[Music] did you know that there are seven money tendencies that everyone has well I wrote a book a few years ago called know yourself know your money and that is where I covered seven money tendencies that I constantly saw people have and again these Tendencies are actively affecting your ability to build wealth whether you realize it or not and today I want to share those with you so that you can kind of quiz yourself and figure out like okay where am I on this uh spectrum of like is this is this like good is this bad but listen we all have room for improvement but also we are naturally who we are and we're going to celebrate that but before we get started be sure to subscribe to this Channel and share this episode with a friend all right to clarify the point of this is to be intentional not judgmental so there are some money tendencies that people have and they feel like oh my gosh is this like a bad tendency to have or an okay tendency and I don't think there's a right or wrong to this I think the extremes on either end can be unhealthy so we're going to talk about hey there are strengths there are weaknesses and all around we can all grow when it comes to our outlook on money but yet we don't change who we are so we're going to talk all through it and then I'm going to challenge each type as we go and comment below as we go because I want to know which ones you relate to all right the first money tendency it's pretty it's an easy one spender versus saver so just kind of need your creaction where are you on the Spectrum right you have Savers over here Spenders over here where are you I am naturally a spender so if you're like me a good challenge for us is to prioritize savings now we can start small with this but if you are a natural spender saving is going to be more difficult so again putting something consistent in your life and in the rhythm of your budget to be saving is really important now Savers you don't get a pass some people just like celebrate Savers like you're just the good money one not necessarily because for some Savers again they hold their money so tightly because all they want to do is save so my challenge to you is create a budget and put a line item in there that just brings you some Joy where you going to have to force yourself to spend money on just things that you want right and it may not be a high dollar amount in your budget for it but practicing enjoying your money because you don't want to just spend all your money you also don't want to save all your money you want a balance of both so you want to enjoy it so you Savers out there spend a little the second money tendency is a nerd or a free spirit so if you've followed Ramsay any amount of times is kind of the words we've coined for people especially when it comes to the budget so when you are a nerd if you're on that side of the playing field it's like yeah you just like love budgets you love numbers you love Excel you love being in control of your money free Spirits a little bit more like hey everything's going to be fine don't worry about it don't freak out and stress yourself out we will figure it out no big deal I lean more on the Free Spirit side when it comes to money but if if you are a nerd this is your challenge I want you to practice flexibility because if you live and die by the rules you're going to wear yourself out and the people around you so just listen processes are great we want to be wise but sometimes it's okay to like have some life happen now free Spirits I'm going to say for you we got to kind of rain ourselves in at times and I want you to set an intentional goal or a habit the thing is if you don't do this if you don't actually force yourself in a rhythm of managing your money doing a budget telling it where to go you're going to look up when it's time for retirement and be like oh my gosh we have just been unprepared my whole life because I just kind of just been going with the flow so your challenge is to get a process in place all right money tendency number three is are you an experience person or a things person so let me explain when you spend money would you rather spend money on experiences so a great dinner out with friends going to a concert going on a great trip or do you like things like you want to buy something have your money be used for something that you can use in your life to better your life so those are the two buckets I lean more towards experiences for sure now if you lean towards things that's not a bad thing okay my husband once sudden he's like this he's like I would rather save for a nice pair of boots that I can wear over and over and over again or I want to say if he did like bought a cold plunge this year and he's like I just want to like have a nice cold plunge cuz I'm going to use it right so like he likes things that are utility that he can use again not a bad thing it's just where you lean and knowing your tendency so this challenge is actually a joint Challenge and that is to Simply communicate with the people around you so if you are married the challenge is hey ask your spouse and you may already know but be like okay where do you naturally tend to bend when it comes to spending your money now if you know my love for Amazon then you could probably guess which category I fall under for the next money tendency but before I share more I do want to tell you about one of our sponsors delete me you know we spend so much of our Lives online we're on social media but we're also shopping and Banking and everything we do is on the internet these days so our names addresses work history phone numbers email addresses and more are out there for bad guys to exploit and we need to protect ourselves that is why I love and use delete me delete me finds and removes your information from hundreds of data broker websites that buy sell and trade your personal data so take control of your online privacy today and find peace of mind with delete me individual delete me plans start as low as $9 a month so sign up today at join delet me.com Rachel for 20% off or click the link in the description all right money tendency number four is are you a quality person or a quantity person quality obviously it's like I need two nice pairs of shoes it's great quantity is like oh they can be cheap cheap don't need to be nice and I want six pairs and I'll get new ones next year where do you kind of lean I am quantity I like having options I don't need like super nice stuff I'm like just give me options options are fun for me I enjoy it more uh again my husband is a a quality person for sure so it's good to know kind of where you lean because it's going to really inform how you spend your money so if you are a quality person here's your challenge ask yourself if it's really necessary for you to spend more on