Confey Investment Agency Weekly Blog
The 5 Types of Spenders
Each person has two of The 5 Money Personalities™, a Primary and a Secondary. How the two impact each other and how either one or both impact your spouse is very interesting and powerful.
Which one are you?
Spenders are carefree with their money. Spenders don’t care how much they spend or who they spend on. They aren’t necessarily rich, spenders just like spending. You’re a Spender if you:
Live in the moment. Spenders are focused on what’s happening right now and they are willing to spend money to make life a blast. They might have less money down the road, but for the Spender it’s all about making great memories today.
Love to buy things for other people. Spenders get a lot of joy out of giving gifts, helping out, and treating other people.
Get a thrill from the purchase. It doesn’t matter if you’re shopping at Saks or at the Salvation Army thrift store. The price doesn’t matter. It’s the fun of buying that counts.
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You may discover, you’re a Saver.
While all Savers don’t always save in the same ways, there are some traits that are common to most Savers. You’re a Saver if you:
Get a genuine rush from saving money. It’s a source of pride to get something you wanted for less.
Are organized, responsible, and trustworthy when it comes to money. ASaver won’t tap out the kids’ college fund to pay for a new boat.
Rarely spend impulsively. Savers will scour the Internet for deals, plan every detail of a vacation, and make sure they have the money in hand before making a purchase.
Avoid credit card debt like head lice. Savers hate paying interest and accruing debt. They want to pay off every bill, in full, right away.
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For Risk Takers, the thrill of a money challenge isn’t the possibility for a huge payout, it comes from taking the risk in the first place. Even if they never hit it big, Risk Takers never give up on following that rush they get from trying out a new idea, even if it costs them everything. It’s just how they’re wired. You’re a Risk Taker if you:
Are a conceptual thinker. Risk Takers aren’t worried about details. They don’t get hung up on the “how” of an idea. Instead, they get a bead on something – a business opportunity, an investment option, a real estate deal – and they move. Fast.
Get excited by possibility. Risk Takers get more excited about the idea of something than the thing itself. By the time the deal plays out and they’ve got their return, they’ve moved on to the next big idea.
Love finding the next adventure. For Risk Takers, no idea is too far out, no risk too big. Their sense of adventure takes over and they want in.
Listen to your gut. More than conventional wisdom, a Risk Taker trusts her intuition. If a deal doesn’t feel right, she won’t do it. But if something strikes her, she’s on it.
Aren’t afraid to make decisions. Risk Takers don’t waste time when it comes to money. They make a decision and make it fast. That can be a real plus when there are important money matters on the line.
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4. Security Seeker
Security Seekers like to know their money matters are settled and safe. They are all about low-risk investments, quality purchases, hefty insurance, and secure retirement funds. When it comes to money, the Security Seeker’s motto is, “Better safe, than sorry.” You’re a Security Seeker if you are:
An investigator. A Security Seeker would never invest in a piece of property he’d never seen. In fact, a Security Seeker wouldn’t just need to see the property, he’d need to have the soil tested for toxicity, look into all the zoning restrictions within a three-mile area, and get a detailed prospectus from the developer and a resume from every other investor.
Trustworthy. Security Seekers rarely put their futures on the line. That means they aren’t likely to gamble away their retirement or tap into the college fund to join a multi-level marketing company.
Willing to sacrifice. A Security Seeker would rather do without today than do without tomorrow. They won’t spend money until they know they’ve put away a little for retirement, life insurance, and any other investments they’ve set up to make sure the future is taken care of.
Prepared for anything. Security Seekers are never caught without a plan. The Security Seeker rarely ends up in a financial crisis (at least not a real crisis – that 5% stock market dip can feel like a crisis to the Security Seeker), which means the rest of the family can rest a little easier.
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The Flyer is perhaps the most unusual Money Personality because they don’t think much about money – at all. They’re not anxious about it, they’re not consumed by it, they have absolutely no emotional response to money. You’re a Flyer if you are:
Basically content with your life. A Flyer might be dirt poor, living in an Airstream out by the highway but he doesn’t care. As long as a Flyer is making his own choices, he’s happy.
Big on relationships. For Flyers, relationships and connections with other people are crucial. Flyers will often put relationships above money.
Happy to let someone else take care of your money. This can be a big plus in relationships, especially if the other partner enjoys handling the money decisions.
Not motivated by money. Most Flyers end up living exactly the lives they want to live because they make choices based on what they want, not what will make them the most money.
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Thanks for reading!