Soup’s on ain’t a soupçon!

As the days draw shorter, the sun stays hidden for longer and the colder weather encourages us to hibernate away, coupled with constrained financial conditions, we can be forgiven for falling into the trap of thinking smaller, trying to save both money and energy.

When it comes to cooking for the family – here’s a great idea to stretch out a little, as if the sun is shining warmly again.

Soups! They are jam-packed with vitamins to help you fight against the flu, the ingredients are basic, it’s affordable, you can keep it for ages if frozen and… it’s a great hot meal!

Warm, hearty foods on a cold day both comfort and sustain. Slow cookers can be bought for relatively cheap and use little energy – so set the soup up before you head out, and arrive home to a delicious aroma – and a delicious supper.

Let’s be honest, convenience is expensive; cooking from scratch means that you can buy vegetables and other ingredients in bulk while they’re on special and cook up batches of soup or stew that can be kept in the freezer for another few days. (Fresh fruit and vegetables are one of the most price variable foods, so it is generally better to buy what is in season.)

The other great thing about soups is that most vegetables can be used in their entirety (leaves, skin and all), without wastage or extensive prep time.

Hosting a soup party is a great winter alternative to a braai. Both have a casual atmosphere and instead of everyone bringing their own meat, guests bring soups, breads and cheeses.

Serving with soup mugs instead of bowls is a great way to keep things informal and everyone can dish up for themselves. There are literally thousands of soup recipes online to keep everyone happy – from hearty to creamy to spicy.

Once everyone has settled down – let the games begin! With everyone gathered around, soup mugs in hand, it’s the perfect time to introduce a game. There are lots of free smartphone apps that can work for group games, the trouble is finding a good one (I would recommend Heads Up!). If you’re a bit more old-school then feel free to break out a board game or cards.

The point of this blog is to highlight that it’s still possible to have a healthy meal and some good old-fashioned fun without spending a fortune on a fancy, formal dinner. Food is an everyday necessity that can be effectively used as an area for cutting down on costs, without sacrificing on nutrition and taste.

When Rona hits your wallet

Whilst we may try our best to keep our bodies safe from the flu – we may overlook the sluggish money myalgia that can hit us around this time too! You might have financial flu…

Every winter our communities are hit by different strains of coronavirus (root of the common cold and flu). COVID-19 is the latest strain that initially impacted our health systems, and then quickly affected our financial systems and virtually every other area of society, politics and the economy.

As with our bodies where some of us are more resistant than others and show very little symptoms, our financial situation may be more or less resistant to financial flu. We might handle financial stress very well, and bounce back quickly, but some of us may not.

People around the world are currently under financial stress – which will lead back to physical and emotional stress too.

This typically shows up in the difficulty an individual or household could have in meeting financial commitments due to both a shortage and/or misuse of money.

Many of us with financial flu may find that we are stressed continually about our finances, specifically around things like: short-term debt, car and credit card payments; extended family obligations; not being able to save; not having enough for any emergencies; and school or university fees.

Being able to list these different stresses helps us talk about them and deal with them, one at a time.

In 2017, Sanlam’s Benchmark survey cited that short-term debt was the biggest source of stress. Not much has changed.

Viresh Maharaj, CEO of Sanlam Employees Benefits: Client Solutions, rightfully pointed out that this stress would be considered an epidemic if we were referring to a disease. “If this was the flu, then 70% of South Africa said they’ve got the flu at the same time, it would be headline news.”

In most countries the middle class is the backbone of the economy and pays a substantial part of the country’s tax system. A lot depends on this sector, so these levels of stress are concerning.

If you are feeling like this resonates with you, and you’re showing similar symptoms, one of the conversations you might like to have is around conspicuous consumerism, as well as demanding economic conditions. The advertising industry has created “a culture of consumption on steroids” that needs to be addressed. Maharaj also ascertains that “while the National Credit Act includes various checks and balances… it doesn’t address the fact that being able to pay for something is not the same as being able to afford something.”

The findings from the Sanlam survey suggest that many middle-class citizens may struggle to meet short-term goals, which may have a knock-on effect of limiting their capacities to ensure they have enough funds to properly provide for their retirement.

Many individuals seem to be focusing on immediate financial concerns, and socio-economic constraints mean that the retirement funding issue isn’t being resolved. In the survey, over 60% of respondents “said they would work beyond retirement age, while 73% said they would reduce their current standard of living.”

