Which Of The 7 Money Personalities Are You?


”An investment in knowledge pays the best dividends.” – Benjamin Franklin

What is so important about money that presidents, poets, philosophers and the Bible have to talk about it so much?

It's all over the place in all of recorded history.

Money is simply a gateway to get what we desire. This is why I don't believe that if a person gets $10M in the lottery tomorrow that they will change.

Their house might change. Their car might change. But that person's character will be the same...

They'll just be enabled to show it more brazenly.

A selfish person isn't going to become generous overnight just because they got a lot of money all the sudden and vice versa.

Greek philosophers coined the simple and deep phrase "know thyself". 

Well, understanding your money personality and the upside and downsides of it, is a big part of knowing all about yourself.

The 7 Money Personalities

Many people are aware of the Saver/Spender dichotomy that Dave Ramsey made popular. 

I remember feeling weird about picking one of them because I felt I could identify with both.

Later in life, I discovered that there were 7 money personalities and that mine was Saver-Splurger and it all made way more sense to me and helped me monitor my behavior with money better.

This is why it's important to "know thyself".

Let's dive into each of the personalities. Remember, one is not better than the other. They all have strengths and weaknesses. 

The advantage lies in understanding what yours is and what your tendencies are. That way, you can practice self mastery over the impulses that drive you to bad decisions.

1. Compulsive Saver

  • You consistently put away money sometimes with no actual end goal in mind.
  • You believe saving money is the only way to feel more secure in life.
  • You’re very frugal. You may even have friends reach out to you to find the latest deals on things since you are always looking for the best deal if you must buy something.

Pitfalls: Some Compulsive Savers are so afraid of losing money that they go their entire lives without spending any of what they worked so hard to save. As an example, they might choose to skip out on hobbies or activities that could bring them happiness and purpose.

Money advice: It’s all about moderation; learn to find a balance between saving money and enjoying life. Think about where you see yourself in the future and how you can use your savings to get there.

2. Compulsive Spender

  • You tend to spend money on things you don’t necessarily need.
  • You have an outgoing personality and love treating people to something special, sometimes for no particular reason.
  • When you’re in emotional distress, your solution is to spend, especially for immediate gratification.

PitfallsEven if they have large amounts of debt, Compulsive Spenders will often continue going on shopping sprees. They may even try to hide large purchases from friends and family. In extreme cases, they can be at risk of going bankrupt if they consistently spend more than they earn.

Money advice: Creating a budget plan will help you see things from a different perspective. Remind yourself that buying a new car (when you already have one), for example, means sacrificing money on essential things like saving for retirement or paying off debt.

3. Compulsive Moneymaker

  • You believe that earning more money is the secret to happiness.
  • You spend most of your energy on trying to make as much money as possible.
  • You get pleasure from the approval and recognition from other people for your financial success.

Pitfalls: While Compulsive Moneymakers are usually on a strong path to achieving financial freedom, they can enter dangerous territory if they start neglecting important relationships to prioritize growing their wealth. Marriages, family, dating and kids can all be neglected if behaviors go unchecked.

Money advice: Realize that there is more to life than money. And if you do have a sizeable amount of wealth, give it purpose by helping others, whether that means donating to an important cause or treating yourself to that family vacation you’ve been talking about for years.

4. Indifferent-To-Money

  • You rarely think about money and just the idea of creating a budget makes you nauseous.
  • In extreme cases, you believe that money is inheritably bad or evil.
  • You feel strongly that money shouldn’t influence important decisions in life.

Pitfalls: Many people who are indifferent to money feel they only need a modest amount of money to be happy, which is a healthy mindset. But things can get ugly if they’re not responsible with their finances. Many depend on a partner or spouse to do the work for them.

Money advice: Even if you are financially comfortable, make it a point to know things like where your money is going, what your monthly expenses are, and where you stand on debt. Doing all these things can save you a lot of financial stress in the future.

5. Saver-Splurger

  • You share common traits between Savers and Spenders.
  • You start out saving a lot of money, but then give into spending impulses out of nowhere.
  • When you do use your savings, you might spend on things you don’t need or will rarely use.

Pitfalls: It can be emotionally exhausting when the pendulum swings from compulsive saving to compulsive splurging. Saver-Spenders often end up stressed and disappointed in themselves for working so hard to save money, only to lose it so quickly.

Money advice: Like Compulsive Spenders, Saver-Splurgers rarely put thought into what they’re spending on when they decide to splurge. Before any big purchase, imagine how you might feel the following week or two. Don’t lose sight of your financial goals.

6. The Gambler

  • You share common traits between Moneymakers and Spenders.
  • The thrill of risk and promise of reward is a pleasure unto itself that you can quickly get lost in.
  • You gamble away your money sometimes for the purpose of escaping boredom.

Pitfalls: It’s not unusual for Gamblers to encounter sudden windfalls or devastating losses. The most obvious risk is when the gambling gets out of control and they borrow against things like their retirement money or children’s college fund to make up for losses along the way.

Money advice: The goal is to be introspective and strict with the financial risks you take. Balance and security are essential to have, so start setting aside monthly savings before making any big financial decisions.

7. The Worrier

  • It doesn’t matter how much money you have, you are constantly worried that you’ll lose it at any given moment.
  • You lack confidence in your abilities to achieve financial freedom.
  • You constantly obsess over the worst-case scenario of what will happen if you run out of money.

Pitfalls: It’s smart to be aware of what could happen if you don’t prepare for your future. But letting worry and anxiety eat away at your happiness in the present moment is never a good thing.

Money advice: Seek positivity around money conversations. Work on understanding where your financial worries are coming from, whether that means talking to a financial advisor or a therapist.

Now That You Know

Figured out your money personality? Great! Here's 4 tips that you can do now that you are more in tuned with your mindset around money.

  • Pay attention to your behaviors with money over the next few weeks
  • Identify areas of strength and weakness that you exhibit
  • Ask for feedback and accountability from people who know you well
  • Start building healthy monetary habits

Until our paths cross again...

Stay connected with news and updates!

Join the True Wealth Newsletter and get updates on new YouTube videos, articles and upcoming events.

We hate SPAM. We will never sell your information, for any reason.