This week’s book of the week is Amanda Steingberg’s Worth It. Every week we read a new book to further grow as individuals and as leaders. Even though this book is written for women, men too can find plenty of gems in this book. Of course I always offer an alternative book for men if they would rather read something else and this week it’s Total Money Makeover by Dave Ramsey.
Today I was reading Amanda Steingberg’s five money types. This isn’t some fly by list she made. This was actually put together by her and a depth psychologist out of California to help people understand why they invest the way they do. And I would say it’s pretty on target if you can find yours. I recommend getting her book Worth It, and reading through the descriptions. She also has a quiz you can take.
Take the Amanda Steingberg’s MoneyType Quiz Here
- the Visionary – “…sees money as a tool for self-expression and a means to follow their passion.”
- the Epicure – “…love money. They love spending it, primarily on material possessions, services, and experiences.”
- the Independent – “…deeply value freedom and autonomy.”
- the Producer – “…are grounded, diligent, and consistent when it comes to their money.”
- the Nurturer – “…see money as a tool to help others, whether it’s their partners, their children, their families, their coworkers, their employees, or their communities.”
I gravitated to the visionary and independent money types. In the book, in addition to describing the specific type, she also goes on to define critical paths (trouble we’d most likely run into), their challenges and motivations, and the types of investments each type is best built for.
For example one of the types I gravitate toward is a Visionary. Some of the critical path attributes almost read like a horoscope, but for me they were dead on. Here are four critical pathways as defined by Amanda for visionaries.
4 Critical Pathways for Visionaries
- “Having short-term cash reserves is imperative for Visionaries who don’t want to feel beholden to an employer or partner and need to know they have support to make a change in course without disrupting their entire financial lives.”²
- “It can feel amazing to have someone want to invest in your idea, but it’s crucial to read the fine print and do some due diligence before hoping into bed with any investors, regardless of how angelic they may seem.”³
- “If you’re working on the side and have a full-time gig, make sure you set aside saving for taxes so you don’t have a surprise consequences for your creative work.”³
- “If you’re already taking on a lot of risk by being a freelancer or starting your own company, try to balance that risk on the investment side: think a diversified portfolio rather than snapping up a share of a friend’s new restaurant.”³
If you’re a Visionary like me then you completely relate to the above. But if you are one or more of the other four types of money types: Epicure, Independent, Producer, or Nurturer then you probably don’t. I recommend getting the book, Worth It, to help you discover your MoneyType.
Vigilant Poster Girl
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