Assignment One of the first steps to becoming financially responsible is to understand your current behaviour. This module's folder contains a file named "Attitudes towards money" which provides descriptions of various

profiles. Review each profile and identify which one you think best describes you and discuss why you think it does. What are the weaknesses or strengths of this type of attitude? Which of the attitudes would you aspire to model and why? Need to do in 500 words, apa style/nExhibit What's Your Attitude Toward Money? Our attitudes toward money influence how we spend, save, and invest. Which of the following attitudes toward money best describes you? You may be predominately one type or a combination of types. The Spender: You only live once The Builder: Make it so The Giver: It's better to give than to receive The Saver: A bird in the hand is worth two in the bush Spenders see shopping as entertainment. They would rather have something tangible than something intangible like savings or an investment. Spenders have a hard time saving money. Builders see money as a tool. They use money to achieve their goals and dreams. Examples include self-made millionaires, entrepreneurs, corporate leaders, and dedicated hobbyists. Builders can miscalculate risks or ignore the need for a margin of error. They may start projects simply for the challenge but not finish them as the next new thing beckons. Givers enjoy taking care of other people. They volunteer and give to charities. Givers commit their time, energy, and money to their beliefs. Most givers simply enjoy making other people happy and doing good deeds. Givers sometimes ignore their own needs and their long-term financial plans can suffer as a result. Savers can accumulate significant wealth even on a modest income. They tend to be organized and to avoid money-wasting activities. Although savers can be good investors, they can be too risk averse and prefer holding too much cash. Such conservatism means that their investments often grow too slowly. Source: Adapted from Diane McCurdy, CFP, How Much is Enough? (John Wiley & Sons, 2006). Copyright © 2005 by John Wiley & Sons. All rights reserved. Reproduced by permission. The book includes a useful quiz that allows you to identify your attitude and explore its implications for financial planning.