What's your money personality? Find out with our handy guide
Give everyone £1,000 and they would use it totally differently. Some might go on a shopping spree, while others may lock it into a savings account or give it away to a family member in need.
How we respond to money reflects our unique money personality, with some people driven to spend while others are motivated to save.
‘Understanding your money personality will help you to eliminate any issues you have regarding money, create understanding and connection in your personal relationships, and help you to move forward freely with creating and keeping more money,’ says money coach Emma Maslin of the Money Whisperer blog.
Using the Sacred Money Archetypes model, developed by Kendall Summerhawk, Emma helps clients become aware of how they think and feel about money so they are able to change their unconscious behaviours.
Each of the archetypes, explained below, have strengths and challenges, and everyone possesses one dominant money personality type.
‘It is important to recognise your challenges and not to let them overcome your strengths,’ says Emma.
This is the inner banker. People with this trait save and live within their means easily because they find it hard to spend money. They like to see money in the bank but can feel anxious about running out of it.
‘Having money gives the accumulator a feeling of safety. But it might mean you lose out on living your life,’ explains Emma.
The strength of this archetype is financially responsibility but on the downside it includes an element of obsession or compulsion around money management.
This archetype is about creating something from nothing and a strong desire for positive change.
The inner idealist will have a love/hate relationship with money because they appreciate the good it can do in the world but resent its importance.
‘People who run social enterprises or work for themselves often have this dominant archetype. They feel “I do this because I love what I do, not for the money”. But this can be self-sabotaging because we need money to survive,’ says Emma.
The idealist will view making money as bad but this is counteracted by their ability to champion others.
This is all about the inner big shot who wants impact and recognition. For the celebrity, money is a tool to achieve status and attention by trying to impress others.
‘The celebrity will often appear confident but they may be spending for some other reason, because they want to feel loved. Their bank balance may not reflect their image and they will often be in debt,’ says Emma.
The strength of this archetype is leadership qualities but the challenge is valuing status above financial security.
Connectors value relationships over money. They radiate optimism and do not get stressed about their finances.
‘The connector is not fearful of money but they might be taken advantage of as they may defer decisions to other people,’ says Emma.
For this archetype money is not important but this can lead to a lack of financial independence.
This is the inner rebel, who thrives on risk. The maverick may be involved in the stock market or property and be attracted to gambling.
‘They are OK with extreme financial risk but can get into a cycle of win-lose. They play the game of money,’ says Emma.
Mavericks can be incredibly creative when generating money and have an ability to pay attention to numbers and financial detail. However they risk gambling away any financial security.
‘I follow my gut’: Maverick Chloe Oladipo
Entrepreneur Chloe Oladipo is not afraid to take calculated risks and follow ‘her gut’ when it comes to business decisions.
The 23-year-old works in business consultancy but recently set up her own luxury make-up equipment brand, cc Glam Kit.
‘I bought a lot of stock which was very expensive. I didn’t have the market there already, but I took a risk.’
As a classic maverick archetype, Chloe is comfortable with risk and decided to launch her own business despite no prior experience, simply because she spotted a gap in the UK market.
‘I take a lot more risks than most people at my age. I believe something bigger is in control and there is a higher power around things rather than us making every decision ourselves.’
Chloe, who lives in west London, is keeping a close eye on similar brands in America, where young black women have made their millions.
‘I believe if you put the work in and have the intention, you can do anything. i am trying to crack the [making money] code.’
And although she carefully squirrels away at least £500 savings each pay day, chloe is happy to splash out £200 a month on beauty products, perhaps hinting at a secondary celebrity archetype.
‘I wouldn’t change it. I think it is really important to look your best every day. It can boost your mood for the whole day.
This is the inner sponsor who is caring and compassionate and puts others’ financial needs ahead of their own.
‘They are the one everyone calls on for help. They don’t think of consequences for themselves and can end up in debt or with little savings,’ says Emma.
This trait can often be found in women, who help out their children or parents, but it comes at the cost of problematic boundaries and compromising your financial stability.
This is the inner hedonist who enjoys the pleasures in life. They buy things to feel gratification, sensory pleasure or because they ‘feel like it’.
‘This is the classic spender. They live for the moment, never say no and are not motivated to save. They often live beyond their means and can be in and out of debt,’ explains Emma.
The romantic can be generous but they have a tendency to avoid anything to do with finances.
This is the inner empire builder who has a desire to achieve great things and may be self-employed or entrepreneurial.
‘They set goals and when they reach them, they set the next goal. They also have a tendency to over work,’ says Emma.
The ruler will be driven to make a big impact and significant income but there is a danger of not enjoying life in the moment and measuring value by a bank balance.
‘I have belief I can buy a house’ – Ruler Naomi
Since having children, Naomi empowers has been driven to build up her ‘saving muscle’ and now has her sights set on owning her own home.
The 33-year-old business consultant from West London has her financial goals mapped out several years ahead and puts money into savings every month, no matter what.
‘I began with putting aside £100 each month. Even if I was broke, that money was off-limits. I got really disciplined with it and would pay my savings first.
Yes, sacrifices may have to be made but I am so proud of myself.’
Naomi’s dominant archetype is the ruler but she also displays nurturer traits.‘I am still prone to helping people. I am not a massive spender, I won’t splash out on myself but I spend on my children.
If someone tells me a bit of a sob story I get out my purse.’
But the single mother-of-two admits she hasn’t always been responsible with money.
‘When I was young I didn’t want to save. I was working in the music industry from the age of 16 and I was accustomed to living a certain life.’
But now that her children, age six and eight, are both at school, Naomi is focused on her goals – a typical behaviour of the ruler money personality.
‘I have been able to get very clear on what I want and I have a belief that I can buy a house. I am not just saving for a rainy day any more, a mortgage is definitely within reach.’
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