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How Do You Feel About Money?

Recently I was reading a review for Susan McCarthy’s new book, The Value of Money.

Susan discusses a number of things in her book, one of which was very interesting. She mentions that she encountered seven basic types of relationships people have with money.

Here are the seven different types with short descriptions:

  1. Money is King. This type judges themselves and others by how much money they have.
  2. Little Lambs. This person, McCarthy writes, has a childlike relationship with money and favors the “I’ll think about it tomorrow” approach to finances.
  3. “I’ll Pick Up the Bill If You Just …” This type uses money as a weapon to manipulate others. As an example, McCarthy cites a client who structured a trust that included some family members and explicitly left out others.
  4. Wolf Never Leaves My Door. No matter how much money this person has, they always feel poor. Fear dominates this person’s attitude toward money — fear of running out of money, fear of losing it and fear of someone else taking it, McCarthy writes.
  5. The Money Martyr. For a person bent on being a victim, money can easily provide the means for self-sabotage, McCarthy says. This relationship, she warns, is an easy one to unknowingly pass on to children.
  6. All is Well. These people appreciate money for what it is: a simple tool. Wealthy or not, they feel calm and confident about their finances.
  7. Spread the Joy. People with this attitude use their money generously and compassionately, McCarthy says, adding that they are never controlled by it.

When I was looking at the seven different descriptions I was trying to see which one I fit in. I had trouble with just one. I think I am 75% “All is Well” and 25% “Spread the Joy.” The funny thing is I believe that I have always been that way regardless of how much I made–which is very interesting. Not sure I have ever been “Wolf Never Leaves My Door”, but maybe I was in college or early in my career.

  • I know this is dangerous but for those that know me, what category do you think I am?
  • What category are you?
  • What about some of your friends?

I look forward to hearing your comments.

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