The Money Personality Assessment History and Science
Before we talk about The Money Personality Assessment we have to bring you up to speed as to what got us to needing an Assessment in the first place.
We each had been financial advisors for 25 years (we came out of the womb doing this stuff – ha ha) and we had this one couple we met with, way back in 2005 that changed our lives. They were supposed to be coming in for their annual financial review, instead they came in to tell us they were getting divorced and we were supposed to split up their assets for them.
Turns out they were getting divorced over money.
They had plenty of money…how could they be getting divorced over money?
Scott was so bothered by this that he called the husband the next day.
“You have got to help me, you both have plenty of money, why are you getting divorced over money?”
Scott, She nitpicks and barks at me every day over money.
What do you mean?
I want my $6 Starbucks and she hands me a thermos and says “give me a break just drink this it’s only 25 cents.” Oh and things like going out to eat – I like to take my clients out to eat and she always sounds off that I pay for it.
I am just DONE! Everyday stuff like this and she won’t stop. D-O-N-E!
Scott couldn’t believe what he heard. Came home and told me (Bethany) and we did some research, to find resources, to help them and other couples agree about money.
We discovered that the #1 reason for divorce is Money Differences.
That’s right Money Differences!
We are financial advisors and WE argued about money and then there was this couple and all of our clients who argued about money…we found no resources on how to agree about money…NOTHING, NADA, NOT A THING.
So we better come up with a way for couples to distinguish their money differences.
That started our mission. To give couples tools to identify and understand their differences and stop arguments about money.
Did you know that 70% of divorces are over money? ARG and we are on a mission to stop it.
So here’s the bottom line…The Money Personalities were identified so you can know how you view money and then when you are in a relationship – you can label your differences.
We were naive enough to think people could “self diagnose” their Money Personalities. When we had yet another couple come up to us, after we spoke at a conference, arguing about what their Money Personalities were – we were like…enough! We have got to put together an a quiz, test, or something because this “self diagnosing “ thing isn’t working.
Hence – The Money Personality Assessment.
We compiled years of data after interviewing 1000’s of couples and gave our data to Dr. Kirk Cameron, a statistical scientist from Stanford (it really says that on his business card and no silly, not the actor).
We wanted a scientifically based, super simple way to complete the Assessment and he made it happen.
We love that guy – he rocks.
A little bit about Dr. Kirk Cameron. His education includes. Ph.D. in Statistics, Stanford University, 1990, M.S. in Statistics, Stanford University, 1989, B.S. in Mathematics, University of Nebraska-Lincoln, 1984. Guess you can say numbers are his thing!
And then there are his impressive list of clients. People and companies like: Department of Defense, the Department of Energy, the US Air Force, USEPA, state agencies, non-profits, and private environmental and medical firms. Dr. Cameron has served on expert review panels and as an expert witness in litigation. He has also provided statistical guidance to federal, state, and local governments. WOW!
So, The 5 Money Personalities Assessment is not some cheesy quiz.
NO – it is scientifically based awesomeness! AND then we put the steller Money Personality Report together for you too.
Oh one last thing. Why do we call it an Assessment and not a Test or Quiz? Tests and quizzes have right and wrong answers right? Well there are no right or wrong answers on this one – you are who you are.
Well, there you have it – a little bit of the WHY behind the 5 Money Personalities Assessment.
Hope you know the value of what you are getting and enjoy the whole process.
Scott & Bethany