May-June-issue

Finance and investment
challenges. They can be;
• Lack financial problem-solving skills;
when faced with financial crisis, flyers
are prone to make major mistakes since
they have no interest in money and do not
even understand how it works.
• Disorganized; in dealing with money,
they are disorganized. They forget to
make a shopping list, their bank account
security code or even to pay their bills.
• Reactionary; given that money is a
necessary part of life, they are faced with
bills to pay and other money decisions
that need to be made. This often leads
them to debts since they lack financial
plans or budget.
5. Hoarders/Savers- They love to save and
hate spending.
Characteristics of savers;
• They feel proud of themselves when
they get something they wanted for less.
• Organized and responsible in money
matters; They set their priorities and
follow them accordingly. They operate
strictly within their budgets and will
always carry a shopping list when
shopping.
• Not impulse buyers; before they decide
to spend on anything, they scout for deals
and offers, prepare a detailed plan and
ensure they have money before making
the purchase.
• Hate paying interest and accruing debt;
they will not incur credit card debts at
whatever cost. They are keen to settle all
their bills in full as soon as they are due.
Challenges faced by hoarders/savers
include;
• They are considered cheap and selfish;
because they always have a hard time
parting with money, they come across
as selfish to people. They always go for
cheap things in a bid to avoid spending
too much.
• Obsessive about money; hoarders/
savers love to talk, think, and worry about
money. Their financial conversations are
always about saving money.
• Overly focused on financial goals; for
them, leisure, entertainment or vacations
are unnecessary expenses. Their only focus
is saving, saving and more saving.
6. Amasser- they get satisfaction from
having large amounts of money at their
disposal to either spend, save or invest.
Characteristics:
• They equate money with self-worth and
power
• Enjoy managing their own finances and
avoid services of financial professionals
Challenges they face are;
• Always find it difficult to give up control
to money professionals
• Feel empty and depressed when they are
not spending, saving or investing
• Lack of money leads to feelings of
failure and frustration
• They worry about their investments’
returns and how much money they have
7. Money monk- This kind of people
subscribe to the belief that money is dirty
and is the root of all evil.
They are characterized by;
• Strongly believe that if they have too
much money, it will corrupt them.
• Worry about being selfish and greedy; If
by any chance through inheritance or any
other means they get wealthy, they feel
uneasy and anxiously worried not to end
up selfish and greedy.
• Fear of investing; unlike the other
personalities, they are afraid of investing
since the money may grow and make
them wealthier.
• Are more inclined to socially responsible
investments that reflect on their values
and convictions.
• They associate with modest people and
avoid those that are wealthy or rich
• Worry about losing sight of their
spiritual, positive human or political
ideals and values
Challenges;
• Poor financial investors and financial
planner
• Poor financial problem-solving skills.
When faced by a financial crisis, they do
not know how to deal with it.
Having learnt and understood our
personality characteristics and how
they affect our financial decisions, it is
important to note that there is no right or
wrong personality. We all have a primary
and a secondary personality which impact
on each of us differently and make us who
we are when it comes to our dealings with
money. The more we learn and understand
our interaction with money, the sooner we
are able to see eye-to-eye with our dayto-day
spending and learn how to control
ourselves financially.
As Natasha Munson said, “Money, like
emotions, is something you must control
to keep your life on the right track”.
carolngura@gmail.com
MAY - JUNE 2018 25