Are you aware of the different money personalities? Ever wondered what your money personality is and what it means for your bank account? For the festive period, we have decided to look at the different type of money personalities to help you identify yours so that you can learn more about the pros and cons of each personality type and gain control of your money management habits.
The Money Boss
In a nutshell, the Money Boss is when you combine the pros when it comes to managing money, ends up with a well-rounded, money-wise individual who “bosses their money like a pro”.
Are you a Money Boss?
Are you aware of how much goes in and out of your wallet? What you spend your money on and exactly what your expenses are? Are you aware of your strengths and weaknesses? Do you have a rainy-day fund, an old-age fund, and some savings or investment funds? Do you have clear financial goals and keep them in mind whenever you purchase, save, move, or manage your moola? If you have answered yes to majority or all the above, then you are a Money Boss.
The Pros:
- A Money Boss manages their finances well. For a Money Boss, it is not about having a lot of money, more than it is about managing what money they do have. Not only does a Money Boss have multiple savings accounts, but they also are aware of what is in their bank, savings, and investment accounts all the time.
- Financial Freedom and Retirement Planning is something that is imperative for a Money Boss. As well as emergency expenses, expenses relating to entertainment, investing, and other goals. This money personality type has the funds to spend money because they have pre-budgeted for it. It is less likely for this category to break the bank as they have already set aside money for their goals.
The Cons:
The Money Boss is not perfect, and some people can mislabel themselves as a Money Boss, when could be Hoarders or Avoiders.
Become a Money Boss:
- Make managing your finances easy: automate investments and savings by debit order on the day you get paid. This will ensure your money finds its way safely into the correct boxes at the beginning of each month.
- Think about what your short- and long-term financial goals are and work towards achieving them. Have different savings mechanisms for different goals.
- Planning for now and for the future is one of the key characteristics of the Money Boss. Whether that means saving for retirement or a new car. What is important is that the goal was planned for and worked towards, all while not compromising any other financial facets of your life. Planning also means preparing for the day you stop working. Money Bosses often save 15% or more for retirement.
- Always be hungry for information – Money Bosses keep it simple and keep refreshing their personal finance knowledge. It also motivates them to stay the course.
- The Money Boss has that all-important budget and they have also set this up to be tracked automatically.
Do yourself a favour and start bossing your money now.
Our financial experts have been unpacking and providing practical advice on the best ways to preserve your financial freedom. Contact our financial advisors to ensure that you are receiving shariah compliant finance advise.
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