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What is your financial personality, and how does it mesh with your spouse or partner? According to author Marjorie Kondrack, there are four common money personalities, some of which can counteract one another and result in ongoing financial conflicts.READ THE ARTICLE
📌 Avoiders: Put off discussing money and have little interest in financial management or investments. They're content as long as they can cover their bills.
📌 Spendthrifts: Spend impulsively, often for show, and can be generous with others. They seek recognition and enjoy spending money.
📌 Tightwads: Extremely frugal and meticulously track every expense. They may find it painful to part with money, and their primary goal is saving.
📌 Accumulators: Careful with spending, save diligently and prioritize financial security. They plan for the future and invest for specific goals.
Meet in the middle: If you and your loved one are in mismatched money personality categories, finding ways to bridge the gap is crucial to establishing overall financial wellness. This might include seeking guidance from a financial professional, creating financial goals together and most importantly, maintaining open communication about financial matters.
You don’t need to be 100 percent financially compatible with your spouse, but you do need to recognize your differences and prioritize aligning on a financial strategy – together.