Just as different types of exercise works best for different people, and not all of us like the same foods, we are not all the same when it comes to money. When you know yourself better, you can manage your money better.
Why does it seem so easy for some people to save money, while others really struggle? Why do some of us like to start businesses and others just want a steady job? Why do some people hire a personal shopper, while others do everything themselves?
The answers to these and many other money questions lie in your money personality, also known as your money archetype. Several years ago, a woman called Kendall Summerhawk came up with eight sacred money archetypes and since then many thousands of people have benefitted from her work. Simply put, the archetypes help us understand how we think and feel about money, and how we behave around it. Here is a quick overview of the eight archetypes:
Accumulator – you have a natural ability to save, invest and accumulate money. You are a natural bargain hunter and budgeter, and you like keeping track of your spending. The downside to being an accumulator is that you can be extremely stingy.
Alchemist – you believe money can make magic and that money comes to you easily. The downside is that you are not very good at making concrete money plans.
Celebrity – you love spending money on making yourself look good and feel good. For you, money is a tool to catch the limelight. The downside is that you will easily blow the budget on luxuries, even if you can’t actually afford them.
Connector – you always put people and relationships first. On the upside, you know how to work connections to bring in money; on the downside, you will spend money on other people’s needs to the detriment of your own wellbeing.
Maverick – you know how to make and attract money and are not afraid of taking financial risks. On the downside, you are not consistent with money and don’t always think things through before jumping in.
Nurturer – you have a need to care for other people, which makes you a great friend. When you put your caring nature to use financially, you take great care of your money. But when your nurturer gets out of hand, you will give away money that you don’t have.
Romantic – luxury and comfort are hugely important to you, and you love spending money on things that make life easier. You can take this too far by spending so much money on things you want that you end up with not enough for the things that you need.
Ruler – you love being in charge and building lasting value in everything you create and do. Taken too far, your ruler struggles to listen to others and take their needs or even advice into account.
As you have noticed, each personality or archetype has strengths and weaknesses. The trick is to work with your strengths and to put measures in place that will prevent your weaknesses from messing up your money journey.
Interestingly, none of us is only one personality. Your money mindset and behaviours are a combination of your top three archetypes.
The best thing about knowing your archetypes, is that it helps you to understand your money habits and behaviours, and gives you clues on what you can do to break bad habits and build good ones. For instance, if you know that you are a celebrity, you can put plans in place to give yourself enough bling to be happy but not so much that it breaks your budget. Similarly, you can keep your nurturer happy by supporting your broke nephew with something other than money.
Take the free archetypes quiz here and learn more about money personality: Take The Quiz To Discover Your Money Archetype (denisedt.com).
