Money personality assessment results – Money Habitudes
Here’s a real money personality type assessment using the Money Habitudes card sorting process:
That’s me (statements that describe my money personality type)
- Targeted Goals 9
- Selfless 4
- Security 2
- Status 1
- Free Spirit 0
- Spontaneous 0
That’s not me (statements that do not describe my money personality type)
- Free Spirit 8
- Spontaneous 7
- Security 6
- Status 5
- Selfless 2
- Targeted Goals 0
That’s sometimes me or That’s partially true
- Selfless 3
- Status 3
- Spontaneous 2
- Security 1
- Free Spirit 1
- Targeted Goals 0
Interpreting Money Habitudes Money personality type assessment results: That’s me
- While it’s certainly important to understand how to interpret the Money Habitudes cards, bear two things in mind. Repeated use of the cards in various settings such as classes, and counseling (including couples counseling, financial planning, financial literacy, career coaching, etc.), enhances familiarity with patterns associated with different money personality types. (Also the Guide for Professionals has a lot more information on interpreting what the cards mean in terms of money personality type versus the basic eight yellow cards included in each Money Habitudes deck of cards.) Second, much of the strength of the cards is that they are a financial conversation starter.The cards serve as an icebreaker, prompting individuals to discuss how they relate to their lives and financial patterns. Asking students or clients to explain this engagement keeps them involved, fostering better interaction than merely talking at them.
- The first thing to notice is that the card sort came out with 16 “That’s me” cards. That’s about what we’d like to work with; usually, we look for about 10-15 cards in that pile. For a small pile, move the strongest “Sometimes” cards to “That’s me.” With larger piles (20 or 30 cards), remove the weakest ones from “That’s me” and transfer them to “Sometimes.”
- While it’s not exceptional for someone to say “Yes, that’s me” to all 9 cards in a category, it doesn’t happen all the time. Such a result indicates that this category is very, very strong in one’s money personality type. That’s the case here with Targeted Goals (or “Planning” in the Young Adult and Teen versions).
- We typically consider having 4 or more cards in a Habitudes category as indicating a significant or “dominant” money type. This could be the right balance for this person at this point in life, considering the advantages, such as quick financial decisions, and the disadvantages, like impulsive spending, that come with it.
- When examining this individual, the advantages and challenges (outlined on the yellow interpretation card) for Targeted Goals are likely to strongly resonate. If someone has 4 or 5 cards in that category, the highs and lows probably won’t be as extreme. Just as a person may excel in planning and goal-setting, they might struggle with adapting to changed situations, listening to others, making quick decisions without extensive research, and so forth.00
- It’s good to think of how one Money Habitudes category moderates another. In this situation, consider the contrast between someone with 9 Targeted Goals cards and 4 Selfless cards versus someone with the opposite: 9 Selfless cards and 4 Targeted Goals cards. While it depends on the person and is subjective—because we all view money differently—we could simplify the difference like this: The first person will usually plan what to do with their money and often prioritize using it to help others in a significant way, like giving to a charity or helping family. On the other hand, the second person might be very giving but would do it in a planned, well-thought-out manner.. To carry it further, think about a third person who has 9 Selfless cards and no Targeted Goals cards. If someone walked up to the first person on the street and asked for money, he might say “No” and add, “I make a budget every year and I devote all of my charity to the XYZ Soup Kitchen.” The second person might give the person some money, but will stay within what he knows is a planned boundary, e.g., “I know I can afford to give this person $5.” The third person may very well empty his pockets to the other person, thinking little of his financial welfare.
- Keep in mind that while Targeted Goals come with many healthy and positive financial personality traits, the inclination towards planning doesn’t necessarily imply they are the right goals—or what you, as a facilitator, therapist, or teacher, believe to be the right goals. For example, someone may decide at the age of 18 that he is going to own a Ferrari at 25. Is that a good goal? Of course, it depends and you’re best to listen to this person and understand his thought process. However, we can probably agree that if one cashes in a college trust fund, forgoes two out of three daily meals for years lives cheaply in a very unsafe neighborhood, and never takes a vacation from a job where one is working overtime all to afford a 6-figure car, it’s probably not a good financial balance. The question for someone with such Targeted Goals strength is whether one’s goals are the right goals.
