BUSINESS
FINANCIAL PLANNING WITH REEM ASAAD
YOUR MONEY P E R S O N A L I T Y PART TWO
Last month, we introduced the key money personality types. This month we try to present some expert advice for each type. According to “Success Resources” (srpl.net), here are a few pointers: To the Big Spender You must set – and stick to – certain limits. Keep a diary of all your purchases so you can see where you’re leaking cash and cut back. Devise a budget, then put away your credit cards and give yourself a weekly cash allowance. To the Saver To improve your financial future, take baby steps toward loosening up. Take a few risks in your investments. Don't 20 DESTINATION RIYADH MAY 2016
let all of the fun parts of life pass you by just to save a few pennies. Moderation is good and life is indeed about trying to balance things out. To the Shopper Take control of the credit card. Try to focus your effort on savings some money. Learn the philosophy behind successful savings plans. A good way also is to think about the lessadvantaged neighbor or friend and imagine how you would do in their shoes. To the Debtor Get your finances in order and set up a plan to start investing. If you need help (and you probably will) seek a pro and do your mental checks.
To the Investor Bravo! Keep it up. Investing –especially early- cultivates healthy money habits even without planning. The discipline needed to grow your capital cannot be acquired over night. Taking risk requires a certain amount of courage and vision. My only advice is to take “calculated risks” whereby you set certain goals from the start and work your way from there.
In the end, humans tend to change and evolve over time, age and life experiences. We are naturally hybrid creatures and there is no single personality type all the way. The description above helps define behavior toward money, and the purpose is to help us take a mirror image of such behavior and try to improve it as best as we possibly could. 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