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

Women's Weekly (Malaysia) - - Money Matters -

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.

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