BUSINESS NEWS - I had an interesting conversation the other day. I have two clients in almost identical financial positions. They hold the same portfolio — same asset allocation, same exposure, same strategy.
In the wake of Trump's Liberation Day tariffs, the markets took a knock, and both portfolios dipped for a couple of weeks. One client was visibly upset. The other barely blinked.
Now, with the rebound we've seen this past month, both clients are considerably better off than before. The numbers did the same thing — yet their reactions couldn’t have been more different.
The client who was worried insisted on making changes. The other stayed the course. Same facts, same data — totally different emotional responses.
And rather than fault either of them, it got me thinking.
We all carry our own stories when it comes to money. Did we grow up in a household where money was tight or abundant? Were our parents savers or spenders? Who do we live with now, and how do they view financial security? Are we driven by anxiety, freedom, comparison… or something else entirely?
The truth is, most financial decisions are emotional. We don’t just manage money — we manage our beliefs, habits, and assumptions about it. And many of those were formed long before we ever earned a cent.
That’s why I’ve found it helpful to think in terms of money personalities — a lens through which we experience financial decisions. Understanding your own type can help you make better choices, reduce stress, and build a financial life that actually fits you.
Here are five of the most common types. Can you see yourself in any of them?
1. The Accumulator
Core belief: Security comes from saving and control.
You’re a planner. You like spreadsheets, goals, and knowing where every rand goes. You likely have a solid emergency fund, avoid debt, and think long term.
But… you might struggle to spend on yourself or take calculated investment risks — even when it makes sense to do so.
Watch out for: Over-saving, perfectionism, and missing out on the joy your money can bring.
2. The Spender
Core belief: Money is for enjoyment and freedom.
You value experiences — travel, nice meals, making memories. You’re often generous and spontaneous, and money is something to be enjoyed, not hoarded.
But… you might avoid budgeting, feel guilt after spending, or delay long-term planning.
Watch out for: Lifestyle creep, lack of savings, or using money to escape discomfort.
3. The Avoider
Core belief: Money is overwhelming or stressful — best not to think about it.
You’d rather focus on other things. Bills pile up. You might forget to open statements or ignore your bank app. You’re not materialistic — and that’s a strength.
But… avoiding your finances doesn’t make the stress go away — it just compounds it.
Watch out for: Missed opportunities, disorganisation, and decision fatigue.
4. The Amasser
Core belief: Money equals success and independence.
You’re driven to grow, build, and win. You enjoy seeing your net worth increase and often feel motivated by financial milestones.
But… you might struggle to feel like it’s ever “enough,” and attach your self-worth to financial progress.
Watch out for: Burnout, tunnel vision, or neglecting relationships in pursuit of wealth.
5. The Giver
Core belief: Money is a tool to care for others.
You’re generous — with your time, your resources, and your support. You may help family, donate to causes, or give freely to friends.
But… you might struggle to set boundaries or prioritise your own long-term security.
Watch out for: Resentment, financial self-neglect, and relying too much on future “somedays.”
We’re often a mix of types — but one or two usually dominate. For now, try ask yourself:
Which type sounds most like me? And what could I do to better work with — not against — that tendency?
NOW READ: Markets, war and what comes next
The school holidays begin today, and I am off to the bush and on leave for the next week, so there won’t be a newsletter next week. I hope everyone has a lovely weekend.
Matthew Matthee has a wealth management business that specialises in retirement planning and investments. He writes about financial markets, investments, and investor psychology. He holds a Masters Degree in Economics from Stellenbosch University and a Post Graduate Diploma in Financial Planning from UFS. MatthewM@gravitonwm.com
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