Your Money Personality (Unlock the secret to a rich and happy life):

AWA Press (Published 2007)

Written By Liz Koh

New Zealand

Review 4 Stars – Excellent Book

How the blurb describes the book:

The average New Zealander will earn more than two million dollars in their lifetime – yet most of us struggle to pay bills, have debt up to our eyeballs, and feel we are furiously spending on a financial treadmill without making much progress towards the life we really want to lead. What’s going wrong?

This brilliant personal finance guide will change forever the way you think about money. Successful financial planner, Liz Koh reveals that each of us has a hidden attitude towards money, which strongly influences our ability to create wealth and use it to enjoy life to the full.

Once you uncover and understand your true “money personality” you will:

·         Handle money much more successfully

·         Make better investments

·         Enjoy new harmony with your partner – no more arguments about money!

·         Grow your wealth

·         And, best of all, be able to fulfil your life dreams.

Liz Koh’s easy to follow advice is based on actual success stories, and is illustrated with compelling case studies.

Liz Koh writes and comments on money and personal finance for leading publiications, including The Herald on Sunday and The Sunday Star – Times. She is a sought after speaker, and has run many financial planner and chartered accountant, she founded her own company, Moneymax in 1999, after working in strategic planning and research for major corporations.

Mr Home Budget’s Review:

Sometimes when home budgeting books are written they take the very black and white view of numbers and figures. The authors of such books never take into account that we are all living, breathing creatures, who at times make errors in judgement. This book doesn’t just look at figures, it looks at humans.

Rather than just talking about the facts of a home budget, Liz Koh’s book brings up why your personality type might be preventing you from saving money. She splits people into four groups; Achiever, Enterpriser, The Thrill Seeker and The Hoarder. Then she talks about each one’s strengths and weaknesses. She puts an emotional spin on why money might be slipping through your fingers.

One of the great things this book does so well is, when it gives out advice, it normally gives out the same advice four times, but it is aimed at the different personality types. So when you figure out which personality type you are, the advice is more tailored to you.

But it’s not all emotional things; Liz also gives the barebone facts as to what to do with your money and budget. One of the best quotes in the book, “You are hard-working, determined to succeed in life, and want nothing but the best for your family. The problem for some of you is that the lifestyle you strive for is beyond your present income. You are a couple of steps ahead of yourself: you’ve spent your annual bonus before you’ve received it, and the salary increase you’re expecting to get in a few months has already been worked into your household budget.”

The other quote which stood out to me, “I have met many people with six figure incomes who save nothing, and many with modest incomes who are good savers. Many of the people with modest incomes end up with more wealth in the long term than the people on the higher incomes.

Liz hones in on the practical steps to increase your bank balance, including how to automate your money and how to make sure you’re saving some each payday. Plus towards the end of the book you get to make a plan for your life with goals in place.

Case studies from her real clients from her financial planning business are littered throughout the book. These real life examples show the complexity of life and how money plays into this. Plus they tell interesting stories of married couples who are classified in 2 different areas of her four groups. And how their two completely different views on money cause trouble in their relationship.

If you are looking for an easy read, with plenty of valuable information you can use in your own life, and a budgeting book which challenges the way you think about money by someone who knows their stuff. This book is for you.

Pros: While being a New Zealand book, 95% of the information is universal.

Uses real life examples of people making more money and other people losing money.

She relates all advice through a filter of being one of 4 personality types.

Towards the end of the book she gets you to write a plan.

Cons: Can write about the same things too much, just in different ways.

We did a interview with Liz click here to read it.