Talking money personalities

SHOWERS AS
WE HEAD INTO THE BEGINNING OF
NEXT WEEKEND.
>> RESEARCHERS SAY OUR MONEY
BELIEFS ARE USUALLY ESTABLISHED
WHEN WE'RE KIDS.
BUT DON'T GO BLAMING EVERYTHING
ON MOM AND DAD.
JOINING ME THIS MORNING IS FRED
CREUTZER, WITH CREUTZER
FINANCIAL SERVICES.
.
GOOD MORNING.
FRED: MONEY PERSONALITIES CAN
CHANGE EVERYTHING.
YOU CAN HAVE THREE CHILDREN, AS
YOU AND I WERE CHATTING, ALL
THREE COULD BE DIFFERENT.
THE FIRST ONE IS THE IMPULSE
SPENDER -- WE ALL KNOW THEM.
THE NEW GADGET, NEW CAR, NEW
CLOUDS -- CLOTHES.
I SAY FOR THEM -- TAKE A BREATH,
WAIT 48 HOURS.
THEN WE HAVE A CAREFUL SPENDER,
THEY ARE COUPON SHOPPERS.
THEY ALWAYS WANT THE BEST DEAL
BECAUSE THEY LIKE THE VALUE.
SOMETIMES YOU DON'T WANT TWO
IMPULSE VENDORS BEING MARRIED
BECAUSE THAT IS A RECIPE FOR
DISASTER.
YOU NEED THAT BALANCE.
IF YOU ARE AN IMPULSE SPENDER,
MAKE SURE YOU SET UP A 401(K).
AUTOMATICALLY PUT MONEY AWAY SO
YOU'RE NOT SPENDING EVERYTHING.
JEN: I THINK I AM A BALANCE OF
BOTH.
RISK OF ORDER --
-- RISK O
AVOIDER.
FRED: WE GET THAT SOMETIMES.
IF THEY ARE AVOIDING RISK, IF IT
IS LONG-TERM, WE NEED TO TAKE
THE VALUE OF RISK.
DON'T BE SATISFIED AS A 1% CD
FOR FIVE YEARS.
RISK AVOIDING MIGHT BE SMART AT
60 YEARS OLD.
THE RISK TAKER, HE HAS A GOOD
APPROACH, BUT ARE WE AT THE RATE
-- RIGHT RISK LEVEL?
THERE ARE A LOT OF PARAMETERS.
THAT IS WHEN YOU SHOULD SIT DOWN
WITH SOMEONE.
YOU DON'T WANT TO BE EXTREME ONE
WAY OR THE OTHER.
YOU WANT TO BE MODERATE.
EIGHT SPACE IS WHERE YOU WANT TO
BE, WHAT IS THE VALUE?
SHORT-TERM OR LONG-TERM?
JEN: WHAT ABOUT A CAREFREE
SPENDER?
FRED: THAT IS THE ONE WHO IS
WORRIED ABOUT TODAY.
JEN: THAT MAKES ME NERVOUS.
FRED: THAT IS WHAT EVERYONE WHO
IS A PARENT WORRIES ABOUT.
THEY'RE REALLY PUTTING OFF FOR
TOMORROW.
I AM REALLY -- THOSE SPENDERS
WORRY BABY MOST.
THEY ARE NOT ESTABLISHING THE
FUTURE.
THEY ARE ALL ABOUT TODAY.
WE NEED EVERYTHING TO COME
TOGETHER.
YOU HAVE TO THINK ABOUT TODAY,
AND TOMORROW.
HAVING A BALANCED APPROACH,
ESPECIALLY IN A MARRIAGE, THAT
IS WHAT WHAT WORKS -- THAT IS
WHAT WORKS.
JEN: DO YOU SEE THE CAREFREE
SPENDER MORE WITH MILLENNIALS?
FRED: ABSOLUTELY.
THEY HAVE MORE TO WORRY ABOUT.
THE AVERAGE WILL NOT HAVE
PENSIONS.
THEY WILL BE RELIANT ON SOCIAL
SECURITY AND WHATEVER SAVINGS
THEY HAVE.
IF THEY ARE CAREFREE, I WOULD
SAY THE MILLIONAIRES ARE THE
ONES THAT START SAVING AT A
YOUNG AGE.
THEY WILL BE WELL-ESTABLISHED.
IF YOU ARE HAVING A GOOD TIME
EVERY WEEKEND, YOU WILL BE IN
TROUBLE.

Talking money personalities

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