Name: Which “money personality” are you? | Your Brain on Money
Uploaded: 2022-12-22T18:05:10.000Z
Duration: 6 min 11 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

- The idea that one-size-fits-all for money advice

We know this intuitively, and we all have different values.

Not everybody wants or needs to own a home.

Not everybody wants or needs to have children.

So how do we get to know our money personalities?

- To me, you gotta dive into your psychology.

You have to understand why you think the way you think

around money, and how that's manifesting in your life,

So therefore, when we think about financial advice,

it should also be unique  for the person,

They're here to explain how much of our personalities

are actually built into the structures of our brains.

- We can see structural differences in the brain,

specifically in the areas of the valuation circuitry

in terms of how those areas of the brain are connected.

that MRI of your brain, you know, contains some

information about whether  you are more likely

- How much of our personality are we born with,

- The kind of, really a little hand-wavey answer

is that about 50% of our personality is DNA.

You're born, and we can look at your DNA as a baby

and predict that you're gonna be an extrovert,

or predict that you're  gonna be neurotic.

And then of the other 50%, about half, so 25% of the whole,

He's here to explain how our personalities manifest

- After studying tens of thousands of people,

we've identified four patterns of beliefs around money

if you have a negative association with money

that is strongly held, it is gonna have a negative impact

The second is what we call money worship.

this is where you're putting money on a pedestal.

This is the 'Keeping up with the Joneses effect,'

where we equate our self-worth with our net worth.

The fourth is what we call money vigilance.

This is the money personality of the wealthy

and the self-made wealthy and the ultra-wealthy.

there are elements of truth in all of them,

- This is Dr. James, a financial therapist,

and he's seen how these  money archetypes

- There's some people who, maybe they're impulsive—

they're someone who wants  to do something,

and that impulsivity can have good options and good times,

but maybe that also makes them buy things or try things

without maybe fully looking into everything.

you're afraid to do that  and spend money.

It's important to be vigilant, honoring that part in you,

saving and investing, but,  what's the point of all that

if you're still living a life of deprivation?

You don't deserve that. Nobody deserves that.

Trying to find balance around all of these beliefs

is very, very important for not just our mental health,

- Or maybe someone who's a little bit more risk-tolerant.

or maybe they're someone who is not gonna invest

in the thing right away, they wanna see it proven.

So, I think there are ways that those things

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Which “money personality” are you? | Your Brain on Money

deprivation

deserve

determine

impact