Want To Retire Wealthy? Start With Your ‘Money Personality’

By Jill Cowan
The Dallas Morning News

WWR Article Summary (tl;dr) One study found that your fundamental attitudes about money can be a predictor of your ability to accumulate wealth. This understanding of your “Money Personality” can go a long way in developing new habits which may help you create a life of financial safety and security.

DALLAS

For those seeking ways to build wealth (or just get rich quick), there’s no shortage of advice out there.

Personal finance sites abound, and self-styled radio talk show experts dispense wisdom with varying degrees of accuracy.

But one study found that your fundamental attitudes about money can be a predictor of your ability to accumulate wealth.

The study, published in the Journal of Financial Planning, looked at the correlation between certain behaviors and four “money scripts”, or, put another way, four money personalities.

And, spoiler alert: Only one of the four money scripts is particularly conducive to getting wealthy.

But Tom Murphy, a certified financial planner and CEO of Murphy and Sylvest, said the good news is, like anything, once you recognize that you look at money a certain way, you can take steps to change.

“Recognizing why you are doing what you’re doing is strongly correlated with changing it,” he said. “Lots of times, once people understand their money personality, how they deal with money, they can actually go in and change their behavior.”

Murphy said that money beliefs shaped by childhood trauma are, of course, much harder to overcome.

Nevertheless, parents who are conscious about the way they talk about money to their children, even in tough times, can help teach fundamental lessons about saving.

“Here’s how you teach the right lesson: When the child wants something, you tell them that’s fine, but they have to use their own money, and in two weeks, when it’s broken … then they don’t have it anymore,” Murphy said. “Give the child the opportunity to make a bad decision.”

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