Which Money Personality Are You?

by | Dec 20, 2016

Does it seem as if, no matter what you do, you simply can’t save enough money to buy a home, much less an investment property? While I won’t say that buying your first property is a “cake walk”, it’s not an impossible task – even if it might seem like it is right now.

Right now, certain markets across Australia offer prime investment opportunities – however unless you’re in a position to take advantage of these opportunities, you’re left missing the boat.

Take a moment and consider certain spending habits that result in roadblocks to buying an investment property. Do you recognise yourself among any of these people?


Sally Spender

money spender

Sally is a sweet gal, but she’s developed a bad habit that leaves her counting the days to her next paycheque.

Always complaining that she’s broke, she spends money as fast as she gets it – often using her credit cards to fund her unsustainable lifestyle.

Rather than analysing her obligations and needs for the month before spending any of it, she spends her entire paycheque first on whatever she wants, leaving her broke for much of the time between pay periods.

This result then leads her to a “feast or famine” mindset which extends to the concept of buying an investment property.
“I never have enough money,” says she, “so there’s no way I can buy an investment property.”

Tammy Too Trusting


Always ready to help out a friend, Tammy believes that everyone is as genuine as she is. This trait, while charming, can be detrimental to her financial health.

Rather than taking charge of her finances, she blindly trusts that her accountant or her bank manager knows what they’re doing, so she can count on them to do the right thing.

Even if their advice is not ill-intentioned, Tammy’s sole dependence upon others’ financial knowledge puts her at a disadvantage.

Forgetful Franny


Life goes by in a whir for Franny. She uses her debit card to make withdrawals from her account but often forgets to deduct them from the balance.

This leaves her overdrawn, costing her hundreds each month in overdraft fees as she’s perpetually “robbing from Peter to pay Paul.”

Even if Franny takes the time to put together a budget she fails to follow through and use it. This not only contributes to her overspending, but it also prevents her from getting a good overview of where her money is going.

If she only realised that a few painless cuts to her spending combined with a few good bookkeeping habits could help her become a mortgage free homeowner.

Spendthrift Sammy


Sammy lives in the “here and now”. He spends every dime he earns…and then some!

Delayed gratification is a foreign concept to him…if he doesn’t have the money to buy it now, he’ll charge it…further adding to his debt load.

Ironically, the debt he’s incurring right now is precisely the roadblock that prevents him from living the dream lifestyle he wants.

Foolish Freddy


Poor Freddy. He’s investing in the stock market and has even bought an investment property, thinking that his investments are going to give him a cushy retirement.

Will they?

Who knows? Freddy has failed to establish a wealth creation plan, so he has no real clue whether or not his investments will give him the results he wants.

Freddy would be wise to speak with a financial planner who can help him go through all of his records and resolve any inefficiencies in his financial situation.


Interested in Property Investment? Book a FREE consultation with one of our expert Investment Coaches to discuss your situation and investing goals.

6 Ways To Speed-Up Your Next Property Purchase 

6 Ways To Speed-Up Your Next Property Purchase 

  Get There Faster If you are already a property investor with one or even two properties, first of all, congratulations. You’ve taken some seriously great steps in creating your future wealth and a pathway to a work-less, play-more retirement with passive...

Property investing: Five ways to create cashflow boom!

Property investing: Five ways to create cashflow boom!

When it comes to property investment there are some things you can never have enough of.

When it comes to property investment there are some things you can never have enough of. Good tenants, reliable builders, a great relationship with your bank.

But more than anything what you need is good cash flow. 

Having a steady income of cash means never having to dip into your own pocket to top up repayments, complete repairs or make another purchase.

Here are the top five ways you can ensure the cash keeps flowing, so you can keep your investment portfolio growing. 

Lock it in! How to protect your equity

Don’t be caught without it.
As a property investor who is building a portfolio, it’s vital that you have access to your equity whenever you need it. 
There’s nothing more frustrating than finding that perfect new property to purchase, only for it to be held up – or worse still, lost completely – because your finances weren’t in good shape.
Having an interest-only loan structure with a healthy off-set account is a great way to ensure you have equity at your fingertips whenever you need it, but that’s not the only way…