Discover your Money Personality | Basics
Knowing your personality can help you manage money in a better way
Hello, 👋
I landed upon money personalities when I was writing another article for the money series. I was studying multiple factors which define our relationship with money and found this interesting concept. I enjoyed finding my money personalities (yes! there are many for each of us) and how they are evolving over time. I hope you will enjoy it too.
Garvit Sahdev enjoys understanding ideas that shape our world. The Thoughtful Tangle is an initiative to share this journey and experience with his friends who love to do the same. He selects one idea and dives deep into it to understand its basics, relevance, impact and opportunities around it. The thoughtful tangle is special because 👇
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Money Personalities
Self-Assessment
Self-reflection is key to understanding your money personality.
I've created a set of self-assessment questions to help you identify your money personality. These questions cover various aspects of financial behavior and attitudes, corresponding to the eight money personalities we discussed earlier.
To use this self-assessment:
Answer each question honestly, choosing the option that best describes your typical thoughts, feelings, or behaviors.
Keep track of which personality (indicated in parentheses) each of your answers corresponds to.
After answering all questions, look for patterns in your responses. The personality or personality that comes up most often may be your dominant money personality trait.
Remember, most people don't fit neatly into just one category. You may find that you have a primary personality with elements of one or two others. This complexity is normal and reflects the multifaceted nature of our relationship with money.
Also, your money personality can change over time due to life experiences, financial education, or changing circumstances. This self-assessment can be a helpful tool for periodic self-reflection on your financial attitudes and behaviors.
How do you feel when you think about your finances?
a) Anxious about not having enough (Security Seeker)
b) Excited about potential purchases (Spender)
c) Curious about growth opportunities (Investor)
d) Confident in your financial plan (Planner)
e) Thrilled by potential big wins (Gambler)
f) Concerned about how you can help others (Altruist)
g) Overwhelmed or stressed (Avoider)
h) Intrigued by new financial technologies (Tech Enthusiast)
When you receive unexpected money, what's your first instinct?
a) Put it in savings (Security Seeker)
b) Spend it on something fun (Spender)
c) Invest it (Investor)
d) Allocate it according to your financial plan (Planner)
e) Use it for a high-risk, high-reward opportunity (Gambler)
f) Donate it or use it to help someone (Altruist)
g) Leave it in your account and decide later (Avoider)
h) Explore new fintech platforms to manage it (Tech Enthusiast)
How often do you check your bank account?
a) Multiple times a day (Security Seeker)
b) Only when making a purchase (Spender)
c) Regularly to track investment opportunities (Investor)
d) On a scheduled basis as part of your financial routine (Planner)
e) Frequently, looking for funds for your next venture (Gambler)
f) Regularly, to ensure you can meet your giving goals (Altruist)
g) Rarely, you prefer not to think about it (Avoider)
h) Often, using various financial apps (Tech Enthusiast)
What's your approach to budgeting?
a) Strict budgeting with a focus on savings (Security Seeker)
b) Loose budgeting, often exceeded (Spender)
c) Budgeting with a focus on freeing up investment capital (Investor)
d) Detailed, comprehensive budgeting (Planner)
e) Flexible budgeting to allow for opportunistic spending (Gambler)
f) Budgeting with a category for charitable giving (Altruist)
g) You don't really budget (Avoider)
h) Using AI-driven budgeting apps (Tech Enthusiast)
How do you feel about financial risks?
a) Highly averse, prefer safety (Security Seeker)
b) Willing to splurge, but cautious about big financial risks (Spender)
c) Calculated risks are necessary for growth (Investor)
d) Risks should be carefully planned and mitigated (Planner)
e) Excited by high-risk, high-reward opportunities (Gambler)
f) Willing to take risks to help others (Altruist)
g) Prefer not to think about financial risks (Avoider)
h) Interested in new, potentially risky financial technologies (Tech Enthusiast)
What's your long-term financial goal?
a) To have a large, secure nest egg (Security Seeker)
b) To enjoy life and experiences now (Spender)
c) To grow wealth significantly over time (Investor)
d) To meet specific, planned financial milestones (Planner)
e) To hit it big with a successful venture or win (Gambler)
f) To make a positive impact with your money (Altruist)
g) You haven't really thought about long-term goals (Avoider)
h) To leverage technology for financial success (Tech Enthusiast)
How often do you make impulse purchases?
a) Rarely, if ever (Security Seeker)
b) Frequently, it's part of enjoying life (Spender)
c) Occasionally, if it's a good investment (Investor)
d) Rarely, purchases are usually planned (Planner)
e) Often, especially if it could lead to a big payoff (Gambler)
f) Sometimes, especially to help others (Altruist)
g) More often than you'd like to admit (Avoider)
h) Occasionally, especially for new tech gadgets (Tech Enthusiast)
How do you feel about discussing money with others?
a) Cautious, prefer to keep financial matters private (Security Seeker)
b) Open, often discuss purchases or spending (Spender)
c) Enjoy discussing investment strategies (Investor)
d) Comfortable discussing financial plans and goals (Planner)
e) Excited to share potential opportunities (Gambler)
f) Open, especially about charitable giving (Altruist)
g) Uncomfortable, prefer to avoid the topic (Avoider)
h) Enthusiastic about discussing new financial technologies (Tech Enthusiast)
Reflect on your answers. The options you chose most frequently may indicate your primary money personality, but remember that most people have traits from multiple personalities.
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ABOUT THE AUTHOR
Hey everyone, I'm Garvit Sahdev 😎. I'm on a mission to gain a deeper understanding of the world, and to develop solutions that can trigger significant global change.
My curiosities span various domains including food, business theories, material science, market size calculations, economics, politics, and sports, etc. 🧐
Professionally, I have a diverse background spanning startups, consulting, policy development, market research, system building, ISO, colour physics, nanomaterial synthesis, textile chemistry, etc. 🐘
Note: Generative AI has been used for writing this piece under the supervision of the author.
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