What is your money Wiring?

Discussion in 'Self Improvement and Being Successful' started by hetalhet, Apr 5, 2011.

  1. hetalhet

    hetalhet
    uix_expand uix_collapse
    Member

    Joined:
    Jan 26, 2011
    Messages:
    101
    Likes Received:
    2
    Money Wiring was very interesting topic covered in one Workshop I have attended. As per Speaker, There are four types of money wiring seen in Humans. Check here and share which is your money Writing? and What characteristics you see in you?

    1. Saver
    2. Spender
    3. Avoider
    4. Saint

    You have to choose One only the most appropriate for you (though you may find yourself having mix of them)

    Mine is Spender:
    Few Characteristics:
    I am shopaholic, it makes me pleasant
    I follow fashion trends
    No savings and Investments (Though I am trying hard) etc..

    What is your money Wiring? and What characteristics you see in you?
     
    #1 hetalhet, Apr 5, 2011
    Last edited: Apr 5, 2011
  2. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,575
    Likes Received:
    1,165
    hetalhet you have given some of the characteristics of a "Spender", what are the characteristics of the other three?
     
  3. Henry_Jakson

    Henry_Jakson
    uix_expand uix_collapse
    Member

    Joined:
    Jul 7, 2010
    Messages:
    89
    Likes Received:
    1
    There are many situations that require a person to wire money or conduct a wire transfer. Wire transfers are used to make business transactions, purchase homes and pay off debts. The process is not as complicated as you may think, provided you are prepared with the right information. Thanks for giving this information..
     
  4. hetalhet

    hetalhet
    uix_expand uix_collapse
    Member

    Joined:
    Jan 26, 2011
    Messages:
    101
    Likes Received:
    2
    Here are characteristics of all four Wiring:

    Savers:
    They create budgets and strictly follow it.
    They don't spend easily
    Before spending they always check if it is worth to pay for, is it really needed
    They do bargaining if possible
    Their Finance is always well managed.
    They cant spend on entertainment and many times family members suffers from that as they also don't allow others to spend much.

    Spenders:
    Shopping gives them pleasure
    They can not follow any budget
    Their pockets are mostly empty
    They are brand conscious and follow fashion trends or any hobby they love to

    Avoider: (its not Investor, tht was my mistake, I have corrected it)
    They pay late fees, late charges for bills etc..
    Mostly They keep them self away from money matters
    They will never ask for money back if they have given some money to their friends
    They will avoid money matters as much as they can

    Saints:
    They believe Money is just for survival
    They things that one should not run after money
    its ok of we have not much money, its ok if we cant be rich some day. Just live with small needs.

    These are all characteristics of all different Money wiring. Hope this may help you.
     
  5. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,575
    Likes Received:
    1,165
    Thanks for those details hetalhet, now that I'm feeling the effects of the recession I'm adopting more of the characteristics of a saver, I feel that this will be good for me in the long run and that it will eventually improve both my financial position and my financial education. Unfortunately I was too careless with money in the past and did not take enough care of where I invested my money, on reducing costs or of saving for a rainy day.

    hetalhet did the workshop say that any one of those four is better than the others?
     
  6. hetalhet

    hetalhet
    uix_expand uix_collapse
    Member

    Joined:
    Jan 26, 2011
    Messages:
    101
    Likes Received:
    2
    No.. That Workshop says that..

    Wiring can not be change, and He gave very good example that: At your home you can't replace wiring of Air Condition to your Refergerator same your Financial Wiring will be there with you and you cant change it, but there is nothing like saver is good and spender is wrong or Aoider is bad. People with each wiring has some advantages and Disadvantages.

    But we should Pay attention to the cost that we are paying by having Particular wiring.

    For Example: I am a spender and the cost that I am paying is: I am shopaholic and without actual need I do lots of shopping. But to reduce that cost I have decided that I will not keep any credit cards with me. Also ATM cards will be there with my better half. So gradually I am spending less as I have to ask for ATM cards to my partner so better I think of omitting it.

    So learning lesson is: Find the cost that you or your family members are paying due to your wiring and try to reduce it. Each of us pays some cost that is for sure.
     
  7. Yanni

    Yanni
    uix_expand uix_collapse
    Member

    Joined:
    Apr 5, 2011
    Messages:
    60
    Likes Received:
    5
    I'm all of the above. Haha. I create budgets but have fun payments in there.
     
  8. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,575
    Likes Received:
    1,165
    Hetal, do you remember what the costs associated with being in the "Savers" group are, or if there were any tips as to how "Savers" could improve their financial position?
     
  9. hetalhet

    hetalhet
    uix_expand uix_collapse
    Member

    Joined:
    Jan 26, 2011
    Messages:
    101
    Likes Received:
    2
    Savers pays very few costs which are:
    (1) They are savers so their focus mostly goes to saving and less in investment especially investment pays high return with high risk).
    (2) Also they don't take much risk for high risk investment like share market.. n in that way sometimes they are satisfied with less return only.
    (3) Sometimes due to strict savers in Family other family members pays the cost when they want to buy something which is not in saver's monthly budget.
    (4) They mostly do not spend much in entertainment

    These were all cost we found out in this Money wiring exercise.

    However that speaker dint tell us any cost, pros and characteristics of any wiring. Actually it was team exercise with all spenders as a team, all savers as another team and those individual team has to define 5 characteristics, benefits of being spender/avoider etc and cost they are paying after discussing with whole team member.
     
  10. smith360

    smith360
    uix_expand uix_collapse
    Banned

    Joined:
    Mar 29, 2011
    Messages:
    21
    Likes Received:
    0
    There are many situations that require a person to wire money or conduct a wire transfer...
     
  11. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,575
    Likes Received:
    1,165
    Thanks a lot for that hetalhet, it really is very interesting and I'm surprised that there are actually costs associated with being a saver. Did attending the workshop help you to improve your own financial situation?

    Did you read the other posts in this thread? It is not about sending money via wire transfer.
     
  12. hetalhet

    hetalhet
    uix_expand uix_collapse
    Member

    Joined:
    Jan 26, 2011
    Messages:
    101
    Likes Received:
    2
    Yeah.. It was very powerful course and actually I have revised it this year, but first time I did in 2010. The name of this course is "Your Money Secret" and all my family members has done this course and we have got some awesome results in our family regarding Finance.

    That course is design to know your own relation with Money and How you can lead to Financial Abundance by improving this relation. Money wiring was just a small exercise, few exercises were so powerful that cause many transformations but I can't place them in words here...

    For me, It was thrilling experience and I have decided to revise it every year...
     
  13. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,575
    Likes Received:
    1,165
    Well done hetalhet, I'm delighted to hear that it has been working out for you and thanks for sharing your experience with us here.
     
  14. sigma

    sigma
    uix_expand uix_collapse
    Active Member

    Joined:
    Aug 31, 2009
    Messages:
    1,944
    Likes Received:
    283
    Seems i'm more to Saint
    They believe Money is just for survival
    They things that one should not run after money
    its ok of we have not much money, its ok if we cant be rich some day. Just live with small needs.]

    However, i still try my best to earn more money....lol
     

Share This Page