However, we don’t have to be part of this statistic. Now’s the season to get our financial flu jabs and build up our immunity to making costly financial decisions. Protect yourself from any kind of flu this winter by seeking advice and taking the appropriate measures to ensure your long-term financial wellbeing.

How to emotionally distance when investing in tough times

Current investors have seen more ‘interesting times’, more black swans and market freefalls, than any other generation gone before.

From the 2008 global financial crisis, followed by the longest bull run in history, to Brexit, several downgrades for South Africa and then the COVID-19 pandemic, today’s investors have run the gamut. Their emotions have run the gamut too, whether they realise it or not.

Our brains on investing

Like being chased by a lion or falling in love, our management of money produces very specific chemical reactions in the brain that are as primal as they are underappreciated. Take a look at how CNBC describes it:

“In his book, “Your Money & Your Brain,” journalist Jason Zweig explains that financial losses are processed in the same part of the brain that responds to mortal danger. As investors see their investment portfolios plunge, our amygdala kicks into high gear. The amygdala plays a crucial role in processing and steering our emotions, such as fear and anger, allowing us to respond quickly to dangerous situations. The ongoing communication between the amygdala and rational input given by the prefrontal cortex can be stunted in times of emotional threat, such as a financial loss. This communication disruption is also known as the amygdala hijack, and, essentially, the prefrontal cortex is disabled, preventing us from making sound, rational decisions.”

First, become aware of the problem

What’s interesting about investment is that, unlike a lion attack or falling in love, almost everyone thinks that they’re not being emotional. Not understanding the basic ‘trading psychology’ as it’s known behind the amygdala hijack lends it power.

We all know the age-old adage of ‘buy low and sell high.’ Never is that more applicable than in market carnage such as that caused by COVID-19 and the 2008 financial crisis. To sell during a bad time, could be to take the biggest loss and miss the biggest opportunity in modern investment history. And we know this, logically, we do. So why do so many people sell anyway?

Because to sell is, for the amygdala, to escape the ‘lion’. It just wants to get out – it doesn’t care that such an emotional move could cost us our retirement.

But if one is aware of the problem, of the trading psychology behind our amygdala screaming at us to sell, it becomes a little easier to emotionally distance ourselves from the decisions.

Emotionally distance

One of the challenges that we all face is overcoming the powerful impulses to escape the lion.

We need to remind ourselves firmly that our emotional urges are not us.

And they are not sacrosanct, we can choose to obey them or ignore them.

Language helps a lot. Instead of thinking ‘I am freaking out’, think rather ‘my brain is freaking out.’ An investor who knows trading psychology thinks: ‘my brain is short-circuiting because of what it perceives as a dire situation’. An investor doesn’t think: ‘I need to get out.’

Also, look for inspiration. Keep a quote by Warren Buffett next to your desk when you do your day-trading, or whatever it might be. Thinking with the wisdom of others, even if it is by proxy, distances yourself from the tunnel vision which is so easy in a moment of panic, which tricks us into thinking that the way a problem appears to us is the only way to look at it. For example, to look at COVID-19 or Brexit stock market crashes as a disaster rather than an opportunity.

Don’t aim for being a robot

The aim here is not to suppress all emotions until you have none as an investor. Completely emotionless investing, as most experts will tell you, is a myth. Feel the fear, but don’t let it master you. Emotions are important, but we need to be able to deal with them in a positive manner.

Get help

Good, solid financial advice is invaluable – especially in tough times when emotional reactions are likely. Seek out a financial advisor who understands volatility and let their experiences work for you.

Ensuring that you don’t make any investment decisions or portfolio changes without your adviser’s input is also a handy way to not act in the spur of the moment. You may wake up at four in the morning worrying about your retirement, convinced that you need to dump all your equities immediately, but in the cold light of day such kneejerk reactions might look very, very different.

Ultimately, it’s you and not your emotions that are in charge when it comes to managing your money. Keep that in mind and you’ll be able to weather the storm ahead.

Tips for when markets recover

The last few years have seen more market volatility than anyone could have predicted, with the icing on the cake being the COVID-19 pandemic. But the best and worst thing about markets is their cyclical nature. All markets recover, eventually.

We know what to do when there’s a downturn and experience has taught many investors some hard lessons with recent stock market crashes. But what about an upswing? What do you do when the markets recover – and what should you avoid?

