Talk About Marriage banner

Status
Not open for further replies.
1 - 20 of 51 Posts

·
Registered
Joined
·
104 Posts
Discussion Starter #1
Many people believe financial planning comes down to making sure their net income exceeds their total expenses. This mentality often leads to the same outcome of most diet plans; failure. Where did they go wrong? Most forgot to account for their money personality. If you find yourself to be one of these people, don’t feel bad. Many people have no clue what type of money personality they have. Here’s a little help to get you closer to identifying your money personality. Take a look at these four money personalities and see if one fits you.

(Disclaimer: Keep in mind; while you may relate to several of these personalities, one is usually more dominant than any others.)

The Chaser: Chasers are people that consistently attempt to acquire more wealth than someone else. These individuals perceive life as a race where first place is the only winner. This results in more financial risks being taken. They determine their level of success based on the failures of others. They also have a high regard for social status. People like Bill Gates and Warren Buffet are used as barometers of success. They may often be heard saying, “I haven’t made it because I’m still not on the level of…..” People with this money personality will relocate more often than others. Their insistence on social advancement will not allow them to live in one setting for a long period of time.

The Builder: Builders desire to increase everything they acquire. These individuals may be considered rich, but want to expand their assets as much as possible. They perceive life as an individual race with the goal of beating an ever changing best time. They may often be heard using the phrase, “I am working to expand my empire.” These individual are semi-stable, but relocate more often than managers or victims.

The Manager: Managers desire to manage their assets with extreme care. Income level is not their major concern. When it comes to their career, they are inspired to advance, but not solely for the purpose of increasing income. They often use phrases like, “As long as I do my part, everything else will fall in place.” These people are less likely to frequently relocate and usually live a stable lifestyle.

The Victim: Victims consistently blame their financial failures on others and circumstances. These individuals are not willing to do what it takes to change their circumstances. They often perceive life as a fixed race and feel cheating is necessary for victory. You may often hear them say, “It’s not my fault.” They are semi-risky partners because of their lack of desire to change. Victims may complain about their lifestyle, but will not take advantage of good opportunities to improve it. These habits make victims a difficult spouse to live with.

So, which one do you identify with the most? Remember to be honest with yourself and adjust your plans to fit your personality.
 

·
Registered
Joined
·
104 Posts
Discussion Starter #9
I am a "Manager", but I developed into one. I use to force myself to be more of a builder/chaser, but learned being a manager was a better fit for my habits.
 

·
Premium Member
Joined
·
14,190 Posts
The Manager: Managers desire to manage their assets with extreme care. Income level is not their major concern. When it comes to their career, they are inspired to advance, but not solely for the purpose of increasing income. They often use phrases like, “As long as I do my part, everything else will fall in place.” These people are less likely to frequently relocate and usually live a stable lifestyle.
Me & my husband both on the same page, through & through Managers. We have no desire to move, change jobs, the income level is less important than having the contentment of having our financial lives in order... all bills paid...$$ set aside for those unforseen expenses..... This gives us great peace of mind...so we can worry about other stuff.

We will do anything to not pay a dime in interest...very careful spenders, researching the best deals to be had, etc.

Don't know that we ever use the phrase “As long as I do my part, everything else will fall in place” too much though, not sure how that fits.

I mean, Jobs, our health, life... can be uncertain , nothing can be counted on for sure no matter how we live...... we just like to know, financially speaking... we have $$ saved , adequate insurances covering .....in case he gets laid off.....we can live off our savings for a year + ... And if we need another car...no problem, it's covered, no need to take out a loan, that type thing.
 

·
Registered
Joined
·
1,213 Posts
Nope I disagree it really is that simple your liabilities have to be less then your receivables end of story.

What you do after that is great, but no matter which personality type you have........you still have to make more than you spend.


As far as personality type IDC I'll retire when I'm debt free and have 2 million in the bank. I'm not there yet so I'm still working.
 

·
Registered
Joined
·
104 Posts
Discussion Starter #12
Nope I disagree it really is that simple your liabilities have to be less then your receivables end of story.

