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What's Your Money Personality?
The way you handle money is impacted by both your individual personality and your life experiences. If you understand your unique money personality you will successfully manage your finances.
A) When you receive money such as a tax refund or a bonus check, you buy something extravagant or go on vacation instead of saving it.
B) Every month you sock away a larger percentage of your household income than is really comfortable for you, even when it means doing without "luxuries" such as dinner out or a movie.
C) You are delinquent on paying your house mortgage, afraid to loose your house, or need help contacting your mortgage company.
D) Not only do you not save or invest but you also have borrowed against your house by taking a home equity line of credit to pay off your credit cards. A few months later, you have even more debt.
E) You save a manageable amount every month, with specific goals in mind.
A) You hate having to wait for things, You buy what you want, when you want it—on credit if necessary—making excuses and promising yourself that you'll earn the money to pay for it.
B) You put off buying the essentials, although you can easily afford to pay for what you need.
C) Shopping is a competitive sport for you. Your appearance is always very important to you and you like to be the first one to have the newest fad..
D) Your closet is full of clothes you've never worn. You never keep track of what you spending, or compare shop before you purchase.
E) You buy what you need, aren't often tempted by what you don't need, and understand the difference between a need and a want.
Bills and Records
A) You can't be bothered to balance your checkbook. Shouldn't the banks keep track of your money?.
B) You check all your account statements frequently, either by phone or online, to make sure your records match exactly. You keep your ATM receipts, credit card vouchers and canceled checks for years.
C) you are delinquent on paying your house mortgage, afraid to loose your house, or need help contacting your mortgage company.
D) You have a dozen credit cards and pay only the minimum amount due on each. Your attitude is, 'It doesn't matter what I owe; it only matters what I own.' .
E) Your checkbook is balanced, you are set up for scheduled online payment, or your bills are paid as soon as they come in. You pay taxes when they are due, and you don't get large refunds.
A) When it comes to charity, you tend to give impulsively and you're likely to give more than you can afford.
B) You give to charity but restrict your giving to relatively small amounts—$6 or $10—compared to what you could give.
C) You repeatedly donate large amounts of your income to your favorite religious or community group, even though you don't have a retirement savings program.
D) You rarely give money to charity...unless it involves a social event you want to attend or a raffle with great prizes.
E) Every month, you write a check for the same affordable amount to the charities of your choice. You've mindfully budgeted your money and your time to support the causes that are important to you.
A) On a whim, you would volunteer to lend a relative or friend a significant sum of money—even if you suspected that he or she might not be able to pay you back.
B) Although you have money in the bank, you rarely carry enough cash to cover your share of expenses on evenings out.
C) You never discuss finances, even with people close to you—you'd be mortified if they found out how you handle your money.
D) Your spouse pleads with you not to spend so much. But you can't, or won't, stop spending, although you know you're creating a strain on your relationship.
E) You and your significant other talk openly about money. You keep separate checking accounts but also have a joint account for household expenses, to which you contribute proportionately according to income.
Planning for the future
A) You're convinced that the likelihood of something bad happening to you is slim, so why would you need a will, a trust, life insurance or a retirement plan?.
B) You've created your own will using a self-help book and a CD-ROM program.
C) you are using interest only house loans and delaying paying towards your equity.
D) With the high cost of living, saving money is totally out of the question.
E) You have a will, a trust, and a durable power of attorney for health care. Your retirement accounts are well funded. You and your spouse—and your children, if you have them—talk openly about how you're planning for your financial future.
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