What’s Your Spending Personality?
Tony MauroEpisode Description
Before you can effectively put together a retirement income plan, it’s important to understand your own tendencies for spending. Let’s explore the different personalities.
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Transcript Of Today's Show:
Speaker 1: Hey everybody, welcome into mid-June here. We're back on Plan With the Tax Man, with Tony and myself. We're going to talk about our spending personality. What is your personality type when it comes to spending? It's pretty important to figure that out, and it's even more important to not only figure that out for yourself, but also share that with your advisor, and your financial strategist, your tax professional, and that's what we're going to talk about this week here with Plan With the Tax Man, with Tony Mara. What's going on, my friend? How are you?
Tony: Good, enjoying the summer so far. This is my time with my spending personality where I generally spend more. We're out, we're traveling, we're doing this and that. It's timely, because I think... And we ask and talk about this a lot, and so, it's going to be a fun topic today.
Speaker 1: I think, again, it's pretty important to self-identify, which is a big term nowadays. We hear it all the time in the social context. But when we're talking about our money and our finance, if you're not honest or don't know who you are when it comes to how you spend money, and by the time you get close to retirement, surely you know this about yourself, and have come to grips with it. But it's just as important to share that information with your advisor, and your financial professional, and your financial team, so that they can plan accordingly. There's nothing necessarily wrong with any of these categories that I've got for types of spenders, Tony. But if you're in one category, and your spouse is in another, and neither one of you are being honest with your advisor, it's making it pretty hard for them to get you a good plan that's going to get you to and through retirement, right?
Tony: It is, and it's something we ask everybody when we first meet with them, and the spouses as well. Because I like to know, just like you said, what kind of spenders they are, and if they're saying that they don't know, then we start asking some questions to try to identify it. Along with this, many, many that we talk to don't have... I think you can kind of generalize your spending personality, but a lot of people still don't use what I call personal finance software, whether it's Mint, Quicken, or what not, just to track your spending, see what's happening in the household, and then sitting down even without your advisor and discussing that on a personal level.
Tony: They don't do that. It's out of the checkbook or the debit card now, and nobody even looks at their bank statements. So, they really don't know what they're spending it on, so they kind of generalize this, and we try to get them to look a little deeper. Again, when we go over these, if you're out there listening, you're going to identify with one or more of them.
Speaker 1: Exactly. And I was going to say, that's a great point as well. You'd be surprised if you do some personal software type of tracking or budgeting. I know nobody likes the B word, but if you check that, you're often surprised, more times than not, nine out of 10 people are like, "Wow, I had no idea we were doing this much in these different ways." Let's dive into these categories. And again, you might find to be one or more than one, and you may be thinking about your spouse or significant other, and they may be the same way. And I'll play along and say the same thing, and Tony, you can as well. The first one is, the emotional spender. Talk to me about this. Give me some bullet points. What's an emotional spender?
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