What is Your Money Personality?


In our previous series on behavioral finance, we went over some of the most common biases we see when individuals invest their money. There are also other tendencies that we experience when handling our money which are largely driven by our “money personalities.” It may seem odd thinking we have a personality specific to money, but we do!  Identifying our money tendencies can be very insightful into the way we feel and act with our money. In this series, we are going to identify 5 different money personalities created by Olivia Mellon and Sherry Christie, and you can take their quiz here to identify which personality best aligns with you.



Being an amasser means you are someone who likes the feeling of having a large amount of money to do what you want with. When you aren’t spending, saving or investing, you may feel a sense of emptiness. Having money at your disposal can give you a sense of power and self-worth, which can make it difficult to give someone else the responsibility of handling your finances.



A money avoider is someone who often has a hard time meeting important deadlines for financially related events such as paying your bills or getting your tax returns done. Avoiders may also avoid making budgets, keeping close records of their finances, or even investing. These tendencies often stem from feeling very overwhelmed about money or feeling incompetent to handle money on their own.



Being a hoarder means you are someone who goes by the mantra of “save, save, save!” You like saving money, budgeting, and reviewing your finances to see where you’re at in achieving your financial goals. Spending money on gifts or entertainment may be difficult for you because you deem it unnecessary. Ever heard of people that hide their money under their mattress? That’s a case of an extreme hoarder, who feels the need to keep their money so close to them that they don’t invest.


Money Monk

A money monk thinks that money is bad and too much of it can corrupt you. Money monks are modest people that tend to avoid trying to amass wealth because “money is the root of all evil.” If money monks do invest, it is usually in socially responsible investments that align with their values.



Spenders are those who find pleasure in buying goods and services. This can lead to not following a budget because of their urge to spend. Spenders may also have the tendency to be too generous in buying things for others. These habits can lead to having difficulty in saving for the future and prioritizing what’s important.


Whether it’s a benefit or a shortcoming, being more self-aware of your habits when it comes to money can help you make change. It’s important to keep in mind that you’re not always categorized into just one money personality! Many people are a combination of categories, and it’s possible that your money habits change over time.


This information is not intended to be a substitute for specific individualized advice, and we suggest you discuss your specific situation with a qualified financial advisor.  Aspen Wealth Management is not affiliated with Olivia Mellan, Sherry Christie nor Olivia Mellan & Associates and this blog is not an endorsement.

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