Do You Have A Bad Money Attitude?
Your Money Attitude & Your Wealth
People have lots of different opinions about money, although generally speaking there are six different types of “money attitudes” each of which we will discuss in this article.
As you read the following descriptions, try to honestly determine what best describes you.
Note : You may find that even though you have one dominant attitude towards money, another category may also apply to you.
1 – I Don’t Care About Money
The first group of people are those who say they don’t care about money.
They just want to earn enough to get by, and are not too concerned with how much they earn or how much they have saved in their bank account.
As long as they have enough money to do what they want to do in life they are happy.
2 – Money Is Evil Or Bad
The second group of people are those who regard money as being “bad” or “evil”, and think the world would be a much better place if money didn’t exist.
They see people who have lots of money as “fat cats”, “greedy pigs” or being “filthy rich”. In other words, they view rich or wealthy people in a negative light.
The “money is bad” group of people tend to have enough money to get by from day to day, but usually don’t have very much saved in the bank.
3 – Money Is Everything, Give Me More
This group of people see money as the most important thing in life, and will work very hard to earn as much as they can. If they can’t earn it honestly, they may try to get money by stealing it, marrying into it or killing for it.
Since money is so important to this type of person, they will usually have a lot of it. However this often comes at the expensive of their personal life, their relationships or their health.
So just because they may have a lot of money, doesn’t necessarily mean they will, or are, able to enjoy it.
4 – Money Is Money
The fourth group of people are those who recognise the value and importance of money, but do not let it negatively affect their life the way people it does for people with a “money is everything” mindset.
These people know how to manage their money wisely, and are happy being who they are. This type of person could easily be a millionaire, but you wouldn’t know it because they act just like a regular person.
5 – The Scrooge
The scrooge is what some people would call a “tight ass”. They hold onto their money very tightly, and try to minimise their expenses as much as possible.
Like the “money is everything” type of person they see money as being extremely important in life, but they also see it as being hard to obtain. As being very precious.
This type of person may or may not have a lot of money, but the money they do have they will manage well.
6 – The Saint
The saint sees money as a gift which they can share with other people. As a result, they will often give a certain percentage of their income to charity.
Usually they are religious, or follow some sort of spiritual teaching which encourages them to share their wealth with others.
Generally the saint is quite good at managing their money, and so what they have is used efficiently.
How Your Money Attitude Affects You
Below are some of the ways your money attitude can affect your relationship with money.
1 – Don’t Care About Money
For those of you who don’t care about money, this attitude is likely to result in you managing your money poorly.
For example, you may buy something because you want it, even though you can’t really afford it. Debt is very common for people in this category, especially credit card debt.
People in this category also tend to live paycheck to paycheck. However it is important to note that this type of mindset doesn’t necessarily mean a person will be poor, as depending on the type of lifestyle they wish to live, they may actually earn a very respectable wage.
But because they don’t care about money, whatever they do earn is quickly spent on material goods.
2 – Money Is Bad
For people who think money is bad, you are likely to earn a low wage and spend it as soon as you get it. Almost like you are allergic to it.
This type of person tends to make up the “lower class” of society, and may even be receiving financial aid from the government or whoever can give it to them.
When it comes to personal finance, this is the worst attitude you can have. Its roots originate in early childhood, usually from parental beliefs.
3 – Money Is Everything
People who fall into the money is everything category generally earn a lot, spend a lot and may also have a reasonable amount saved in the bank.
Naturally these people like to buy expensive designer items (e.g. clothes & cars) which signal their high status to other people.
These people tend to make up the upper and upper-middle class of society.
4 – Money Is Money
If you fall into this category you may or may not earn a lot of money.
But you will know how to manage it wisely, have a reasonable amount saved up for the future and avoid spending more than you can afford.
Overall the person in this category tends to be financially comfortable, and will usually make up the middle class of society.
5 – The Scrooge
Just because the scrooge holds onto the money they earn very tightly (usually storing it away in the bank) it doesn’t necessarily mean they are very wealthy or earn a large salary.
They are all characterised by their ability to budget their income, which is usually done by purchasing low cost or second hand items.
The scrooge normally consists of low income individuals, who don’t want to waste their hard earned money.
Although you will also find very wealthy scrooges, who have been brought up to believe that money should not be wasted on luxury items that are not essential to survival.
6 – The Saint
Since the saint gives away a certain percentage of their income (usually each month), they will manage what they have left over very carefully.
This means they will purchase essential items first, and from what is left over buy luxury items if they can be afforded and are desired.
The saint also tends to be a reasonably good saver, as they are used to setting aside a percentage of their income.
In terms of wealth, the saint is usually in the middle class because they feel they can afford to give away some of their wealth to people who are less fortunate than themselves.
You will also find a few very wealthy saints such as Bill Gates or Warren Buffett, whose vast wealth allows them to donate large sums to charity.
What’s Your Money Attitude?
Whatever your attitude about money is, it is important to realise that you do have a money attitude and that this attitude affects how much money you earn, save and spend.
Becoming aware of your attitude towards money is therefore one of the first steps in better understanding how money works and how it affects you.
If your attitude towards money is a negative one, you are not likely to have very much of it which means the quality of your life will probably suffer as a result.
However if you have a positive attitude towards money, you can ensure that your life today, and when you are older in the future, is comfortable and secure.
Don’t worry if you have a negative attitude towards money right now, the fact that you are reading this article shows that you want to change your money attitude.
So before moving onto other articles, take some time to really think about your current relationship with money, and how that relationship has treated you so far.
Are your attitudes towards money helping you, or harming you? And if you don’t change that attitude, how will it affect your future?
In today’s economic climate, these questions are more important than ever so don’t skip over them.
