NDSU Extension Service - Ramsey County

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Traits of Those with Dollars

Traits of Those with Dollars

            There are a multitude of habits, saving strategies, shopping scorecards, money management tips and budget plans out there to help you in your goal to have a positive bank balance. But it turns out, saving money isn't all about whether or not you know how to score a bargain when shopping. It also has to do with your personality and attitude toward money.             Understanding how personal traits can influence your finances is an essential ingredient for building personal wealth.

            Patience   Patience is one of the most important traits when it comes to saving money. Patience can mean driving a car for an extra few years or waiting until something you want fits into your budget instead of purchasing it on credit.

            Satisfaction - The sole purpose of commercials is to make you believe that buying a product or service will make you happier, wealthier, better looking or improve whatever isn't bringing you satisfaction. When you are satisfied with what you have and your life (not trying to live like those on TV), your finances will be in a lot better shape.

            Organized - Being organized means not paying late fees, not buying two of everything, knowing deadlines that can affect your finances – such as filing taxes! - and keeping up to date on tracking your earning income and expenses.

            Team Player - When two people to work for a dream, often the end result of joint efforts is much greater, the individual effort of two people in the same area. Teamwork can happen with your spouse or significant other, with a financial planner, with an insurance representative even with a close friend or relative who knows you and your situation well. Don’t be alone on the road to financial success.

            Creativity - Creativity allows you to make something last longer rather than purchasing it when you don't have the money. It means juggling money to stay out of debt rather than simply paying with a credit card. It means finding a cheaper alternative when money is tight.

            Risk-Taking - To build wealth, one needs to be willing to take risks. This doesn't mean uncalculated risks. It means weighing all the options and taking calculated risks when appropriate.

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