WHAT’S YOUR Money Personality?
Spender, saver or totally out of control? Our financial personality quiz could be your first step to mastering your finances
Saving your hard-earned Ringgit or sorting them into smart investments can help you achieve your goals sooner. But we all know that’s easier said than done. The first step to living your dreams is realising what type of spender you are.
“As a wealth advisor, I meet all types of financial personalities,” says Leah Oliver, CEO and founder of Minnik Integrated Financial Solutions. “However, the majority of people will spend everything they earn and then reach for debt, particularly credit cards and asset finance.”
Answer these five questions for Leah’s tailored advice on managing your money, and sorting out your finances.
You have been unexpectedly gifted RM10,000. What would you do with this windfall?
Buy a new car. Put it in your savings account. Invest it to make more money. Hit the shops and blow it all on a new wardrobe.
How do you handle your credit cards?
I usually pay the minimum payment – but then again, I have missed a few lately. I have one, but I pay the entire balance due every month. I don’t believe in credit, so I don’t use them. I use them to juggle my finances, and they frequently see me through thin financial weeks at the end of the month.
If your car breaks down or your washing machine gives way, you…
Freak out – your money is so tight that you can’t afford any extra costs.
Stay calm – you always keep some money aside for such emergencies. Mildly panic – you’ve got more than enough money to cover the costs, but you worry about seeing your savings dwindle. Think positive – you would be in a terrible financial bind, but you tell yourself things will work themselves out somehow.
What annual salary would you need to feel completely satisfied?
At least RM1 million – the more money, the merrier. Double what I’m earning now, so I could save half. It’s hard to pinpoint a figure. Enough to pay someone else to do my work – and cover my lifestyle, too.
How often do you worry about money?
Monthly, when my credit card statement arrives. A bit, but I know if I keep saving I won’t worry at all one day. Constantly: It always seems to be on my mind. Why worry? The future will take care of itself.