Managing Your Money

Lesson 2: Where are you Going: Your Money and Your Character

Using such resources as the book "Money Drunk, Money Sober," this lesson discusses the characteristics of Money Drunks: people who have dysfunctional behavior when it comes to dealing with their finances. I know that may mean all of America and particularly our nation's government; however, there are specific characteristics that this awesome book, "Money Drunk, Money Sober," highlights as a way to get a map of where you are on the money drunk scale.

The Truth Will Set You Free

Julia Cameron’s book "Money Drunk, Money Sober" discusses the notion of a “money drunk.” Stay with me, this will not be a course on how to stop drinking margaritas and mojitos, although you might want to cut back if they are causing your bank account to shrink.

"Money Drunk, Money Sober" is a brilliant resource that helps shed light on the role money can play in your life. According to Cameron, Money Drunks expect money to do more than just pay their bills. By this Cameron is referring to a point you will hear often in the next 3 lessons. The problems with our money come from the problems in our lives.

How you spend your money is influenced by how you feel about yourself. If you must make one book choice for this course you should select "Money Drunk, Money Sober". It will help you find where you are on the money drunk meter. "Money Drunk, Money Sober" categorizes money drunks into 5 categories with specific characteristics: compulsive spender, big deal chaser, maintenance of money drunk, poverty addict, and cash codependent.

Here are some descriptions of Money Drunks. If you find yourself, raise your hand, no one will see you.

Compulsive Spender — The title of this category is self explanatory. Compulsive Spenders buy things and hide them, and worry about having money to spend rather than how to make it. They often make a lot of money and spend a lot of money. You shopaholics know who you are. When a Compulsive Spender feels out of control or needs comfort, he goes straight to the strip mall or the local Target and buys things. Sometimes the Compulsive Spender uses what he buys, but most often the thrill is over making the purchase.

Other Compulsive Spenders may go to the SuperWalmart to get groceries but end up with cds and books as well. While they’re at the SuperWalmart, they may also decide to buy several things just because they are on sale, not because they need them. A new Target has just opened less than 1 mile from my home. I could walk there or even justify a workout by jogging there and walking home. Target is the place I most look forward to going to next to heaven and a movie theatre with stadium seats. But, if I were a Compulsive Spender, I would be in for trouble with temptation so near by.

Big Deal Chaser — This characteristic is somewhat different from the others in that "Big Deal Chasers are often brilliant and intuitive and may have sensed at an early age the difference between the haves and the have-nots." According to Cameron, "Big Deal Chasers often have the addictive struggle to rise above our station and make a mark. This drive is fueled by the same resentment that may fuel the outlaws among us who mistakenly hunt ways to make it out of poverty through such illegal means as drug dealing, position embezzlement, swindling or gambling.” Years ago the pyramid schemes played on the emotions of the big deal chasers.

You Big Deal Chasers are likely up at night listening to the infomercials about ways to make $6000 in two days. The Big Deal Chaser sounds like a person who recognizes good business opportunities. Perhaps some of the wealthiest people in America are Big Deal Chasers. However, Big Deal Chasers can also lose everything in the pursuit of a big break and often lose sight of their families, their jobs and common sense in an effort to get a big break.

Maintenance Money Drunk — Cameron says the Maintenance Money Drunk “is physically present but psychologically absent, growing bitter or numb from the inability to pursue or even name his or her dreams.” According to "Money Drunk, Money Sober", a Maintenance Money Drunk lives a live full of “quiet desperation, never really knowing what their dreams are or having too little faith to pursue them, or knowing them all too well and not being able to risk their security to pursue them.” This is the play it safe crowd who has greatness inside them but they are too scared to let it out.

Maintenance Money Drunks could be considered elephants in chains because they underestimate their strengths and allow themselves to be prisoners to low self esteem. They stay too long in situations that are unhealthy. The Maintenance Money Drunk is a great martyr. They keep the status quo even if it kills every dream in their heart. Unfortunately, I have seen myself in this category. It is what kept me paralyzed and inactive for so many years.

Poverty Addict — Cameron refers to the Poverty Addict as a person who takes pleasure in not spending money on themselves. This person is “repelled by the materialism of the American Dream; they strive for lives of austerity, only to find that they have crossed an invisible line and become addicted to self deprivation.” You Poverty Addicts would rather starve than spend money on lunch.

Part of the problem with Poverty Addicts is that they don’t believe they deserve good things, or that they don’t deserve things they desire. My fascination with shoes, purses and all things stylish keeps me out of this category. However the irony of this category is that Poverty Addicts may often have money. They just don’t spend their money — on anything.

Cash Codependent — According to Cameron, the Cash Co-dependents are people who feel an overwhelming sense of duty and martyrdom that causes them to over-promise to those they love. The Cash Codependent is the person who gives the Big Deal Chaser spouse the money for the next get rich quick scheme. The Cash Codependent will allow the person they love to use the money in the savings account to buy a new guitar.

The Cash Codependent doesn’t want to be disliked; they would hate to have someone angry at them so they are in a race to give in to the money drunk they love. They want to keep everyone happy. This seemingly innocent characteristic triggered my Chapter 7.

I am a combination of the maintenance money drunk and the cash codependent. I put my dreams on hold for years while thinking it was best to play it safe and keep a job I didn’t like. Meanwhile, I lived with someone who was a Compulsive Spender. I spent most of my time and energy trying to make sure he was happy and had everything he needed because the alternative was an unhappy household. I used my charge card to buy leather furniture from Levitz. This isn’t to say I was faultless. I never put a plan in place for my finances or even a plan to make my dreams come true.

As a Maintenance Money Drunk I made charges on my American Express Corporate Card to purchase items for the person I was living with. I also charged my furniture on my Levitz credit card when I knew I had less than $50.00 in the bank and no way of knowing how I would make the monthly credit card payments.

1  2  3