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
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