What you do after that is great, but no matter which personality type you have........you still have to make more than you spend.


As far as personality type IDC I'll retire when I'm debt free and have 2 million in the bank. I'm not there yet so I'm still working.
I don't understand what you disagree with. I'm not talking about savings strategy. I am referring to a persons outlook and perception of personal finance. There is not right or wrong. Based on the limited information you've provided, I would say you are a manager. Your goal is to have as little debt as possible which would require great money management. Your "money personality" is what makes you stick to that great financial plan. It is directly tied to your values.
 

·
Registered
Joined
·
104 Posts
Discussion Starter #13
I'm the manager and my husband is the builder. His "builder-ness" causes a lot of stress for us...
You guys are a tough mix. Managers tend to mix well with people that are predictable and conservative spenders. But, that doesn't mean it can't work. If you find yourself frustrated because of his "builder" tendacies; here are two tips that can help you deal with it.

1) Occasionally talk about your lifestyle ambitions without talking about bills and expenses. Go out on a date, look each other in the eyes, and share your dreams and aspirations with each other. Don't talk about how to reach those dreams. Don't be critical of each other. Just make an agreement to never forget each others lifestyle ambitions when making financial decisions. This discussion will help to remind your "builder" partner to never go to far because of the importance of your dreams.

2) Put your thoughts back into its proper perspective. We all grow up with a different concept of money management; even if we have the same money personality. Thoses differences will take a long time to blend, but love will help to bridge the gap.
 

·
Registered
Joined
·
104 Posts
Discussion Starter #14
Me & my husband both on the same page, through & through Managers. We have no desire to move, change jobs, the income level is less important than having the contentment of having our financial lives in order... all bills paid...$$ set aside for those unforseen expenses..... This gives us great peace of mind...so we can worry about other stuff.

We will do anything to not pay a dime in interest...very careful spenders, researching the best deals to be had, etc.

Don't know that we ever use the phrase “As long as I do my part, everything else will fall in place” too much though, not sure how that fits.
That phrase can be spoken in many different ways. If you are a manager; you must believe your actions will lead to a good result. Why else would you work so hard to make sure your finances are in order? Your actions are preparing you for stability during the worst and best financial circumstances. "Falling in place", doesnt mean problems won't occur; it just refers to the fruition of your planning. It is believing your planning and careful spending will lead to more stability in any environment. Sorry for not explaining this more thoroughly.
 

·
Registered
Joined
·
10,214 Posts
Many people believe financial planning comes down to making sure their net income exceeds their total expenses. This mentality often leads to the same outcome of most diet plans; failure. Where did they go wrong? Most forgot to account for their money personality. If you find yourself to be one of these people, don’t feel bad. Many people have no clue what type of money personality they have. Here’s a little help to get you closer to identifying your money personality. Take a look at these four money personalities and see if one fits you.

(Disclaimer: Keep in mind; while you may relate to several of these personalities, one is usually more dominant than any others.)

The Builder: Builders desire to increase everything they acquire. These individuals may be considered rich, but want to expand their assets as much as possible. They perceive life as an individual race with the goal of beating an ever changing best time. They may often be heard using the phrase, “I am working to expand my empire.” These individual are semi-stable, but relocate more often than managers or victims.

So, which one do you identify with the most? Remember to be honest with yourself and adjust your plans to fit your personality.
^^^^^^^^^^^^^
This is me.
The Builder. [ but I'm also a huge fan of success stories like Warren Buffet.]
I'm always on he lookout for " new opportunities." Sometimes my wife just shakes her head from side to side. But when we reap the benefits from my investments she is also very happy. She respect that.
Can't argue against success.
 

·
Banned
Joined
·
76 Posts
Manager and saver.

I do not like spending money on anything. My husband does 100% of the shopping. However, Unfortunately I'm responsible for the household bills.:/

Hopefully when my husband retires, we'll have enough saved to live very comfortably. We do not need the big house, nice boat, over the top fancy cars, ect. Material things are not important to my husband and I.

