Choice Rewards World Mastercard®
Learn More
Terms Apply
Paid Placement
No-fee balance transfer offer plus a welcome bonus valued at $160!

Our top picks of timely offers from our partners

More details
Rocket Mortgage
Learn More
Terms Apply
Rates could continue to rise - look into refinancing with one of our top picks.
OnDeck
Learn More
Terms Apply
A+ rating with the Better Business Bureau and our top pick for same-day funding
Earnest
Learn More
Terms Apply
Private student loans with no fees, flexible payment options, and cosigners can apply by phone with expert help.
CIT Bank
Learn More
Terms Apply
Earn 15x the national average with a Savings Connect account. Member FDIC
Select independently determines what we cover and recommend. We earn a commission from affiliate partners on many offers and links. Read more about Select on CNBC and on NBC News, and click here to read our full advertiser disclosure.
Resources

In just 5 minutes, this quiz can reveal your financial personality type

Myers-Briggs and Marcus by Goldman Sachs teamed up to help you understand your financial habits.

Share
Getty Images

There are a lot of rules of thumb when it comes to managing your money: Set clear goals, have a budget, save regularly, spend within your means. And whether or not you do these things says a lot about your financial personality.

To help you figure out where your financial personality type fits in, there's now a short (and free) quiz co-created by the publisher of the MBTI® assessment, The Myers-Briggs Company, and Marcus by Goldman Sachs.

Your personality preferences have a much larger impact on many of your other behaviors, like how you respond to stressful situations to how you interact with others, says Michael Segovia, senior consultant at The Myers-Briggs Company and MBTI expert.

The quiz identifies four unique financial personality types: confident money manager, short-term strategist, value-based planner and laid-back balancer. Below, CNBC Select takes a deeper look at these financial personality types, as well as a next step you can make once completing the test.

The four different financial personality types

The four different financial personality types outlined in the quiz are designed to help you uncover your strengths and challenges when it comes to managing money.

"Everyone manages their finances differently — whether it's how much you spend on groceries, or how you approach retirement planning," Sonali Divilek, head of product at Marcus by Goldman Sachs, tells CNBC Select.

Some, for instance, prefer to be their own full-time money manager, whereas others might feel better working with a financial advisor, explains Divilek. Similarly, some might be motivated by numbers and dollar signs, which others make decisions based on the intangible aspects of money.

Here is a breakdown of each financial personality type, as explained by The Myers-Briggs Company and Marcus by Goldman Sachs.

  1. Confident money manager: You are excited about managing your finances. These people are likely long-term thinkers and planners and more likely to create (and stick with) a financial plan. They prefer traditional financial planning strategies, such as having a retirement savings plan in place and knowing future investments they want to pursue. But while the focus on building wealth is energizing, confident types might be challenged when seeking a second opinion, moving too quickly or overanalyzing too many options. Learn more about confident money managers.
  2. Short-term strategist: You are a careful and cautious planner who does your research, making you more likely to take time to make a well-informed decision than confident money managers. You're also more flexible and willing to adapt your plans if and when your financial situation changes. While you create budgets to stay on track, you are more motivated by short-term financial goals (like what you'll spend tomorrow) over longer-term planning (like retirement). Because you're a strategist, however, you may miss out on opportunities as you evaluate every option before committing to just one. Creating a timeline with deadlines can help you nudge decisions along, or try automating your finances so you save time on decisions such as, "Should I save this month?." Learn more about short-term strategists.
  3. Value-based planner: You are future-oriented, charitable and tend to make financial decisions based on your values and what's important to you. Your focus on accumulating wealth in the long-term comes from your desire to help make a difference in the lives of the people and organizations you care about. You like to lend a financial helping hand when you can, prioritizing donating to charities or philanthropic causes. While you have a heart of gold, you tend to place less interest in your own daily finances and may want to consider working with a financial advisor who can help you keep tabs on anything you're missing. Learn more about value-based planners.
  4. Laid-back balancer: You have a relaxed approach when it comes to money matters and put more importance on living your life and following intuition. For example, a monthly budget may not be something you do because you find it too limiting. You keep tabs on your money, but you may not be totally up-to-date. Not everyone wants to be their own money manager, which is why financial planners and advisors come in handy. It is important, however, to stay in know about what your finances look like and to think about what your goals are for the future. There are budgeting apps for beginners that make it easy to do this. Learn more about laid-back balancers.
Take the quiz for yourself

Find out what financial personality type you are by taking the quiz here.

Next step you can make after taking the quiz

Knowing your financial personality is a good first step. Once you have completed that, look into budgeting and expense tracker apps that can help you better manage your money, or stay on track. They run the gamut and are geared toward different types of savers and spenders.

For confident money managers, consider Personal Capital because it acts as an investment tool as well as budgeting, so it's easy to see an overall view of all your personal finances in one place. Users also have the option to add personalized investment services and wealth management advice from licensed fiduciary advisors for fee.

Mint is a good pick if you are a short-term strategist because its goal feature lets users set different lengths of time for what they want to accomplish with their money. This way, you can learn to break big goals down into smaller ones that will satisfy you for the short term.

For value-based planners, You Need A Budget (YNAB) can help you allocate every dollar of your budget to what you value most, whether it be helping your sibling pay off their school loans or donating to a favorite charity. In doing so, you'll also be mapping out a plan of your daily spending so you are intentional about where your money goes.

And, for laid-back balancers, Goodbudget can help you get started budgeting so you can try to have a bit more control over your money. Perfect for beginners, Goodbudget creates an "envelope method" of budgeting so you can learn more about how you spend and perhaps start to create financial goals. If you choose to meet with a financial advisor, they have more to work with once they know what you want for your life and finances.

Bottom line

No matter what your personality type is, the important part is that you are self-aware of how you look at and use money. You can then see your strengths and challenges.

"Managing finances is an important area to look at through this lens because it can help individuals better understand why they handle financial decisions the way they do and see potential blind-spots," Segovia says.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
First Tech Federal Credit Union
Learn More
Terms Apply
Paid Placement
Borrow up to $50K - flexible terms up to 84 months, no origination or application fees, and no payments for up to 45 days
Find the best savings account for you
Learn More
Terms Apply
Check out our savings marketplace to compare options or read about our top picks