2-3 min read (or tidying up your desk)
For the past couple of weeks, we’ve been rolling out a series of Slice articles on different money personas to help you identify your type and learn more about what the pros and cons of each personality are. This week we’re ending the series with the Money Boss.
The Money Boss
The Money Boss is what you get when you throw all the pros of the previous money personalities together and you end up with a well-rounded, money-wise individual that bosses their money like a pro.
Are you a Money Boss?
Are you aware of how much goes in and out of your wallet, what you spend your money on and exactly what your expenses are? Are you aware of your strengths and weaknesses? Do you have a rainy day fund, an old-age fund, and some savings or investment funds? Do you have clear financial goals and keep them in mind whenever you purchase, save, move, or manage your moola? If so, then you, my friend, are a Money Boss.
What the Money Boss is doing right:
The Money Boss does exactly what their name says: they manage their finances. Being a Money Boss isn’t about having a lot of money. It’s about being aware of what’s brewing in your bank, savings, and investment accounts all the time. And it’s about having these accounts in the first place. Money Bosses know that money can grow and they send their money into different accounts to do just that.
Retirement or financial freedom is something the Money Boss plans for, as is emergency expenses, expenses relating to entertainment, investing, and other goals. These personality types can spend money on an array of categories because they’ve budgeted for it. Even when purchases are done in the spur of the moment, it won’t break the bank because they’ve already put aside money towards their goals.
What the Money Boss isn’t so great at:
Money Bosses are not perfect and might be – in part – Hoarders, Avoiders, or Big Spenders, but they are aware of this and have adjusted accordingly. The key to success is knowing their weaknesses and bossing them as well.
How to be a Money Boss:
- Make managing your finances easy: automate investments, savings, etc. by debit order on the day you get paid. This will ensure your money finds its way safely into the correct boxes at the beginning of each month.
- Choose these boxes carefully. Think about what your short and long term financial goals are and work towards achieving them. Have different savings mechanisms for different goals.
- Planning for now and for the future is one of the key characteristics of the Money Boss. Whether that means saving for retirement or a new car. What’s important is that the goal was planned for and worked towards, all while not compromising any other financial facets of your life. Planning also means preparing for the day you stop working. Money Bosses often save 15% or more for retirement.
- Always be hungry for information. Money Bosses don’t necessarily spend all their time reading the Wall Street Journal and learning fancy financial terms, they keep it simple and keep refreshing their personal finance knowledge. It also motivates them to stay the course. Being able to boss your money comes with time, and won’t happen overnight. But it also won’t happen automatically. You get what you put in. With all the apps and online sources available today, finding interesting financial articles and bits of information is as easy as pie.
- Of course, the Money Boss has that all-important budget and they’ve also set this up to be tracked automatically. Yep, they know what they’re spending, what they’re planning on spending, and when they’re going to do it.
Do yourself a favour and start bossing your money now.