Discover your money profile

When it comes to money matters, are you Donald Trump, Margaret Thatcher, Mother Teresa or Elvis? Understanding how you spend your money and its role and importance in achieving your dreams can help you work out your financial strengths and possible blind-spots.

To get the most out of the quiz, be honest and don’t try to give what you think is the “right” or “smartest” answer. To make sure you get a valid profile, answer all of the questions and have fun!

1. The best gifts you’ve bought for others can be summed up as being:
A. Impulsive

B. Expensive

C. Practical

D. Personal

 

2. When it comes to investing, which fits you best? I would invest in…

A. A spontaneous way

B. My way

C. An accepted way

D. An ethical way

 

3. Do people tell you to…?

A. Spend less

B. I’m usually telling them what to do

C. Spend more

D. I don’t really discuss money with others

 

4. When it comes to paying your bills, you:

A. Improvise, sometimes even on the last day

B. Have people taking care of all that detail stuff

C. Pay them like everyone else

D. Do it because you feel it is the right thing to do

 

5. My motto is:

A. You only live once

B. Money is power

C. If it ain’t broke, don’t fix it

D. Money can’t buy you happiness

 

6. Apart from the necessities of life, what do you spend most of your cash on?

A. Having fun

B. Looking good

C. Saving for specific things

D. Family and friends

 

7. Which statement best describes your financial thinking?

A. The glass is half full

B. Why use a glass?

C. The glass is half empty

D. Is it recycled glass?

 

Answers

If your answers are mostly A’s then you are a Hedonist, mostly B’s a Commander, mostly C’s a Realist, and mostly D’s means you’re a Peacemaker. If your answers are half one type and half another, read the profiles below and choose the one that best suits how you feel about, and behave with, money.

 

A. Hedonist (Elvis, Britney Spears, Robbie Williams, Ozzie Osbourne)

Hedonists are true free spirits. They love spontaneity. Your mottos are “if you’ve got it spend it” and “act now pay later”. You may appear to spend with little thought for the future. But actually, your optimism and self-confidence means that you truly believe in these mottos! Your fun-loving, adaptable nature makes you great to be around. However, some people may see you as a ‘high roller’ and financial risk-taker.

What to watch out for

Hedonists hate negativity, and can make rash decisions. You see concern from your bank manager as a need to change banks rather than balance your cheque book.

You need to recognise that, while financial planning or saving money may be unpleasant to you (up there with taking out the rubbish and cleaning the toilet), it needs to be done - and regularly. Or at least consider getting someone else to do it for you!   Hedonists can be very stressful for their mates – especially those who desire more financial stability.

B. Commander (Donald Trump)

Commanders are often high achievers. They are ‘the Joneses’ that everyone else tries to keep up with. You see having money (or at least looking like you have money) as a way of getting status, power and even more money. And you may very well be a genius at it - your financial bravado gives you the edge in the financial world. But behind the scenes this image of prosperity does not always reflect reality. You may have sleepless nights worrying about your mounting debt and how to pay the bills.

What to watch out for

Some Commanders need to learn not to measure their life and success purely by money. Spend some time with a Peacemaker – you’ll get another perspective on life!

C. Realist (Margaret Thatcher)

Realists are the classic accountant or bank manager type. If you’re a Realist, you tend to have money and keep it. You are probably meticulously detailed with your money management and, of all the four types, you are the least likely to take risks with money. You prefer to have certainty and control. Realists are the natural guardians of money, so often become experts at handling it. Unlike many other types, you actually enjoy it!

What to watch out for

Realists can be too cautious and miss possibilities when it comes to money matters. Remember, with a world full of Realists, no-one would have tasted the first oyster. And many of New Zealand’s successful entrepreneurs wouldn’t have taken the risks that made their dreams a reality.  Realists can attract Hedonists who feel they need reeling in. This can initially make you feel valued and needed, but can also lead to heartache in the long run.

 

D. Peacemaker (Gandhi, Mother Teresa)

Of all the types, the Peacemaker has the least interest in money. You tend to value other things such as people, peace, family and harmony. While you like nice things, they don’t have to be expensive. It’s not that Peacemakers are bad with money, it’s just that you find money matters in any shape or form boring and uninspiring.

Peacemakers can be very good mates to Commanders, who sometimes get so caught up with money that they forget what is truly important and who they really are.

What to watch out for

Peacemakers need to be careful not to become so focused on their ‘causes’ that they neglect their financial future. You are the most likely of all types to feel guilty if you are earning more money than your peers, even if you have put in more time and study, and put up with more hardship.   You also need to be reminded not to underestimate yourself. Peacemakers can actually be very sharp and competent with money.