Financial Psychology Quiz: Are You A Millionaire In The Making? December 12, 2018 bizadmin Money may not be the most important thing in the world, but it can ensure you survive in one of the world’s most expensive cities, help you to enjoy the finer things in life and even bring that occasional ‘bout of happiness! The catch? As Dave Ramsey famously puts it, “You must gain control over your money or the lack of it will forever control you.” Understanding your behaviors around money can help you to better manage your funds, and we are here to help! Take our simple financial psychology quiz and discover your secret financial persona through deciphering common, daily situations! The musical/concert that you have been anticipating is finally in Singapore! Which category would you buy? A. Category A, VIP seats on opening night B. The mid-range category C. It doesn’t matter, as long as it’s free or sponsored! D. Let me check which credit card has the best rebates deal first! You find an unexpected S$50, what will you do with it? A. Indulge in small treats! That’s 5 cups of free latte and a happy hour session! B. Drop it into the piggy bank for a rainy day C. Let’s take a change at Singapore Pools! D. Spend it on a workshop that you have been eyeing You are waiting for your friend outside of the MRT station when a financial advisor approach you. What would you do? A. Half-listen and breathe a sigh of relief when your friend arrives B. Tell the financial advisor that you are not interested and scurried away C. Ask questions to fully understand the benefits offered D. Listen politely and ask where you can find out more info on your own You are looking at the movie listing for your Friday’s date. What catches your eye? A. The movie doesn’t really matter, as long as it is at Gold Class B. Free movie screening at the National Gallery looks good! C. The latest blockbuster movie D. Nothing looks as good as Netflix You just received a windfall of S$1 million, what will you do with it? A. OMG! Should I go on that luxurious Europe trip, get the Birkin bag or quit my job? B. Save at least half of it, and share the remaining equally with my family C. Invest as much as possible, and transform the S$1 million to many millions D. Consult a professional financial adviser to make the best of this fund It’s lunchtime and you realized you forgot to bring your wallet. What would you do? A. Borrow money from your colleagues/friends and promptly forgot about it B. You’d rather skip lunch C. Ask for a treat and promise the next lunch’s on you D. Found some spare change in the drawer! What do you do with your monthly income? A. Shopping, dining and enjoy life! B. Save the bulk of it in the bank where it’s safest C. Invest as much as possible to get the maximum returns D. Manage it with a budget and look out for good investment opportunities Which of the following best describes your spring cleaning attitude? A. What spring cleaning? Simply throw up the old when you buy something new. B. The tablecloth is old but it can still be used! C. A renovation may be required! D. What must be done, must be done Scoring Your Financial Psychology Quiz Results Mostly A’s: Happy Spender Source: GIPHY If you have answered mostly As, you’re likely to enjoy living life in the moment and would spend happily on goods and services without much considerations. Your loved ones and friends are likely to benefit as you get satisfaction spending money on gifts for others too. On the flip side, this means that you may be spending most of what you earn, or even racking up huge credit card bills! At the back of your mind, there’s a nagging voice going “you should save more”, but saving money is such a chore! Mostly B’s: Classic Saver Source: GIPHY If you have answered mostly Bs, you are the classic saver, who may sometimes be accused of being a hoarder, but your strong will power to withstand temptations to spend will ensure you to maintain a stable lifestyle. You do not dislike routine, as the Happy Spender does, and are often deemed reliable in the eyes of your loved ones. While saving is a good virtue, you need to learn how to save smart instead of save hard! A little research and further reflection can go a long way to put your funds to better use. Mostly C’s: Committed Financier Source: GIPHY Do you obsess over credit card points, or use comparison sites and download apps that track your budget or remind you when to remortgage? If you have answered mostly Cs, you are a Committed Financier who knows the value of maximising your money. You are likely to welcome changes and try new ideas, while keeping on top of money matters. Friends will hear the latest good deals from you, if only they think to ask. Mostly D’s: Keen Investor Source: GIPHY If you have answered mostly Ds, you appeared to be a level-headed individual who plans ahead. You understand that money may not be the most important thing in the world, but it is a necessary tool in all stages of life, and more is better than less. Instead of going to the extremes like the Happy Spender or Committed Financier, you tend to be content with what you have. You’re likely to be observant and have an eye for details. Answers Mostly As Mostly Bs Mostly Cs Mostly Ds Financial persona Happy Spender Classic Saver Committed Financier Keen Investor Savings determination || |||| ||| |||| Investment appetite | || |||| ||| Risk appetite ||| | |||| |||
