Putting the personal into personal finance means that everyone does things a bit differently when it comes to money. But there are some similarities among groups of people who share what I call a financial personality. They may each do things their own way, but the same philosophy is behind it. Just like periwinkle and royal are very different, but they’re both shades of blue. All of us can probably be defined in a colorful way when it comes to our money mindset and philosophy so let’s take a look at what I have come up with:
When I think of finances I think that despite the fact that we all should approach it with a positive serious attitude and be responsible about it, I know that’s just not reality. There are an awful lot of people out there who either through their own mismanagement, lack of knowledge, lack of awareness, or some other reason are in big trouble and live in what I call a “financial black hole”. Black is a very scary color for us. It appears in horror stories and horror films as the black of night and the deep abyss of space as a backdrop. The bad guys are dressed in black. Black is the mark that brands you as a must to avoid. Black is unknown and not knowing where you stand with your money is one of the scariest places to be.
A red money mindset to me means an angry mindset. It’s a part of a person who has real problems in managing their money and is under a lot of stress. They are always exhibiting a scowl and sharing pessimistic thoughts about how little they have and why they don’t ever have enough. Amongst your friends they are probably the least willing to take responsibility for anything that they do to cause their money woes, blaming others or “the system” or some guy at work for the reasons they fail to succeed at building their financial health and wealth. Like in Star Trek, the redshirts are bound for a very unhappy ending if they don’t seek or get some help if they will accept it and the deeper they get into the black hole the less likely they are to ever see or be in sunlight.
Blue to me is the financial money manager that is truly dependable, true blue so to speak. Honest and realistic, not a big risk taker but more of the caretaker type, I think I have morphed into a blue financial personality as I have aged and I’m that kind of color now these days almost 100%. If you seek financial advice from someone, I recommend they be blue as I feel that there is a person who will do nothing to harm you and everything to play by the rules. They may not be the kind of finance person that gets you really excited, but you probably will feel a comfort level around them that will make you feel secure.
Green obviously stands for money as in greenbacks and green pastures so much so that it really says successful money management to my way of thinking. A green money style probably involves some educated risk taking and might even be associated with a younger, more aggressive money manager. They have the advantage of time to recoup any loss caused by risk and are learning all the time from any missteps. We all make those small mistakes, but do we all learn from them? Are we reluctant to take the risks at all? Green means go like in “go for it” and when you do you may wind up “rolling in the green”!
Another obvious color for a person managing their money is yellow. This is definitely the “fraidy cat” type of financial guy. He is so cautious and scared that he spends most of his time worrying and almost no time doing anything about his concerns. If you meet him and talk to him about money or anything else for that matter, in a short time you will become depressed and think that the world might be actually be coming to a really sudden and terrifying end! My best advice is to steer clear of this color and seek guidance elsewhere.
Obviously, there are many colors in the spectrum of colors, and there’s always the old black and white minded folks who see most financial issues in the very simple ways of those colors or lack of, an either/or, yes/no kind of approach. But finances are so much more complex than that. If anything, personal finance is more like shades of grey.
Whatever color you think you may be today, keep in mind that color can change as time goes by. The question about that is this one: is your financial personality working for you? The answer to that question may be the answer to your financial future.
What color money manager are you? Has your color been changing in recent years? Does you color work for you and your loved ones or are you in a “black hole” looking for a way out?