What Drives Your Money Behaviours?
Have you tried to manage your money better but time and time again fall back into bad spending habits, never really managing to make the required changes? Chances are that your mindset about money is a key factor in stopping you living a life of abundance.
Mindset, in easy terms, is a group of thoughts and beliefs that shapes what you think, feel or do – and you are often not even aware of that. And mindset about money, is a powerful motivator to either develop a healthy relationship with money, or to struggle with or fear money.
Often our mindset is shaped by experiences. Think back to your childhood – did you talk about money at home, were you taught how to manage finances, did one of your parents overspend, did finances constantly cause friction? Then you might prefer to keep finances secret, or you might be fearful of your financial future, or overspend, or live too frugally, or equate money with trouble…
But, work done by Deborah L. Price (author of the book ‘Money Magic’ and founder of The Money Coaching Institute in the USA), has also shown that our behavior towards money is shaped by more than just our experience - and that there are hidden motivators, or archetypes that also are at play. Based on the work of Carl Jung, she identified 8 money archetypes that help to explain how we think about, and deal with money.
Archetypes are part of the collective unconscious according to Jung, and they are universal patterns that are inherent to people across the world, and across time. These tendencies, that we are unaware of, influence our behaviour.
But no more theory, let’s get practical! Let’s see if you can recognize yourself, or people close to you, in these money types.
1. The Innocent
Do you take the “ostrich” approach to money, burying your head in the sand rather than wanting to know how well or badly you are doing moneywise?
Then your type, might be that of an Innocent. The innocent is usually financially dependent, easily gets overwhelmed with financial information, is not aware of their own financial situation and relies heavily on the opinions of others in respect to money matters. In order to feel safe, they rather would not face their financial reality. They seek safety and security foremost.
2. The Victim
Do you prefer others to take care of you and your finances, and often need to be rescued out of your financial troubles?
It is likely that the Victim forms a strong part of your money make-up. Victims often act irresponsibly with their finances, and then expect others to take care of them. They have lots of excuses for their financial troubles, and often blame it on others or on external factors. They are driven by the need to survive.
3. The Martyr
Do you rather “go without” something, in order to help others financially or materially?
Then you might be a Martyr. Martyr types are self-sacrificing, placing others’ need above their own and often come to the rescue of victims, at their own expense. They can feel let down when others then fail to measure up to their expectations. To serve is their central driver.
4. The Tyrant
Is money all important to you and do you need to be in control of finances at all times?
The Tyrant seeks material gain, and uses money to control people or circumstances. They are seldom satisfied with what they have, always chasing after more. Even if financially successful, they never feel that it is enough. They are driven by the need to control.
5. The Fool
Do you take a lot of risks with money – and gain and lose money easily?
Then the Fool might be in control of your money behavior. Fools are willing to take chances, and they often attract money. That money can easily slip away, as they don’t pay attention to details, are overly generous or act irresponsibly. They live in the present moment – and have a “devil-may-care” attitude. Pleasure drives their behavior.
6. The Creator / Artist
Do you find the idea of money distasteful, but at the same time need money to have the freedom to create?
The Artist has a love-hate relationship with money – they love the freedom money brings, but at the same time, they find money somewhat distasteful, and do not want to be materialistic or appear greedy. This conflicting relationship with money, often means they live from hand to mouth, struggling to have enough money to create that freedom they so crave. Creation is their central driver.
7. The Warrior
Are you disciplined with your finances and feel confident that you will make it work?
The Warrior is confident about money, and obtains financial success through focusing on goals, and making things happen financially. They are very resourceful, and recover quickly from any set-backs as their ‘will make it work’ attitude drives their ability to adapt and move forward. Warriors give their finances the attention it needs. Their central drive is mastery.
8. The Magician
Do you manage to attract wealth and abundance, without trying too hard?
Then you might be a Magician. The Magician knows how to transform and manifest his or her own financial reality. They have deep trust and faith and manifest their own financial reality by following the principles of the law of attraction. They are aware of themselves and the world around them, build on the mistakes and successes of the past, and make peace with their own history. They are driven to transform.
Recognise someone? Were there more than one of the types that resonates with you?
The 8 Money types and Key Drivers
As Mindful Money Coach, my female clients are very often Innocents, oblivious about money, and preferring that their partners deal with the family finances. They usually are successful in other areas of their lives, but they are rudely awakened and have to take charge of money matters when their partner miss-manages money, or when their relationships break up.
Working with couples, I have noticed that many partners have opposing types as drivers, and this then
exacerbates their financial or relationship troubles. For instance, a Martyr time and time again have to rescue their Victim partner financially, creating resentment and negatively impacting on their relationship.
Do these money types impact on your financial situation or how you work with money? The good news is
that you can make the money types work for you, not against you. Building on the strengths of your types, managing the weaknesses and bringing the Warrior and Magician to be in the driving seat, can help you to manage your financial affairs better.
The first step is to be aware of the money type that drives your current behaviour…and then the work
To find out what YOUR archetypes are, do the quiz on Marnita’s website: www.mindfulmoneycoach.co.za
Holistica member, Marnita Oppermann is a Certified Money Coach (CMC) (certified by The Money Coaching Institute in California). She offers one-on-one coaching to individuals and couples and guides them to empower themselves to make money mindset changes and also to manage their money practically. . You can contact her at firstname.lastname@example.org or 0822254197.
One of 3 lucky Holistica readerswill win a copy of Marnita’s book ‘The Money Code and How to Crack It.’.
To enter, complete the Money type quiz on her site and add ‘Holistica’ next to your name in the Name field. Entries close on 30 April 2019 and winners will be announced shortly after.
The Eight Money Types and the Money Type Quiz are excerpted from the book Money Magic by Deborah L. Price © Copyright 2001 All rights reserved. Used with Permission.