Tuesday, June 3, 2008

Your Money Personality

By Jaeneen Cunningham

Have you ever wondered why money seems to work so well in some people’s lives and so destructively in others? Why some people control money while others allow it to control them? Or why some of us can manage it so effortlessly to fulfill life’s plans and goals, while others never stop to question how they want money to serve them?

Kathleen Miller says that its because for many of us, money is never just money. It can represent many things: love, power, happiness, security, self-esteem. As a result, we have intense feelings about money: feelings we sometimes hide from which keep us from dealing with it productively.

Just as our feelings about money can vary, so can our behaviour towards it. Some people hoard it while others spend it like a drunken sailor. Some people take great care with their financial responsibilities, while others avoid the same tasks as if avoiding some great pain. Some people make no effort to invest, some very conservatively, and others take significant risks - often at their peril. In my time as a Finance Coach it has become apparent that it is important for each of us to understand our issues surrounding money.

In business, I have had great success using the psychology of persoanlity profiling to better understand my strengths and the strengths of my co-workers. Once I understood where these strengths lay, I stopped beating myself up because I couldn't do one thing or another and focused on the things that I was good at. I also stopped beating up on my co-workers which was also a good thing. Now I use the same psychological pricples to help understand my clients needs by conducting a Money Personality Diagnostic.

"Money can enhance happiness and prosperity, or it can destroy them. No one simply drifts to the pinnacle of success—you have to climb." Kathleen Gurney

Why do I want you to understanding your 'money self'? Because it will help you gain insight into how and why you react emotionally to money - why you have those reactions and how they affect your financial successes. If you don't know your money strengths, you can't use them. If you don't know what's preventing you from getting money, you will remain a money victim. If you don't know what you want from money, you may never reach your financial goals. If you aren't willing to change your money attitudes and habits, you will stay in your financial status quo.

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