The 3 Personalities of Money: A Breakthrough Discovery In“Mind over Money”

By Tony Walker

Theres an old saying in the Financial World, the one who makes the rules, gets the gold.

For years, the Financial World has successfully lived by this rule. Biased charts, irrelevant historical graphs, goofy catch-phrases and unreliable risk-tolerance questionnaires, their game plan is to convince you that they know more about you and your money than you do, all the while, making money on your money whether you do or not.

Its a game you cannot win!

The 3 Personalities of Money puts an end to the madness by changing the rules. Instead of allowing the Financial World to control your money by controlling your mind, you will learn the secret of controlling your money by knowing your mind; a concept seasoned advisor Tony Walker refers to as mind over money. Thanks to this breakthrough concept by one of the countrys most contrarian advisors, consumers now have an escape route from the traditional one-size-fits-all mantra pitched by the financial world.

Whether youre confused as to which investments to select in your 401(k) plan or wondering if you should follow the herd into the latest gold rush, The 3 Personalities of Money will give you the answers you need. This book, coupled with the free 3-minute financial personality test located at 3Personalities.com and the unique, real-life stories located at the end of the book, will turn the tables on the Financial world by giving you more confidence in who you are and what fits your financial personality.

• Language: English
• Publisher: AuthorHouse
• Release date: Feb 26, 2013
• ISBN: 9781481718288

Book preview

2013 by Tony Walker. All rights reserved.

No part of this book may be reproduced, stored in a retrieval system, or transmitted by any means without the written permission of the author.

Published by AuthorHouse 03/12/2013

ISBN: 978-1-4817-1824-0 (sc)

ISBN: 978-1-4817-1828-8 (e)

Library of Congress Control Number: 2013903136

Any people depicted in stock imagery provided by Thinkstock are models, and such images are being used for illustrative purposes only.

Certain stock imagery © Thinkstock.

Because of the dynamic nature of the Internet, any web addresses or links contained in this book may have changed since publication and may no longer be valid. The views expressed in this work are solely those of the author and do not necessarily reflect the views of the publisher, and the publisher hereby disclaims any responsibility for them.

The material contained in this book is for general information purposes only. It does not constitute legal advice, tax advice, investment advice, or other advice, nor is it intended to recommend any particular investments, products, or financial instruments. The content herein and the concept of The 3 Personalities of Money® Financial Profile represent the views and opinions of the author. Information contained in this book should not be used as the basis for decisions regarding the purchase or sale of any investment. Always seek advice from your financial advisor, attorney, or accountant with regard to investment, legal, or tax questions.

WorryFree Retirement, The 3 Personalities of Money and Mailbox Money are registered trademarks of Walker Financial Services, Inc.

Contents

Preface

Chapter 1   The 3 Personalities of Money

Chapter 2   The Driving Force behind The 3 Personalities of Money

Chapter 3   Meet the 3 Personalities of Money

Personality 1: The Saver

Personality 2: The Investor

Personality 3: The Speculator

Chapter 4   Honoring Your Financial Personality

Chapter 5   When Savers Become Investors

Chapter 6   Applying the 3 Personalities of Money:

The Saver

The Investor

The Speculator

Chapter 7   Common Investment Questions and the Best Answers for You

Should I take part in my company’s 401(k) plan?

Where should I invest the money I’ve already put into a 401(k) or other government-sponsored plan?

How much of my investments should be liquid (easily accessible)?

How much of my investments should be guaranteed by insurance or some sort of backing?

Are exchange-traded funds (ETFs) right for me?

Should I pay off my home mortgage early?

Should I liquidate my 401(k) or IRA to pay off debt?

What amount and type of life insurance is right for me?

Should I invest in an annuity for retirement? If so, what type?

Should I invest in gold, silver, or other commodities and or futures?

The Death of Uncle Charlie

Hanging in There for Now

Avoiding the Spending Trap

Mid Fifties and Falling

Who Said Anything about Risk?

Avoiding the Tax Man

Commodities Gone Wild

Wasted Time and Energy

Don’t Get Madoffed

Fill ’er Up?

Gallons of Gas Add Up

A Friend of a Friend

Widow in Waiting

There’s an Old Saying

Oh, for the Good Ol’ Days

Should I Be Ashamed of Myself?