Don’t.. let it get to your head

Sometimes, it’s helpful to think of the stock market as a wild animal: make no sudden movements. Just as good financial advisers tell people not to panic and sell low in the nadir of a stock market crash, people should also not get overly excited when markets start recovering and buy everything in sight.

An economic downturn is not the time to cash in your retirement and an upswing is… also not the right time to do it. So, when is?

Do… keep to a big picture plan

The best time to do something like cash in your retirement savings, add something new to your portfolio or dump certain stocks is when it works in line with your long-term goals, specific to your goals and your risk appetite as carefully thought out by you and your financial adviser.

If you watch only the market, you will be tempted to buy and sell everything you own several times a day. If markets are nose diving but you are thirty years away from retirement, that nosedive has absolutely nothing to do with you. Keep to a long-term plan as worked out by your financial plan to avoid going crazy and not being blown about by every single headwind.

Do… stick to the classics

Tried-and-true brands and names that have stood the test of time are likely to survive your long-term plan. Go for “Think of your Warren Buffett-type companies: the Visas, the Microsofts, the Coca Colas of this world… the biggest companies that you are 100 per cent sure can get through recessions, coronaviruses, or any other panics that may come along,” advises David Coombs on This is Money.

If the markets are just beginning to recover, you can likely acquire stocks at a lower price than usual. Just make sure you get it before they get too expensive again.

Don’t… go it alone

There is a reason why financial advisers, wealth managers and stockbrokers have full time jobs. Not only is being able to deeply understand the stock market a very hard-won skill honed over years, it’s a very risky one that can turn on you at any moment.

The value of expert financial advice is irreplaceable when it comes to anything on the stock market, even seemingly simple scenarios like a market recovery.

Mid-Year Money Check

Many of us only look at our financial plan when we receive a windfall (this is not often…) or when things go terribly wrong. It could be the loss of a job, the loss of a loved one or another crisis (like a global lockdown…).

These aren’t necessarily the best times to make investment decisions or changes to our financial plans as emotions are often running extremely high during times of transitions and our stress levels will be elevated.

That’s why taking the time to do regular (quarterly or biannual) reviews gives you a better baseline from which to assess your portfolio and keeps you in the practice of being aware of what’s going on with your money. This is often easier said than done, and if you currently find yourself needing to make some changes, and are highly emotional or stressed, make sure you include an impartial third-party to assist you with this.

Your review should consider each of your financial priorities and your strategy for reaching them. If the conditions have changed, adjustments need to be made to make these priorities attainable in your desired time frame. Again, don’t feel pressured into doing this alone – include the others in your family who contribute to making and spending your combined income, and bring in your financial adviser.

As you do this, you will quickly notice that your priorities will change, you may need to rebalance some of your investments or portfolio products. This is okay – being flexible inside of your plan is as important as checking in with it regularly.

Thinking about a will, health care proxy, and power of attorney can be uncomfortable, but the alternative is letting someone else make these decisions for you. If you don’t have these key documents, take the time to set them up. If you already have them then a review might be in order. Life events such as moving, having children or grandchildren, or losing a loved one can have a big impact on your overall plan.

Careful, regular planning is essential in all economic climates. Are you preserving your assets? Are you protecting your income? Are you saving tax efficiently? A review can help prioritize financial decisions that you need to make to support your own and your family’s goals across generations.

Living annuities and how they affect your living

Oh, the ironies of life… 

One of South Africa’s most contentious laws regarding annuities states that a retirement fund may not be completely withdrawn in a lump sum, but a minimum of two thirds must be invested into a compulsory living annuity in an attempt to aid preservation of retirement money. Even those who are well informed about their retirement money sometimes forget this element of their annuities.

Then along came the Coronavirus pandemic with global lockdowns.

On 23 April, Treasury announced new living annuity drawdown relief measures for COVID-19 that effectively neutralise their living annuity laws.

The new proposed measures are to be disseminated under the Disaster Management Tax Relief legislation, and will be rolled out between 1 May and 31 August 2020.

So, what do we need to know?

Living annuity drawdown changes

Under the existing annuity regulations – the owner of a living annuity is currently restricted to an annual drawdown (which is usually paid monthly) of between a maximum of the investment value of 17,5 percent and a minimum of 2,5 percent, paid out monthly. These were designed to help us avoid spending too much too soon – some agree, some don’t.

This will be effectively side-swiped by two relief measures which once again unlock your annuity – but is that for better or worse?

Changing drawdown amounts

The first COVID-19 concession, obviously thought up for people experiencing cash flow issues in the wake of the pandemic, is that annuitants can increase or decrease their drawdowns (the amount of cash they receive at any one time from their annuity) as soon as they need to. Ordinarily, annuitants can only make such changes once a year at the annuity’s anniversary date and there are a whole lot of rules governing it, so that people can’t ill-advisedly just elect to get higher and higher drawdown amounts and run the risk of their retirement money running out too quickly.

This is a useful concession for one of the worst-hit segments of the population in terms of COVID-19’s financial impact: the elderly. However, the danger is that less financially astute retirees will see this as a nice payday and draw down a large amount and spend it, not taking into account the many years of economic hardship still likely to come from the pandemic. Of course, the other option to decrease drawdown amounts is also there, but realistically, it will be an unlikely choice for many.

Drawdown limit changes

Just as with the above meaning that people can change their drawdown amounts now, the second rule allows for the amount to change as well. The existing regulations attempted to encourage preservation by limiting drawdowns to a maximum of 17,5 percent – now annuitants will be able to withdraw 20 percent. While this number may seem small, it adds up quite a lot when dealing with the large sums in annuities. Think, for instance, of the difference between R175 000 and R200 000 in a modest living annuity. That is R25 000 less for the unknown amount of years still to go which this annuity needs to last for.

Conversely, the minimum amount has also been changed, from 2,5 percent minimum to 0,5 percent, in a bid to encourage people to save more and not less.

The danger, as with almost all things retirement, is that annuitants’ money will run out too soon. And retirement during the fallout of the Coronavirus pandemic promises to be no picnic: we have no idea what the value of the rand, inflation and various asset class values will do in the many years it will take for the world and country to economically recover. Treasury runs a serious risk of annuitants joyfully giving in to instant gratification and viewing the relief measures as a windfall or unexpected extra payday, with an eye on spending rather than keeping a watchful eye on their dwindling retirement savings.

If you have a living annuity or know of someone with one, good financial education is key to understanding the temporary regulation changes and the inherent flexibilities as well as dangers that they hold. Here, as always, sound financial advice is worth its weight in annuities.

Words that will make (or cost) you money

Communication around your finances is crucial if you want to be more mindful and intentional around wealth creation.

There are some conversations that will help you ascribe meaning to your money, and these should happen early on in your planning process (and regularly thereafter). Then there are conversations that will facilitate the actioning of your financial plan and will be important when you need to make changes to your portfolio.

Here is a quick guide to five key terms that you’ll hear crop up again and again as you take action in your financial plan.

1. Dividend
A dividend is a portion of a company’s earnings that are distributed to shareholders. The dividends can take various forms but is most commonly a distribution in cash or as a portion of a share of the company. Furthermore, companies have their own policies as to when and how much of earnings are distributed in the form of dividends.

2. Bonds
There are many types of bonds, but in simple terms, a bond is a way of borrowing a sum of money – to be repaid by a fixed date in the future, with interest in the meantime. The buyers of bonds are essentially lenders, which means that if you buy a government savings bond, you become a lender to the local government.

The interest rate received is often referred to as the bond’s yield, and is the compensation that the investor receives for ‘lending’ their hard-earned money. According to an article published by Investopedia, “bonds are often referred to as fixed-income securities because the borrower can anticipate the exact amount of cash they will have received if a bond is held until maturity.“

3. Annuity
An annuity is a type of investment account that uses lump savings to generate a regular income stream – typically these are used for retirement planning.

There are two types of annuities – fixed and variable.

The key feature of a fixed annuity is that you enter into a contract with an insurer who subsequently guarantees a set income for life. This income is dependent on a number of factors such as your age, gender or whether the payment will be level or increasing. The annuity payment is guaranteed by the insurance company, so it is a good option for those who are risk averse (don’t like risk).

With a variable annuity, the risk of the investment is transferred to the annuitant in that her capital (saved money) and subsequent annuity is dependent on market performance.

