How do you relate to money?
Personality can tell us how we learn best, what our strengths are, and how we get along with others. But what about revealing our financial personlity?
As it turns out, there are four money personas that help explain some of our most common financial behaviors. To find out how you can improve your relationship with money, discover which money persona you relate to.
Recognizing your persona
It's likely that you're a combination of several money personas, as opposed to being an extreme version of just one. Identifying your money persona can help you approach financial decisions more positively and help you spot behaviors that you want to change.
Take the Quiz!
Step 1 of 13
1. I define financial success as:
Choose the option below that best describes you.
Not having to think about money all the time
Living a celebrity lifestyle
Accumulating the most money
Avoiding all the money traps that others fall into
2. My relationship with money can be summed up like this:
Choose the option below that best describes you.
I'm not good at managing it, and I never talk about money
I'm not good at managing it, and I love talking about money
I'm good at managing it, and I don't mind talking about money
I'm good at managing it, and I never talk about money
3. What gives you the most energy?
Choose the option below that best describes you.
Having some "me time" at home
Going out with friends or spending time with family
A full schedule - when I'm busy, I feel alive
Planning out a new project or working with details
4. When it comes to personal finance, I wish I was more:
Choose the option below that best describes you.
Aware
Free
Prepared
In control
5. If I suddenly inherited $500,000, I would feel:
Choose the option below that best describes you.
A little anxious - what should I do with that money?
Totally thrilled - that's one amazing shopping spree!
Happy - that would put me ahead of the game
Motivated - it's fun thinking about to allocate it
6. I believe that most personal finance problems are the result of:
Choose the option below that best describes you.
People thinking they deserve lifestyles they can't afford
Treating money as something stressful instead of something enjoyable
Being undereducated when it comes to money
A large and corrupt economic system
7. More money, more ______________
Choose the option below that best describes you.
Problems
Freedom
Happiness
Nothing - more money doesn't change anything
8. Which weakness best describes you?
Choose the option below that best describes you.
I can be kind of lazy
I can get pretty self-centered
Sometimes I'm a little too competitive
I have trust issues
9. Which strength best describes you?
Choose the option below that best describes you.
I'm thoughtful
I'm friendly
I'm determined
I'm smart
10. "Treat yourself!"
Choose the option below that best describes you.
But I haven't done anything to deserve it
OK!
Nah, I'd rather make money than spend it
No, I don't need special treatment
11. Which statement sums up your point of view when it comes to investing?
Choose the option below that best describes you.
I've never taken the time to really learn about investing
Big risks lead to the biggest payouts
The more investments I have, the safer I feel
I don't invest because of the risk of losing everything
12. When it comes to money, the most important lesson to be learned is:
Choose the option below that best describes you.
Money is complicated and almost impossible to manage well
Money is the key to your sense of well-being
You will never have enough for the things you truly want
Being able to keep it is more important than simply having it
13. Please select your age range
Choose the option below that best describes you.
18-34
35-50
51-69
70+
Avoiding Ostrich
Avoiding Ostriches often feel guilty about having money or underserving money. They sabotage themselves by minimizing their financial problems instead of facing reality. This persona is most common among young adults.
Most likely to: have piles of unopened bills, be charged with late fees
Least likely to: ask for a raise, discuss finances with others
Needs to work on: money management skills, budgeting basics
Struttin' Peacock
Struttin' Peacocks believe that their self-worth comes from their lifestyle and possessions. They will overspend in order to impress others. This leads to struggles with budgeting and debt.
Most likely to: live in debt, make risky investments
Least likely to: be able to afford the lifestyle they project
Needs to work on: setting savings goals, managing debt
Stashing Crow
Stashing Crows have a scarcity mindset when it comes to money; they believe that they will never have enough to afford the things they want in life. They get a sense of safety from stockpiling money.
Most likely to: be a workaholic, have hoarding tendencies
Least likely to: spend money on themselves or on leisure activites
Needs to work on: seeing money as a source of enjoyment
Wary Owl
The Wary Owl's relationship with money is based in fear. A little bit of money vigilance is good, but Wary Owls can easily take it to the extreme. Fear and distrust of investing keeps them from growing their money.
