Time Stamped Show Notes
[1:22] Nick stated that his two primary human needs are significance and contribution. His primary money personality is spender and risk taker. Nick has always wanted to be liked and accepted. He was always made fun of by other kids while growing up. Therefore, his want for acceptance and need for connection is more primary to him than contribution need. According to Nick, significance go hand in hand with the need for connection. When people feel love and connection towards a person, that person feels significant. How people treat money is a vehicle to achieving their needs and wants.
Nick wants people to like him so that he can fulfill his needs for significance. He shares whatever he has and he uses things as a way to get acceptance. He admits to buying things in order to share them. The things are not lavish in nature. Nick feels that he is okay with his human needs but he would like to modify his money personality. He would like to work towards money personality that involves long term goals.
[6:59] Angie thinks that Nick’s primary and secondary basic needs are significance and contribution while his money personalities are risk taker and spender. She believes that recognition and admiration are a big part of Nick’s love language. Accolades and compliments fill up his tank. Being a risk-taker helps Nick fulfill his dreams by making him feel significant. He is always proud when he follows instincts. Ways through which Angie contributes is by noticing every time Nick follows a positive approach when it comes to money.
Angie however does not understand contribution as Nick’s other primary human need. She feels that the need for contribution is more about acceptance than about contribution. Spending money are tools of acceptance for Nick. Some people have it the other way round. They want love and connection and at the same time are security seekers. If funds are not there, they however do not spend. Having clear goals prevents a person from spending unnecessarily in the name of love, connection and security.
[11:04] Angie’s primary needs are certainty and growth and her primary money personalities are security seeker and saver. Her needs and personalities are lined up. Angie ensures that money is set aside for emergencies. In this way, she feels secure. Angie sees her money personalities meeting her needs through providing a safety net. She would like to have a lot more money saved just in case of injuries, natural disasters and family emergencies. Angie wants to be self-sufficient and independent unlike her siblings who are often bailed out by her mother. Angie would like to be a risk taker and desire growth with regard to money personality and need. She would prefer to focus on growth rather worry about certainty.
Nick thinks that Angie’s money personalities and needs are symbiotic. According to Nick, she craves stability and this is reflected in her financial habits such as saving. Nicks believes that he needs to be more cognizant of Angie’s need for certainty and growth. He also believes he should curb some of his personality traits that seem to be opposite of hers. Both Nick and Angie need to understand how they can use their differences to complement each other, grow as a couple and help each other.
[18:26] Nick’s primary financial goal was to get better at managing money so that he can be financially stable. This would then introduce better habits to his financial wellbeing. Nick will also start taking steps to secure future finances and have less stress when it comes to money. Angie on the other hand, wants to save $20,000 so as to invest in her future. She would also like to have capital for the unexpected. Angie believes that at her age, she ought to have saved more. Their short term goal was to set up a monthly budget. Poor communication often prevented them from sticking to the budget.
People need to know where their money is going into, whether it is groceries or bills. Analyzing bank statements, listing assets and listing debts helps in figuring out where the money goes into. Once a person understands where money goes, then he or she can reallocate it to meet their desired goals. When calculating net worth, this is subtracting any outstanding debts from the assets. It could be a positive or negative value.
[19:42] Nick and Angie each have personal accounts where their income is deposited. They then transfer any amount they want to save to their joint saving account. Both agree that they would want to improve their personal savings as well as their joint account. Both confess that there are no savings going on in their personal account.