How does it affect your business?
As the field of psychology continues to grow, the spectrum of personalities widens. The goal of identifying “types” of people is done with the hope of helping individuals optimally navigate their lives and thwart dysfunctional patterns. For example, people are introverts are extroverts, or visual, aural, or physical learners. Personality traits now even extend to the way you spend your money—and that can give you insight into who you are as a business owner, and what your strengths or challenges may be. Moreover, money personality has a big impact on what your business banking looks like.
What are the basic money personality types?
According to many experts, there are five main money personality types. They are:
- Spenders: These people are exactly what the “personality” implies; they spend big and often on the latest and greatest things; there are usually no sale items for spenders
- Savers: The opposite of spenders, savers check their bank statements and do everything they can to squirrel money away
- Shoppers: Shoppers gain great satisfaction from purchasing; they buy even when they don’t need something, and often end up in debt
- Debtors: If you’re a debtor, you can forget saving; debtors spend impulsively and often, without looking closely at how much they have spent; debtors typically have no idea where their money went
- Investors/Strategizers: These personalities like money, and making money from their money; they typically understand finances well, and try to use money to make more; in many ways, investors are very business-minded and strategic
How money personality types drive business banking and business management
It’s fairly clear to see what impact your money personality can have on your business banking and business management. Spenders, shoppers, and debtors could easily end up in trouble, but also may have something pay off by taking a risk. However, if they don’t curtail spending, or spend more carefully, they may land in hot water.
Savers might end up stressed and their business stalled. By saving rather than strategizing, the business may not grow. Plus, a saver may try to do everything themselves to save money, which could end up costing them in fatigue and stress. However, they may also do well and build a nice solid business that runs proficiently and in an organized way.
Investors are generally savvy. They are going to try and understand what could happen if their money is put here or there. They are going to strategize what’s the wisest place to spend, and create plans for growth and expansion.
What small changes can help you make better business choices?
Just because you have a “personality” doesn’t mean it’s set in stone. Like anything, when you make small changes you can adjust your habits and see positive outcomes. For example, spenders and shoppers can reduce spending and start thinking more about what they are spending on and even saving some money. Debtors would benefit from creating a budget, reducing what they owe, and investing a little bit as well.
Investors probably have the least need to alter their behaviors, especially in the world of business banking and business management. If anything, they should be encouraged to continue to educate themselves on the latest technologies, trends, and strategies.
If you’re interested in finding out more about money personalities and finding ways to improve your business, talk to a business banking professional. Your business may get a boost just from knowing how you handle money.
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