Do You Know Your Money Personality?

Most people are
aware of zodiac signs. It is commonly believed that each sign has specific
characteristics that guide a person’s emotions and relationships. In a very
similar way, there are five very distinct money personality types. These are
(i) the big spenders, (ii) the savers, (iii) the shoppers, (iv) the debtors,
and (v) the investors.

It is important
to understand which of the money personality categories you fall into, in order
to benefit from the advice tailored to that specific type.

1. The Big Spender Money Personality

Characteristics – In order to
fall into this category one must ask themselves, “Do you love high-end
commodities and gadgets?” The “big spender” money personalities tend to be
highly fashion conscience people whom
are obsessed with having the best of anything available. Big spenders are very comfortable
with spending and rarely look at bargains when shopping. Those who fall into
this type must have the latest cars, attend and throw the best parties, must
have the smartest cell phones, take the greatest vacations, insist on the
largest plasma television sets and the like. Big spenders are comfortable with
high risks when investing and huge debts when spending. If this describes your
spending habits then there are steps to take to reel in the spending and save
your financial future.

Advice – You can do
very little about your urge to spend. The trick here is to concentrate whenever
you make a purchase on long-term value. Examine the value compared to the money spent in the long term. Buy only items
that will still be of value say, one or two years from the time of purchase. That
continued value justifies the big spending.

When it comes to
investing, learn to appreciate the thrill in smart investing as opposed to high
risk investing. Use the need to challenge yourself to find the most rewarding
of all investments and avoid the quick-gain propositions. The trick here is to
find something that is as thrilling as high-risk investments, while eliminating
the risk component. If and/ or when you are unsure of the best investment
options, seek professional advice.

2. The Saver Personality Money Personality

Characteristics – This money
personality type is the exact opposite of the “big spender.” Savers are
obsessed with saving at every opportunity. On the positive side, savers tend to
be debtless or carry the least debt and usually
only must-have debts. On the negative side, savers are often regarded as “cheapskates,”
who never want to put their hands in their own pocket when it comes to paying a
bill. People who belong to this money personality invest very conservatively
and run from risk as far and as fast as possible.

Advice – Recognize that
only saving is not going to make your life any fun. It is important to have fun
occasionally. Minimal entertainment spending does not mean that money or
resources are wasted. . Having fun and living life is as important as building
financial security. As the adage goes “everything in moderation,” with an emphasis
on “moderation.” Turn your attention to high-return, lowest-risk investments.

3. The Shoppers Money Personality

Characteristics – As the name
suggests, this group loves shopping. Shoppers are compulsive when buying, with
no regard to actual needs versus wants. What thrills and drives them is shopping.
Many times what is “bought” is not nearly as addicting as the act of shopping
itself. This drive can be for entertainment or due to compulsion. Often a “shopper”
shops for relaxation. This type is usually not very savvy on investing and/ or
saving. Although some may be partial to regular and safe plans such as a 401(k),
most postpone investments as much as possible.

Advice –
Pay attention when shopping with credit cards. Credit cards can bury you in uncontrollable
debt. Use debit cards and only ONE of your credit cards; when possible stay
away from credit cards. Credit cards can ruin financial stability and can have
a crippling effect on ones future dreams. Pay attention to savings and
investment in plans that have low risk. Try identifying bargain investment
plans. It will give you both thrill and security.

[…continues in the next Newsletter]

Superbug Is Here – Are We Ready For The Panic Button?

There has been an influx of horrible new
diseases circulating around the world lately. The new ailments, surprisingly,
crossed from animals to humans through unusual mutations that allowed
cross-species infection. These are the mad-cow disease, the Ebola virus, bird
flu and one of the latest additions to the list, the swine flu. Some diseases
are just unexplained mutations of genes such as HIV, which progresses to AIDS
after turning against your own immune system.

Scientists and alternative medicine
practitioners continue to work overtime to find vaccines and prophylactics for
each of these “new” strains of bacteria/ viruses. In some cases, they are lucky
and human kind is able to fight back against these ailments effectively. While
this is good news, the concern remains that such diseases are still appearing
with alarming regularity. The questions now are, “what next?” and “how are we
going to fight this trend?”

Just recently, there was an announcement of
the emergence of a new medical threat and challenge, i.e. the superbug.
According to the News.Xinhuanet.com (http://news.xinhuanet.com/english2010/health/2010-08/18/c_13451178.htm),
…doctors reported
finding a new gene, called NDM-1. “The gene alters bacteria, making them
resistant to nearly all known antibiotics, including the most powerful class
called carbapenems.”

According to a report, which was released by The Lancet
Infectious Diseases Journal, “There are already 37 cases reported in Britain
and more than 100 such cases in India, Bangladesh and Pakistan.” The theory is
that with medical tourism becoming more commonplace in the Western world, the
bug is going to travel around the world fast. There has been an emergence of
cases in the USA, Australia, Sweden, Canada and the Netherlands.

Unfortunately, as of today there is little the medical
community can do to curtail the spread of this new superbug. No known medicine
can fight or suppress the superbug. What do we do? Should you press the panic
button or should we pay closer attention to the steady destruction of our
environment and do something concrete to stop and reverse it? The reality is
that nature is giving us the warning signs. Are we too caught up in ourselves
to worry about the degradation of our civilization?

Can Money Buy Happiness?

This is a wonderful question; one that most
cynics would answer with an emphatic “NO.” I, however, believe money can buy
happiness. Although it is an acquired art; just as the ability to achieve
enlightenment through meditation. While it is possible, there are certain
ground rules to follow, and of course it takes a lot of practice.

Here is a brief overview on how money can
indeed buy happiness:

1.
Security for tomorrow

Save and invest as much as you can. As you
establish security for tomorrow, you will find that you are more patient, kind
and confident. You may also find that life’s trivial hurdles do not bother as
much as before; you can laugh at yourself, at your mistakes and respectively at
others.

2.
More Time With Family and Loved Ones

When you have enough money, meaning little
to no worries concerning living and livelihood, you will be able to build
better emotional connections with your loved ones. Not being driven by financial
stresses into a frenzy at work, will enable you to give and receive (and both
are as equally important) more love. You will feel connected, loved, cherished
and wanted by your dear ones.

3.
Free to do what you want

Ask yourself this question, “If I did not
have to work for a living, what would I have done with my time?” The answer or
answers are what actually make you happy.
With money in your pocket, you will be able to pursue new passions or
indulge in old ones. It is important to find activities that provide a sense of
therapeutic relaxation. That is real freedom and this feeling is superb.

4.
Ability to help others

Being able to help others either in your
personal life or through charitable donations is one power derived from money that
can provide euphoria of satisfaction and happiness. It is so amazing to having contributed
to the world by helping with the troubles of a fellow human being.

5.
Access to knowledge

Knowledge will set you free in the end. Buddha
learned this truth. The greatest truth, the sublime goal, the ultimate
knowledge kills your ego and is therefore the foundation by which one is
completely liberated.

There is tremendous power in money. Used
with wisdom, money becomes a super tool in the quest to find happiness. Now ask
yourself “How can I utilize money to pursue the dreams that will bring me true
happiness?”