Our money personality is shaped in many ways,
one of those is how we grew up.
Your childhood classroom shapes a lot of
why you handle money the way you do today.
But also our money tendencies.
Think, are you a spender or are you a saver?
Do you like to spend money on experiences or things?
All of this shapes our money personality
and then you go a step further
and you add relationships to the mix.
Whether you're married, maybe if you have grown children
or your parents or your friends.
And when you're in relationship with people,
you realize well, we are so different
and that can cause a lot of conflict,
but you also can work together
and appreciating and empathizing
with other people's money personalities.
We have Angel and Bobby,
Rachel is helping out a couple of our viewers.
Hi, hello friends,
Hello Hey
Can you first just set up how big of an issue
this is in your life?
Finances have definitely been a point of contention
with Bobby and I at times.
Anywhere from little tiny disagreements
to great big blow up fights,
not speaking about things for days.
I am a person that struggles to spend money
especially larger sums of money.
It's totally overwhelming for me.
Here's something that happened to us.
It was quite funny.
We went to a dealership,
and I'm gonna embarrass her a little bit.
We went to a dealership and she was buying a new car.
We sat down, did the paperwork and she started crying.
The salesman gave her a tissue and said,
"We don't have to do this deal,"
But she ended up dip buying the car.
And I...
Me personally when I buy a vehicle,
I just bought a new truck,
I signed the paperwork just as fast as I could
never (indistinct).
Doesn't scare me to spend money.
Mind you, I was at home terrified and having mental fits
because I knew he was out buying a track.
Right?
Number one, opposites attract.
You guys being opposite in the marriage is very normal.
That is like me and my husband as well.
When you look at these tendencies,
In so many ways.
I think its really interesting.
Yes, very much so.
When you look at the tendency of scarcity versus abundance,
this is a good one.
Think about the pandemic and the toilet paper shortage
were you one that kinda lean to,
Oh yeah, I'll share if I have extra,
it's fine, no big deal, we can get more later.
Or were you the one that was like,
oh no, we need to stack up.
We need to buy extra.
That's a classic example of scarcity versus abundance.
Angel I think you lean a little bit more
on the scarcity side, I saw from your results.
When you're scarcity minded,
what you do is you just realize that things are limited.
Things are finite, opportunity, money, options.
That can lead you to make some poor financial decisions
'cause you're not willing to risk and fear takes over.
And fear is a terrible financial advisor.
But a good thing about scarcity mindset
is you tend to be a saver.
Saving comes naturally for you, which is great.
Now, Bobby, you're more abundance mindset.
The glass is half full,
there's always opportunity, more money to get,
it's going to be okay.
And the great thing is you enjoy life.
You enjoy life and you take some risks with money
and that really can pay off.
I do
But the con is you have to watch out
to make sure that you're actually caring about the outcome
'cause a lot of abundance minded people say,
"Well, I'll just make another decision
"if I don't like that one."
Just be careful with that.
Angel, I would say you need an emergency fund.
This is gonna make you feel secure.
Start out with a thousand dollars,
I want you to pay off all your consumer debt
and then bump that up to three to six months of expenses.
This is gonna give you
a really solid financial foundation to breathe.
And as a scarcity mindseted person,
to allow you to have some fun,
'cause you know the basics are taken care of.
Now, Bobby, I would say to you
have a dollar amounts that you are not willing to spend
unless you consult Angel
and you guys together agree on the purchase.
And then I would say, practice delayed gratification too.
And then lastly, I would say Bobby,
practice delayed gratification
because, abundance-minded people
tend to make really quick decisions.
So give yourself 24 hours before a big purchase.
Okay sounds good.
I loved all that I thought it was mesmerizing,
but it doesn't matter what I think of it.
What do you guys think of it?
I think Bobby had a hard pill to swallow on that last one.
Yeah I definitely did, I was like, oh boy.
But I will say that when she mentioned the emergency fund
immediately I know that
that would make me feel so much better.
And allow me to enjoy some of the things
that this one wants me to enjoy
but I panic and I worry more about the money
than looking forward to enjoying what the money will get us.
And I have to say Rach,
what a great job you did.
Thank you, Rachel Cruz,
"Know yourself, Know your money".
Good job.
(soft music)