Michael Tristan Tolston is a research psychologist living in Dayton, Ohio. He likes writing, programming, reading and is interested in running and cycling.
According to Michael Tristan Tolston, a research specialist, it is essential to be financially literate as it gives people the knowledge and skills needed to evaluate and manage money effectively. However, most people tend not to have a solid foundation to help them make financial decisions. They are often stressed about their financial literacy and find ways of managing their financial resources. Although many of them don’t work for people while blaming the techniques themselves. But Michael Tristan Tolston, a psychological research individual, discussed seven different types of money personalities. Most people fall into a combination of several types; therefore, knowing where you fall would help you make better financial decisions and have financial freedom.
- The Worriers: These people are always worried regardless of how much money they make, and they tend to lack confidence in their abilities and are constantly obsessed with what would happen to them. Thus worries and anxiety always eat away their happiness, leaving them with a miserable life.
- The Saver Splurgers: They share their traits with spenders and savers. They start by accumulating the amount of money they spend impulsively. Their behavior is often emotionally excessive and exhaustingly stressful since they are constantly sewing from compulsive saving to splurging.
- The Gambler: These people share common traits with spenders and money makers, and they are thrilled by rewards and risks that most times gamble their money to escape boredom. The risk faced by such people is when gambling gets out of their hands, they start to borrow and gamble to make up for losses.
- The Compulsive Spenders: These people spend their money on things that don’t come in this category. They have outgoing personalities and like to treat others with nice things. Whenever they are in emotional disgrace, they feel like spending would make them feel better.
- The Compulsive Saver: They sometimes put away money without goals in mind. They believe that saving is the safest way of keeping money. They are afraid of losing money; hence they can go for a while without spending a single penny.
- The Compulsive Money Makers: They feel that earning a lot of money is the secret to happiness. They spend most of their time trying to make loads of money. The one who’ll achieve financial freedom earlier enters into a dangerous territory where they’re prone to neglect their lifestyle, relationship, or suffer mentally or emotionally.
- The Indifference To Money: These people rarely think of money. They believe that a modest amount of money to be happy is regarded as a healthy mindset. They feel money doesn’t influence an essential decision in their lives.
ConclusionAccording to Michael Tristan Tolston, you can quickly identify the personality you fall into and the pitfalls that can help you feel better and improve your relationship with money. Understanding and planning accordingly would help you spend less on impulses in the long run. You have to be smart with your budgeting, investments to have enough money in your retirement.