Many years ago I participated in a workshop called “The Millionaire Mind Intensive,” a weekend event created by a company called Peak Potentials. At the time, I was only a few years out of college and did not have much first-hand experience with money. Nonetheless, I knew my money mindset could use a shift. I came to the event with an open mind and was not disappointed.
One part of the workshop I especially loved was the information about types of money personalities. These personalities describe human beings’ varying relationship with money. To the best of my recollection, they were:
- “The Spender.” This is a person who lives large with money and loves to spend it! This type is generous, abundant, and often high-earning.
- “The Saver.” This is the planner type who continually socks away money, planning for the future, and minimizing spending. This type is self-disciplined and good at delayed gratification. They may win the long-term financial planning game but find it difficult to loosen the purse strings.
- “The Avoider.” This is the type of person who worries about money, is fearful of it, and as a result tries to deal with it as little as possible. They may not spend much, but they also may not earn much.
- “The Monk.” This is the type of person who feels they have transcended money. They don’t see the need. They may be attracted to spiritual or high-minded pursuits where use of money is minimized. They may not be living with their feet on the ground financially.
I loved these distinctions the moment I heard them. I also realized that up until that time I had been a money avoider. Fear and worry about money had negatively impacted me since childhood, even when I had little direct experience with it. Rather than be discouraged, I used the event to change my money mindset as much as I could.
Nowadays, I feel I have reformed the old Avoider ways and have moved into an empowered Saver category. What that means to me is that I spend money when I must while saving as much as possible.
In contrast, my wife is a Spender. She loves spending money. Happily, she is mostly quite sensible about it. Also, her and I both benefit from her generous ways, and she is agreeable to saving. Together we make a powerful team.
All in all, I am grateful for the benefit that the distinction of money personalities has had on my life, as well as in my marriage.