When I started studying money and its role in society, I thought there were two types of people in the world: those who spend everything they earn and those who save and live very modestly. However, along the way, I discovered that there are several financial attitudes that influence the way we manage our money.
In her book “How Much Is Enough? Balancing Today’s Needs with Tomorrow’s Retirement Goals”, Diane McCurdy mentions that people can be classified into four distinct categories depending on their attitude towards money. I thought it was a very appropriate classification and I thought I would present you in this article some information related to each of these attitudes.
1. Spender Attitude
People in this category love money because they can buy a lot of things with it. They are up to date with the latest gadgets, fashion or decorations. If you need something, you can calmly ask a Spender and he will tell you how to buy it and what the best deal is.
They are the kind of easygoing people you feel good around who prefer to have concrete things like the latest car model, the newest gadgets or trendy clothes instead of abstract things like a savings account. They usually have the latest “toys” and their friends envy them for their lifestyle. They also see shopping as a form of entertainment.
The main characteristic of Spenders is that they enjoy life using the money they have earned. The less good part is that they get into debt very easily and are often eaten alive by interest on personal loans and credit cards that they fail to cover on time. For this reason, for them, the act of saving is the biggest challenge.
2. Hoarder Attitude
If it weren’t for them, who else would the rest of the people borrow from? People who fall into this category manage to accumulate a fortune in the bank quite easily, while maintaining a decent lifestyle even when their income is limited.
They feel secure when they have a large amount of money in their bank account that they can rely on at any time and are not impressed by expensive things. They are very good at identifying activities and things that waste money and avoid them. For this reason, they may seem “stingy” to others.
The main quality of Hoarders is that they are very organized and do not make impulsive purchases. However, they can become very conservative and, refusing to take risks, end up avoiding any investments that could increase their wealth. Sometimes, this conservatism makes them wait too long to enjoy the money they have.
3. Builder Attitude
This category includes those who have overcome their fear of losing money and are willing to take risks to build something special. Builders love the creative process that accompanies their world-changing projects and are willing to keep a boring job for themselves just to finance their dreams.
The classic examples of Builders are entrepreneurs who built their businesses from scratch. But the Builder category also includes people who have a very strong passion and take it to the level of expertise. For this reason, they can be phenomenal mentors.
Their biggest weakness is that they often underestimate the costs of their projects and fail to make a plan in case of failure.
4. Giving Attitude
People in this category are distinguished by the fact that they regularly buy expensive gifts for their friends, which are usually things they would never buy for themselves. They also volunteer for countless charitable causes and dedicate their time, money, and energy to a cause they strongly believe in.
Their main characteristic is that they feel the greatest pleasure when they do good deeds or when they manage to make others happy. They deny themselves certain things in order to help others.
However, they tend to neglect their own needs and, sometimes, do a disservice to their own children by not teaching them to manage their money properly. Moreover, they can become a burden to them if they do not plan for their retirement early.
How do we improve our attitude towards money?
Although all four attitudes exist within us, each of us needs to work on at least one of them because we do not naturally master it.
Spenders need to learn to save in order to enjoy things not only now but also in the future, and Hoarders need to learn to spend wisely and enjoy life using the money they have.
Builders need to learn to manage the risks associated with their investments, while Givers need to learn to pay themselves before giving to others so as not to neglect their own needs.
In our brains, one of these attitudes is set as the default. It is dominant and runs our lives financially without us realizing it.
As for me, my default setting is that of the Gatherer. Over time, I have managed to cultivate the other three attitudes through donations, investments, and reasonable spending to enjoy the money I have earned. At times, I still make an effort to spend or invest, but, nevertheless, I am aware of the benefits of the balance of the four attitudes in my life.
Closing words?
None of the four financial attitudes is better than the other and none is worse than the other. Each of them is accompanied by its advantages and disadvantages. Not infrequently, our life partner has an attitude towards money completely opposite to ours and this can annoy us to the core. However, we must be aware of the existence of these differences, understand them, capitalize on the strengths and control the effect of the less favorable ones.
If you want to find out what your dominant attitude is, click on this link and answer the questions in the Quiz. And if you want to learn how to form a balance between the 4 attitudes towards money through a simple budget, subscribe to my Newsletter. Along with the e-book “6 Steps to Achieve Financial Peace” that you receive for FREE when you subscribe, you will also receive a series of other valuable information directly in your Inbox.
Until next time, remember that the best thing money can buy is Financial Peace!
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