70% of couples divorce over financial reasons, 100% of couples at some point argue over finances. How about a better way to build one’s relationship with your spouse through leveraging each other’s financial strengths as well as understanding one’s own weaknesses? That’s what Scott and Bethany Palmer provide in their book, The 5 Money Personalities: Speaking the Same Love and Money Language.
Scott and Bethany provide a tool for couples to understand their attitude and approaches to money. If you are looking for a budget planner or investment guide. This is not the book for you. If you are looking to get on the same page of understanding to be able to evaluate your present situation, recognize your present needs and work toward future dreams, this is the book you want to pick up.
The 5 Money Personalities are: Saver, Spender, Risk Taker, Security Seeker and Flyer. The 1st 4 are in some ways self-explanatory, the Flyer is one who simply checks out on the money process. A Flyer doesn’t factor in money to his decisions in life. A Flyer is into relationships. I loved how the Palmers flesh out each personality in chapter 3 with its strengths and weaknesses. Your money personality is your lens in making financial decisions in life. Their website TheMoneyCouple.com provides an assessment to Discover Your Money Personality. You will discover your primary and secondary personality (mine is Saver and Security Seeker).
The book’s value grows as the Palmers show the interplay of the money personality types in a relationship. 90%of couples they work with have the Opposite Dynamic. A Saver marries a Spender, or a Risk Taker marries a Security Seeker. Each money personality has strengths. Each money personality has weaknesses. The Palmers do a great job of telling their own navigation of financial issues to build their marriage and not just their bank account. A second assessment offered is the Financial Relationship Quiz.
The book was a great read and I knew its influence immediately as I had to go shopping later in the day, and saw my Saver personality kick in as I factored what to buy and what not to buy for an upcoming trip. Later in the day Sharon and I talked about finances in a way that was up building and freeing. I am curious to see what her money personality is and how we can leverage our similarities and differences not only for our finances but for our future. The Palmers provide a process to do that through 3 systems they provide to do The Money Dump, The Money Huddle and to Begin with the End.
I give The 5 Money Personalities 5 out of 5 stars. The Palmers have provided a tremendous tool for couples that I will encourage others to use as they discover their own money personality and ways to communicate about finances that will strengthen their marriage.
My thanks to BookSneeze and Thomas Nelson for a free copy to review. I was not required to give a positive review. I simply enjoyed the book and learn much about navigating financial outlooks in my life with my wife and the work I do.