a special version of like that thing because sometimes you can get a lower quality thing at a lower price and it's fine but sometimes when you're when you're like obsessed with quality and you're like no it has to be like this real leather that like you get really specific really specific sometimes it doesn't need to be the case so maybe kind of like find some things in your life like you don't maybe need the quality and it's okay to go a little cheaper you'll save some money that way now if you are a qu quantity person here's your challenge I'm saying this to me is to try the minimalist exercise or even just do like a closet cleanout or the consumption challenge like get rid of your crap okay cuz I know you quantity people out there cuz it's me it's me you just have so much crap and then you look up and it's been 3 years you're like I haven't worn those earrings in two years why are they still here like get rid of your stuff because I do believe when you are organized and you have less things there is more of like this peace of mind there really is and so while it's not always bad make sure you are cleaning out your stuff if that's how you're choosing to live and again I'm saying this to me too so that's our challenge get rid of some stuff all right money tendency number five is are you a safety person or a status person so what I mean by this is the motivation of why you want to do well with your money why is that and for some people it's safety it's like I just want to be taken care of knowing that I have enough money and it's fine and then status people which is not a bad thing status I feel like can sound bad but it's more like oh yeah I want to win with money cuz I want to do things like I want to like yeah I want to get a fun car and I want to go on a great trip like I'm doing this so that I can live out a fun life so knowing where you are again is your motivation on why you want to handle money well and win with money long term so if you're are a safety person here's my challenge to you is to make sure that your value of safety doesn't cause you to live in fear because some people feel like oh my gosh I want to lose everything or I you know you kind of can end up being in this hoarder mentality of like I just need more savings and more savings and more safety and more safety and there's a point of wisdom in that right we talk about the emergency fund like I'm all for that but there is a point in life that more money doesn't always bring more security and so digging into that part of your life and your story I think is really important if you're a status person this is me check your gut and make sure that you're not just splurging on status symbols to make yourself feel good and your reputation and your selfworth might be in the wrong place and if we think if I just had the nicer car if I went on the better somehow like I'm going to find more joy in life it's not true that's not going to happen so while you can enjoy those things and it's fun and again enjoy it but your identity and who you are cannot be wrapped up in those things and we can lean that way very easily so make sure to check yourself on that one money tendency number six is the abundance person or the scarcity person so we always hear about an abundance mentality or a scarcity mentality so abundance mentality it's like oh yeah there's more of everything there's more money to get more options out there we're going to be fine just more decisions we'll make different ones like it's great lots of things out there it'll be fine the scarcity person is like nope something bad's going to happen we don't need to make too many rash decisions we're going to play it real safe because we don't want anything to happen and so they're less ofers to like you know risking anything so if you are an abundance person here is your challenge I want you to channel that positivity about life into your financial goals because I want you to again take this idea of like oh yeah everything's going to be fine and it is but you want to make sure that your decision making process throughout that is wise and that you're going in the right direction it's really important and if you're a scarcity person just remember like God's in control it's okay okay and and I think sometimes abundance and progress really does require faith in God to bring your work to fruition so like there is this idea that I can control everything and if I just like make the right decision I mean it's going to be okay and there's a little bit sometimes of life that like we we can do what we can we can be wise but also like we can't control everything so there's a level of trust in God in that that I think is really important all right the last money tendency number seven is are you a spontaneous Giver or a planned Giver spontaneous Giver it's like oh yeah you see something or someone or an organization you're like here's my 401k like take all my money it's just like I'm going to just give you what I have in the moment and you just feel like yep I'm LED that way versus a planned person plans out the giving they research the organization they make sure everything's legitimate they don't go off of a motion they go off of a plan and they're very wise in particular with their giving so if you're a spontaneous Giver then your challenge is that money isn't the only way to be generous and sometimes it's wise you know to cover your own bases first so that you can give your time and energy over because sometimes spontaneous givers like they just give when they're not really thinking always about the needs of their own household first now a planned person and if you're a planned Giver my challenge to you is put some cash aside in your budget for unexpected generosity because things will come up and plan for that but have the freedom to have some spontaneous giving in your life because I think that is a really good thing so no matter what your natural tendencies are my number one tip that I want you to take away from this is that neither is right or wrong you are who you are but we can all grow and I think the key to these spectrums is like kind of finding that middle ground which is is really important because we need both of these right both sides of the coin are important but be self-aware of know how you're wired and then be self-aware of how that's affecting others and if you want to grab a copy of my book know yourself know your money we talk a lot more about this in the book I will leave a link down below and for more natural tendencies that might need tweaking make sure to check out my episode with Dave Ramsey on money habits you need to change right now so click here or if you listening on podcast I will leave a link below all right you guys remember to take control of your money and create a life you love