4. Unit Trusts (also known as Mutual Funds in the US and UK)
According to an article published by The Balance, a “mutual fund (unit trust) is a pooled portfolio. Investors buy shares or units in a trust and the money is invested by a professional portfolio manager” who invests the capital in an attempt to produce an income and capital gains (profit) for the investors. The pool of funds is collected from many investors who wish to invest in stocks, bonds and similar assets.

One of the main advantages of unit trusts are that they offer investment vehicles where smaller investors have access to diversified, professionally managed portfolios in which each shareholder participates (wins or loses) proportionally in the gain or loss of the fund.

5. Asset Allocation
In order to invest your money, you essentially need to give it to someone who will in theory use it to make a profit by working with your assets (invested money), and you then enjoy the profits from that. If they make a loss, you make a loss too. That’s the risk you take.

Asset allocation is therefore the process of deciding how much money, based on your appetite for risk and objectives, is invested in the different available asset classes – such as equities (stocks), real estate (land and property) or commodities (eg. gold and silver).

Being able to talk about your money and how you are working with it is a powerful step in gaining confidence and power over your money, rather than allowing it to have power over you. The more we can learn together, the more we can build the lives that we want and enjoy what we have!

Hold onto your life cover

Sometimes it feels like this conversation is a broken record, constantly going round and around on the same track: people the world over are feeling the financial pinch and tightening belts.

It’s not just a local issue, and it’s not a new concern.

A few minutes on Instagram or Twitter will reveal just how many are building their third, fourth or fifth ‘side hustle’. This is partly because our internet age has made alternative streams of income more viable, but also because our current economic pressures make it almost impossible for families to cope with a single, or even dual, income.

When external pressures leave us feeling hard-pressed, it may be tempting during such times to reduce or release our risk cover policies – with life cover being a common policy to cancel. Sometimes, these decisions are made in order to maintain a certain living standard – however, this could have dire financial consequences for your loved ones.

Life cover is never an easy conversation to have. And when things are tight, you have to weigh up paying your monthly premiums against the potential effect on your family if they were to lose your income entirely in the event of a disaster.

The problem with cancelling your life cover isn’t just that it is a massive risk, but that it also may be impossible to replace it as you grow older.

Many people may assume that you can simply cancel your life assurance then reinstate it when it’s easier to afford. However, premiums are likely to be substantially higher when you’re older (cover is said to cost double at the age of 45 what it costs at age 25). Health conditions may also be excluded from the cover and, in the worst case, you may even be uninsurable if you are diagnosed with certain illnesses.

Even missing the payment of a few premiums can have a negative effect. Not only may you need to undergo the underwriting procedure again, but any deterioration in your health would be taken into account when considering policy reinstatement and premiums.

So what are the alternatives?

4 possible alternatives to cancelling life cover (this is not financial advice)

1. Reduce your monthly expenses
Cut back on items that aren’t essential, such as your television subscription. Critically evaluate your budget and examine what is imperative versus what you just would like. Remember, this is not forever, it’s about prioritizing your financial security.

2. Re-negotiate your debts
Try approaching creditors or your bank to negotiate terms of any repayments. They may be willing to accept smaller sums over a longer period.

3. Press pause on your savings
Consider taking a ‘payment holiday’ on your contributions to an investment portfolio.

4. Negotiate your premium payment pattern
Request to change to an escalating-premium pattern for your life cover, which means that your initial premiums will be lower and increase over time.

Please note that the above four points are suggested options, if you would like to review your plan inside of your changing situation – please arrange a meeting for us to objectively make the best decisions according to your individual needs. It is important to stay educated about life cover and informed about affordable solutions, so please discuss this if it is a concern.

Finding the fungibility in commodities

Depending on your level of investing savvy, you may or may not be comfortable with the term ‘commodities’. As our global systems currently enter one of the toughest times experienced in over a hundred years, you may hear this term bandied about a fair amount.

Essentially, commodities are the basic building blocks of the global economy, upon which most other goods are created. They fall into two broad categories – hard and soft.

Hard commodities are natural resources that must be mined or extracted. These include energies such as oil and natural gas, and metals such as gold and aluminium. Soft commodities, on the other hand, are agricultural products such as crops and livestock.

When it comes to investment strategies, commodities and stocks often move in opposite directions to one another. Hence, commodities can offer a good opportunity to diversify an investment portfolio — either for the long-term, or during unusually volatile periods.

