2009 EoM 12012009 by monkey6

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www.emilonmonday.com enquiries: me@emilonmonday.com EoM - 19 January 2009 Part 2: Acquiring detailed analysis of the psychological drivers used when participating in commerce… or Knowing your Money Personality The nine money personalities are: Safety players, entrepreneurs, optimists, hunters, achievers, perfectionists, producers, high rollers and money masters. (See article below.) THE MONEY PERSONALITY TRAITS ARE: • Involvement - the extent to which you personally want to be involved and responsible for the management of your money; • Pride - personal satisfaction regarding the management of money in the past; • Emotionality - the degree of emotion that is experienced when dealing with money; • Altruism - the degree of belief in the generosity of others; • Risk-taking - the level of comfort experienced when taking financial risks; • Confidence - the degree of anxiety experienced when financial decisions are made; • Power - the degree by which your desire for power influences your behaviour; • Work ethic - your opinion on how your work ethic relates to your financial success; • Contentment - the degree to which personal happiness is experienced through your money; • Self-determination - the degree to which you feel in command of your financial destination; • Spending - your attitude with regard to spending or saving of money; • Reflectivity - the way you reflect on past financial decisions when making decisions; and • Trust - the level of honesty you think people have when handling money. Everyone who earns, saves, invests and spends money should understand their money personality thoroughly because this will enable them to manage their money in the most constructive, effective and objective manner - and to develop the most appropriate financial plan according to their unique money personality. Some people leave the management of their money to financial professionals and advisers, but they are often unaware of the potential impact of the relationship between sound investment principles and the money personalities of investors. While financial planners are trained to carefully review all aspects of their clients' financial situations, they don't always consider how clients' investment personalities can influence the success of their financial plans. By learning about investment personalities, advisers can help clients to make decisions that will not only provide financial reward but emotional stability. Clients feel more secure and comfortable with advisers who consider their personalities, needs and concerns. Instead of viewing financial planning as necessary drudgery, clients can get excited about the possibility of achieving their financial goals with comfort and peace of mind.

Emil on Monday is the official newsletter of Gateway Wealth Solutions (Pty) Ltd. Any tips, information and view points given in an of the newsletters is for informational purposes only. View the disclaimer.

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www.emilonmonday.com enquiries: me@emilonmonday.com By making clients aware of their own financial and psychological needs, advisers make it easier for them to accept and act on a financial plan. Without this knowledge, clients often don't act in their own best interests. Relying on unconscious beliefs and life-long habits to guide their actions, they don't take conscious control of their money matters. THE NINE MONEY PERSONALITIES Recognising your "money personality" enables you to take charge of managing your finances. SAFETY PLAYERS They score the lowest in self-determination. They are average earners, and most of their money goes into safe and secure investments. Even though well educated, they lack the confidence and motivation to take more calculated risks. They take the path of least resistance, feel they are doing just fine, and repeat the investment strategies that seemed to work for them before. ENTREPRENEURS This is the most male-dominated profile, driven by a passion for excellence which helps them achieve their goals. Despite being the highest income earners, they are workaholics who are not motivated by money alone . They enjoy the power and prestige money brings. They are proud and reward themselves with the best cars, homes, wines, etc. Investing in the stock market is the favoured strategy. OPTIMISTS These are the people to whom money has brought peace of mind. They have the fewest anxieties and tend to be proud and content. They are the least reflective, and their money decisions are somewhat impulsive but not risk-oriented. Often in or near retirement, they are more interested in enjoying their money than making it grow. They are not highly involved with their money, taxes or investments, which could cause them stress and impinge on their enjoyment. HUNTERS Usually highly educated, with a live-for-today financial style. They are often women and average- to above-average income earners who make purchasing decisions with their hearts, not with their heads. They use impulsive spending as a way to reward themselves. They have a strong work ethic, like the Entrepreneurs, but lack the Entrepreneurs' confidence. They attribute success to luck rather than ability and judgment. Once they understand their traits, they can make dramatic progress. ACHIEVERS These are the second-highest income earners, usually university graduates and mostly married. They feel work, diligence and effort will pay off better than anything else. They are proud of their accomplishments, but tend to mistrust others with money. They are conservative and not interested in risking assets they have worked hard to accumulate. Being take-charge types, they have a need to control their money. PERFECTIONISTS They are so afraid of making a mistake that they often avoid making decisions. They try forever harder, but lack self-esteem, especially about their money. They have the least pride in handling financial matters. They have tunnel vision, consider every angle and find fault with the potential of practically any risk venture. Finding suitable investments is difficult for them.

Emil on Monday is the official newsletter of Gateway Wealth Solutions (Pty) Ltd. Any tips, information and view points given in an of the newsletters is for informational purposes only. View the disclaimer.

Emil on Monday Newsletters
www.emilonmonday.com enquiries: me@emilonmonday.com PRODUCERS They rank high in work ethic but lower in earned income due to lack of self-confidence in money-management skills. They work hard, desire more and feel they have difficulty getting ahead financially. Financial investment education can be very rewarding as they often don't understand how the money system works. They do not evaluate risks carefully and rarely profit from them. They lack confidence in making financial decisions. HIGH ROLLERS Money presents infinite possibilities. They are thrill-seekers who enjoy the ride of financial risk but are only mildly interested in where it takes them. They seek power. Money brings them instant power and recognition. They are creative, extroverted and competitive. They work hard and play hard; for them, money is an emotional release. They prefer to risk their assets than to sit back, bored with financial security. If they do not learn how to manage their styles, they end up with low pride and contentment. MONEY MASTERS They balance their finances with the degree of contentment and security they derive from their money. They are the top wealth accumulators even though they don't necessarily earn the most. They rank first in degree of desired involvement with their money and enjoy participation. They trust the recommendations of others and act on sound advice. Pure luck has little chance here. Success through determination is their philosophy. NEXT WEEK: Matching Personalities With Investment Portfolios “As long as your going to be thinking anyway, think big.”
- Donald Trump

Last note: Should you want me to help determine your money personality, simply replying to this message with your contact details. Till next week… Emil Trautman me@emilonmonday.com

Emil on Monday is the official newsletter of Gateway Wealth Solutions (Pty) Ltd. Any tips, information and view points given in an of the newsletters is for informational purposes only. View the disclaimer.


								
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