When it comes to personal finances we all have a certain style. Some of us prefer to save, some to spend and still others don’t really give it a lot of thought. Ultimately how we treat our money is a personal decision. But there’s no denying others can and do influence our financial choices.
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How we treat and think about money has a very real and lasting impact on our future. To reach our personal finance goals requires planning. The people you have around you can be a help or a hindrance when it comes to personal finances. Here are the three financial personalities everyone should have in their life:
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This may seem obvious, but the saver is someone who values saving money above all. Savers are able to postpone immediate gratification in order to meet their financial goals. Savers are disciplined with their money—sometimes to an extreme amount.
This is a good person to have around you because they can keep you on track whether you are focused on saving for retirement, a down payment for a house or to go to the movies next weekend. This is the person who will always tell you not to buy that cute top or join that fantasy football league. This is the person who will remind you about that leftover pizza in your fridge when you want to spontaneously head to a fancy lunch.
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While you do not always have to follow exactly what the saver says, it is helpful to have this personality around to help keep you grounded and keep your own financial goals in mind.
I know this seems ironic considering I just stated you need to have a saver in order to help you be disciplined with your money, but the spender personality has value as well. This is especially true for those who may be excessive savers.
The spender is there to remind you that it is OK to enjoy the money you make. If you want to splurge on a night out with your friends or a weekend getaway after a long stretch of working weekends, the spender is there to remind you, it’s OK. Just remember, everything in moderation.
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The spender is not necessarily a financial personality you want to emulate on a regular basis, but they are there to help you remember that life is happening now, and money is meant to enhance your life, not restrict it. It is a good thing to spend money on yourself or family or friends every once in a while. Just make sure you are meeting your financial goals as well.
The “Been There, Done That” Person
This will be someone who is likely a few years older than you, who has been managing their finances for longer and can give firsthand accounts of the ups and downs. This may be a parent or older relative, family friend, or even colleague.
The role this personality plays is the “wise old sage” who is able to relay from personal experience, why certain decisions are necessary or why planning ahead will benefit you. This is the type of person you can call up and ask for advice on specific decisions or get their thoughts on one investment over another.
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The knowledge from people who fit into this financial personality was not gained from reading books or newspapers, but learned through real life experience. Learn from this person’s mistakes and their triumphs. You don’t have to necessarily want to emulate this person but you should listen to what they’ve experienced!
Having a variety of financial personalities in your life can help broaden your own financial horizon. Each of these people has something to offer that you can learn from. Finances are very personal, but there are times in which we need help navigating how to handle our money. These three personalities can help us become better at managing and enjoying the money we make to live the life we want.
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