Know your money tendencies – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS PODCAST

Know your money tendencies

Rachel Cruze

January is here, and we all have high hopes for this year — especially after 2020. But here’s the thing about a new year: It’s still the same you. When midnight came on New Year’s Eve, there was no magic wand that transformed you and took all your problems away. The only way anything is going to change for you this year is if you do it yourself!

During the past couple of years I’ve been researching what causes people to reach their financial goals. One of the things I discovered is that we all have the capacity to improve. We just need a little self-awareness to make it happen.

There are seven strengths and weaknesses everyone has when it comes to their money. I call them the Seven Money Tendencies. Knowing your personal tendencies will help you reach your goals faster because you know what to expect. You can see a potential pitfall from a mile away.

None of the tendencies are right or wrong, but they do have implications. I’ve identified these tendencies in my new book, Know Yourself, Know Your Money. They are:

1,Spender or Saver

2,Nerd or Free Spirit

3,Experiences or Things

4,Quality or Quantity

5,Safety or Status

6,Abundance or Scarcity

7,Spontaneous Giver or Planned Giver

You’ll lean toward one or the other of each tendency, but don’t overthink it. It’s a spectrum, so you might be somewhere inbetween.

For example, let’s look at nerds versus free spirits. Nerds love spreadsheets and budgeting because it makes them feel empowered — but rigidity and rules all the time might lead to burnout. Free spirits spend their money more freely, living life to the fullest. But if they are not intentional with their money, they’ll look up in a few years and wonder where it went.

Or, take safety versus status. If you tend toward safety, you value the security money brings, but you’ll never reach your big goals if you make money decisions based in fear. If you lean toward status, you’re more likely to justify a large purchase if it makes you feel successful — but you need to remember that money does not define you.

The more you pay attention to why you spend (or don’t spend) money the way you do, the more you can course-correct when you need to. Having self-awareness around your money tendencies will help you to win with money faster.

If you’re ready to make changes with your money in 2021, you can dig into all of the Seven Money Tendencies here.

Rachel Cruze is a two-time #1 national best-selling author, financial expert and host of The Rachel Cruze Show. She has appeared on Good Morning America, TODAY Show and Live! With Kelly & Ryan, among others. Since 2010, Rachel has served at Ramsey Solutions, where she teaches people to avoid debt, save money, budget and how to win with money at any stage in life. Follow Rachel on Twitter, Instagram, Facebook and YouTube or online at rachelcruze.com

You must be registered or signed-in to post comment or to vote.

Published January 09, 2021 at 8:06 am (Updated January 08, 2021 at 3:17 pm)

Know your money tendencies

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon