Earlier this month, I had the pleasure of reading ‘The Seven Money Types‘ by Tommy Brown. I had chanced upon the title while looking up other finance-related books. The subtitle ‘Discover How God Wired You to Handle Money’ intrigued me sufficiently to make a purchase.
In the course of my work, I meet people from all walks of life, some of whom are very savvy with their money and others, not so. I had always wondered what makes each person tick as far as their finances are concerned. This book shed some light in my understanding. I now feel better equipped to pitch my business and tax advice to suit the various money types.
The Seven Money Types in Brief
Abraham (Hospitality) – The basic belief of Abraham types is that money should be used to make other feel special and valued. Therefore, their key characteristic is that they love using money on gifts and serving others. The shadow side of an Abraham type is that they lean towards self-sufficiency and tend to have difficulty in receiving from others. In order to ensure their well-being, Abraham types need to remember to spend on themselves.
Isaac (Discipline) – The basic belief of Isaac types is that money should not be wasted but rather maximised. Therefore, their key characteristic is that they make the most of every dollar. The shadow side of an Isaac type is that they exhibit fear; they are afraid that resources will run out. In order to ensure their well-being, Isaac types need to lighten up and plan to splurge.
Jacob (Beauty) – The basic belief of Jacob types is that money should be used to create pleasurable experiences. Therefore, their key characteristic is that they enjoy using money to create beautiful moments or buy beautiful things. The shadow side of a Jacob type is indulgence; they tend to overspend on desirable items or experiences. In order to ensure their well-being, Jacob types need become more intentionally others-centred in their spending.
Joseph (Connection) – The basic belief of Joseph types is that money makes connections possible and opens doors. Therefore, their key characteristic is that they use money to forge important relational connections and partnerships. The shadow side of a Joseph type is manipulation; they tend to use money and relationships for self-centred gain. In order to ensure their well-being, Joseph types need to learn to limit the number of financial commitments.
Moses (Endurance) – The basic belief of Moses types is that money should be carefully ordered. Therefore, their key characteristic is that they love financial order, budgets and a good plan. The shadow side of a Moses type is impatience; they tend to feel aggravated at wastefulness and lack of planning. In order to ensure their well-being, Moses types need to learn to create space between themselves and finances, and to learn to disengage and rest. (That’s me!)
Aaron (Humility) – The basic belief of Aaron types is that money should be used to serve others. Therefore, their key characteristic is that they are concerned for injustices/needs and will spend to remedy them. The shadow side of an Aaron type is instability; they tend to exhibit lack of planning and attention to finances. In order to ensure their well-being, Aaron types need to resist cynicism towards financial planning.
David (Leadership) – The basic belief of David types is that money is a tool to create new futures. Therefore, their key characteristic is that they invest in the next generation and are financial leaders. The shadow side of a David type is selfishness; they tend to forget that financial success is a team effort. In order to ensure their well-being, David types need to set financial boundaries to maintain integrity.
Embracing Your Money Type
The author, Tommy Brown, states in the book that ‘You’re free to embrace your money type when you understand that no one type is better than another, and that God designed each type. This realisation gives you permission to listen to your own financial thoughts, emotions and actions, and discern how God has designed you and may want you to grow in your relationship to money.‘
Further, he writes ‘We’re called out into the open out of hiding, and we can bring the ways we relate to money with us into the light. When we follow the lives of these seven biblical characters, we see that whether they were struggling through famine or reclining in luxury, God was at work in their lives, luring all things towards good. This is the story, both in joy and feat, in which we find ourselves. It’s a story where the way we use money for good and for God has implications both now and into eternity.’
The Seven Money Types Assessment
Understanding your God-designed money type is a major element in getting your finances where you want them. The seven money types assessment is available online or in the book.
Do take note of the author’s disclaimer: ‘This assessment is intended to provide general information and assumes no liability for its effectiveness. In all cases, seek the advice of a certified financial planner. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means—electronic, mechanical, photocopy, recording, or any other—without the prior permission of the publisher.’
Our director, Geraldine Lee, is a Fellow of CPA Australia with a personal interest in property investments & establishing multiple income streams. If you’d like an informal chat about your financial situation, feel free to contact us at Glint Accountants. We would be more than happy to hear you out & refer you to a financial planner.