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The 5 Money Personalities by Scott and Bethany Palmer Summary

October 21, 2019


There are plenty of videos, blogs and articles
to help us put together a well-balanced budget, pay off debt and learn how to invest our money
more wisely. I’ve done quite a few videos on those topics
myself, but often times especially when it comes to relationships there’s more to what’s
going on than just what’s happening with the money and that’s what today’s book is all
about. Today, I’m going to be talking about the five
money personalities by the money couple, Scott and Bethany Palmer. I’m going to be talking about what each of
the 5 money personalities are as well as the strengths and weaknesses they each possess. Hey everyone Daniel here and welcome to Next
Level Life a channel where you can learn about Investing, debt, retirement, and many other
general financial education videos, because the school’s aren’t going to do it for us. So if any of those topics sound interesting
to you or if you want to learn how to better handle your money and have more financial
freedom be sure to hit that subscribe button and the bell next to my name to be notified
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as well as a list of some books on money I’d recommend checking out with your free trial,
or you can share this video with a friend, and leave a comment below letting me know
what topics you’d like me to cover in future videos. So sometimes we do have legitimate money troubles
either because we’re not bringing enough in or because too much is going out but other
times our money situation may be okay or at least on the right track but we still have
money fights, lots of them and they can get heated. And with Valentine’s day on the horizon I
wanted to take a look at a book that looks to address that situation, one where the money
may be doing alright but the arguments still seem to be ever present. Let’s get started. The five money personalities are saver, spender,
security seeker, risk taker, and flyer. I’ll start with the saver. A saver, as the name implies, is very good
at coming up with different ways to save money and keep on budget, but I would argue that
the defining characteristic of someone whose primary money personality is that of the saver
is that they get a genuine rush from saving money that cannot be equaled by any other
financial activity. To a saver… and everyone else to a certain
degree but more so to a saver it’s a source of pride to get something you wanted for less,
but I’ll come back to that in a minute what are the savers strengths? In addition to finding creative ways to save
money a saver strengths include the fact that they rarely spend money impulsively, are generally
very good at finding deals, and are almost very organized responsible and trustworthy
when it comes to money. People whose primary money personality is
the saver are usually not going to tap out the kids college fund to pay for a new boat,
for instance. As a matter of fact most savers will do everything
within their power to avoid debt in almost any form and particularly high interest debts
like credit cards because they really, really hate paying interest. To them it’s not only a waste of money but
it can be a source of stress to have accruing debt even if the time hasn’t come to pay interest
on it yet. The mere prospect of potentially having to
pay that interest can cause them a lot of stress and make them hold even tighter to
the money they still have which as you can imagine could lead to some heated discussions
from time to time. Savers are usually pretty good at filling
the roll of the rock of their relationship given steady attitude when it comes to money
and budgeting in particular. However that isn’t to say that savers are
without flaws. While they are very creative in finding ways
to save money and very steady when it comes to sticking to their budgets and helping their
partners and/or friends to do the same, they do tend to lack a certain spontaneity. And their resistance to spending money that
they don’t feel needs to be spent, or that they just weren’t ready to spend as the case
may sometimes be, can be a bit of a joy stealer to those who aren’t primarily savers themselves. This general resistance to spending money
is why the cheap and selfish labels tend to get thrown in the savers direction. So while savers can be great partners when
it comes to money and they usually handle it wisely the challenge is to get them to
see money as a means to an end and not just as the end itself. The opposite side of the coin to the saver
is the spender. Spenders get a rush from purchasing things. Interestingly though according to the book
it doesn’t much matter to the typical spender how much the purchase costs. According to the authors they found that most
spenders get basically just as much of a rush from buying a pack of gum in that impulse
buy section at the checkout line in a grocery store as they do when they’re buying a big
ticket item like a new car or house. So it’s more the fun of finding and buying
something then it is the actual thing that matters. They are also just as likely to buy something
for someone else as they are to buy something for themselves. This means that spenders can be great gift-givers
as well as be very generous when giving to their local charity or church or helping out
a cause that they support. They’re very good at living in the moment
