I love reading books about money, and as a former personal finance blogger, I have read a lot of them. When an opportunity to review The 5 Money Personalities landed in my inbox, I decided to take a chance on the book. After all, I love the subject, and the publisher is Thomas Nelson, a company that just happens to publish a lot of books I love.
I sat down to read The 5 Money Personalities: Speaking the Same Money Language on a snowy day not too long ago. It’s a quick read, and it’s not a typical personal finance book. In fact, it’s really not a personal finance book at all. It’s more of a marriage advice book. And that was OK with me.
The 5 Money Personalities is something along the lines of Men are from Mars, Women are from Venus, though the book doesn’t separate the 5 personalities by gender. But the point of the book is to illustrate that different money personalities bring both strengths and weaknesses to dealing with money in marriage and how spouses with different money personalities can be prone to conflict.
According to the authors, the 5 money personalities are:
- Risk Taker
- Security Seeker
Everyone has a dominant money personality and a secondary money personality. The authors direct the reader to their website, www.themoneycouple.com, to take the money personality profile. I did that and found that I am a Spender/Security Seeker, which is exactly what I figured. My husband, ironically, is the same. And truthfully, my husband and I don’t really fight about money at all.
But back to the book. I thought there were some good points in the book. The 5 money personalities were interesting. And the authors give some great advice, such as to have a weekly meeting with your spouse to talk about your dreams together. Sometimes it seems that the longer people are married, the less they talk about what they want out of life, and the authors want to see couples reignite the spark for their dreams.
On the other hand, I was a little disappointed that a book published by Thomas Nelson didn’t even mention Biblical principles for either marriage or money management. It seems to me that the gist of The 5 Money Personalities is to realize that you and your spouse bring different strengths and weaknesses to the money management aspect of marriage and that spouses need to respect each other and try to understand their differences.
I personally would have liked to have seen added that if you seek the Lord before making financial decisions and make decisions jointly with your spouse, agreeing about money becomes a whole lot easier. I’m sure my assumption that the book was specifically a Christian title based on the publisher clouded my opinion of The 5 Money Personalities a little bit.
As someone who has been married for 17 years and rarely argues about money with her husband, I’m probably not the target audience for this book. And although I think the money personalities are a little oversimplified, The 5 Money Personalities would be a good read for engaged and newly married couples, especially if they read the book together. Couples who have trouble understanding how their spouse approaches money would also benefit from this book. Each chapter ends with some discussion questions or activities, which could provoke some good conversations.
About the Authors. Scott and Bethany Palmer have 43 years of financial planning experience between the two of them. They founded the website www.themoneycouple.com and speak regularly on TV, radio, and internationally about love and money. They live in Colorado with their sons.
I am pleased to announce that one of my readers will win a copy of The 5 Money Personalities. To enter, just leave a comment below, letting me know whether you think you are a saver or a spender. For a second entry, take the Money Personality Profile at www.themoneycouple.com and come back and leave a second comment telling me your primary and secondary money personalities.
This giveaway will close on January 31, 2013 at noon PST. The winner will need to contact me within 3 days, or I will draw another winner. The prize will be mailed by the publicist following the contest end. This giveaway is open to residents of the United States only.
Disclosure: I was provided a copy of this book in exchange for my honest review.