How Your Money Personality Can Keep You Broke
Your money personality determines whether you become rich or stay broke.
Most people make enough money to be financially secure but can’t manage it effectively.
For example, nearly 70% of people who receive large financial windfalls, such as inheritances or lottery winnings, end up bankrupt within a few years.
They spend on things they don’t even need or something happens that takes all the money away.
Even though a lack of financial knowledge can contribute to the inability in managing money and building wealth, what many people fail to realize is that their money personality is also a key factor at play
Your money personality embodies your beliefs and behaviors when it comes to money.
Your money personality are your beliefs and habits that influence how you think about, manage, and interact with money.
If you don’t have a healthy money personality, you will stay broke, even if you make tons of money.
Here are five money personality most people fall into.
The Compulsive Spender
If you have a compulsive spending personality, spending money becomes a hobby, an addiction.
You have an irresistible urge to just spend money, often on things that are unnecessary and frivolous.
You’ll tend to live above your income and constantly splurge on latest accessories and gadgets just to keep up with the Joneses, even if that will put you in financial mess.
But the thrill of buying new things can fade quickly, leaving you longing for the next purchase to experience that temporary high again.
Spending money to enjoy yourself or satisfy your desires is great but over time, it can trap you in a cycle of debt and leave you poorer if it becomes uncontrollable.
It will drain your bank account, leave you poorer, and hinder your financial success.
Research shows take you’re also likely to suffer severe mental health and lower uality of life.