and so are able to figure out ways to create great memories today for themselves and for
others. However the potential drawbacks to this way
of living if the spender doesn’t have a secondary money personality that balances these tendencies
out, or a partner that helps to do the same is that they can become somewhat impractical,
non-communicative, filled with regrets, and a budget breaking. I say impractical because spenders are often
impulse buyers and generally don’t walk into stores with lists of what they’re going to
buy. Unlike savers they don’t usually do a ton
of research to find a good deal or even wait for a sale and sometimes have a hard time
differentiating between wants and needs. I say non-communicative because impulsivity
is by its very nature, quick. These impulse purchases whether large or small
are generally not fully thought through, much less talked about, with the spender’s partner
and this lack of communication can make the spender appear secretive or sneaky to the
partner even if that was never the intention of the spender to come across this way. So it’s important for spenders to be aware
of this tendency in themselves to avoid potential conflicts with their partners down the road. I say that spenders can be filled with regret
because they sometimes tend to get carried away especially around holiday season and
therefore suffer buyer’s remorse. Again because a lot of these impulse buys
are not fully thought out they can be very budget breaking and, if big enough, potentially
life-altering. But those are usually just in very extreme
cases. A spender can be a great partner because they’ll
never let finances get in the way of living life to the fullest and creating great memories
in the moment but the challenge for them is to respect the money expectations of their
partner especially if that partner is a saver. The third money personality is the risk taker
which in some ways is similar to the spender but they’re not exactly the same. Both personalities share a sort of impulsive
nature but while the spender is primarily defined by the rush they get from spending
a risk-taker is defined by the love of finding the next adventure. For the risk taker no idea is to out there
and no risk is too big to jump into. They get a thrill from jumping into a financial
challenge not just because the challenge has a potential huge payout (which often times
it does, say if you’re investing in a startup company, for example) but just from taking
the risk in the first place. They tend to be more excited by the possibilities
presented by an idea than by just the idea itself. The strengths of the risk taker are pretty
obvious: Risk-takers are very good at listening to their gut even more so than conventional
wisdom or financial experts and that can lead to them finding some opportunities for very
high returns that most people would not touch. Now if the gut is wrong it can also lead to
them losing a lot of money on something that no one else would have touched but that’s
all part of the game. The risk takers also aren’t afraid to make
quick decisions and especially in things like business and that can be very valuable. The risk-taker knows themselves pretty well
and since they’ve learned to trust their gut, they don’t hesitate to make a deal when something
feels right and not make it when something doesn’t feel right. However what risk-takers need to be aware
of is that due to the very nature of how they see money and the world as a whole they can
be blinded by possibility especially when they get a hold of an idea that they really
like. Since they’re pretty big picture they don’t
always think about the nitty-gritty details of how an idea will or won’t work. In their relationships risk takers can also
come off as impatient and insensitive. Risk-takers hate the feeling of being hemmed
in by other people so rather than work for compromise they sometimes charge ahead and
deal with the relational fallout later. And especially in a marriage if the risk-taker’s
spouse isn’t on board with the decision and the risk-taker goes and makes the decision
anyway there is always a fallout of some sort. The risk taker can come off as impatient because
they move really fast compared to most people. Again since they trust their gut and they
know what they want and what they don’t want decisions are made like that. And when their partners aren’t on board as
quickly as the risk taker would like they can become aggravated. So risk-takers can be great partners because
they’re always thinking about the future and looking at all the possibilities that are
out there but the challenge for them is to make sure that they take the time to keep
their partner involved in the decisions, communicate consistently, and be willing to compromise
and say no to a deal every once in awhile if their partner isn’t on board. That can be difficult for the risk-taker,
especially if they really like the idea, but what they need to keep in mind, and more than
anyone else know this to be true, is that there’s always another potential deal out
there. So it’s probably not worth destroying a
relationship over one deal, because another one will come and as a risk-taker you’re
pretty good at spotting them. The fourth money personality is the security
seeker. The security seeker above all else needs to
know that their future is settled and safe. They are excellent planners with consistent
and clear expectations when it comes to money. They value order and predictability in their
