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Recognizing Money Personality in Your Students: CASFAA ‘08. “Define what ‘the rich life’ means to you and use money to build that life” -Laura Rowley Self magazine. Agenda. Spending Habits Money Personalities Needs versus wants Money and emotions Find your money personality

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Presentation Transcript
slide2
“Define what ‘the rich life’ means to you and use money to build that life”

-Laura Rowley

Self magazine

agenda
Agenda

Spending Habits

Money Personalities

Needs versus wants

Money and emotions

Find your money personality

Making your personality work for you

spending habits
Spending Habits
  • Established at an early age
  • Often unconscious
  • May be biggest “leaks” in your budget
  • Easy to justify
money personalities
Money Personalities

Many different types

How do you feel about money?

How do you feel about shopping?

Do you love to spend money?

People tend to form relationships with money opposites

Every personality has advantages and disadvantages

needs versus wants
Needs Versus Wants
  • Can be difficult to tell the difference
  • Needs
    • Food, Shelter, Relationships, Clothing
  • Wants
    • Everything else!
  • Consider carefully before purchasing
money and emotions
Money and Emotions
  • Money and emotions are hard to keep apart
  • Watch for emotional spending
  • Know your spending triggers
  • Find alternative ways to release emotions
broke students get emotional
Broke Students Get Emotional
  • “It sounds like your relationship and past experiences with Hoo Hah are troubling for you. Here’s what we can do today”
  • Active listening
  • Open or closed questions
  • Venting
find your money personality
Find Your Money Personality
  • Spending diary
    • 4 weeks is best
    • Note any “buyer’s remorse” purchases
  • Analyze spending habits
find your money personality1
Find Your Money Personality
  • Read each statement
    • Agree
    • Disagree
    • Undecided
find your money personality2
Find Your Money Personality
  • The Accountant (Orange)
    • Money means security
  • The Social Worker (Red)
    • Money means affection
  • The CEO (Green)
    • Money means success
  • The Retail Therapist (Blue)
    • Money means self-fulfillment
making it work for you
Making It Work For You
  • The Accountant
    • Embrace spontaneity, indulge (a little)
  • The Social Worker
    • Even the Dalai Lama gets paid
  • The CEO
    • Reduce materialism before turning to white collar crime!
  • The Retail Therapist
    • How do you want to feel about your spending?
resources
Resources
  • Columnists:
    • Laura Rowley, Karen Savage, Suze Orman, Michelle Singletary
  • Authors
    • Stanley/Danko, Ken Kurson, Virginia Morris, Olivia Mellon
  • On the Web
    • www.bankrate.com
    • www.money.cnn.com
thank you
Thank You

Questions?