Do you enjoy living for today, but then sometimes feel regret later over financially irresponsible actions? Do you romp through life with a happy-go-lucky temperament, but then look back and wonder if you were a bit reckless?
If so, you may have the Money Fool as one of your strong Money Types.
Money Fools often see making money as more of a sport or a form of recreation, rather than a practical way of meeting their needs. Other traits may include being:
- Restless
- Impetuous
- Overly generous
- Careless
Rather than viewing money as something to earn and manage over a significant period of time, Money Fools often take on the attitude of a gambler, seeking windfalls and financial shortcuts. Money Fools live in the “Now,” and that’s when they want their pay-off: Now!
But this kind of short-sighted perspective can lead to negative financial outcomes. Losses from whirlwind schemes and faulty investment ideas are common for Money Fools.
What seems merely optimistic and adventurous can easily turn into painful loss, not just of money, but of relationships in which the Money Fool’s lack of reliability causes great instability.
If the Money Fool really cares about the risks of these losses, there are numerous strategies that can be used to create better outcomes:
- Slow down and breathe
- Pay attention to details of any possible transaction
- Check in with others before taking any action
- Accept help in creating financial structure
- Set realistic goals and expectations
- Develop and follow a regular decision-making process
Money management is generally not the strong suit of the Money Fool, so working to develop money management systems that are easy to follow will help. Systems that require accountability will be especially helpful to the Money Fool in the early stages of making a change in these money patterns.
Using these strategies, any Money Fool can move away from being undisciplined and overly-indulgent to truly focusing on what matters in the future.
Do you see any Money Fool in your Money Story?
For our latest news and offers, please sign up for our newsletter. Or get in touch below: