In part 1 we discussed getting to know your financial personality. This is a very important key to wealth building. There are eight main financial personalities: Scrooge, Miser, Gambler, Shopaholic, Entrepreneur Nestors, Bon Vivants, and Travelers.
According to Bert Whitehead, author of "Facing Financial Dysfunction," financial dysfunction is rooted in three different level. Cognitive level dysfunctions, the easiest to deal with, are based on incorrect information or a lack of understanding. With just a little education, it's relatively easy standing. With just a little education, its relatively easy to change this level of dysfunction. To overcome dysfunctions that stem from the unconscious belief systems rooted in values learned in childhood, individuals must reprogram their thinking by using a different paradigm.
Dysfunctional behaviors stemming from psychological associations are the most difficult issues to deal with. Deeply rooted, these behaviors are generally beyond the scope and competence of most financial advisers. In some cases, gradual behavior modification can be effective. Whitehead advises these individuals to seek the assistance of a qualified outside professional for psychotherapy, especially if the issue is threatening their financial stability.
Coming up: 7 Symptoms of Financial Dysfunction.
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