08: Understand the Four Money Archetypes
Did you know there are four unique money archetypes that shape the way we think about and engage with money? In this episode, learn if you are Blissfully Ignorant, the Admirer, Spender, or Doomsday Prepper. Having a deeper understanding of our money archetypes helps us to understand ourselves and our partners better. When we have the right language to talk about money, it can make our money conversations more productive.
The Four Money Archetypes
Blissfully Ignorant This archetype feels uncomfortable or avoidant thinking about or engaging with money. They feel money is “bad” or “gross” and thus avoid it. They have the philosophy that money will sort itself out. This might look like not reviewing bank statements, retirement accounts, or monitoring spending. They deeply believe “I don’t deserve money when others have less than me,” “It’s selfish to want more money than just enough to get by.” They tend to be charitable and are good candidates to automate their savings and investing.
Admirer The Admirer enjoys making and having money. They are often thinking about ways to increase their income at work or through side hustles. They are prone to setting goals with no “why” behind them which puts them on the path to work more and earn more but because there is no reason tied to the reason they wanted to achieve that goal. They believe that “having money will solve my problems,” and “more money is the key to my happiness.” They tend to be entrepreneurial but they also tend to be prone to marketing strategies that “sell” the secret of happiness or success. When working with Admirers, I encourage them to think about where they can find happiness and abundance outside of their earning or net worth.
Free Spirit (Formerly called the Spender) Free Spirits believe that money is meant to be spent and enjoyed during their time on Earth. They enjoy the finer things in life, like bringing host gifts when going to a friend’s house, and tend to be the person who picks up “a little something” more often than not. They are the people who cite getting a “rush” out of shopping. Free Spirits are optimists, they tend to agree with things like, “I don’t mean to overspend, it happens when I’m bored or need a rush,” and “I feel better about myself when I’m surrounded by things that bring me joy.” In my work, I help Free Spirits find a way to build spontaneity into their spending while getting the foundations of their financial life in place.
Doomsday Prepper Doomsday Preppers, like the Admirers, think about money a lot. However, their reason for thinking about money is that they are fearful of running out of money or not having enough. They tend to be deal-finders, coupon clippers, and have money saved for a rainy day. On the surface, these folks tend to be in a good place financially, but their mind and body are full of anxiety and fear. When working with Doomsday Preppers, I like to work with them on setting safe financial goals and learning to enjoy their money.
Learn Your Money Archetype
Aren’t sure which money archetype you are? I made a quiz on that exact topic to help you dig in more to your relationship with money.