According to Dr. Kathleen Gurney, there are nine distinct money types that can affect the style and type of investment strategies that people use. Changeable throughout the lifetime, being aware of your own money style and that of those you do business with, can be valuable information. Knowing your audience makes it easier to communicate and to create win-win scenarios in business deals.
Achievers
Many young, married professionals fall into this category, with a college degree in hand they believe hard work and effort will pay off in the long run. As a group they have a tendency to distrust the honesty of others and to have a strong need to control their own money.
Entrepreneurs
Though they aren’t motivated by money alone, they find it a valuable measure of success. Rewarding their workaholic tendencies with the best of what life has to offer from homes to wines, the favored investment vehicle for this group is the stock market.
High Rollers
Money is an emotional release for this group of creative, competitive, extroverts. The instant power and recognition that money brings fuels their ‘work hard, play harder’ philosophies. Discontent with the malaise of financial security, they prefer to risk assets than play safe.
Hunters
Despite their higher education and average to above-average incomes, this type makes decisions based on feelings rather than logic. Suffering from a lack of confidence in their own ability and judgment, any success is often attributed to luck rather than effort and skill.
Money Masters
This group doesn’t earn the most money, but they accumulate the most wealth. Enjoying both the process of investing and the profits it produces, they rely on trusted recommendations to make sound investments.
Perfectionists
Avoiding making decisions because of a fear of making mistakes, this group struggles to invest or save. Opportunities pass them by as they explore all the angles to find fault in most investment decisions. The intentions are there, but are seldom realized in their lack of self confidence.
Producers
A hard working group that feels stuck in a struggle to get ahead. Their desire for money is not met with the seeking of knowledge. Failing to understand how the money system works, or taking the time to learn, leave them with an understandable lack of confidence in making financial decisions.
Optimists
In the later stages of life, the money they have saved provides the security they’ve aspired to. The impulsive decisions they make with money tend to be low risk. While their present is solid, they may encounter trouble if they limit their involvement in investments and taxes.
Safety Players
As the name implies, safe and secure describes the investments made by this group of average earners. They’re perfectly happy with their slow and steady investment pace, and willingly miss opportunities for calculated risk-taking. Satisfied with their progress, they are generally resistant to making any changes to their investment strategies.
