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Recognizing Money Personality in Your Students: CASFAA ‘08

Recognizing Money Personality in Your Students: CASFAA ‘08. “Define what ‘the rich life’ means to you and use money to build that life” -Laura Rowley Self magazine. Agenda. Spending Habits Money Personalities Needs versus wants Money and emotions Find your money personality

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Recognizing Money Personality in Your Students: CASFAA ‘08

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  1. Recognizing Money Personality in Your Students: CASFAA ‘08

  2. “Define what ‘the rich life’ means to you and use money to build that life” -Laura Rowley Self magazine

  3. Agenda Spending Habits Money Personalities Needs versus wants Money and emotions Find your money personality Making your personality work for you

  4. Spending Habits • Established at an early age • Often unconscious • May be biggest “leaks” in your budget • Easy to justify

  5. 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

  6. Needs Versus Wants • Can be difficult to tell the difference • Needs • Food, Shelter, Relationships, Clothing • Wants • Everything else! • Consider carefully before purchasing

  7. 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

  8. 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

  9. Find Your Money Personality • Spending diary • 4 weeks is best • Note any “buyer’s remorse” purchases • Analyze spending habits

  10. Find Your Money Personality • Read each statement • Agree • Disagree • Undecided

  11. 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

  12. 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?

  13. 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

  14. Thank You Questions?

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