Transcript Recognizing Money Personality

Recognizing Money Personality
in Your Students: CASFAA ‘08
www.ecmc.org/fab
“Define what ‘the rich life’ means to you
and use money to build that life”
-Laura Rowley
Self magazine
www.ecmc.org/fab
Agenda
•
•
•
•
•
•
Spending Habits
Money Personalities
Needs versus wants
Money and emotions
Find your money personality
Making your personality work for you
www.ecmc.org/fab
Spending Habits
•
•
•
•
Established at an early age
Often unconscious
May be biggest “leaks” in your budget
Easy to justify
www.ecmc.org/fab
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
disadvantages
www.ecmc.org/fab
Needs Versus Wants
• Can be difficult to tell the difference
• Needs
• Food, Shelter, Relationships, Clothing
• Wants
• Everything else!
• Consider carefully before purchasing
www.ecmc.org/fab
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
www.ecmc.org/fab
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
www.ecmc.org/fab
Find Your Money Personality
• Spending diary
• 4 weeks is best
• Note any “buyer’s remorse” purchases
• Analyze spending habits
www.ecmc.org/fab
Find Your Money Personality
• Read each statement
• Agree
• Disagree
• Undecided
www.ecmc.org/fab
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
www.ecmc.org/fab
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
spending?
www.ecmc.org/fab
Resources
• Columnists:
• Laura Rowley, Karen Savage, Suze
Orman, Michelle Singletary
• Authors
• Stanley/Danko, Ken Kurson, Virginia
Morris, Olivia Mellon
• On the Web
• www.bankrate.com
• www.money.cnn.com
www.ecmc.org/fab
Thank You
Questions?
www.ecmc.org/fab