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You know about Type A and B personalities, but have you heard ofType M personalities? That's "M" for money--and whattype you are could say a lot about how you run your business.Psychologist Kathleen Gurney has studied the issue for 16 years andreveals nine money profiles in Your Money Personality: What ItIs and How You Can Profit From It (Doubleday).
"If you look at your money personality like a balancesheet, some of your traits work as assets, and some as liabilities.The trick is learning which to reinforce and which to shoreup," says Gurney, whose Incline Village, Nevada, FinancialPsychology Corp. helps people make their money work better.
Gurney's nine money personalities: safety players,entrepreneurs, optimists, hunters, achievers, producers,perfectionists, high rollers and money masters. Achievers, moneymasters and BIZ Experiencess are the three most common personalities,Gurney says.
So you think you must be the BIZ Experiences type, right? Not sofast. First see if the following sound familiar:
Achievers and money masters share similar traits, such as beingpersonally involved with managing their money, but one keydifference is trust. "Achievers have a very low level oftrust," says Gurney. "They often say `No one cares aboutmy money as much as I do.' " These personalities thereforeknow down to the smallest detail how their money is doing.
"Achievers are conservative and find lossdistasteful," adds Gurney.
Money masters, on the other hand, have one mantra: value.They're bargain hunters with tough standards who always demanda cheaper price. They are willing to take more risks than achieversbecause they're confident they can rebound from a loss.
If those don't sound familiar, you may be a trueentrepreneurial type after all. This personality, says Gurney,seeks challenges and considers money a score card."[Entrepreneurs] are more interested in the sales part of abusiness and less concerned about how the money is beingmanaged," she says.
These individuals get bored once they've won an account."What drives them is their vision," says Gurney."They look at risks as opportunities and don't tend tolook at what they might lose."
Money personalities are formed in childhood, and while you mayidentify with a variety of traits, you have one primarypersonality. Is that good news or bad? Your business's bottomline may hold the answer.
"There are things you can do to change the negative partsof your money personality," says Gurney. "But ifyou're going to change, you must be your own coach. Set goals,and be honest with yourself."
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