My Money Color Blog

USA Today: “Young & In Debt”

Today I came across an interesting series of articles USA Today ran earlier this year…

“Young & In Debt” follows five twenty-somethings from across the country as they open up their financial lives for USA Today. They were matched with financial planners to help identify their debt problems and map out a strategy to handle them.

While I was reading, it was hard not to try and see each participant as a red, green, yellow, or blue. This reinforces the importance of knowing your “money personality.”

All five of the individuals featured (Heather, Kimberly, Tolu, Todd and Dana) had a fair amount of debt from credit cards, student loans, and unexpected expenses. Moreover, they had large financial dreams, so USA Today paired them with financial planners to offer advice on how to get back on track. 

While the advice in general was valuable, I couldn’t help but think how much more effective it could have been if the young adults could have articulated their personality to the advisor.  Each young adult has their money personalities and if an advisor understood this, solutions could be tailored to their specific needs.

Take a look at this article. You may see you are not alone and learn a tip or two about potential strategies or ideas that might be helpful. Try and look at it through your color lens; it will allow you to be “you” as solutions are considered.

It is an absolute that when we have more information, we make more informed decisions. The profiles in the article offer good tactical information, but there is not enough emphasis on “knowing yourself”.  In most aspects of life, including your financial life, this is critical. 

I cannot help but wonder, if they turned back the clock, understood their financial “color,” and learned how to use it to their advantage, how their situation, and therefore their financial futures, could have been different?  Take responsibility to understand your personality. Communicate it to your advisor (if you have one), and it will help them do their job better.

Tom

Give the gift that keeps on giving: permission

First off, welcome to our blog. If you attended our inaugural event on October 3rd in Minneapolis or are one of the thousands that have discovered their Money Color Profile, welcome back! If not go to the online survey and catch up! If you want to refresh your memory or learn more, please visit the other parts of the site, including color definitions.

We are two weeks from what should be the most wonderful, joyous time of year; although, it can quickly turn into the most stressful and difficult. To date, one of the more important lessons I have learned is that there is only one thing I can truly control or change: ME.

So what does this have to do with My Money Color? Let me explain by telling you a bit about my wife and me.

I am a Blue (analytical) she is a Yellow (creative).  Let me say this differently; I am a spreadsheet, she is a painting.  We have been married for 28 years and have had our challenges. As an analytical, my preferred way of shopping is to sit down in September with a big cup of coffee and two hours cleared on my calendar. In front of me is my computer screen, which is displaying (as you might guess) a spreadsheet. The first column has all of the names of family and friends for whom we buy gifts. The other columns have gift ideas, price ranges (close friends are worth $12 more than casual), stores where gifts will be found, a timetable to be completed, etc...      

I know what some of you blues (and greens) are saying to yourselves: "BRILLIANT, what did your wife think?"

During the first FIVE to TEN years, as I tried to sell this approach, the strongest response I received was, "hummm."

At the time, I could not understand the resistance to this approach: it could save 30% of the time necessary to execute a successful hunting, I mean shopping, season (that is another characteristic of blues, we do not shop, we hunt our gifts, drag them to the counter, pay and get the heck out of the store).

Long story short: Life (relationships included) is, in fact, about compromise. As a blue, I could not possibly expect my wife to adopt my spreadsheet tendencies. So here is my suggestion, with the traits of your money color in hand, spend a little time thinking about how you approach the season from that perspective, and if you share the season with another person, from theirs. Give yourself (and them) permission to be yourself (or themselves).

While I have spent a lot of time analyzing and explaining myself, I do have suggestions on what all you yellows, blues, reds and greens can do to make the holidays as stress free and productive to your needs as possible.

Yellow

Blue

Red

Green

Happy Holidays,
Tom

Holiday Shopping Tip: Yellow

Yellow:  If the season is important to you, then you know what to do. For many yellows, money is not really that important; rather, it is the sentiment that counts (baking cookies with friends, writing a very heartfelt  personal message in a hand-made card, etc.). You have the greatest possibility to enjoy the season because material “things” are likely not that important to you. Lastly, remember to not hold that non-materialistic attitude you are blessed with against the rest of us colors – we are doing the best we can!

Suggestion: Use your creativity to make or locate a gift that brings you together with those you give to (see tip for reds). Traditional store-bought gifts (that bring you together) are also worth consideration.

What shopping advice would you give to other yellows? Do you have an interesting story to tell? Please post a comment.

Holiday Shopping Tip: Blue

Blue: Since you’re an analytical thinker, leaving your house without a plan of attack is not an option.  Gathering the facts and laying out options is your strength, which helps you keep your goals in mind as well as the strategic objectives required to achieve them. Your logical nature will help keep you on the path of least resistance while fighting crowds at the mall. You know what you want in advance, so get in, get it, and get out.

Suggestion: Never be afraid to accept help and suggestions from other colors while shopping for the holidays. You tend to be set in your ways and don’t often need (or accept) others aid to be successful. Don’t be afraid to let your guard down, as you may find these alternative suggestions useful. While your way may be very efficient, a little insight here and there can never hurt. 

What shopping advice would you give to other blues? Do you have an interesting story to tell? Please post a comment.

Blue: Since you’re an analytical thinker, leaving your house without a plan of attack is not an option.  Gathering the facts and laying out options is your strength, which helps you keep your goals in mind as well as the strategic objectives required to achieve them. Your logical nature will help keep you on the path of least resistance while fighting crowds at the mall. You know what you want in advance, so get in, get it, and get out.

Suggestion: Never be afraid to accept help and suggestions from other colors while shopping for the holidays. You tend to be set in your ways and don’t often need (or accept) others aid to be successful. Don’t be afraid to let your guard down, as you may find these alternative suggestions useful. While your way may be very efficient, a little insight here and there can never hurt. 

What shopping advice would you give to other blues? Do you have an interesting story to tell? Please post a comment.

Holiday Shopping Tip: Red

Red: Remember, it is just a gift. They already know how much you care, and spending an extra $50 dollars is not going to change that. Trust that this is true and do not think about the fact that they spent more on you last year. Your relationship with them is based on how you show up in that relationship, not how sick you feel on January 18th with more credit card charges than you can afford. If the price of the gift truly mattered to them, is it really a friendship? If need be, let them know you would love to do more but you have to be careful – if you do this whatever you give will become priceless to a true friend.

Suggestion: Set a total dollar amount that you can really afford for everyone and then get creative as to how to stick to it (a coupon for dinner and a movie with you and three of your friends after the holidays, a coffee card that you will only allow to be use when you (and your friends) meet on Saturday mornings….).

What shopping advice would you give to other reds? Do you have an interesting story to tell? Please post a comment.

Holiday Shopping Tip: Green

Green: You will ask several questions about each potential gift purchase to create options and ensure success. Analyze highest potential purchase option to optimize price and time (online, catalog, big box, specialty store). Do early reconnaissance (on site or calls) to touch as many gifts as possible and to ensure availability.

Suggestion: Any approach to the season done in excess (too much analysis, especially if you are married or in a relationship with a red or yellow) will only dampen the joy and create stress. Include a gift receipt to take the edge off buying the wrong gift.

What shopping advice would you give to other greens? Do you have an interesting story to tell? Please post a comment.