Have you ever taken a personality test?

There’s a lot of them out there, including Meyers Briggs, Enneagram, and DiSC just to name a few.  

These tests have become extremely popular with everyone from school teachers to high-powered executives using them to help their students and employees understand themselves and each other. 

So what makes these tests so popular? 

It all boils down to the fact that, on the path to success, it’s helpful to know your innate tendencies, and how they relate to those around you. Once you’re able to define your strengths and shortcomings, it’s much easier to adapt and improve. 

So, what does this have to do with my money?

Everyone grows up learning and experiencing different things. Those differences shape much of who we are as people and also begin to define how we think about money. 

Then, whether we like it or not, those tendencies that we picked up in our childhood begin to set a baseline for the financial decisions we make down the road. 

We don’t need to dive into all the psychological reasons that people struggle with money, but it’s important to understand that even though you may be “wired” a certain way, it’s not too late to adjust your course and learn some more productive money habits. 

Just like the personality quizzes listed above help people better understand themselves, defining your “money personality” can have a similar effect. 

Diagnosing your money personality “quirks”

When you landed your first job, did you quickly realize that your money seemed to disappear as soon as it hit your bank account? Even as you got raises, you just picked your money up with one hand and spent it with the other? 

Maybe you’re on the opposite end of the spectrum, and your friends always give you a hard time because you refuse to spend money on anything “frivolous”.

No matter who you are, we all have “quirks” when it comes to our money, and we’re remarkably consistent over time. Similarly to our other personality traits, it can be incredibly difficult to change the things that we’re unhappy with. It just seems like that’s the way we are. 

In order to become a better version of your money-spending self, it takes a bit of humility. You have to admit to yourself where you struggle financially, and commit to working on that trait. Yes, it can be difficult. But I promise it’s worth it. 

Financial Therapy

So, after you decide what parts of your money personality you want to work on, how do you actually make those changes?

As with anything in life, it’s difficult to do alone. Do you have a close friend or spouse that you can share your budget or savings goals with? If not, it may make sense to hire a Financial Advisor who can hold you accountable along the way. 

You also don’t want to make too many changes at once. Very few people are successful when they try to quit smoking cold turkey. Make small, incremental changes over time that allow you to see your progress. 

It’s important to understand that old habits die hard, and changing your “money personality” is no easy task. Thankfully, minor changes can make a major impact down the road. 

What’s Your Money Personality?  

Because we think it’s important to know your money personality, we put together a quiz so you can learn about yours. Hit the link below to discover your money personality and get tips on your strengths and shortcomings.

Who is InvestRx?

Designed specifically for the busy lives and unique needs of medical professionals, InvestRx integrates an online investment platform with white-glove service with the goal of growing clients’ wealth simply and effectively.

We offer investment accounts and financial roadmapping services, all guided by our team of financial experts, with your goals in mind. If you have experienced any of the issues above, or have questions on how to make the best financial decisions at any point in your career, book a Financial Roadmap or contact an advisor to talk through your options.