Friday, September 9, 2011

Financial Types

I think I've finally come across what, to me, is the most fascinating part of this personal finance course so far.  I thought I'd share it here for anyone else who might find it interesting.

The current section is on families and finances.  It's funny that this is in the middle (actually kind of near the end) instead of at the very beginning of the class.  I've just run across different financial methodologies that people may bring with them into a marriage.  You can find the information here.  See where you fit.  I think I may know at least one person who is each type.  Fascinating!

"The Miser
The miser usually pays cash for everything.  They pay the bills and keep the books.  Money is power, and so the miser is in control.  The family never talks about money, and there is no financial planning as a family.  The family also never knows where they are financially--only the miser knows.
The Spender
The spender’s motto is shop ’til you drop.  The spender always feels that things will work out, so there is no need to plan.  There is no budgeting or planning for major purchases, and no planning for the future.  The spender joked that if he/she can’t take it with them when they die, then they are not going! 
The Unequally Yoked
The unequally yoked use money for control.  They only give the spouse a little money each week—the spouse has to ask whenever they want anything else.  Among unequally yoked couples the purse is power.  They are not equal partners and there is no planning for the future—there is no planning at all.  If planning does occur, it is most likely contentious.
The Selfish Provider
The selfish provider says that because they earned the money, it is their privilege to decide where the money went.  The spouse has to ask whenever they need money.  There are no goals, no budget, and or plan for large purchases or future retirement or education.  The selfish provider will provide.  They are not equal partners and there is no planning for the future.
The Sleeper
The sleeper always feels that disasters and crisis happen to others, not us.  “We pay tithing--it’s like guaranteed insurance. . .”.  Wrong.  .  Throughout history, many of the great and noble ones have suffered many hardships.  Paying tithing does not insulate us from challenges and hardships, because that’s where our character is developed.  The sleeper does not need to plan, because things always work out.  There is no planning and no communication of goals and objectives because of a belief that goals and objectives aren’t needed.
The Wise Steward
The wise steward always pays the Lord first, and themselves second.  They save a part of everything they earn.  They share basic financial information with their family, including with their children as their children become of age.  They keep depreciating assets for a long time, such as cars.  They plan for the future, they save in the present, and they teach their children to do the same."

To learn more, the course materials are offered online for free through BYU.  Here is the link.


Tonya said...

really interesting!

i'm gonna have matt read this when he gets home.

i'm glad that matt and i talk about our finances and keep a budget. it has helped us live within our means and not be in debt. and has allowed me to be a stay at home mommy.

that's a huge blessing.

Hesses Madhouse said...

Tonya, I think you should blog about what you guys do. I think there are too many who don't, and you have done so many fun things together that others'd have to go into debt for that I think you could teach us all a little something.

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