Master Your Money Type: Using Your Financial Personality to Create a Life of Wealth and Freedom.Master Your Money Type: Using Your Financial Personality to Create a Life of Wealth and Freedom by Jordan E. Goodman 345 pages; hardcover; $24.95 Warner Business Books New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , N.Y., 2006 Most people can characterize the way they handle money in familiar terms--big spender; penny-wise, pound-foolish; tightfisted tight·fist·ed adj. Close-fisted; stingy. tight  fisted·ness n. . Jordan E. Goodman, however, views money management from a more complex angle. After more than 25 years of radio and television financial commentary, lecturing and writing, Goodman realized he was giving the same financial advice to the same people again and again. This book is the fruit of his study of why clients kept repeating their financial mistakes. He found money behavior falls into six definable patterns, or "Money Types," and everyone has a predominant financial personality. A successful adviser must make clients aware of their individual money type to help them adopt behavior that allows them to enjoy their money. Goodman says people's attitudes about money are colored by psychological factors. They "operate from experiences and messages given to them in [the] past." To find out more, he interviewed hundreds of volunteers about their financial problems and practices and prepared profiles of how people "care about, use, spend, invest, lose and earn money" For instance, one financial personality takes excessive risks; another denies money's importance; a third prefers to maintain the status quo [Latin, The existing state of things at any given date.] Status quo ante bellum means the state of things before the war. The status quo to be preserved by a preliminary injunction is the last actual, peaceable, uncontested status which preceded the pending controversy. . All exhibit clusters of characteristics in their feelings, fears and fantasies about money, the way they deal with money, the financial situations they get into and their ultimate financial goals. Goodman devotes a chapter to each of the following six money types, tailoring practical financial advice to best fit the type's "personal emotional experience of money": Strivers, who need to let others know how much they have. Great entrepreneurs, strivers may overspend--living beyond their means--and end up in debt. For them the heart of financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against lies in cutting down on expenses and putting money aside. Ostriches, who are intimidated in·tim·i·date tr.v. in·tim·i·dat·ed, in·tim·i·dat·ing, in·tim·i·dates 1. To make timid; fill with fear. 2. To coerce or inhibit by or as if by threats. or embarrassed by money and believe they cannot manage money basics. They need to learn how to help themselves and take charge of their finances. Debt Desperadoes, who "prefer the thrill of buying to the security of having." Such shopaholics, who max out their credit cards and borrow to pay for essentials, have to work their way out of debt and learn to trust in their money management. Coasters, who are financially stable but too complacent com·pla·cent adj. 1. Contented to a fault; self-satisfied and unconcerned: He had become complacent after years of success. 2. Eager to please; complaisant. and therefore likely to bypass money-making opportunities. Goodman's money mastery technique: Make changes that provide better returns. High Rollers High Rollers was an American television game show which aired on the NBC network from July 1, 1974 to June 11, 1976 and again from April 24, 1978 to June 20, 1980. Two different syndicated versions were also produced, the first a weekly series from September 8, 1975 to , who relish gambling on high-stake deals (which often works to their advantage). Their weakness lies in taking risks without a safety net. They need to learn money management without "squelching risk-taking impulses." Squirrels, who cheat themselves by hoarding their money out of fear of imminent destitution des·ti·tu·tion n. 1. Extreme want of resources or the means of subsistence; complete poverty. 2. A deprivation or lack; a deficiency. Noun 1. and loss of control over their lives. Goodman recommends they learn to enjoy money by investing it safely. Each chapter begins with a money-type profile of strengths and weaknesses, followed by several case studies illustrating problems specific to that financial personality. Goodman analyzes the details of each case, pointing out how the individual's actions have become habitual Regular or customary; usual. A habitual drunkard, for example, is an individual who regularly becomes intoxicated as opposed to a person who drinks infrequently. patterns in the Emotional Path section of the chapter. The Financial Path section explains how the type can make changes that build, rather than destroy, the financial future. Chapters conclude with Points to Remember and lists of resources (books, newsletters, organizations and Web sites) for that particular money type. The Appendix, "Taking Action: Where to Find Further Help," comprises 21 pages of additional resources that cover a broad, general spectrum. The book includes a hefty heft·y adj. heft·i·er, heft·i·est 1. Of considerable weight; heavy. 2. Rugged and powerful. See Synonyms at heavy. 3. arsenal of worksheets (monthly budgeting; assets, liabilities and cash flow; retirement expenses; annual retirement savings; and capital accumulation Most generally, the accumulation of capital refers simply to the gathering or amassment of objects of value; the increase in wealth; or the creation of wealth. Capital can be generally defined as assets invested for profit. , for example), questionnaires and other aids to help readers define their financial goals. That guidance, along with the case studies, should benefit Journal of Accountancy readers whose clients or employees need advice explained to them in lay terms. The author says he hopes readers will use the book to push the margins of their money types so they can make better informed decisions, learn how to operate from their strengths and to cease limiting their options and increase their level of comfort with money. Emotions are the key "To get serious about money," Goodman says, "always be aware of how your emotions set ... into action ... your behavior." Barbara J. Shildneck, a former editor of the JofA, is now a contributing editor A contributing editor is a magazine job title that varies in responsibilities. Most often, a contributing editor is a freelancer who has proven ability and readership draw. to the magazine. |
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