Money Personalities – The Security Seeker (aka the Good Provider, the Amasser)
Previously, we talked about the Risk Taker. In contradiction to that money personality this week we explore the characteristics of the Security Seeker.
General characteristics of a Security Seeker
- Planners – they like to know their financial future is locked in. They are prepared for anything and always have a plan.
- They can tell you about their investment account balance and their insurance plans, and also the reasons why these are good things
- Investigator – needs lots of information of many kinds to make a decision
- Trustworthy – rather have a low risk on their investments than to risk the investments totally
- Willing to sacrifice – would rather do without today than without tomorrow. Would rather work harder today than scrimp on tomorrow
- Security is all that matters
- Finds it difficult to take a risk
- Thoughts about money are dominated by “if”, “then” and “someday”
- Believes that “if I did what I wanted to do I would not make money”
- Believes cannot make money following their passions
Strengths of a Security Seeker
- Knowledgeable – likes to learn and research a topic. Knows the how, why, what and when of financial matters.
- Dependable – can be counted on to make a plan and follow it
- Have a vision for the future – like to know their financial future is locked in
- Patient – would rather do without today than do without tomorrow – has a “bucket list” and will work diligently to get it completed
- Often a strong family man / woman wanting the best, both today and in future, for the family (a Good Provider)
- Often “amasses” a strong net worth including assets that can withstand life’s challenges and downturns
Weaknesses of a Security Seeker
- Be overly negative – first response to many money questions is “No! Can be regimented in thinking and definitely not spontaneous.
- Overly cautious – just thinking about risk makes the Security Seeker nervous. Since they will take no risk at all they miss opportunities for diversification and do not acknowledge that inflation may eat up their savings (inflation risk)
- It the Security Seeker has veto power in the relationship he / she can tend to stifle creativity in their partner and limit exploration of dreams, spontaneity and creativity
- Get stuck in a research rut making it hard to make decisions in a timely manner
- Lack of money can lead to feelings of failure
- Could be seen as boring to other money types
This personality may have been born in the Great Depression – I know my Dad was of this ilk. He found it really hard not to amass a legacy for his family. Good Providers are solid and have strong views – similar to a Saver but future-oriented with a plan, a purpose and family driven.