How to Become Financially Free By Understanding Your Money Personality

…Mey here on a beautiful Monday afternoon masterminding in Coffee Bean and Tea Leaf with my good friend Candice blogging about How to Become Financially Free By Understanding Your Money Personality…

…do you know what your money personality is?

…I learned these money personalities from the Peak Potentials Millionaire Mind Intensive seminar…

…now called the Millionaire Mind Experience seminar (as it is owned by a new owner)…

…learning more about how you handle money will help you become financially free faster!

…so, read through them below and find out which one you are…

Spender

…by far the most common personality is oftentimes to spender personality…

…maybe it is because our culture encourages us to spend, spend, spend…

…get a bigger house, or a nicer car, or go on a cooler vacation, or buy the latest fashions…

…we are constantly trained to spend, spend, spend…

…maybe you are spending to get status, to look good, to keep up with the Jones’s…

…maybe you are spending to be a celebrity, or hang out with celebrities and get praise and attention…

…another type of spender is someone who is always paying for their family…

…sending this child to college, and that cousin a birthday gift, and sending money to your brother to bail him out of jail and so on…

…or maybe your spending because you grew up with stingy or poor parents, and were denied nice things as a child, and are spending on yourself…

…if you have this money personality type then you probably buy things on credit a lot, maybe have a lot of debt, also you have  a lot of things that you’ve bought in your home that you never use or touch, or a bunch of family members who always ask you for money…

Spender’s tips to becoming financially free – you have to take care of yourself first, and that doesn’t mean spending all of your money away…

…say to yourself everyday “I deserve to have money”…

…because for whatever reason, money leaves you as soon as you get it so you need to keep it For Yourself!

…next, ask yourself “How can I become financially free?  What steps do I need to take to control my spending and start saving?“…

…then you need to save at least 10% of what you make starting with your next paycheck, bonus or income…

…doesn’t matter if you have a lot of debt now…

…with your personality if you never see success through savings then  you will always have debt so you need to start saving…

…when you start saving and lowering debt at the same time, then the money you save will eventually be greater than the money you owe…

…you have to save, and pay your debtors after you have saved…

…always pay yourself first in the form of savings…

…next, only spend money that you actually have, so cut up those credit cards and no more borrowing for you…

…it’s ok to spend, just not on anymore credit…

…seriously, open up your wallet and cut up the credit cards now…

…finally, find a friend who can support you…

Saver

…the saver is a person who saves all of their money…

…they don’t want to spend it on this or that, and are happy to see the money in their savings grow, just for it’s own sake…

…savers are the second largest segment of the population…

…you know you are a saver if you have a savings account, 401K, or brokerage account that keeps growing in value…

…you get joy out of putting money into your savings and you dislike spending, and avoid it at all costs…

Saver’s tips to becoming financially free

…saving without spending is stifling your financial freedom in that you are not free…

…you may have the finances however you are a slave to your money…

…money is meant to circulate and flow, through wise investments and expenditures…

…to find happiness you need to have a balanced financial life…

…it’s great to save however to become free of your money and enjoy your life more you need to do the following steps:

1) Spend 10% of the money you make on having fun and feeling rich…

2) Give between 5%-10% to charity, preferable anonymously…

3) Spend more time helping others and less time checking your bank balances…

Avoider

…the avoider is someone who avoids anything to do with money…

…they feel that they don’t understand it and thus they don’t even think about it…

…you know that you are an avoider if you throw your bills away without even looking at them…

…or you let your bills pile up and don’t open them…

…you probably have a lot of late fees, and stress around thinking about money…

…perhaps you have designated a spouse or someone else to help handle your money for you…

Avoider’s tips to becoming financially free

…avoiders think that money is complicated when saving is one of the simplest things you could do with your money…

…when you get a check have the automatically split it so that 10% gets deposited into a savings account…

…turn over the management of that savings account to a trusted financial planner…

…saving is like exercising a muscle…

…the more you do it the easier it gets…

…and your financial advisor will figure out what to do with the money…

…simplify and consolidate debt…

…reduce your expenses so that you can keep better track of where you are spending your money…

…be careful of spending money on get rich quick schemes, and MLMs that you aren’t really going to work…

…your personality likes to opportunity hop, spending lots of money along the way, looking for the quick way to fix your money problems…

…if you just focus on saving and simplifying and the skills that actually make you money, it will get easier over time…

Money Monk

…if you are a money monk, that means that you think money is unimportant in comparison to your spiritual or idealistic pursuits…

…so you don’t work on earning it and you give it away when you get it quite easily…

…to you, being spiritual means not having money in your life to distract you or make you become sinful…

…you may even think being poor makes you more spiritual…

…or you may be interested in some cause, like world peace, and spend your time focusing on that and not on money…

…in any case, you have bigger goals and want to live a pure life…

…and don’t see how money can be any part of it…

…you know you are a money monk if you have very little money, feel like you are a spiritual person or an idealistic person who doesn’t need money…

…and if you tend to give all of your money away to causes and charities…

Money Monk’s tips to becoming financially free

…being poor is not a spiritual pursuit…

…Mother Therese gets tons of donations to do the good works that she does…

…go to any church and they need your money to function in the form of tithes…

…and if you have a great cause, you know that you need money to fund your projects and you’re probably always looking for or answering to investors and sponsors and donors…

…so being poor is not serving you…

…in fact, aside from the experience of being poor, you should be getting rich as soon as you can if you really want to make a meaningful impact on this planet…

…just understanding this will help you as you are a very smart and savvy type and once you understand this basic concept, you will put value on accumulating money and paying yourself first…

…so set up a savings account and start paying yourself first, at least 10% of everything you make…

…and let it grow…

…because you are going to get your goals faster and make a bigger difference in this world rich…