We all have different attitudes towards money. Some people have attitudes that help to build wealth, and so are able to treat their money in a way that makes it grow.
Other people, however, have very poor attitudes towards money. This may be a result of the way their parents viewed money, their friends attitudes towards money, or just because of simple carelessness or neglect.
But whatever the cause, the effect is still the same. People who have a bad attitude towards money invariably act in ways that result in money flowing away from them rather than towards them. So instead of experiencing riches and wealth, they are left experiencing poverty and hardship instead.
For this reason, it’s very important that you take the time to think about how you think about money. Because from your thoughts come actions, and from those actions, come wealth or poverty.
If you can develop the right attitude towards money, or simply become aware of a poor attitude, you should find it a lot easier to successfully build your wealth rather than having to see it constantly crumble around you.
What’s your money personality?
Below you will find listed six money personalities. These are the most common types of attitudes that people have towards money and how having such an attitude affects them financially.
Try to determine which personality/personalities best apply to you, then ask yourself; are you happy with your money personality? Is it working in your favor? What could you do to improve your current and future financial situation?
I Don’t Care About Money
People in this group will often say that they don’t care about money. They just want to earn enough to get by and are not overly concerned with how much they earn or how much they have in their bank account.
As long as they have enough money to do what they want to do, they are happy and so never really push themselves to achieve more.
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. You also tend to live paycheck to paycheck, and so debt, especially credit card debt, is a very common occurrence for people in this category.
However, it’s 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 live, they may actually earn a very respectable wage.
But because they don’t care about money, whatever they earn is quickly spent on material goods. Which is why they are always looking forward to receiving their next paycheck.
You probably have a lot of material possessions, but very few savings. If you continue on this path, you could therefore be placing yourself into a very dangerous financial situation when you retire.
Try to set aside some money each month in a savings account, even if this means having to make a few sacrifices. In the long run you will benefit, as you will always have the money you need to keep on enjoying your life.
Money is Evil
In this group are the people who regard money as being either “bad” or “evil”, and so they think that 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 as being “filthy rich”. In other words, they view rich or wealthy people in a negative way. As a result, their roles models are likely to be people who don’t have much money or who are struggling financially.
The “money is evil” group of people tend to have enough money to get by from day-to-day, but usually don’t have very much saved up in the bank.
People who think that money is evil are likely to earn a low wage and spend their money as soon as they get it. Almost like they are allergic to money.
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, such as friends or family members.
When it comes to personal finance, this is the worst attitude that you can have because it will repel money away from you rather than towards you.
If you have a belief that money is bad or evil, you would benefit from examining your beliefs about money. Why do you think that money is bad? Who could have influenced those beliefs?
In most cases, negative beliefs about money come from parents. So try to think about how your parents thought about money, and if there are any similarities to your own beliefs. Are your beliefs really your own? Are they really true? Are they serving your best interests?
Money is Everything
This group of people see money as the most important thing in life, and so they will often work very hard to earn as much of it 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. But often, this will come at the expensive of their personal life, their relationships with others or their health.
So just because they may have a lot of money, it doesn’t necessarily mean that they will, or are, able to enjoy it.
People who fall into the money is everything category usually 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 labels or well-known brands when it comes to clothes, cars and other personal possessions. Consequently, they view money as a way to express themselves and enhance the image that others have of them.
This explains why the money is everything person usually has such a high expenditure each month, and also why they are so motivated to make as much money as they can.
People in this category tend to make up the upper and upper-middle classes of society.
Spending money is something that you probably enjoy, and so this is likely to act as a powerful motivator for you to make more. However, whilst this can work in your favor, it could just as easily end up working against you.
Your high expenditure will make it difficult for you to save money, which could then put your future financial plans in jeopardy. So try to cut down on your monthly outgoings, and then use that money to provide you with greater return later on.
Finally, if the way that you currently make money is negatively affecting other areas of your life, such as health, love or friendships, you may want to examine those areas as you might just find that there’s more to life than money.
Money is Money
The fourth group of people are those who recognize the value and importance of money, but do not let it negatively affect their life in the way that it can do for people with a “money is everything” mindset.
As a result, they are able to manage their money wisely and will try to save and make as much of it as they can. But they will only do so in a way that doesn’t conflict with the values they hold, or with the type of life that they want to live.
So if you have this type of personality, you are likely to place greater emphasis on forming relationships with people and achieving a quality of life that you’re happy with, rather than making money your primary focus.
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 will avoid spending more than you can afford.
Overall, a person in this category tends to be financially comfortable and will usually make up the middle class of society.
Your beliefs and values are your biggest limitation when it comes to making more money, as sometimes you may not be willing to do “what it takes” to get ahead in this very competitive world we live in.
If you desire to make more money, think about what that money could do for you and then use that motivational energy to help you get it.
The Scrooge is what some people would call a “tight ass”, as they hold onto their money very tightly and try to minimize their expenses as much as possible.
Like the “money is everything” type of person, they see money as being extremely important. But they also see it as being hard to obtain. As being very precious. So it’s not uncommon for Scrooges to constantly worry or think about their finances.
This type of person may or may not have a lot of money, but the money they do have they will manage well.
The Scrooge is characterized by their ability to budget their income, and by their purchase of low-cost or second-hand items. They see expensive goods as a waste of money, and so prefer to save more than they spend.
However, this doesn’t necessarily mean that the Scrooge will be wealthy or earn a large salary. As many Scrooges consist of low-income individuals who feel that they need to make every cent count.
Unfortunately, this can create a scarcity mentality whereby the Scrooge is primarily concerned with saving money and surviving, rather than with making more money in order to live a better life.
But for those who do earn a large wage, they are likely to amass a sizeable fortune throughout the course of their working life.
The good thing about this personality is your ability to save money, but this can also be your greatest weakness.
Even though saving money can result in you having a lot of it, your reluctance to spend the money you earn can also result in you not fully enjoying life or missing out on life changing experiences.
So you might want to set aside a certain amount of money to spend on yourself each month. Use this money to treat yourself, as there is no point in saving money if you are never able to enjoy it.
The saint sees money as a gift that they can share with other people. As a result, they will often give a set percentage of their income to charity each month.
Usually, people in this category are religious or follow some sort of spiritual teaching that encourages them to share their wealth with others.
Generally, the saint is quite good at managing their money and so will use what they have very efficiently.
Since the saint gives away a certain percentage of their income, they will manage what they have left over very carefully. This means that they will purchase essential items first, and from what’s left over, then 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 money aside to share with others. As a result, they probably also keep a budget so that they can monitor their income and expenses.
Debt is very uncommon for people with this type of personality, as the saint tends to save up for things they want rather than buying them on impulse.
In terms of wealth, the saint is usually found in the middle class of society, because such people feel that they can afford to give some of their wealth away.
You can, however, find some very wealthy saints, such as Bill Gates or Warren Buffett, whose vast wealth allows them to donate large sums to charities.
If everyone viewed money in the way that you do, this world would undoubtably be a much better place. So for that, you should feel good about yourself.
However, if you are putting the needs of others ahead of your own, such as by giving money when you can’t really afford to, this could put your own finances in jeopardy and make it more difficult to achieve your financial goals.
So if you can afford to give, give. But always take care of yourself and your family first, because this way you will be able to do more good for others in the long run.
Reviewed – 27th March 2016