finances. The security seekers strengths include their
ability to investigate any financial decision thoroughly, their trustworthiness when it
comes to financial security, their willingness to sacrifice today so that they can have a
more secure tomorrow, and their knack to be prepared for just about anything because again
they’re excellent planners. However the security seeker does not do well
with risk in fact they often seem to others to say no to every idea that comes along and
can be somewhat controlling, using any power they possess to veto any deal they deem to
be too risky. As a result sometimes security seekers can
come off as overly negative and stifle the creativity of their partners and themselves. Unlike the risk-taker who’s always looking
at all the possibilities out there, the security seeker can sometimes, due to their need for
security, stop looking at many of the possibilities that are out there and stick with the ones
that are more certain and that can be very limiting again not just to their partners
but also to themselves. Security seekers also sometimes have a tendency
to get stuck in a sort of research rut. They can get so bogged down in the details
of an idea that they suffer a sort of paralysis by analysis. On the bright side because of this they rarely
experience buyer’s remorse but on the downside they miss a lot of opportunities because they’re
looking for something so foolproof, something that probably doesn’t exist, and as a result
they never act. Security seekers can be financially successful
and make a great partner because of their careful planning and steady approach to money
but the challenge for them is to make sure they don’t resist making decisions merely
out of fear and to know how much Financial security is enough financial security. The fifth and final money personality is the
flyer. According to the book the flyer is probably
the most unusual money personality because flyers don’t really think about the money
component of a decision, possibly at all. They’re not anxious about money, they’re not
consumed by money, they have virtually no emotional response to money. The bright side is that a flyer is basically
content with their financial life as long as they’re making their own choices. Flyers are usually big on relationships valuing
those relationships and connections with other people over money. They’re also less motivated by money than
the average person and make choices based on what they want and not necessarily what
will make them the most money. However flyers need to be aware that because
of their lack of concern about money they tend to be reactionary when it comes to money. Also as a result of this lack of concern about
money they usually haven’t taken much or even any time to develop the skills necessary to
solve their money problems which they do often tend to face because since they don’t really
think about it much if at all they tend to be fairly disorganized and… not irresponsible
but I don’t know unresponsible when it comes to money. I should probably clarify that because anyone
who isn’t a flyer might think that the flyer is irresponsible but really they’re not because
irresponsibility suggests a deliberate lack of maturity but flyers are not trying to be
lazy or inattentive when it comes to money they just genuinely don’t think about it. This can make them great partners because
they’re pretty easy going about money issues and they aren’t going to be too controlling
or uptight about the finances but the challenge for them is to just stay involved and invested
in the family’s financial picture, or their own financial picture if they’re single because
if they don’t, things like overdue bills and mounting debts can become a very real issue. So those are the 5 money personalities according
to the book of the same name written Scott and Bethany Palmer. If any of the ideas from this book intrigued
you I recommend checking it out further I’ll leave a link in the description. There’s a lot more in there than I was able
to cover today. Just off the top of my head there were things
like where the personalities come from, how what the author’s call the opposite dynamic
influences our personalities and can help balance out our lives, tips on how to walk
a mile in your partner’s shoes which is very important when it comes to figuring out
how to solve financial disagreements in a relationship, the causes of what the author’s
call financial infidelity as well as a few ways to recover from it, and a couple of tips
to resolve specific financial arguments. I would’ve loved to cover a bunch of those
ideas today, but this video is already kind of long so I just decided to stick with an
overview of the 5 personalities. Maybe I could do a follow up video on this
book if you guys would want to hear about any of those other topics I’ve mentioned. If so, let me know if the comments below which
of those topics you’d like to hear more about and if there’s enough interest in
it I can add it to my list of future videos. But that’ll do it for me today once again
if you enjoyed this video be sure to subscribe and hit that Bell next to my name so that
you’ll be notified of all my future uploads. I generally upload every single Monday, and
if you have a friend that would be interested in this kind of content be sure to share it
with them and let’s really get this information out there and start our own Financial revolution.

