You already know your personality influences everything from the friends you attract to the kind of career you’ll thrive in to how your love life unfolds. But your innate traits also shape your finances.
Drawing on the classic character types described in the well-known Myers-Briggs test, we worked with financial psychologists Eric Dammann, PhD and Olivia Mellan, author of “Money Harmony,” to identify four money personalities.
Take the quiz to discover which you are (keeping track of how many As, Bs, Cs and Ds you get), and what your results could mean for your bottom line.
Money Type Quiz
Click the button below to begin.
If you got mostly As...
You're an Adapter
Because you love living in the moment, financial matters may sink to the bottom of your list of priorities. But not paying attention to your money can have disastrous consequences—from landing you in debt to leaving you broke in retirement. The good news is that your inherent optimism makes you resilient to overcoming setbacks, and your flexible nature means you're receptive to change.
To get your finances on track, try tapping into your idealistic nature and conjure up excitement about pursuing money goals, whether it's a trip around the world or the financial freedom to take a work sabbatical. Then harness that motivation to set up 401(k) or IRA contributions, a direct-deposit to savings and other investment accounts and automatic bill-pay. With a solid plan in place, you can take a step back and let your finances run largely on autopilot.
If you got mostly Bs...
You're a Loyalist
You manage money like a boss—but what's the point of your tremendous efforts if you never enjoy the fruits of your labors?
Lightening up can not only make you happier, but also improve your relationships, since you'll be able to jet away on a romantic weekend getaway or splurge on the occasional gift without having an anxiety attack. Earmark a specific portion of your earnings (say, 10 percent) to spend on pure fun.
One more things: The flip side of your tenacious dedication is that you might get stuck in a money rut, stubbornly adhering to a plan that no longer suits you. So once a year, sit down with a partner or advisor to assess the state of your finances.
If you got mostly Cs...
You're a Leader
You take an all-hands-on-deck approach to finances. You're knowledgable about money and confident in your ability to make savvy investments and bring home plenty of bacon. The challenge? Keeping your ego in check so you don't cross the line from competent into cocky, which can lead to foolhardy decisions.
And while there are plenty of benefits to focusing on big-picture goals the way you do, make sure you don't ignore everyday financial concerns, like sticking to a spending plan or chipping away at debt. Instead of simply formulating ambitions, work through the steps of how you'll achieve them within a certain time frame, by talking it out with a friend or writing it down. Every quarter, check out how much progress you've made. Watching your net worth creep up is a huge motivational boost.
If you got mostly Ds...
You're a Connector
You're the definition of a people person. As a result, your financial life bleeds into your social life. On a positive note: Thanks to your innate compassion and open-mindedness, you're usually successful at compromising when it comes to money disputes.
But you also use cash as a way to get closer with others, putting you at risk for overspending. So instead of using expensive gifts or blowout dinners to foster relationships, satisfy your quest for connection by planning free outings with loved ones, like a hike, picnic or potluck party.
Because you enjoy collaborating with others, it's also helpful to have an accountability partner. Reach out to a fiscally savvy friend and ask if they'd mind being your point person for weekly or monthly check-ins as you work toward your goals.
1. Think back to the last time you got a windfall, like a raise, bonus or inheritance. What'd you do with it?
2. How often do you think about money?
3. Do you know how much money you have in various accounts right now?
4. What would you do if you were faced with a financial emergency, such as a job loss?
5. How would you describe your financial MO in a relationship?
6. What pops into your mind first when you think about money?
7. Are your retirement savings on track?
8. If a friend asked to borrow money, how would you respond?
9. If we asked your partner or close friend to reveal your greatest financial flaw, what do you think they'd say?
April 10, 2017