Whenever I teach a seminar on money, invariably I ask the audience, “What is the point of having money?” Answers start flying and I throw them on a whiteboard. “Retirement, vacations, money for my kid’s college, pay my mortgage, to have fun, to not be stressed about money, charitable giving, to pay the bills, new car….”
The list goes on. From the specific to the general, there are as many answers as there are people. How would you personally answer the question– what is the point of having money?
Said another way: Why is money important to you?
Most responses boil down to one of two answers:
- Money is important so I can do what I want to do
or
- Money is important so I can feel secure.
If you could only pick one answer, which would it be? Your choice reflects your “core money drive”, or your core motivation when it comes to money. And this is part of what makes up your money personality.
It all comes down to this: for most of us, the point of money is either weighted towards freedom or security. Yes, we all want both. Of course. But one of these draws you more. So–if you picked number one, you are a “Liberty” money personality—and that means your core money motivation is FREEDOM. If you picked number two, you are a “Safe Harbor” money personality, and your core money motivation is SECURITY.
EXPLORING FREEDOM
If what motivates you is freedom, you want money so you can feel… free! Liberty personalities crave to feel independent, and you would likely trade many things in life for the ability to feel free and be free.
The downside can be that Liberty people often don’t like managing money, and sometimes can get in trouble with debt. (Sometimes their answer is “I’ll make so much money that it will all be fine. Done.”)
Liberty people are generally generous people, who love enjoying life. And they tend to gravitate towards self-employment or contract work so they can set their own schedules.
EXPLORING SECURITY
If what motivates you is security, you want money so you can feel… secure! Safe Harbor personality types think of money as the means to feel protected and safe. A stable home is often important to you. Your friends likely see you as a grounded person. It’s also likely that you enjoy managing your money, since it gives you peace of mind to see it.
Safe Harbor people, however, do not relish a lot of risk taking. It’s highly possible that you enjoy jobs that have a steady schedule and a steady paycheck.
Needless to say, there is no right or wrong way to be. The key is understanding yourself and knowing why you do what you do with money. As Socrates said, “know they self”.
When we become clear about who we are, what truly motivates us, and how that translates to our money life, many things become easier. There are a lot of good things associated with both Liberty and Safe Harbor personality types. And each of these can have a shadow side as well. Knowing your shadow-side– your blind spot– can help you steer clear of it. You’ll be able to spot and avoid problem areas that are unique to you, as well as use your own distinctive strengths for greater prosperity and less money stress.
Did you know there are actually four money personalities, not two? And you are a combination of these four. If you are curious, take the quiz and download the free eBook, Discover Your Money Personality. In it, money coach and financial therapist Mikelann Valterra talks about 4 different money personalities and how to identify your own. See www.mikelannvalterra.com
