BUSINESS
FINANCIAL PLANNING WITH REEM ASAAD
YOUR MONEY P E R S O N A L I T Y PART ONE
Debtors
They do not spend much time thinking about money, and generally spend more than they earn. They also often go into debt and don’t consider investing much.
Investors
They are cautiously aware of their money and try to put it to work. Their logic is: invest to cover your expenses and maybe make some extra money. Their actions are generally driven by careful decision-making. In general, people tend to fall under one of these personalities or simply are a hybrid of two.
So, what word of advice do the experts have for each type? We’ll take a look at that next month.
What is money personality? Your money personality is the set of characteristics and traits that govern your behavior toward money and finances. Why is your money personality important? Understanding your money personality will help shape your approach to spending, saving and investing. How can you learn about your money personality? The easiest way is to take a test that is widely available in various lengths and levels of detail online. The test will indicate the type of money personality type that you fall under in reasonable accuracy.
18 DESTINATION RIYADH APRIL 2016
According to investopedia.com, there are five key money personality types: Big Spenders
They are comfortable spending money, don’t fear debt and often take big risks when investing.
Savers
Conservative people who do not care about latest trends, are often debt-free, and do not take big risks in investing.
Shoppers
This type finds great pleasure in spending money, even if they do not need the purchased items. They shop to entertain and maybe even never use what they buy.
The Author: Reem Asaad is an inspirational Saudi woman. She is a wife, mother, writer and financial adviser. Asaad was ranked the third most powerful Arab Woman in 2012 by Arabian Business Magazine. Email: Nasi7atreem@gmail.com Nasi7atreem