Its kind of a Jekyll and Hyde scenario for many people. Theres another person living in you who comes out when investing money is involved. It is important to know this about yourself especially as it relates to other people, like your spouse. There are spenders, savers, control freaks and impulsive spenders. Im not saying its an addiction, but investing money is an emotional issue. No matter what your personality type, you can create an investment strategy to fit it. And create sound money management for your future. Saving money is different from investing money. Most theories begin with pay yourself first. This works for all groups and is essential for the spenders. It is the foundation of creating an investment strategy pool for greater returns in the long run. There is short-term saving for household items, or maybe a car. And maybe savings for education. The opposite is important for savers have some fun today. This may not feel like money management, but it is. It is equally essential. Quality of life, today, right now is important. Save up, go for a fancy dinner. Enjoy your favorite latte every day. Relish living. Why are you saving everything? That rainy day might just come. Check your personality limitations. Maintain a strong saving strategy, but enjoy the little things too. Some people are clearly one personality type. Most of us are a bit more balanced and a blend of the personalities. What are the components of your personality, which contribute to good money management and lead to a strong investment strategy? What are the bad attributes that detract? Spend some time analyzing why you do what, with money. And how does your money personality affect those around you? If you wont examine this subject for yourself, do it for your friends and family relationships. |
