www.ecmc.org/fab recognizing money personality in your students: casfaa ‘08
TRANSCRIPT
www.ecmc.org/fab
Recognizing Money Personality in Your Students: CASFAA ‘08
www.ecmc.org/fab
“Define what ‘the rich life’ means to you and use money to build that life”
-Laura RowleySelf magazine
www.ecmc.org/fab
Agenda
• Spending Habits• Money Personalities• Needs versus wants• Money and emotions• Find your money personality• Making your personality work for you
www.ecmc.org/fab
Spending Habits
• Established at an early age• Often unconscious• May be biggest “leaks” in your budget• Easy to justify
www.ecmc.org/fab
Money Personalities
• Many different types• How do you feel about money?• How do you feel about shopping?• Do you love to spend money?
• People tend to form relationships with money opposites
• Every personality has advantages and disadvantages
www.ecmc.org/fab
Needs Versus Wants
• Can be difficult to tell the difference• Needs
• Food, Shelter, Relationships, Clothing• Wants
• Everything else!• Consider carefully before purchasing
www.ecmc.org/fab
Money and Emotions
• Money and emotions are hard to keep apart• Watch for emotional spending• Know your spending triggers• Find alternative ways to release emotions
www.ecmc.org/fab
Broke Students Get Emotional
• “It sounds like your relationship and past experiences with Hoo Hah are troubling for you. Here’s what we can do today”
• Active listening• Open or closed questions• Venting
www.ecmc.org/fab
Find Your Money Personality
• Spending diary• 4 weeks is best• Note any “buyer’s remorse” purchases
• Analyze spending habits
www.ecmc.org/fab
Find Your Money Personality
• Read each statement• Agree• Disagree• Undecided
www.ecmc.org/fab
Find Your Money Personality
• The Accountant (Orange)• Money means security
• The Social Worker (Red)• Money means affection
• The CEO (Green)• Money means success
• The Retail Therapist (Blue)• Money means self-fulfillment
www.ecmc.org/fab
Making It Work For You
• The Accountant • Embrace spontaneity, indulge (a little)
• The Social Worker• Even the Dalai Lama gets paid
• The CEO• Reduce materialism before turning to
white collar crime!• The Retail Therapist
• How do you want to feel about your spending?
www.ecmc.org/fab
Resources
• Columnists:• Laura Rowley, Karen Savage, Suze
Orman, Michelle Singletary• Authors
• Stanley/Danko, Ken Kurson, Virginia Morris, Olivia Mellon
• On the Web• www.bankrate.com• www.money.cnn.com
www.ecmc.org/fab
Thank You
Questions?