Personalities Who Have Money Problems

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When it concerns money, a person’s personality represents a notable role in their financial decision-making. Each person is unique, and that’s what makes us human, so it really shouldn’t come as a shock that there are certain types of personalities that are more likely to have money troubles than others. It’s hard to alter your personality traits, specifically when you’re older, so simply having an understanding of how your personality influences your financial decisions can help you make better financial decisions in the future. It’s unquestionably an important topic to understand, as money troubles can magnify quickly and you can end up in deep water within the blink of an eye. This post will investigate 4 different types of personalities whom are more likely to have money troubles, together with some suggested ways to improve your financial situation if you fall under one of these personality categories.

 

The Risk-Takers

 

Financially speaking, the higher the risk the higher the reward, but the probability of experiencing high risk success is significantly low. Some people are born as risk-takers, others develop this personality trait gradually; but most of the time, it’s the thrill of the risk that these types of people enjoy. Statistically, the odds of financial success for the risk-takers are low, so it is essential for these types of individuals to diversify their risks to increase their chances of financial success. These people can make high-risk investments, but they can’t put all their eggs in one basket. A mixture of high-risk and low-risk investments will noticeably improve their financial future.

 

  1. The Spenders

 

No matter if they’re wealthy or not, the spenders are the types of individuals who live life to the fullest without thinking about the financial repercussions of their decision-making. Whether they’re spending money to enjoy themselves, look good, or to simply please others, the spenders are more likely to acquire substantial amounts of debt which can take a very long time to repay. Consequently, their likelihood of financial success are significantly impeded. Saving money is the key to financial success, so to avoid overspending, the spenders need to consider putting together a budget to track their spending habits and at the same time, explore the triggers that cause them to spend their money to begin with. Confronting the triggers that cause these types of people to overspend is the key to resolving the problem.

 

  1. The Ignorants

 

The ignorants are typically the type of folks that are financially uneducated and have no interest in improving their financial skills. The ignorants may have a similar reasoning to the risk-takers in that they want to ‘live life to the fullest’ and as such, spend all of their money and find themselves in debt. It’s vital that folks with this personality trait learn the value of money and how it can be used to provide a better future. Instead of thinking about now, they should aim to think about how spending their money now will have a bearing on their future. Take an interest in learning how to budget by reading online weblogs and articles. Who knows, they might actually enjoy it?

 

  1. The Pessimists

 

In bleak contrast to the risk-takers, the pessimists have a tendency pass up on opportunities to make money simply because they fear they won’t succeed. When it concerns large investments like buying a house or investing in the stock market, the pessimist will avoid taking any risks for fear of losing their hard-earned money. The trouble with the pessimists is that by avoiding all risks, they will feel more protected, and this will impair their chances of financial growth and success. An ideal solution for the pessimists is to diversify their investments in a wide-range of markets to make sure they have a well-balanced portfolio that is low-risk and offers an opportunity for a good return.

 

There are undoubtedly many other types of personalities than the ones discussed above, however these are perhaps the most common personality traits that inhibits financial growth and can cause money difficulties. In today’s world, money is without question exceptionally important not only for survival, but also to be able to enjoy the only life we have. Just because you have certain personality traits doesn’t indicate that you can’t modify some of them with time to be more financially responsible. If you need any help with your finances, or you’ve found yourself facing a mountain of debt as a result of overspending, contact Bankruptcy Experts Melbourne on 1300 795 575 for assistance, or visit http://www.bankruptcyexpertsmelbourne.com.au for additional information.

 

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