Personality tests are used by many people in business, recruiting, and any kind of team organization. Learning more about what motivates you, your interests, and even your shortcomings can help you better develop your skills.
Understanding personality types of people you work with can improve your relationship and help you work more efficiently together.
Discovering your money personality
Since personality tests are so common, it shouldn’t be a surprise that your social behaviors can be applied to your money management tendencies. You probably manage your money very differently from your close friends.
Whether you’re a spender or a saver, we all have different priorities and motivations.
You may value indulging every once in a while on something that makes you feel good. On the other hand, maybe you value accumulating money for the future and rarely make impulse buys. Learning more about your personality can help you understand your decision process and behavior when it comes to spending or saving money.
What is MBTI?
One of the most common personality type tests is the Myers-Briggs type indicator (MBTI). It is used to measure how you perceive and interact with others, how you make decisions, how you process information, and how you manage your emotions.
These four indicators used are also known as:
- Extroverted versus Introverted
- Sensing versus Intuition
- Thinking versus Feeling
- Judging versus Perceiving
There are 16 possible combinations or personality types. Over time, some people become different letters as they grow and experience new things.
How different MBTI’s handle money
There are many versions of this test that can be applied to things like finding your perfect career path or even your soulmate. Mint created an infographic that takes characteristics of each personality type and applies them to how they manage money. Depending on whether your type is more conservative or free-spirited, they also outlined tips to grow your wealth.
Dedicated Stewards: ISTJ, ISFJ, ESTJ, ESFJ
People with this personality type rely on sensing and judging, making them more likely to be analytical and responsible with their money habits. They take great value in building a secure future for themselves. They are very well organized and pay close attention to even the smallest details.
Wealth Builders: INFJ, INFP, ENFJ, ENFP
Driven by purpose, wealth builders know the importance of money outside just accumulating it. They are usually curious and are interested in creating a better future. They can easily fall to inaction because of the daydreaming and continuous planning they are known for.
Wise Analysts: INTJ, INTP, ENTJ, ENTP
These personality types encourage challenging themselves to reach higher limits. They like solving problems and usually take a systematic approach to saving money or making investments. They can become impatient when they don’t see results right away but setting smaller, short-term goals can help fill that void.
Bold Explorers: ISTP, ISFP, ESTP, ESFP
Known as the more artistic and adventurous group, these personalities think out of the box and embrace change. They may be more willing to switch up their money strategies but are also more likely to indulge.