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Recognizing Money Personality in Your Students: CASFAA ‘08

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“Define what ‘the rich life’ means to you and use money to build that life”

-Laura RowleySelf magazine

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Agenda

• Spending Habits• Money Personalities• Needs versus wants• Money and emotions• Find your money personality• Making your personality work for you

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Spending Habits

• Established at an early age• Often unconscious• May be biggest “leaks” in your budget• Easy to justify

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Money Personalities

• Many different types• How do you feel about money?• How do you feel about shopping?• Do you love to spend money?

• People tend to form relationships with money opposites

• Every personality has advantages and disadvantages

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Needs Versus Wants

• Can be difficult to tell the difference• Needs

• Food, Shelter, Relationships, Clothing• Wants

• Everything else!• Consider carefully before purchasing

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Money and Emotions

• Money and emotions are hard to keep apart• Watch for emotional spending• Know your spending triggers• Find alternative ways to release emotions

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Broke Students Get Emotional

• “It sounds like your relationship and past experiences with Hoo Hah are troubling for you. Here’s what we can do today”

• Active listening• Open or closed questions• Venting

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Find Your Money Personality

• Spending diary• 4 weeks is best• Note any “buyer’s remorse” purchases

• Analyze spending habits

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Find Your Money Personality

• Read each statement• Agree• Disagree• Undecided

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Find Your Money Personality

• The Accountant (Orange)• Money means security

• The Social Worker (Red)• Money means affection

• The CEO (Green)• Money means success

• The Retail Therapist (Blue)• Money means self-fulfillment

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Making It Work For You

• The Accountant • Embrace spontaneity, indulge (a little)

• The Social Worker• Even the Dalai Lama gets paid

• The CEO• Reduce materialism before turning to

white collar crime!• The Retail Therapist

• How do you want to feel about your spending?

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Resources

• Columnists:• Laura Rowley, Karen Savage, Suze

Orman, Michelle Singletary• Authors

• Stanley/Danko, Ken Kurson, Virginia Morris, Olivia Mellon

• On the Web• www.bankrate.com• www.money.cnn.com

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Thank You

Questions?