You may have heard the quote, “Whether you think you can or think you can’t, you’re right!"
It’s often attributed to Henry Ford, the automotive pioneer and founder of Ford Motor Corp. He was one of the wealthiest men in the world in the 1920s.
Ford’s message was that attitude and confidence can make a huge difference in what happens in your life —and that includes your financial situation.
We understand that your finances might be tight these days —tariffs are already making prices on everyday items higher, there’s a lot of economic uncertainty, and don’t get us started on the price of eggs. But there are reasons to think that better days are ahead, if you believe in yourself, and invest in yourself.
It all depends on your Money Personality.
According to Investopedia, there are five common money personalities. Which one is yours? And which one do you WANT to be?
1. Investors — These people focus on putting their money to work for them. While all investment involves risk, they look for positive gains, try to avoid losses as much as they can, and they make careful decisions.
2. Savers — Savers are people who are reluctant to part with their money. They look for coupons, deals and rarely use credit cards. Sometimes they miss out on positive life experiences, though, because they’re so concerned about their finances.
3. Big Spenders — Big Spenders are people who love shiny new gadgets, new cars, new televisions and more. Spending money tends to bring them joy, but it also can put them in a difficult financial situation because they don’t save as much as they should. Also, sometimes they don’t worry about finding coupons, discounts and deals. Investopedia notes, “When it comes to keeping up with the Joneses, they are the Joneses!”
4. Debtors — Debtors may not be what you think. They aren’t big spenders, but they also don’t really pay attention to their money and often rack up debt without realizing it. They tend to reach for their credit cards often.
5. Shoppers — These people love shopping, but they aren’t necessarily big spenders. They tend to buy a lot of things for convenience, like food deliveries and clothing subscriptions. They do like to find a deal, but they aren’t as focused on it as savers are. They often wind up in debt because they spend money unnecessarily.
Do any of those people sound like you?
If you’re a Big Spender, Debtor or Shopper, you should take another look at the Savers and Investors. Unlike your normal personality, you do have the ability to make big changes to your Money Personality. You just have to believe in yourself and take the steps to make the change.
CommonWealth One is here to help you become a Saver or Investor (or some combination of the two). Here are how we can help:
Come talk to us! We have financial counselors who are ready to help you look at your spending habits, your investments, your habits and more to help you get on the right track. Making an appointment is as easy as sending us a message through online banking or picking up the phone! (Or, ask us next time you come into the branch to deposit a check or withdraw money.)
Take advantage of our financial education resources! CommonWealth One’s website is loaded with educational resources that can help you understand money and how it can work for you. This includes budgeting, saving, investing and doing it all while still living the life you want!
Check out the replay of our Money Personalities webinar! Learn more about the types of Money Personalities, and how your unique personality shapes your financial decisions. You’ll learn strategies to turn your habits into strengths! Click here to watch the replay.
Remember the words of Henry Ford as you go about your day today. Believe in yourself and make positive changes that will position you for success.
