What is your financial personality?
Are you a maker, spender, giver or saver? Perhaps you are a little bit of everything?
You do not have enough money at the end of the month and you do not have a credit card. You:
Live frugally until your next paycheck. You do a thorough evaluation of how this issue occurred and take steps to avoid it in future.
Apply for a temporary grant/mini-loan. You do not want to trouble your family.
Borrow from friends/family for the short term.
Find a temporary side gig to earn additional money.
You see an unrecognised expense of RM149.99 on your credit card. You are most likely to:
Accept that it is probably a family member’s expense.
Try to remember the expense but knowing yourself, you probably bought something during a sale.
Dig through your detailed records until you can account for the expense.
Call up the bank immediately to investigate.
Your laptop is giving you some trouble, and you are advised that it can probably only last another 6 months. You:
Look for a premium laptop that will last a long time. It’s better to pay more and have less hassle. You set some money aside beforehand to be ready to purchase when needed.
You purchase a new laptop at the next sale whilst also taking advantage of any instalment plan offered to finance it.
Stick with the current laptop as it still works. Whenever convenient you ask friends and family for their recommendations.
You start researching laptops; comparing cost versus benefits. You evaluate the amount of usage you’ll get out of the laptop and over the course of the next 6 months you will decide on which will be the best for you.
You have three months’ worth of salary in your bank account. You:
Look for investment opportunities.
Work on building six months’ worth of emergency funds. Three months may not be enough if an actual emergency does arise.
Continue keeping it in the bank as an emergency fund.
Lock it away to not be tempted to spend it – although you do sometimes end up spending it.
When it comes to budgeting, you:
Find that your expenses often exceed your budget.
Have no problem budgeting as your expenses are usually very reasonable.
Generally do not budget. You know your expense thresholds and will find ways to generate more money if there is a shortfall.
Are very disciplined in sticking to your carefully crafted budgets. You amend and revise your budget as needed.
The money I earn is:
A resource that needs to be managed efficiently.
Meant to let me live life to the fullest.
Meant to provide the best for the loved ones around me. I feel fulfilled when giving and being generous.
To empower me to have extraordinary things in life. If I want something, I’ll find a way to make the money to get it.
You get a promotion and now earn double your previous salary. You:
See it as an opportunity to expand your investments and grow your net-worth. You also increase your standard of living to reflect a high-income earner.
Reward yourself for all your hard work. It is important to celebrate the milestones in life.
Spend on your family to improve their quality of their life. You couldn’t have done it without their support.
Maintain your current expenses as far as possible for now because you don’t know how long this job will last in the current job market.
When it comes to personal financial management, what scares you the most?
Not achieving your earning/income potential.
Losing your hard-earned cash to mistakes in investing.
Being unable to provide a good life for your family.
Having insufficient funds to enjoy life in the future.
Which factors concern you the most when investing?
Capital Preservation – how safe is my money? Will I make losses?
Liquidity – when can I use the money?
Overall Return – what do I get at the end of the day?
Reliability – can I trust this investment? Would my best friend/family member trust it also?
If you have just invested in a stock, and tomorrow the price drops by 50%. You will:
Look at the big picture. You may move the money into another better performing stock or keep it if the original stock still has good growth potential.
Do not react and hope it recovers.
Wait for it to break even before selling it. You do not want the losses to become realised by selling it now.
Sell it and hold off from investing in stocks for a while.
The stock market has crashed due to COVID-19. People around you are worried about the market and are pulling their money from their investments. Some talk about holding cash for safety. You:
Are similarly concerned as those around you and hold off on investing.
Avoid investing because you want to ensure your family’s financial safety. You believe you can invest when things are better.
Want to invest, but remain cautious. You monitor the markets closely to decide when to start investing.
See it as an immediate opportunity to invest and make good returns.
Your spouse wants to buy a new set of dinner plates. You:
Make sure it’s a good quality set that will last years.
Get a cutlery set to go along with it, because you might as well get everything together.
Go ahead and buy it because it benefits the family after all.
Evaluate if your family has actual use for the new set of plates and whether it is worth the price being paid
You’re thinking about buying a new car. Which is your primary decision point?
The car should reflect your career status.
The car should be of similar standards as your peers’ cars.
The car must be affordable as it is only to transport you from A to B.
The car must be big enough to accommodate your family.
You’re shopping for a new washing machine. You are the one who usually does the laundry in your household. Which statement fits you best?
You go for a higher-end machine because it has more functions.
You go for the machine with the longest warranty and the highest review scores.
You go for the machine that you’ve seen promoted across social media.
You go for a cheaper machine as long as it gets the job done well enough.
You’re planning your wedding. Which of the following best fits you?
A unique ‘instaworthy’ wedding.
A small wedding with only your family and closest friends.
Whichever wedding type your fiancé prefers.
A lavish wedding; fitting of your VIP guests.
1 out of 1
Time is Up!