What's Your Money EQ Type?
“All the money circulated with love, care and friendship is happy money”
– Ken Honda, Author
WE LOVE these principles from Ken Honda’s book, “Happy Money”, so we thought we’d share them with you.
Would you like to reinvent the way you see your finances and become friends with your money? One way to do this is to identify your Money EQ Type.
In his book, Ken explains how understanding your pattern helps you to understand your motivation behind your spending.
His insights are enlightening and definitely ‘food for thought’ and we hope you find them helpful.
Are you ready to find out your Money EQ Type?
1. The Compulsive Saver (Stockpiler)
This Money EQ type loves saving! It’s their favourite hobby. Saving money provides them with the feeling of security. The downside to this, is that they can live a frugal life. They tend to view enjoying the luxuries of life as a negative and have forgotten their childhood hopes and dreams. They can fear that their money ‘will run out’. Ken suggests that this Money EQ personality would benefit from confronting the fears and anxieties and where they came from. As no matter how much is saved, it will never erase the uneasy feeling around money. There’s that age old saying “You can’t take it with you”!
2. The Compulsive Spender (Spendthrift)
Oh my gosh! This Money EQ personality loves, loves, loves spending money! As opposed to the Compulsive Saver, the Spender embraces the motto “You only live once”! They are fun to be around and love giving gifts. However, don’t be fooled. A Spender is acting out from another form of control. They can also suffer low self-esteem and a feeling of suffocation. To alleviate this they spend to release the pressure and brighten their mood. This is only a short-term fix of course, and those feelings will return. The Compulsive Spender is often the child of The Compulsive Saver. They may be rebelling as they often felt a sense of boredom and suffocation growing up with the ‘saving’ parents.
3. The Compulsive Moneymaker
This Money EQ personality may find a coin on the sidewalk and proceed to ensure everyone around them that it’s proof that ‘Lady Luck‘ is on their side. They are always looking for ways to make more money and don’t feel guilty for spending all their time focusing on work rather than with family and friends. They truly believe that they’re doing it for the sake of their family. Often, they are always seeking approval and recognition for their success, no matter how much they earn.
4. The Indifferent-to-Money Type
Often the Indifferent-to-Money EQ personality will get on with life as though money is not an important factor. Days can pass without them giving any thought to money. Many times, they will leave managing finances to a partner or spouse, sometimes to the point where they have no idea of their financial situation or where important documents are kept. This can leave them in a very vulnerable position, especially if their partner passes away or leaves them as they can have no idea of how to do handle their basic financial needs.
5. The Hippie!
If the Hippie finds money in the street, they would give it to charity, feeling it’s wrong to spend it on themselves. Money to them, seems like a source of many problems and would love to see a world that is focused less on money and consumerism. They tend to focus on ‘not selling themselves out’ for a price and to live a life as unaffected by money as possible.
6. The Saver-Splurger
A combination of the saver and spender, this Money EQ personality can be regimented and serious. They can seem to be secure with their money and then take those around them by surprise when they are all of a sudden broke! Their pendulum swings from saver to spender. They can also spend their money poorly by buying things they don’t need or won’t use.
7. The Gambler
The Gambler can fluctuate between the Moneymaker and Spender. They love excitement, seeking thrills and taking big risks. They are happy when they win and losing fills them with regret.