The 5 Money Personalities is a helpful and insightful book.

Money Personality bookThe 5 Money Personalities
by Scott and Bethany Palmer
Thomas Nelson Publishers

Money; it’s one of the things couples argue about. Whether or not to have credit cards. How much to spend on Christmas gifts. Where to go for vacation. Eating out. Buying houses or cars. Saving. Paying bills. The list goes on.

Many couples have no idea how to talk with each other about money and end up hurting each other and damaging their relationship. In their new book, The 5 Money Personalities, financial planners Scott and Bethany Palmer offer insight and help for couples. With 43 years of combined financial planning experience, the Palmers are known internationally as “The Money Couple” appearing on national TV and radio and speak regularly about love and money.

In The 5 Money Personalities, the Palmers explain the hidden key for couples to deal with money is to understand how each other’s approach – or personality – towards money. Your Money Personality, they explain, has nothing to do with your budget, savings, debt. It is how you are ‘wired’ to look at money.

Some of the qualities found within the 5 Money Personalities are:

  • Saver – get a genuine rush from saving money and rarely spend impulsively.
  • Spender – are willing to pay for convenience and live in the moment.
  • Risk Taker – are excited by possibility and aren’t worried about details.
  • Security Seeker – are willing to sacrifice and have a plan for the future.
  • Flyer – not anxious about money and let others make money decisions for them.

“Your Money Personality is the lens through which you make money decisions,” the authors write. “Since money touches every decision you make, your Money Personality frames your perspective on life — waiting to buy the sweater until it goes on sale, saving 30 percent of your paycheck for retirement, or buying a gift for a friend’s birthday.”

None of the Money Personalities are better than another and all have strengths and weaknesses. Take two Money Personalities for example. A Security Seeker is a planner and trustworthy and willing to sacrifice to provide for the future. However, they can also be overly negative, get caught in a ‘research rut’ or stifle creativity by spurning a spontaneous moment. Risk Takers are ‘Big Picture’ people, love adventure, listen to their ‘gut’ and aren’t afraid to make decisions. However, they tend to be impatient, insensitive, and blinded by possibilities.

The Palmers state that it gets more difficult when roughly 75 percent of the couples they work with are married to someone with an opposite Money Personality.

The 5 Money Personalities is divided into three sections: “It’s All About the Money Personality,” The Heart of the Matter,” and “Reclaiming Your Marriage.” The book is easy to read, loaded with stories and examples that will have you nodding your head thinking, ‘That’s me!’ or ‘That’s my husband/wife/child/friend/etc.!’ It also includes suggestions on how to discuss your money concerns and hopes,  seeing money from the viewpoint of the other person, planning for the future and how to work through the challenges of lying about money.

The 5 Money Personalities is an easy to read, insightful book that will give couples the tools to strengthen their relationship. To learn more about the Palmers as well as take an online test to determine which Money Personality you are, go to The 5 Money Personalities website.