Unlike the rest of my family like my mother and my brothers wife. Both have a spending addiction and it's ruining their opportunity to enjoy life at a later age. I'm tired of getting phone calls from bill collectors because my brothers wife can not afford their credit card bills. My brother makes well over a 6 figure salary, they should not be in this position. My mother is the same way, but my parents are under a much lower income.

I'm sorry to say, but money does not make a person happy. If not utilized properly, it can ruin your life.
 

·
Premium Member
Joined
·
14,190 Posts
That phrase can be spoken in many different ways. If you are a manager; you must believe your actions will lead to a good result. Why else would you work so hard to make sure your finances are in order? Your actions are preparing you for stability during the worst and best financial circumstances. "Falling in place", doesnt mean problems won't occur; it just refers to the fruition of your planning. It is believing your planning and careful spending will lead to more stability in any environment. Sorry for not explaining this more thoroughly.
Sounds good....and yes, we definitely have seen & believed for those pay offs...worked very hard "sacrificing" in our early marraige for each & every dream...that things would "fall into place"..in due time.

Our story of how little my husband accually makes (just $50,000 a year & this being a far better job than the one he had the 1st 6 yrs of our marriage) with me being a SAHM (a few side jobs for a little extra cash), how large our family is (8 of us) & what we own (country farm house w/ 50 acres) -plus hitting the debt free mark in our early 40's ...many would find impossible in this day & age... but we did it !

We've made a few mistakes in our marraige along the way ... but in financial management... for what we had to work with, we excelled. Can't even say we ever had 1 fight over $$, never sat down & did a "budget" either... We just lived very frugally at every turn, then when we really wanted something (even expensive things) the $$ was there, always took those family vacations too. :)
 

·
Banned
Joined
·
271 Posts
I don't fit into any of those categories. I make good money because I've got an education and I work hard (borderline workaholic) because I derive satisfaction through success in work and life. When I'm doing well I'm on a high, when I'm doing badly my self esteem plummets.

Financially speaking, when I was younger, I was definitely a manager with builder tendencies. I've never been risk averse, per se, in that I don't mind it if my liabilities exceed my assets for periods of around 18 months because I can live on credit. When we first purchased our house, we went $200 into the hole every month (and we lived lean) but I was searching for a job that would pay better and i found it (and relocated to another country to get it, but the relocation was more about me achieving the goal of living in another country).

I worked hard at my job, succeeded and was rewarded with a number of pay rises. In terms of spending, we just kind of spent money as we had it. 10% of my wages went into stock options and when the company sold we walked away with a big lump sum.

After that, my spending habits changed completely. I purchased lots of toys, stopped managing the finances, focused more on play than I did on managing stuff. Where once I was religious about paying bills on time, I was constantly behind on those. We have also been living, lately, with our spending exceeding our income but a large part of that has been to fill the void that we've had in our married life. I work alot and my W is completely disinterested in the finances; she just likes to spend money.

i think that, given the necessity, my W would be a manager also but she's never really had the opportunity to develop that side of her personality.

I, OTOH, will always take personal responsibility when things go badly, as they have quite recently. I made a great investment decision that, had I followed through, would have paid off really well. But due to a bout of depression and a lack of engagement, I took my eye off the ball and it's cost us dearly so that we're back in the red (which is strange because I almost like it better this way; it gives me something work on, something to keep my attention and give me a purpose).


I'm not a chaser because I don't care what others make. I'm not a builder because my only goal is to retire; I have a figure in mind and I try to work toward that (but don't always succeed) though I am always trying to build something (I like to come up with business ideas but I rarely execute on them because my day job takes most of my time and it frustrates me to no end that my W never engages in any of the business ideas that I come up with, even though she says that she likes the idea), I'm not a manager because I don't manage the finances religiously unless times are tough though I do love to relocate to new countries because I feel that's the best way to see it, and I'm not a victim because when I make mistakes I own them and I never cheat... never.


You need a new category like, 'The Schizophrenic'. :)

edit - I never cheat financially that is. I am a relatively recent participant of an EA with a woman at work.
 
1 - 20 of 51 Posts
Status
Not open for further replies.
Top