Have you ever really thought about why you are the way you are with money? For most of us, it’s the result of how we’re wired, how we were raised, and the financial events and struggles we experienced along the way. Sometimes, how we think about money can be positive, and we can feel empowered with our finances… But other times the way we’re ingrained to think about money could be negatively impacting our mental and financial health in ways we’re not aware of. In other words, our MoneyType could be impacting all of our financial decisions!
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Everyone has a “money personality,” or a MoneyType, whether they know it or not…and once we understand where our good and bad habits come from, we can take ownership of them and make a conscious effort to change them. (When we do so, financial success becomes all the more likely!) Dr. Jennifer Leigh Selig, psychologist and researcher who created the MoneyType quiz, says that “understanding our typology in comparison to someone else’s can actually make a big difference in our relationships.” Selig says that’s because “when we understand our type, we feel connected to ourselves. When we understand someone else’s type, we feel more connected to them, and we feel more connected to the human race in general. So when we have a word or a pattern that we fit into.”
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When Selig set out to create the five MoneyTypes (The Nurturer, The Connoisseur, The Visionary, The Producer, and The Independent) she did a deep dive into all the literature that she could read about women and money. Then she looked at other archetypal systems and tested her questions to understand whether her theories about patterns, fears, and insecurities about money (among other things!) were valid.
Selig emphasizes that the MoneyType quiz is for anyone, female-identifying or not. She encourages couples to take the MoneyType quiz together ahead of Valentine’s Day, and discuss their results with each other. “Make sure you’re in a good place the day you sit down and look at the results,” Selig says. Not only should we be studying the big picture, we should also be assessing where we may have small (but important!) similarities or differences. She encourages couples to have open conversations about how their MoneyTypes interact, and to do it all with loving intention.
Dr. Jennifer Leigh Selig also shares her best advice for Valentine’s Day gifts based on your partner’s MoneyType. (For example, don’t spend money from the joint account when you’re buying a gift for the Producer in your life!)
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All advisory services offered through Financial Engines Advisors L.L.C. (FEA), a federally registered investment advisor. Results are not guaranteed. AM1969416