No Time Like the Present

Reboot Your Personality

The Last of the Big Spenders

I Feel Your Pain

The Thrill of the Chase

The Tale of the Silver Dollar

Resources for Savers

Article Resources for Savers

Resources for Investors:

Resources for Speculators

Preface

Just as no two snowflakes are alike, no two people are either. We each have a personality that we show the world, which is unique in its own way to each one of us. Our friends, family members, bosses, coworkers, neighbors, acquaintances, and even the kid who hands the coffee to us each morning can rattle off characteristics we display. But what we reveal to one may not be what we reveal to another. We show different people different aspects of ourselves, and there’s always more to us than what others see.

Can our personalities be completely defined by a list of traits? I don’t think so. The whole is greater than the sum of the parts. Our personalities are made up of physical, mental, emotional, and spiritual components. They’re molded and colored and given intricacies by our upbringing, our experiences, our fears, our passions, and our observations of the world; this is true even when it comes to how we think, feel, and act regarding money.

So here’s how I really am going to change your life! The 3 Personalities of Money lets you discover how you’re wired financially. By the time you finish this little book, you’ll know more about this important truth and will gain a better understanding of the financial products and financial strategies that best suit you—when to take social security and whether to max out your 401(k), to name a few financial decisions you may need to make. Armed with this new information, you will be better prepared to pick investment strategies that leave you feeling comfortable, and confident, and not second-guessing yourself. You’ll stop following the herd, investing and saving in particular ways just because it seems to be what everyone else is doing. And you’ll definitely embrace your newly found worry-free financial life, living by the principles of mind over money (my approach), rather than money over mind (the financial world’s approach).

Once you affirm your financial personality, I’ll guide you on how best to utilize this newfound self-knowledge to make the right decisions for you without getting lost in the endless advice, questionnaires, guilt trips, and ulterior motives spun by others.

Your financial personality is just one aspect of who you are. The 3 Personalities of Money is not intended to pigeonhole or oversimplify anyone. I don’t claim that I can define you. I don’t pretend, like so many out there, to have some secret knowledge or magic financial bullet that will always target what is best for you.

What I have here are, to some extent, generalizations. There’s no way around that when you’re writing a book for everyone. After you finish reading, head over to 3Personalities.com and take the free 3-minute test so you can quickly determine your financial personality.

The stories located at the end of this book will get you thinking about your options and opinions on a whole host of real-world financial situations. All of this is the result of my background in psychology, decades of experience in the financial trenches with all sorts of people, expert consultations, lots of interviews with lots of different folks, and a drive to understand why people do what they do with their money.

The 3 Personalities of Money is your guide. I want to help you figure out how you’re wired financially, so you aren’t even slightly tempted by the people out there pretending they have secret knowledge about you and where you should be investing your money.

Only you can make the right choices for your life. Only you can define yourself.

Upon completing this book, which is simply an introduction to this new and exciting concept, and after taking the free 3 Personalities of Money test, you’ll begin the exciting journey toward a better understanding of which financial products and strategies are right for you—which ones are most comfortable and most suited to your unique financial makeup. And isn’t that what having money is all about—to use and enjoy it with the least amount of worry? I think so. In fact, after working with thousands of people, I know so.

The mission of my life’s work in the field of money and people is helping others worry less about both. I trust you will discover, as I have, that when it comes to money, there is one simple truth we can all live by: It’s not about the money, but about knowing who we are and what we want out of life.

We have little control over global economic trends, currency fluctuations and devaluations, natural disasters, political upheavals, social unrest, bad weather, or schizophrenic stock markets. We do, however, have complete control over our own behavior, an accountability we relish.

—Excerpt from Coca-Cola’s 1994 report by former CEO Roberto Goizueta, as provided by Nikki Ross, in her book

Lessons from the Legends of Wall Street

CHAPTER 1

The 3 Personalities of Money

. . . a breakthrough concept in

Mind over Money

Here are three words that my granddad lived by: Never borrow money.

Then again, here are—hold on, let me count them—eight words that an investor friend of mine lives by: "Borrowing money is one way to grow money."

On the other hand, I know a high roller from Vegas who lives by these nine words: Borrowing money is the only way to grow money.

Three different people, three different answers—how can this be?

Different strokes for different folks, you say.

I think there’s more to it than that. Let me show you what I mean. Quickly take 60 seconds to answer agree or disagree to the following financial questions. Go ahead; I’ll wait.

1.   Paying off your home mortgage as quickly as possible is always best. Agree/Disagree

2.   Paying off your home mortgage early is bad, since interest rates are low now, giving you more opportunities to invest your money for higher returns. Agree/Disagree

3.   Maxing out your 401(k) is something everyone should do, since it reduces taxes. Agree/Disagree

4.   Maxing out your 401(k) may be a lousy idea, because there is a the lack of investment options right now