not have enough funds in case of emergencies.

On the one hand, this attitude to money has its advantages. Such a person most likely has a sufficient reserve fund, knows how to find profitable offers for almost any purchase, and feels financially secure.

On the other hand, it can be difficult for the frugal type to enjoy life. He believes that any expenses endanger his safety, and he worries about it all the time. Buying cheap, low-quality, and short-lived items can sometimes result in additional costs. And when money doesn’t have a specific purpose, it can be harder to spend and eventually become worthless.

3. Wasteful

This monetary personality type is distinguished by the fact that he spends unrestrainedly, even when he understands that it would be good to save. It is difficult for such a person to restrain his impulses, so he often makes impulsive purchases and purchases unnecessary things. If he’s upset, shopping calms him down.

Keeping a personal budget seems to be a limiting occupation for the wasteful type. At the same time, he often thinks that he will never be able to improve his financial situation. The advantages of the wasteful type include the ability to enjoy life. He is not afraid to spend money for pleasure, is ready to immediately pay more for a high-quality item, and often gets what he wants.

The main disadvantage is that it is easy for a person with such a monetary personality type to fall into a debt trap. Visit. A F R I N I K . C O M . For the full article. He avoids keeping a budget, which makes it difficult to control expenses. And all attempts to pay off debts can cause constant stress.

4. Generous

Representatives of this monetary personality type are ready to share their last ruble with their neighbors. However, sometimes this can mean that they put other people’s needs above their own and make sure that others have everything they need before taking care of themselves. Due to the fact that resources are spent on others, it can be difficult for a generous type to make ends meet.

At the same time, a person with such a monetary personality type likes good company and prefers to spend time with loved ones. He would rather choose to pay for everyone than deprive himself of their company. And it’s not easy for him to say “no” when people ask for a favor or to give them time.

Due to the positive aspects of the generous type, he is often surrounded by good people who are as ready as he is to provide support at any moment. His optimistic outlook on life in general helps to gain stability, including financial stability.

The negative sides of this type of money can manifest themselves in the form of overwhelming obligations, because he gives too much to others and is ready to go into debt to help his loved ones. He gets upset when he is unable to meet all requests for help, and experiences additional stress when he fails to achieve his own goals.

5. Gambling

Someone who is a gambler is willing to take big risks if he thinks he can get rich. He can make money fast, but he can also lose money fast. A person with this monetary personality type likes the emotions associated with risk and the opportunity to hit the jackpot. There are probably amounts in several cryptocurrencies among his assets. At the same time, he may gain too many credits in order not to miss another chance.

On the one hand, the gambling type is not afraid to invest in everything if it can bring a good profit. And since he is more often willing to take risks, unexpected successes are not uncommon for him. Large winnings can provide him with a comfortable financial position.

On the other hand, a person with such a monetary personality type is inclined to sacrifice any savings and other long-term goals to take significant risks. Therefore, tangible losses are no less rare than unexpected successes, which makes it easy to get into debt.