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Olivia Mellan
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Moneyharmony Gems

Money Personality Types

Here's a list of terms that I coined with a colleague in 1982. These types were named for the imbalances in each of them - not for their strengths. Each type has strengths and weaknesses, and most people are a combination of types. You can be one major type as a single person, at home, another at work, and another in a couples' relationship. What's important to note is which of these types are giving you trouble, and to begin "practicing the non-habitual" to move toward balance, or what I call "money harmony."

  • I. Hoarder
  • Spender (Binger: combination hoarder-spender).
    Kinds of Overspenders:
    • The Money is Love Spender
    • The Blue Light Spender
    • The Esteem Spender
    • The Overboard Spender
    • The Spin-of-the-Wheel Spender
    • The "I'll Show You" Spender
  • Money Worrier
  • Money Avoider
  • Money Monk
  • Money Amasser
  • Risk-taker
  • Risk-avoider
  • Money Merger
  • Money Separatist

The last four are mostly relevant in couple relationships. More men are risk-takers and more women are risk-avoiders, when it comes to investing, especially. In terms of overspending, it is not sex-linked, though I believe there are more men in the Spin- of-the-Wheel Spender group, and perhaps more women in categories A, C and F. That's not a valid research finding, though - just my own clinical experience over the last twenty years.

How does each person work on balancing the type or types that give them trouble?

  • Practice the non-habitual ("be where you ain't" -- "do what doesn't come naturally") - weekly, daily or monthly, depending on what it is you need to change.
  • Reward yourself for your new behavior or attitude, in a way that doesn't sabotage your progress.
  • Monitor your progress and/or your resistance, preferably in writing.