Over the last few weeks our blog has been focusing on the 8 Money Types as described by Deborah Price and the Money Coaching Institute. This is our last blog of this series and covers The Tyrant and The Magician.

Are you The Tyrant? 

Tyrants use money to control people, events, and circumstances. The Tyrant hoards money, using it to manipulate and control others. Although Tyrants may have everything they need or desire, they never feel complete, comfortable, or at peace.

The Tyrant’s greatest fear is loss of control. Tyrants are often overdeveloped Warriors who have become highly invested in their need for control and dominance. While Warriors are often heroic in their true concern for others’ welfare, Tyrants are purely self interested. This type is interested in power and control for its own sake and will forsake other people if necessary to gain more of it. Throughout history, the Tyrant has emerged as the ruler who dominates and destroys with no sign of remorse.

Today Tyrants are the political leaders, businesspeople, or family figureheads who use whatever means necessary to win at all costs. The Tyrant is a master manipulator of both people and money. Perhaps it’s because the Tyrant type is often the most financially successful image we have in our society that so many of us believe that money is the root of all evil.

Television and the media do their part to further convince us that although we may think we want more money, we just need to look at what’s become of those who actually have it. It’s enough to make anyone hesitate. Tyrants, however, are not as rich as they appear. Sure, they have everything money can buy (which often does include beautiful people) and never have to worry about paying the phone bill, but they lack many things that money cannot buy. They are often, in spite of their apparent success, very fearful and rarely feel any sense of fulfillment. The Tyrant suffers from a condition I call “chronic-not-enoughness.”

Are you The Magician?

The Magician is the ideal money type. Using a new and ever-changing set of dynamics both in the material world and in the world of the Spirit, Magicians know how to transform and manifest their own financial reality. At our best, when we are willing to claim our own power, we are all Magicians. The archetype that is active in your life now is the place you need to grow from. By understanding your own personal mythology and the history behind your current money type, you will become conscious of patterns and behaviour that are preventing you from having the relationship with money you desire.

When you have reached the point of understanding and have become aware of all that you need to know at this point on your journey, you will be ready to transform your newly acquired consciousness into the reality of your life.

The Magician is fully awake and aware of herself and the world around her. The Magician is armed with the knowledge of the past, has made peace with his personal history, and understands that his source of power exists within in his ability to see and live the truth of who he is. Magicians know the source of power to manifest lies in their ability to tap into their Higher Power. With faith, love, and patience, the Magician simply waits in certainty with the knowledge that all our needs are met all the time.

Magicians embrace the inner life as the place of spiritual wealth and the outer life as the expression of enlightenment in the material world. They are infinitely connected.

So, why does this matter in Financial Planning?

Because financial decisions need logic NOT emotion.

Clients may be either sabotaging their financial future by spending too much and/or investing too little, or denying themselves unnecessarily by spending too little and saving too much.

Instinctive and emotional behaviours are exaggerated when people are under stress, so it is better to avoid any big money decisions at times of bereavement, divorce or any other big life transition. This is also why when people come into money suddenly (like a lottery win) we encourage them to sit on it for a while and make decisions at leisure and only after formulating a logical plan.

If you would like to see which money types you most resemble, take the Money Type Quiz.

As advisers and planners, we can help our clients to achieve better outcomes when we are more aware of the dynamics of their relationship with money. We can help to bring clients to a place of balance and reflection in their financial decisions and then support them in a more meaningful way.

We can provide this support ourselves at Magenta, or refer to a specialist money coach, if more psychological help is needed.

If you would like to know more about Money Coaching, please feel free to call us – we know it may feel intimidating but we promise to be friendly! In any event we would love to know your Money Type.