Recognizing Money Personality

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Transcript Recognizing Money Personality

Recognizing Money Personality
in Your Students: CASFAA ‘08
“Define what ‘the rich life’ means to you
and use money to build that life”
-Laura Rowley
Self magazine
Spending Habits
Money Personalities
Needs versus wants
Money and emotions
Find your money personality
Making your personality work for you
Spending Habits
Established at an early age
Often unconscious
May be biggest “leaks” in your budget
Easy to justify
Money Personalities
• Many different types
• How do you feel about money?
• How do you feel about shopping?
• Do you love to spend money?
• People tend to form relationships with
money opposites
• Every personality has advantages and
Needs Versus Wants
• Can be difficult to tell the difference
• Needs
• Food, Shelter, Relationships, Clothing
• Wants
• Everything else!
• Consider carefully before purchasing
Money and Emotions
Money and emotions are hard to keep apart
Watch for emotional spending
Know your spending triggers
Find alternative ways to release emotions
Broke Students Get Emotional
• “It sounds like your relationship and past
experiences with Hoo Hah are troubling
for you. Here’s what we can do today”
• Active listening
• Open or closed questions
• Venting
Find Your Money Personality
• Spending diary
• 4 weeks is best
• Note any “buyer’s remorse” purchases
• Analyze spending habits
Find Your Money Personality
• Read each statement
• Agree
• Disagree
• Undecided
Find Your Money Personality
• The Accountant (Orange)
• Money means security
• The Social Worker (Red)
• Money means affection
• The CEO (Green)
• Money means success
• The Retail Therapist (Blue)
• Money means self-fulfillment
Making It Work For You
• The Accountant
• Embrace spontaneity, indulge (a little)
• The Social Worker
• Even the Dalai Lama gets paid
• The CEO
• Reduce materialism before turning to
white collar crime!
• The Retail Therapist
• How do you want to feel about your
• Columnists:
• Laura Rowley, Karen Savage, Suze
Orman, Michelle Singletary
• Authors
• Stanley/Danko, Ken Kurson, Virginia
Morris, Olivia Mellon
• On the Web
Thank You