Smart Investor Malaysia


4 Money Personality, Find Out Yours


Have you ever met people with different money personalities? These can be your spouse, parents, colleagues or friends. Is there a single best money personality that each of us should adopt? During a recent wealth seminar that I attended, I learned about these four main types of money personalities.

Come let’s check out your money personality.

1. The Money Saver

This person always feels insecure and wants to save as much as possible. It may be due to past experiences where these individuals have encountered financial difficulties, therefore they have this belief that it’s hard to earn money. Thus, it’s always good to set money aside for rainy days. I would agree that saving is a good habit to inculcate.

However, if you just save money alone without spending appropriately, then you may miss out on some great experiences in life such as travelling or other fun activities. What’s the purpose of saving then, if we don’t spend it wisely on things that matter to us while still achieving our long-term goals?

Read: Saving vs Investing, Should I Save Or Invest?

2. The Money Spender

This person always wants to buy things and must have the latest gadgets in town. They’ll buy whether they need those items or not and find fulfilment in spending their money. They may or may not have the money, but they’ll always have things to buy when they’re out for shopping. Now it’s even more convenient to spend money via various online shopping platforms available on our smart devices.

On the contrary, some may have the “you only live once” (YOLO) mentality. This personality of people rather spend their money now rather than delaying it to their later years. However, spending without proper planning and budgeting will cause you to regret it down the line when you no longer have any in flow of funds, as many people don’t have enough retirement savings for their later stages.

Read: How to Save Money in Malaysia – RM1 Million Goals

3. The Money Avoider

This person is not comfortable talking about money and never pays attention to their own personal finances. By not learning and understanding about personal finance or how to manage their money, these individuals may not be able to secure their financial future.

Not learning about managing money will have serious consequences in life. These personality types often conclude that they’re not good at personal finance. It’s important for this group of individuals to learn about the basics of savings, investing and protection so that they can take more control of their life and be able to reach their own financial security or financial independence.

Read: 6 Ways To Deal With Inflation

4. The Money Monk


Money monks are individuals that believe that money is the root of all evil or have preconceived negative beliefs about being rich. For example, they may have the belief that rich individuals are greedy and evil.

However, these rich individuals can make a bigger impact on society by having businesses to solve problems that we’re facing. Some wealthy individuals also channel part of their wealth into philanthropy or contribute money and time to tackle major problems affecting the world.

Read: Debt-Free vs Retirement Savings: Which to Prioritise?

4 Money Personality, What’s Yours?

Which of the above personalities is closest to your current habit of spending money? Personally, I don’t think that there’s one personality that is better than the rest. For me, it’s all about having that awareness of your current money personality.

What do you need to change about your current money personality? Do you need to read more books about managing money? Or signing up for classes or to seek help from financial professionals to guide you in your money management?

However, I think you should choose the right money personality that suits your current situation as it can change depending on your circumstances in life. It’s more important to have a balanced personality in managing your money so that you’re able to reach your financial goals and live the life that you desire!

About the Author

Goh Chee Yong is a Licensed Financial Planner under Capital Markets Services Representative License (CMSRL) and Bank Negara approved Financial Advisor Representative (FAR). Prior to becoming a financial advisor, he spent eight years working in Big 4 audit firms and multinational corporations. He can be contacted at

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