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45 Comments

  • Reply Investing Book Summaries February 11, 2019 at 1:10 pm

    Big saver 🙂

  • Reply Regular Black Girl February 11, 2019 at 1:32 pm

    Security-Seeker all the way and I definitely do get analysis paralysis sometimes. When that happens, I go with my gut and adjust if I need to.

  • Reply Neil W February 11, 2019 at 2:31 pm

    I'm not sure where I fit into this. I feel like I have some aspects of each of these personalities, and additionally, I have had various aspects at different times in my life.

  • Reply B Y February 11, 2019 at 2:59 pm

    Very interesting

  • Reply Andrew February 11, 2019 at 3:18 pm

    I am oddly a combination of all of these with the exception of flyer…

  • Reply jonathan berg February 11, 2019 at 6:31 pm

    I do like this channel because the majority of people know very little about finances.
    However, I feel that there is one inherent limitation when the focus is so much on budgeting. Budgeting is a defensive play.

    Budgeting works on the assumption that income stays flat and the way to prosper is to be smarter about how you use that fixed pot.
    Whereas, I believe that to prosper you should put most of your effort into offensive plays i.e. increasing income.

    Even if by some miracle you managed by sheer effort to save 100% of 35k per year (obviously impossible) you would still only be able to put 35k in the bank. Whereas people who focus on expanding their income could 10x, 100x, 1000x, etc, that.

  • Reply Amber C February 11, 2019 at 9:42 pm

    Great video! This book is now at the top of my to read list! I feel like a follow up video would be great! I was curious, do you think someone can be hardwired as a spender but modify their behavior and be more of a saver, so on and so forth?

    Again great video and thanks for sharing!

  • Reply Brozach February 11, 2019 at 11:46 pm

    I'd say I'm a Saver into Security. Though that's most likely my high trait neuroticism and orderliness.

    I would hypothesis that you could follow up and group the people in these categories by their Big 5 Personality scores. For instance Savers sound like people high in Conscientiousness aspect Orderliness. Security-Seekers high in Neuroticism with a dose of Orderliness. Risk-Takers high in Trait Openness. Spenders are likely high in Extraversion specifically aspect Enthusiasm.

  • Reply Syd Law February 11, 2019 at 11:47 pm

    I used to be a flyer, now I am a saver…. took some time to get there lol.

  • Reply Alex Nedved February 12, 2019 at 6:49 am

    I think I'm a Flyer with a dash of Saver thrown in.

  • Reply Eric Worthington February 12, 2019 at 7:07 am

    Saver – Loves to Save
    Spender – Loves to Spend
    Risk Taker – Like Financial
    Challenges
    Security Seeker – Financial
    Planners
    Flyer – Money isn't Everything

  • Reply Eric Worthington February 12, 2019 at 7:13 am

    Me myself, I'm not a risk taker. I like financial security for a consistent income & budget to save just to spend it to enjoy life…

  • Reply Iraj Matthee February 12, 2019 at 7:26 am

    I'm definitely an all-rounder except for being a flyer because saving and trading moulds one to think broadly about how we use money.

  • Reply John Jose Akkara February 12, 2019 at 8:39 am

    Most of us know these categories already. However giving them a name makes it really interesting to study about.

  • Reply BlackStorm February 12, 2019 at 12:27 pm

    I'm definitely a Security Seeker and Saver.