- Although one frequently sees Targeted Goals and Security cards working in tandem, they’re not the same money personality tendencies. Having a lot of Targeted Goals cards doesn’t necessarily mean you’re saving. Having a lot of Security cards means you probably save a lot (or at least don’t spend a lot), but it may be more reflexive versus planned. For example, if you see that your car needs new tires, someone with a lot of Security cards might not replace those tires until one blows out and must be fixed; that’s not spending to the exclusion of planning. In this case, the 9 Targeted Goals cards certainly predominate over the 2 Security cards. Is this good? Is it bad? It depends. This person may look at the advantages and disadvantages of the yellow interpretation cards and think it is the right balance in his life. If not, then one would look on the back of the yellow cards for some suggested next steps to readjust one’s balance.
- What does having 1 Status card mean? Well, generally we want people to pay close attention to the extremes: categories where they have a lot of cards (8 or 9) or very few (0 or 1). That might mean that someone is over- or underusing strengths in that category. Let’s take the example of buying clothes. Someone with all 9 Status cards might very well spend lots and lots of money on looking good and presenting a positive impression – to the point where one can’t afford to spend that money. Here, there’s often an element of acceptance-seeking, of wanting to fit in or be seen by others as successful, etc. With no Status cards, he may care little about dressing up. Wearing the same clothes for 20 years, he might think, “Why new clothes? Don’t need to impress anyone!” But for a job interview, a 20-year-old suit may send a different message, possibly raising eyebrows. If he’s dressed like that, I doubt he’s current with what’s going on in the field. And I couldn’t imagine going to meet a client with this guy because he looks so out-of-date and shabby.” And then that person doesn’t get the job. Exploring the pros and cons of the Status cards helps identify if the person faces challenges in making a positive impression. Recognizing the impact on job interviews, it becomes a crucial money lesson. In such cases, investing in a new suit may be advisable, despite the belief that employers should prioritize intellect over appearance.
- Along with the point above about Targeted Goals vs. Security, let’s consider the two empty money personality types: Free Spirit (“Carefree” in the other Money Habitudes versions) and Spontaneous. No “That’s me” cards and most are in the “Not me” pile: 8 Free Spirit and 7 Spontaneous. Missing advantages (quick financial decisions) and disadvantages (impulsive spending, etc.).This might be the right balance for this person at this time in his life. Cap spending with Mary or enjoy simple activities like walking in the park or getting coffee to change behavior.
Interpreting Money Habitudes money personality type assessment results: Sometimes me
- Reviewing the “Sometimes me” pile involves asking questions like “Why is that sometimes true?” “When does that happen?” and “Who are you within those situations?”—delving into situational tendencies.
- In this example, there are 3 Status cards that our client has said are “sometimes” true. Re-read the Status statements in that pile, like “I always want to pay the whole check when I eat out with other people.” Ask questions to understand when and why this behavior occurs. It may be when he’s with his wife’s family. His spending may stem from wanting to prove value to wealthy in-laws or a generous feeling when paid, impacting overall money management.
- In many cases, someone keys in on the situation and can make a quick positive behavior change. A card on spending freely with Mary may make one realize excessive and unaffordable shopping habits. That doesn’t happen when I’m by myself or out with my other friends.” Cap spending with Mary or enjoy simpler activities like walking or coffee for behavior change.
Interpreting Money Habitudes Money personality type assessment results: That’s not me
- For the “Not me” pile, we ask if benefits not aligning with your money habits are something you’d want more in your life. Money Habitudes not only identifies your money personality but also initiates money conversations. This method allows professionals to understand someone’s life and offer personalized advice.
- People laid off may find it challenging to spend money spontaneously as they focus on conserving funds. They may, therefore, have a lot of Spontaneous cards in the “Not me” pile. To think more about spending habits and to dial back on spending is a natural reaction to losing a job. To add some financial spontaneity to their life, should you encourage them to go out on a spending spree? Probably not. Losing a job may lead to reduced socializing as a side effect. Or one might be a lot less prone to spend money when a good opportunity comes up. A $50 networking event with $200 travel costs for a new job may leverage a Spontaneous personality’s strengths.
Start with Money Habitudes cards, then transition to budgeting, planning, financial advice, therapy, vacations, volunteering, and career exploration. In the end, the assessment component is important, but the conversations it starts are often more valuable.