Experts say that your view about money can determine how you’ll get rich in the future.
One thing’s for sure, building wealth is tied to your attitude towards money and how you spend it. The frugal amongst us are those who avoid debt and get by. On the other hand, those who earn a generous salary are the ones who battle to save and invest due to unmanageable expenses.
What kind of spender are you? Are you impulsive or frugal? If you won the Powerball jackpot tomorrow, would you blow it all on the unnecessary or would you invest in your future?
If you’re not sure, here are six spender types you might identify with.
Six Types of Spenders
1. The Secure Saver
While it’s important to have savings, experts say that this group can end up denying themselves too much now with their tight budgeting. If you’re a secure saver, you’re pedantic about putting money away—even if there’s nothing to save for. It’s a control thing. This group believes if you’re in control of your finances, you must be in control of your life.
Well, becoming an overnight billionaire means you wouldn’t have to worry ever again. You could make a couple of wise investments that would ensure your future’s just as rosy as the jackpot-winning present and then become any kind of spender you like without a worry—selfless, spontaneous, you name it. You could afford to ditch the budget and be in control of your spending forever more.
2. The Selfless Spender
If you’re a selfless spender, you love buying people treats or picking up the dinner bill. It’s certainly an expression of love to spoil your nearest and dearest, but don’t forget to keep a little in reserve for rainy days.
If you won the lottery, you could ditch the treats and meals and splurge on some amazing gifts for your loved ones. Think along the lines of cruises, cars and holidays.
3. The Status Spender
How often do you just have to have the latest thing? If impressing people with materialistic possessions is your be-all and end-all, you’re a status spender.
A lottery win is just what you need, isn’t it? Imagine having the latest and greatest gadgets, be it a few sensational drones, your own jet or a garage full of collector’s vehicles.
4. The Spontaneous Spender
How often do you see something you like and just buy it? How often do you book a holiday on a whim? You’re a spontaneous spender and experts say that using your money as a source of freedom can be an issue. It can actually stop you saving for that rainy day and mask unhappiness.
A lottery win could certainly buy happiness, though, couldn’t it? You could buy that island you’ve always wanted! In fact, you could name it Happiness!
Love the latest Jaguar or hippest apartment in the hottest city? No problem when you have the cash to splash.
5. The Free Spirit
You often forget to pay your bills and winning the lottery barely crosses your mind. You hardly keep track of payday, too.
Oh, free spirit, just allow yourself to dream for a moment. You do rock the laid-back vibe, and there’s no doubt you’re adaptable and generous. But, how often have you had to ask others for a loan? All your worries (well, minor concerns) could float off into heaven when you hit the lottery jackpot.
You could buy that mansion, climb the property ladder and quit your day job. You could hire your very own barrister and chef to cater to all your whims and you could be in the position to help other free spirits out.
6. The Planned Spender
If you love populating spreadsheets with figures and setting goals, you fit this mould. Whether you’re putting cash aside to further your education or plowing it all into your pension, the experts say you shouldn’t neglect enjoying the present.
Imagine waking up the latest Powerball millionaire. You could certainly put away enough cash for a cozy future, and you could enjoy the present to the max. Think along the lines of trips you’ve always wanted to take, speed boats you’ve had your eye on, and perhaps even a sports team or two.
Which Spender Are You?
So, which spender do you identify with? Do you identify with more than just one? Either way, wouldn’t it be great to not have to worry about your bank balance?
We think so.