  • Reply Kevin VF February 12, 2019 at 5:10 pm

    Really enjoy your videos, Daniel (NLL), but the mid-video ads are getting a little out of hand. I might suggest cutting down the ad frequency a bit, because all of my friends that I introduce to your videos have commented how the ad frequency negatively impacts their viewership and are less likely to subscribe / watch more of your vids. And honestly, I think you have a lot of great info that I want to share, but it’s a little difficult and almost embarrassing when I have to apologize to them for how many ads you have on each of the recent several videos.
    Just my thoughts. Keep up the videos though – really enjoy them!

  • Reply Krypto Koning February 12, 2019 at 5:48 pm

    I would love to see a followup video on this/these subject(s). I love the channel and greetings from The Netherlands!

  • Reply Mariah Dixon February 12, 2019 at 7:33 pm

    I'm curious to learn about the causes of financial infidelity and what are some solutions.

  • Reply dominick951 February 13, 2019 at 12:35 am

    Is it possible to be a mixture ?

  • Reply Valentino Nunez February 13, 2019 at 6:26 pm

    A little bit of everything except the flyer lol

  • Reply Drake Miller February 13, 2019 at 11:48 pm

    This is awesome!!

  • Reply A-niq Azmi February 14, 2019 at 12:43 am

    im a risk taker and my wife is a saver.. so we have a lot of arguments.. hhahaa

  • Reply Daniel Hunter February 14, 2019 at 11:21 am

    I’m a little bit of everything but I guess I’m a saving-security seeking-Flyer ? that is willing to take risk and spend on something I want

  • Reply Salome D'Cunha February 16, 2019 at 12:10 pm

    Thanks for the great video!! Definitely interested in a follow up video on resolving co Flickr between money personalities. Appreciate you sharing all this great info on your Chanel! Keep it up!! 🙂

  • Reply Margie K February 16, 2019 at 9:29 pm

    Mostly risk taker but some save thrown in as well. Love the stock market and the challenge of it but would not bet my rent money on it and know my limits. Really like to hear more regarding what you presented here. Hubby is a security seeker and can't understand all the thinking about things, lol

  • Reply Smart Gamer February 17, 2019 at 10:24 am

    Well im a saver primary and security seeker plus risk taker for a balance risk and most efficient returns

  • Reply Lava Yuki February 18, 2019 at 2:14 pm

    I can't imagine both parties being spenders. My dad is probably a risk taker, while my mum knows nothing about money so leaves it all up to my dad. I think id be a security seeker

  • Reply Vroon Adventures February 21, 2019 at 3:51 pm

    I'm a saver and my husband is a complete flyer. It helped to know this info on my husband because I could not understand why he just did not worry about money. I appreciate that my husband can get me out of my shell and enjoy things that money can buy every once in a while (within reason of course). I balance him by saving for a rainy day and doing all the grocery shopping for those awesome deals. If you respect each other and show love there can be a good balance with the two personality types.

  • Reply Frank Hernandez February 22, 2019 at 7:47 pm

    Flyers are a ticking time bomb sounds like.

  • Reply Jane Baker February 25, 2019 at 6:30 am

    I'm a saver, security seeker. Married to a risk taking spender. But I think he sees how good it is to save and achieve dreams

  • Reply SkitzAdarsh February 28, 2019 at 10:00 am

    Great video ?. Can you please do a video about how many debits card you should have, also how many credits card and how many savings accounts you should have? Thank you ?

  • Reply Belinda Tucker March 6, 2019 at 3:46 am

    My husband is a Flyer 100%. I think I am a security seeker but also a little bit of a saver and maybe a little bit of a spender. Is that possible? I love to do all the research like the security seeker and not having debt is very important to me because I seek security. Therefore I also find it really important to save money on every purchase and try to research everything I buy thoroughly. I pretty much never impulse buy anything. That being said, I am the worlds best gift giver (more like the spender). I love to find ways to buy the perfect gifts for my loved ones at the most amazing prices. If I have budgeted $30 for gifts for my nieces and nephews, I will try to find them a $100 gift for that price. I usually can because I do the research, start looking early, and don’t do anything impulsive.

