What Is Money Mind®?
Money Mind® is an interactive app designed by a group of financial advisors to help people understand their feelings about money so they can make more thoughtful financial decisions. There are three Money Mind® types: Protection, Happiness, and Commitment. The Money Mind® analyzer shows how these mindsets influence financial planning. I’ve already detailed the Protection Money Mind®, and you can learn more about the benefits of using the Money Mind® app here. Let’s take a closer look at the Happiness Money Mind®.
Happiness
The Happiness Money Mind® is motivated by enjoyment. People in this category have a zeal for life and a positive outlook, but sometimes their need for instant gratification can leave them in financial trouble.
Strengths
The Happiness type enjoys focusing on rich experiences. They believe in getting the most of life, which can lead to amazing adventures. This type is also decisive, even with big decisions. When they want something, they don’t hem and haw – they go for it. Their generally positive attitude about finances and the future also makes them fun people to be around.
Challenges
Though they are generally quite joyful, the Happiness type often feels like they don’t have enough. Their desire for more in the moment can also make them not prioritize saving for the future. Remember their decisive nature? That ability to make quick decisions makes them too casual about big choices and future risks. Their lack of foresight is a recipe for future financial disaster.
Opportunities
The good news is, with the right checks and balances in place, the Happiness type can enjoy life and have a secure financial future. By being aware of their need for instant gratification, they can train themselves to stop and evaluate potential risks before jumping into a big expense. It’s also important that they prioritize savings immediately by setting a savings goal that is adequate to cover future needs or unexpected events. It’s recommended that the Happiness type use a checklist when making important decisions to weigh opportunity and risk.
Let Us Help
Does the Happiness Money Mind® sound like your type? Try the app and find out. Knowing your type can help your financial advisor better serve you. If you’d like to discuss your type and learn more about how we can help you with financial planning and investing, contact me at (626) 529-8347 or email me directly at ricky@hbawealth.com.
About Haydel, Biel & Associates
Haydel, Biel & Associates is an independent financial advisory firm serving individuals and families near Pasadena, California. The firm was founded in 2004 by Chris Haydel and Ricky Biel with a desire to provide unbiased, client-centered, community-based financial advice. Together, they have built a practice that has grown into a family of caring, smart professionals committed to blending proven investment methodologies with creative financial technologies that make it easier than ever to accomplish your goals. They strive to keep things simple and fun to give their clients peace of mind and alleviate financial stress. HBA Wealth takes care of their clients’ needs first and foremost and goes the extra mile to make their clients’ finances grow. To meet and see how the HBA Wealth team may be able to help, contact them today at (626) 529-8347 or email Ricky directly at ricky@hbawealth.com.