PERSONALITY
Are you a hunter or a high roller? Discovering your type may be your key to making better financial decisions
Over the past decade or so, there has been a real boom in money personality online quizzes, books, courses and websites. This makes sense because it is absolutely essential that you have a deep understanding of your attitudes towards money and investing, and the emotions that hide behind the decisions you make around money. Financial psychology pioneer Kathleen Gurney found investors fit one of nine ‘money personalities’.
HIGH ROLLERS
They are thrillseekers who enjoy financial risks. For them, money brings instant power and recognition. They’re creative, extroverted and competitive. They prefer to risk their assets rather than be bored by financial security.
OPTIMISTS
Money brings them peace of mind – they’re more interested in enjoying it than making it grow. They’re not highly involved with their money, taxes or investments, mainly because they find it too stressful.
ENTREPRENEURS
High-income earners who enjoy the power and prestige of money. Mostly maledominated, they’re driven by a passion for excellence and achievement. Investing in the share market is their favoured strategy.
HUNTERS
Highly educated, aboveaverage income earners, they tend to spend and invest impulsively. Mostly female-dominated, they attribute financial success more to luck than ability and judgement.
PERFECTIONISTS
They’re so afraid of making a mistake that they often avoid decisions altogether. They’ll consider every angle and find fault with practically any risky venture. Finding suitable investments is difficult.
SAFETY PLAYERS
Average earners who prefer secure investments. They lack confidence and motivation to take more calculated risks, even though they may be well-educated. They feel they are doing fine financially and repeat investment strategies that seem to work.
ACHIEVERS
The second-highest income earners, usually college graduates and mostly married. They feel hard work, diligence and effort will pay off. They’re proud of their accomplishments and tend to recoil at other people handling their money. Protecting their assets is their primary consideration.
MONEY MASTERS
They’re the number-one wealth accumulators even though they don’t necessarily earn the most. They rank first in the degree of desired involvement with their money and enjoy the participation. They trust the recommendations of others and act on sound advice. Success through determination is their philosophy.
PRODUCERS
They rank high in work ethic, but lower in earned income due to lack of selfconfidence in money management skills. They work hard, desire more and feel they have difficulty getting ahead financially. Financial investment education would help.
Take some time to reflect on these nine personalities. Which one feels most aligned to you?