Most likely to: underspend, distrust financial institutions
Least likely to: overspend, invest their money
Needs to work on: trying out new financial products
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Resources for Ages 18-34
Based on your age range we recommend the following resources to help and ensure you are on the right track:
- Create a budget. Take control of your finances and get a clear view of your income and expenses. There are many easy and free tools available online.
- Protect yourself. Obtain health insurance, if you don’t already have coverage. You’ll potentially avoid costly medical bills.
- Evaluate student debt. If you have school loans, consider consolidating them to obtain the lowest possible rate. This could help you pay your debt faster or lower your monthly payment.
- Stash some cash. Establish an emergency fund of 3 to 6 months’ salary. This will help to cover any financial surprises that may come your way, like the loss of a job, illness, or any unexpected major expense.
- Plan for retirement. Enroll in your employer’s retirement plan and take advantage of their matching contribution, if one is offered. If your employer does not offer a retirement plan, seek advice about starting an Individual Retirement Account, or Roth IRA account.
- Know the power of compound interest. Time is on your side. Start saving today and compound your investments for maximum returns for your future. Compound interest has an incredible impact on your savings, which is why starting to save in your 20s is one of the smartest things you can do.
- Monitor your credit. Your financial health is important; check your credit score and review your credit report periodically. It’s free with many tools available online, it’s helps to maintain good credit, and it’s often the first indicator to identity theft.
Resources for Ages 35-50
Based on your age range we recommend the following resources to help and ensure you are on the right track:
- Pay down your debt. Create a plan to pay off any student loans and high-interest debt. This is important as you near retirement age.
- Increase your savings. Be sure you are contributing to a retirement plan, and periodically increase your contribution. One easy way to do this is to increase your contribution as you receive salary raises; you won’t even miss it.
- Plan for retirement. Set a target retirement date, and determine how much of your current income you will need to maintain your lifestyle. You may need to make some adjustments with your budget to ensure you are on the right track.
- Put those investments to work. Educate yourself by learning more about investments and how to make them work for you. This will help you to maximize your earnings for your future.
- Prepare an education plan. If you have children, consider starting and contributing to a college fund for them. If your children are planning on beginning college soon, research financial aid options. There are also many grants, scholarships, and low-cost student loans available.
- Make that money. If you find your financial plans are difficult to obtain, contemplate asking for a raise, or consider a career change with a higher earning potential. Maximize your earnings now to help ensure a financially-sound future.
Resources for Age 51-69
Based on your age range we recommend the following resources to help and ensure you are on the right track:
- Get organized. Clean out your filing cabinet. Tax returns, financial statements, annual pension statements, and insurance policies are all important to hang on to, but old credit card statements, cancelled insurance policies, and old invoices can probably be shredded. Consult with your financial advisor with questions if you are unsure you should get rid of something.
- Get healthy. Exercise and a healthy diet can pay off. Improving your health can help eliminate potential costly health care bills in the future. Your wallet and your waistline will thank you.
- Be prepared for the unexpected. Ensure your estate planning documents, wills, and/or trusts documents are accessible by trusted friends and family should you pass away unexpectedly.
- Know your retirement budget. Retirement is coming. Prepare for it by knowing what sources of income you will have, what you receive from Social Security and any pensions you might have, what your spending budget is, and what your saving plan is.
Resources for Ages 70+
Based on your age range we recommend the following resources to help and ensure you are on the right track:
- Monitor your finances. Periodically evaluate your spending and portfolio performance to ensure you have enough money to get you through retirement. You may find you need to make some adjustments.
- Review your health coverage. If you have purchased a Long Term Care Insurance policy, take some time to review the terms and ensure it allows adjustments for inflation and provides in-home care. Be sure to take advantage of any benefits that may be included.
- Be prepared. Ensure your estate plan and will are current. If these were created some time ago, it might be a good idea to review them to make any necessary changes.
- Prepare others. Ensure trusted family, friends, and/or financial advisors have access, like electronic passwords, to important documents and contact information.
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