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Tuesday, November 28, 2017

Are you a saver or a spender?

Are you a saver or spender? Savers and spenders have their own characteristics that make some the creators of wealth and others the spenders of wealth. How you handle money will make a big difference in your long-term financial health. With so few Americans saving for retirement it is important to put yourself on the right track.

Savers:

-Independent minded.
-Good with details.
-Like to collect and save.
-Driven by the need for security.
-Put away a certain percentage of their income.
-Often contribute the max to their 401K
-Buy used, work on their own projects, and check alternatives.
-More concerned with practical use.

Spenders:
-Socially minded.
-Like prestigious products that enhance self-image
-Are concerned with luxury items.
-Like to enjoy life in the moment.
-Generally try and maximize their spending capital.
-May not save much for retirement.
-Buy new, look for image and status.

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