Understand Your Belief About Money And It’s Impact On Your Life

Do you ever wonder why some people seem to do well with money, while others do not? Money is a primary factor in each of our lives. Are you at peace with where you’re at? You may be surprised to learn that the difference between these two types of people has a lot to do with your personality.

We all hold a certain belief about money. It likely started when we were young and in many cases has carried over into your adult life. What I’ve seen over and over is that a life event such as a loss of spouse or divorce has a tendency to raise to the surface, exposing those very raw, real feelings about money.


Ask yourself, “Does your belief about money help or hinder your financial progress or state of well being?”.

Experts such as Bert Whitehead and Olivia Mellan have defined some specific money personalities. Do any of these resonate with you?

1. Guardian. Prudent and careful with money issues.

2. Spenders. Love pleasure and enjoyment, living the “good life”.

3. Idealists. Believe in a cause or place value on issues of spiritual, social justice or compassion.

4. Hoarders. Seek security and financial independence through accumulating money. Seems it is never enough because of fear.

5. Stars. Looking for recognition or to appear classy and increase self esteem by spending or giving money away.

6. Avoiders. Overwhelmed with money and don’t pay much attention to it. Believe everything will work out for the best.

7. Caretakers. Give money or lend it to express compassion or generosity.

8. Empire Builders or Entrepreneurs. Driving force is power and a sense of high worth in creating a business.

9. Amassers. Self worth is wrapped up in how much money one has to invest, save or spend.

10. Nesters. Believe that investing into your home will bring happiness and peace.

11. Bag Ladies. Believe they do not have enough money. Feeling powerless, fearful and out of control to do anything about their situation.

Typically you will discover a connection with 2 or 3 of these characteristics but, there is usually a dominate money personality in all of us. This can cause problems. For example, an avoider whose husband handles all the finances may find it strange and overwhelming to now be the decision maker. Thus, no decisions are made and in the end you feel out of control and powerless.

Ultimately, it is not really about the money but how you view money and handle life situations. As you begin to understand your beliefs you can learn how to create a more suitable financial life that is best for you.

Have you been honest with yourself about your money personality? Are you a spender or saver? Do you give money away by buying gifts? Are you a penny pincher? Do you have too much credit card debt?

Ask these questions and be honest. In understanding, you can change your thinking. In changing your thinking, you will make important changes. And in making important changes, you will change your life!

What are some challenges that block your progress to a financial life you want? Leave a comment below.