  • Reply Andrew B March 6, 2019 at 2:03 pm

    Not sure how I missed this one, but thanks for the video. I think I got lucky because I'm a security seeker and my wife is a saver. Yeah there isn't a lot of spontaneity, but we also don't make a bunch of frivolous purchases and that works for us because those things just aren't that important to us. We would much rather save/invest now in order to have more freedom in the future.

  • Reply Kat Ambriz March 12, 2019 at 2:55 am

    I think this was super interesting. I'm a security seeker and my husband's a flyer. He generally trusts my ideas about financial planning but is super hands off. I'd ,Ike to learn more about how to bridge the gap between our money personalities so they work for both of us.

  • Reply Alex Wayzers March 24, 2019 at 9:57 pm

    I'm a hybrid of security seeker and saver. Hopefully my future is looking bright.

  • Reply Toan Tran March 25, 2019 at 11:59 pm

    I'm 70% Saver, 15% Security-Seeker, 10% Risk-Taker, and 5% Spender. And I'm proud of myself. 😀

  • Reply Chris Baker April 1, 2019 at 2:26 am

    What if you have multiple money personalities? I'm both a saver and a risk taker. I love saving money but also love risking money on the blackjack tables. I can risk hundreds on a hand if I feel I will win. I win some hands and lose some hands it doesn't phase me much. However missing out on a deal to save money completely bothers me. It even bothers me if a friend or family member miss a deal on something they want as well.

  • Reply Jakeb Skeen April 4, 2019 at 1:26 am

    Is it more common for people to be a bit of each of these? I know for myself I go through phases, after saving for too long I will become a spender on my friends and family. But always investing and not all of it is high risk but doesn’t everyone need some high risk and some low risk?

  • Reply General_Buttcrack _Naked April 25, 2019 at 1:49 pm

    Im a saver and a security seeker and i admit i tend to be very conservative with my approach to money.

    Growing up, i experienced a situation where my parents trusted someone and invested alot of savings only to be swindled.

    Our lives changed after that and we ended up struggling for a long time to get back on our feet that caused alot of negative feelings like anger, bitterness and self loathing to the point my mom wanted to commit suicide, because my dad put all the blame on her w.o admitting to himself he made the same mistakes.

    After that experience i told myself to learn from their mistakes and make sure my money is well diversified, so just in case one thing fails. You have a back up plan.

    Tho it is true that when you have low risk, you also have low reward.

    Medium risk, medium reward and high risk equals high reward.

  • Reply RM Finance April 25, 2019 at 5:41 pm

    "They get a genuine rush from saving money that cannot be equaled to any other financial activity…"

    OMG! That is sooo me. However, big gains in the stock market is a very close second (in terms of rush). Oh yeah. That part about the women…ooh that's very true. It's one of the main reasons I don't date anymore. Women love to spend spend spend. I swear, I borderline hate women like that. ?

    Overall, I'm primary a saver mixed with a couple teaspoons of security-seeker.

  • Reply MrsBrownsAquaria May 14, 2019 at 4:41 am

    Total Flyer ??? And married to a saver lol Thank God! To me it’s just gonna be okay…I have to remind myself to focus and save and think ahead before buying lol

  • Reply Antonio Lopez May 30, 2019 at 11:07 pm

    I was a spender my whole life. A switch went off, now I am a total saver.

  • Reply Yaacov June 12, 2019 at 6:20 pm

    1. Saver – Loves to Save
    2. Spender – Loves to Spend
    3. Risk Taker – Like Financial risks
    4. Security Seeker – Financial Planners
    5. Flyer – Money isn't Everything

  • Reply joelg125 June 20, 2019 at 10:27 pm

    Make a video of one person trying to help someone who is financially irresponsible. I've tried to help several friends and they turned out to be the losers that they were before.

  • Reply Evelyn Norde October 2, 2019 at 12:43 pm

    The spender sound just like my husband.

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