Spending is so personal. Everyone spends their money so differently, and what one person spends money on, another would turn up her nose to, based on her personality and what she gets pleasure from in life.
For example, one person may find it completely justifiable to spend money on lattes every morning because it is something she truly enjoys, while another might find it absurd to spend $3-$4 every morning on a cup of coffee she could make at home. Same cup of coffee; different spending personalities.
In the book Slow Down Diet, author Marc David shares this same perspective on eating when he asks the question, “Who is eating?” He says that someone who is training for a marathon will bring a completely different personality to a plate of meat, carbs and fats versus someone who is a vegetarian and doesn’t eat meat. The athlete may look at a plate of meat, carbs and fats and say, “Yummy, I need to eat all this to make sure I get enough calories in as I train,” while the vegetarian may look at the same plate of food and think, “Ew, I can’t eat meat, this whole plate is disgusting.” Same plate of food; different eating personalities.
This same philosophy applies to money. We all have different personalities that we bring to the table when we spend and manage our money, and it’s important to know what personality you have when you deal with it.
In this week’s Financially Wise Living episode, I share a simple exercise to help you gain clarity around your money personality so you can answer the question, “Who is spending?”
Watch the video now.
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The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial adviser prior to investing. There is no assurance that the techniques and strategies discussed are suitable for all investors or will yield positive outcomes.