Commodities are essentially uniform across producers, and this uniformity is referred to as ‘fungibility’. For example, oil would be considered a commodity, but Old Khaki’s jeans would not be, as consumers would consider them to be different from jeans sold by other stores. When traded on an exchange, a commodity must meet specific standards, which is known as a basis grade.

A commodity market is a virtual or physical marketplace that is dedicated to the buying, selling and trading of raw or primary products. There are currently about 50 major commodity markets in the world that facilitate trade in approximately 100 primary commodities.

Over the past few years, the definition of ‘commodities’ has expanded to also include financial products such as foreign currencies, indexes and exchange-traded funds (ETFs). Technological advances have also led to new types of commodities, such as mobile phone minutes and bandwidth, being exchanged.

Commodities can have a big effect on investment portfolios. Basic economic principles of supply and demand tend to drive commodities markets, so lower supply increases demand, which equals higher prices (and vice versa). For example, a major disruption, such as a health scare among cattle, might lead to a spike in the generally stable demand for livestock.

Slumping commodity prices can also provide opportunities for investors. However, investing in commodities can easily become risky because they can be affected by eventualities that are difficult to predict, such as weather patterns, epidemics, natural disasters, and even politics. As a result, it is important to carefully consider your risk appetite and the length of time you have until you wish to achieve your goals, as this will affect the recommended allocation of your portfolio to commodities.

As with all elements of your portfolio, it is important to ensure you have a solid understanding of what you have allocated and why. Don’t be afraid to ask questions if you’re ever unsure of any terminology.

Working with different money personalities

As the 2020 global pandemic for COVID-19 becomes forever etched in our history, most of us will remember how the term ‘lockdown’ moved from a novelty to a serious psychological threat. At the point of writing this blog, it’s not clear just how vast and integrated the knock-on effect of lockdown will be, but for most of us it’s confronted us with conversations we’ve never had to have before.

Being confined indoors, or a specific area for an extended period of time brings out the deeper facets of our personalities and stress coping skills. Several years ago an article by Maya on Money spoke to money personalities – and whilst this has perhaps been overlooked or avoided by many, lockdown will most certainly be a catalyst for addressing it now!

Money has been cited as the biggest reason for divorce, and differing attitudes towards money in any relationship can cause friction. So let’s take a look at some basic ‘money personalities’ and you can decide with which you most identify.

This may not only help you manage your relationships in both trying or triumphant times, but also how to go about managing your wealth creation as a couple, family or shared living arrangement.

1. The Spendthrift
A spendthrift tends to be extravagant and spontaneous with regards to money matters. However, sometimes they can be irresponsible and need protection from making financial mistakes and getting into debt that they can’t afford.

2. The Saver
Someone who saves may have quite modest tastes and needs, and long-term they may well reap the rewards of their cautious approach. However, their financial prudence and love for budgeting could be a turn-off for someone who is not that way inclined.

3. The Cinderella
Maya Fisher-French refers to the ‘Cinderella Complex’ in her article when she considers a woman’s unconscious (or conscious) desire to be cared for. Some people are simply looking for a partner who can spoil them, which Fisher-French refers to as a Blesser.

4. The Financially Independent
Other people make it their main focus to become financially independent so that they can manage their money and responsibilities on their own. They pride themselves on working hard to become financially organised and not needing to rely on anyone else. This type of person may fret about being pulled down by someone who is less financially astute.

5. The Power Hungry
Power plays can arise if someone uses money to wield power over others. The adage, “he who holds the gold, makes the rules,” may be true in some relationships – especially if there is a big difference in earnings. Money can create a shift in power that can be easily abused if all parties are not careful.

Rules should be agreed on by all who rely on each other. Different money personalities can be compatible if a balance is achieved; everyone needs to recognise the strengths they are bringing to the relationship.

For example, a Saver can help a Spendthrift to avoid some financial miscalculations, while a Spendthrift can teach a Saver to loosen up and enjoy splashing a bit of cash sometimes.

Likewise, someone who enjoys spending money on their family could be compatible with those who enjoy having money spent on them.

If there has been a major change (loss of income or work for any of the income earners in the home) it can be enormously stressful if we don’t have the words and tools to have better conversations about earning, saving and spending the household money.

It’s powerful to know what type of money personality you are and to find synergy in your relationships. It’s not necessarily a question of having the same attitude and approach to money issues, but rather finding compatibility and compromise.