Have you heard about the 4 money personalities? If so, do you have any idea which type you are and how it affects your spending habits?
Believe it or not, your money personality has one of the largest impacts on your ability to get rich in real estate.
Consider the following scenario:
You just earned one of your largest commission checks ever. As you’re preparing to deposit it, you have a chance to think about what you’re going to do with the money.
Do you plan to set it aside in savings and forget about it, or are you already thinking about how to spend it?
Recent Real Estate Rockstars podcast guest Rock Thomas explained that how you answer questions like these can clue you in on which money personality type is dominant for you.
To hear what else Rock had to say about the 4 money personalities and his strategies for building wealth, listen to the podcast below.
Which of the 4 Money Personalities Are You?
Most people are a mix of the 4 money personalities, but one type typically comes through enough to make finding a person’s dominant type fairly straightforward.
Here is a brief rundown on the 4 money personality types:
The Saver – This money personality struggles to spend money because they’re approaching each spending scenario from a scarcity mindset; they’re worried something will go wrong and feel the need to be prepared financially.
If you think about things in this manner, there’s a good chance you didn’t have enough money or stability growing up.
The Avoider – These are the people who never open their bills and buy big-ticket items without knowing how much money they really have.
Since they would rather not face financial issues head on, avoiders often let financial problems snowball until they get completely out of control.
The Spender – Many spenders have unmet emotional needs and spend as a way of filling emotional gaps. Some spenders, especially those in real estate, struggle with a serious case of keeping up with the Joneses.
Since spenders constantly feel the urge to spend, they have a very hard time building lasting wealth.
The Money Monk – This money personality is something of an enigma. Like savers, money monks have a hard time spending money. In fact, they don’t really like dealing with money at all.
Money monks tend to hold deep-rooted negative beliefs about money. For many money monks, earning too much money is just as bad as spending too much money.
Get Rich in Real Estate with the Right Financial Habits
Once you’ve identified your dominant money personality, you should reflect on some of the behaviors that may be holding you back.
If you’re a spender, burning through money at a slower rate is advisable.
If you’re a saver, on the other hand, opting to spend a little more in certain areas, like marketing to sellers, may actually lead to higher profits.
By building the right financial habits and controlling the wrong ones, you can get rich in real estate faster than you think.
Pick up Rock Thomas’ latest book, Your Epic Life Blueprint, for strategies on developing the habits you need to succeed and build lasting wealth.
If you want to learn more about the 4 money personalities and how Rock managed to get rich in real estate, be sure to listen to the complete podcast interview with Rock Thomas.
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