Understanding Your Financial Archetype
A Guide to Personalized Money Management
In my book The Financial Anxiety Solution, I cover financial archetypes right at the start. Why? Understanding our unique approach to money–both the good and the not-so-good–can give us a starting point and provide validation and help us start to create a healthy relationship with money. The financial psychology literature is dedicated to “money disorders.” While I’m a fan of helping people find their supportive diagnosis, framing everything as disordered or bad isn’t the best starting place for learning about our relationship with money.
Instead, I use financial archetypes as a financial therapist and social worker interested in uplifting folks by focusing on their strengths. These archetypes hold key information about why we do what we do–without judgment–that might make us more likely to self-sabotage. Read on for more information about each of these archetypes.
Discovering Your Money Archetype
To uncover your financial archetype, I've created a series of questions in this quiz to help you understand your attitudes and behaviors toward money. From weekend getaways to grocery shopping habits, our financial archetype shapes why we do what we do financially. Here's an overview of the four unique financial archetypes.
Free Spirit: Embracing Life's Joy
As a Free Spirit, the mantra is "Life's too short." They often prioritize experiences, passions, and personal enjoyment over strict financial planning. Financial decisions are usually guided by how they feel about a purchase rather than how it fits into a long-term financial plan.
Free Spirit financial archetypes often get a rush out of spending and enjoy the feeling leading up to purchases just as much as you do when you buy the "thing." Cash flows out just as easily In this archetype's life. They often "know" they should save or invest, but day-to-day temptations are hard to avoid. These folks might also be more likely to say "I care about you" to friends and family with physical gifts.
Free Spirit Archetype Strengths:
You are an optimist and a giver at heart.
You are the definition of a person who lives in the moment and embraces life's adventures.
Your spiritual beliefs may guide your approach to money.
Free Spirit Archetype Challenges:
Linking material possessions to self-worth.
Overspending and prioritizing immediate gratification over long-term financial security.
Fear of losing spontaneity when facing financial constraints.
Aspirational spending–thinking that if you have the right tools for a hobby, you'll engage more.
Doomsday Prepper: Financial Security Above All Else
Financial security is paramount for the Doomsday Prepper. They excel at saving money, planning ahead, and working toward a debt-free life. However, they often have a fear-based relationship with money, and a scarcity mindset can lead to excessive anxiety about financial stability. While preparing for worst-case scenarios isn't inherently bad, it's essential to find a balance between saving for the future and enjoying the present.
The Doomsday Prepper's saving and holding onto money goes beyond having a solid emergency fund and retirement account. They need help to differentiate the level of financial threat. AKA buying an ice cream cone feels as stressful as paying for a new roof. This financial anxiety makes it hard for them to enjoy daily life. There's a strong emphasis on saving and preparing for worst-case scenarios, but it comes at the cost of enjoying present experiences.
Doomsday Prepper Archetype Strengths:
You prioritize financial preparedness and saving for the future.
You are less likely to buy on credit or keep financial secrets from your partner.
You believe in expanding life's opportunities and experiences through money.
Doomsday Prepper Archetype Challenges:
Fear-based relationship with money and scarcity mindset.
Excessive anxiety about the financial future and worry about money running out.
Difficulty in enjoying the present moment due to financial concerns.
Money Admirer: Seeking Security and Success
For the Money Admirer, money means security, happiness, and success. They believe the secret to happiness, and the solution to problems is to have more money. Therefore, they often think about other ways to earn and amass it. This might look like thinking about how much interest they're earning and what stocks will be the next big winners. Or it might look like working more or trying out new side hustles.
While it’s generally true that earning more money can help with happiness, there is a leveling-out that happens. The challenge with the Money Admirer Archetype is that the financial goalpost keeps moving. Instead of celebrating a financial victory, there's an emphasis on "what's next?" This relentless pursuit of financial milestones can lead to overworking and overthinking.
Money Admirer Archetype Strengths:
Objectively analyzing financial situations and investment returns.
Strong work ethic and capacity for entrepreneurship.
Empowering and leading the way for yourself and others.
Money Admirer Archetype Challenges:
Difficulty being happy with current net worth and constant striving for the next level.
False belief that attaining a certain financial milestone will lead to happiness and satisfaction.
Struggle to be present and enjoy the fruits of labor due to relentless pursuit of financial goals.
Blissfully Indifferent: The Path of Least Resistance
For the Blissfully Indifferent, money is a sensitive topic best avoided. They may feel overwhelmed by money management and avoid discussing financial matters. While giving back is important, they may need help accepting money and believe money is inherently bad or exploitative.
They may feel it's rude or gauche to talk about money and finances. They generally resist talking about something "private." This can look like avoiding looking at bank statements, credit card bills, or any money-related paper trail for fear of what they might find or learning to tolerate the discomfort of looking at their money. There's some inner noise about money being bad, gross, or exploitative, leading you to financial self-sabotage. Overcoming financial self-sabotage and embracing a healthier relationship with money are keys to embracing the duality of taking care of yourself financially so you can take care of others.
Blissfully Indifferent Archetype Strengths:
Generosity and willingness to contribute to charitable causes.
Ability to check in on money less frequently once in alignment with financial beliefs.
Capacity to use tools like "autosave" and "autopay" to stay on top of their financial goals.
Blissfully Indifferent Archetype Challenges:
Overwhelmed by money management and avoidance of financial discussions.
Tendency to self-sabotage financial success due to negative beliefs about money.
Difficulty advocating for oneself and setting financial boundaries.
Embracing Financial Self-Awareness
Understanding your financial archetype is just one way to learn more about your money story. By embracing your strengths and learning to identify your financial challenges, you can start cultivating a healthier relationship with money.
If you loved this and want more, consider hiring me to speak or facilitate a workshop! By bringing in a financial therapist, you not only prioritize your employees' financial well-being but also contribute to positive social impact. As a BIPOC female financial expert with a background in social work and mental health, I've had the privilege of speaking to diverse organizations, schools, and companies about the importance of understanding their emotional relationship with money. With certifications in financial therapy and a deep commitment to financial wellness, I partner with mission-driven companies seeking to address the growing demand for financial wellness.