Money Personality

Your Money Personality

Does prosperity have anything to do with your ‘money personality?’ Apparently, yes! Your money personality defines your attitude and your relationship with money. This essentially determines your financial behavior. Such as how are you are making decisions regarding putting funds into retirement, spending on necessities versus desired purchases. Knowing your money personality as a small business owner can help you identify and overcome any potential losses that could negatively impact your ability to succeed in business.

4 Money Personalities

Over the course of time, I’ve learned there are four basic types of money personalities. The following is a list of the most common personality types. As well as the typical behavior patterns associated with them.

  • Money hoarders – These are people who do not like taking risks with their investments. They prefer to keep their money locked in a savings account and tend to be small spenders.
  • Achievers – These are usually professionals who are educated, ambitious and well paid. These people tend to be big spenders. Invest in high ticket items that are conventionally regarded as symbols of affluence. They are usually financially well off. But may not be wealthy as they often end up investing in expensive but depreciating assets.
  • Entrepreneurs – These are wealth creators. These people do not mind taking initial high risks if the reward is tempting enough. Entrepreneurs manage to create wealth despite a small income by investing their money smartly. The problem, however, is people with this personality type may end up reducing their liquidity. This is done by putting all their money into assets. They may even fall into huge debts because of their risk taking nature.
  • Thrill seekers – These are people who enjoy the thrill of taking a financial risk. Their motive is not wealth creation but the adrenaline rush of raking in profits. These people are usually big spenders, enjoy good things in life and usually have a inclination for gambling.

Ironically, I can see myself falling into all four categories at different times of my life. If we look closely we will be able to identify which one is the most prominent and how it continues to be a common theme as we grow. This knowledge can help us propel ourselves forward financially both personally and professionally.

4 Money Personality Types

With each type of money personality there are pros and cons. Understanding all four personality types will empower you to embrace a prosperous mindset. You will need to also know the cons of each. This information allows you to take steps to remedy the inherent flaws in your money personality.

Money Hoarders

Money hoarders need to focus your attention on moving out of your comfort zone. Start taking calculated risks such as by investing a portion of your savings in dividend yielding avenues. This does not mean to run out and invest a large amount or percentage of your income and savings. It means embrace the idea of diversification. Talking to a certified investment specialist and doing your own research will help alleviate any concerns.


Entrepreneurs need to remember it is important to be diversifying your assets while making room for a ‘bail out and mitigate your losses’ option in your investment plans. When writing a business plan you need to address most of this when deciding what your exit strategies are. Most organizations looking to invest in private companies will want to know these exit strategies before investing. As it will provide a sense of comfort knowing the entrepreneur has thoroughly thought the business from start to finish. As well, investors will look to see how the exit strategies provide a return on the investment.


Achievers can begin by focusing less on superfluous symbols of wealth and more on real assets. This will help you gain affluence instead of merely flaunting it. For example, instead of spending on a depreciating asset like an expensive car. You can invest your money on an appreciating asset like a small apartment in an upcoming area. With this type of investment you receive the same ‘ego boost’ as driving the new car brings; but with a better chance of earning a return. You also need to remember when we are considering any type of investment the current economic conditions must be taken into account. Such as the current real estate market and speaking to certified investment specialist before making such decisions.

Thrill Seekers

To gain prosperity, thrill seekers will have to curb your natural instinct; and make long term investments with a portion of your earnings. The idea is to put your money in a place where it earns you dividends without the principle being easily accessible to you.


Whether you are in business for yourself, work for another or are seeking to increase your own personal abundance. Remember you can create wealth even if your earnings are relatively small as long as you manage your money smartly. Take to heart the old idiom “Look after the pence and the pounds will look after themselves.” Translated into today’s lingo: if you take care not to waste small amounts of money; they will accumulate capital for you in the long term.

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