What is your Financial Personality?

Do you know any Financial Personality? Are you aware on your Financial Personality? Do you think knowing Financial Personality can help you? What are the advantages of knowing your Financial Personality? What are the disadvantages of not knowing your Financial Personality? Are you ready for the new knowledge about Financial Literacy which is the Financial Personality? There are trusted sites that we used to get further information about the topic. Also, to make sure that our article is worth to read. Without further ado, let us know the different Financial Personality and find yours now!

RBC Wealth Management offers a wealth management plan to the people. They help people to Plan for Growth, Preserve for Wealth, Live Empowered, and Support What Matters. They ensure that their clients will be successful through working with them. They provide information about Financial Literacy and Finances that might help their clients to have a financial success. Their experienced makes them become trustworthy and experts in the field of Finances. Besides from having an educational articles about Finances, they also covers the important information that empowered the individuals and families. They show percentages, proof and evidences that represents their trustworthiness. According to RBC Wealth Management, “Whether you’re a saver, a spender or a budgeter, your financial personality speaks volumes about how you view money and how you live. Your financial personality also reflects your financial attitudes and influences your financial behaviour, according to a paper by the International Journal of Social Science and Economic Research.” No matter what kind of user are you, your financial personality speaks about how you view money and how you live with it. It is like how you see the usage of money in your life and how important it is for you. Also, how you can live with or without money. The role of money in your life is one of the aspect of knowing your Financial Personality. Your Financial Personality also shows your attitude and behaviour in a certain things. On how you think about money and your behaviour towards it. “Knowing your financial personality may help you change your financial behaviours for the better, says Dean Deutz, a private wealth consultant with RBC Wealth Management-U.S. in Minneapolis.” Sometimes we are changing our attitudes and behaviour to someone because of money issues. There are times that we can’t control ourselves in spending our money. And there are some of people who usually borrow money, maybe because of shortage, but others do it to buy unnecessary things. In my previous articles, I told you that it is okay to borrow some money and risk it but do it for essential things only or for those things that will surely help you gain more money more than your debt. But if you always borrow money and make it as your habit, stop it right away. That is not good for you and can destroy your Financial Success. It is not good for those who has a plan to succeed. “RBC Wealth Management-U.S. doesn’t use formal labels for financial personalities, but Deutz says most clients generally exhibit the characteristics of one of or more of these three categories:

• Savers:Those who save now so they can enjoy their money later. Savers are debt averse; they pay off their mortgage early.
• Spenders:People who want to enjoy their money now and worry about the future later. They don’t save much and tend to borrow.
• Sharers: Those who want to share their money with family, friends, charities or their community.

Are you a Savers? Do you prefer to save your money for a certain time before using it for your plans? If yes, you belong here. It is the kind of person who usually want to save money for their plans in the future. They believe that saving money will help them to succeed to their plans. They have perseverance and patience to achieve this kind of personality. Since they save more money than spending. Which is hard to others because maybe they belong to the spenders. Spenders are the kinds of people who prefer to enjoy their money too early, the reason why they worry in the future. They don’t save much money and tend to borrow. There are some spenders who became casual borrowers. Casual Borrowers are those people who usually borrow money for unnecessary things that leads to heavy debt. It is not advisable to everyone especially for those people that don’t have a sustainable source of income. Also, these behaviour is not good and might lead to bad image towards you. Borrowers usually seen as irresponsible and untrusted kind of person especially if they see you spending too much money in unnecessary things. Instead of allowing you to borrow money for important things or time of emergencies, they will not give you because of breaking their trust. Lastly, the sharers. Those are kind of people who wants to share their money with their family, friends, organizations, and charity. They want to help people who needs a financial support. Usually those kind of people has a sustainable source of income.

According to Investopedia, there are five (5) Money Personality. They are Big Spenders, Savers, Shoppers, Debtors, and Investors. Big Spenders are those people who usually spending huge amount of money to buy things. Savers are the kind of people who tend to save more money than spending. Shoppers are those people who prefer to have an emotional satisfaction by purchasing things that makes them happy. Debtors are those people who spending more than they earn, others is being deep in debt because of this attitude. Investors are people who knows their financial state and trying to earn more money by investing to businesses or things that will help them gain or earn money. To make these changes in your Money Personality, you can follow these advices. Spenders, shop a little less and save a little more. If you like to spend, you can still do it but don’t settle for it since you must not rely on short term satisfaction. It is better to save more and prepare for your future. Savers, use moderation. It is good that you save for your future, but there is nothing wrong if you spend a small amount for things that will make you happy especially if that thing will not happen again. You can save money at the same time is treat yourself sometimes. Shoppers, don’t spend money that you don’t have. It is okay if you love shopping, juts make sure that you don’t use money that isn’t yours. Also, avoid borrowing money just to shop or buy things that is not essential. Debtors, Plan your finances and start investing. You need to organize your finances and start investing. Since you can’t do it alone, you can get some help from experts or people that can help you. Investing can help you earn more money and pay for your debt. Lastly, Investors, Keep up the Good Work. It is better if you can maintain your success and manage your money properly. Continue to educate yourself and be prepared for constant changes. Which personality traits do you belong? Are you a saver? Spenders? Or sharers? Let us know by commenting your personality in the comment section below! No matter what personality traits do you have, as long as you are willing to change your old way of thinking and inappropriate behaviours, it is much better for your Financial Success.