
This is the second of four articles to discuss recession combat from the viewpoints of each of the four temperaments - the four Colors.
This week is about the protective, highly detail-oriented Golds. Actually, this is not addressed to Golds but to the other Colors. Why? One of the reasons we all get trapped in stagnant financial struggles is that we keep doing the same thing. We do not change our behavior over time. And much of our decision-making is based on our inborn temperaments, not on logic or even common sense. Therefore, it is urged that each week we take a look at what people of other Colors (not our own) do correctly when it comes to managing money. We can learn from them.
Gold people pride themselves in being disciplined and responsible. They like to play it safe. Most of the rules you've ever heard about your money probably came from the lips and pens of Gold people.
"Save your money," is the mantra voiced by Golds to spouses, children and grandchildren - over and over. Gold folks are the more likely to have a savings account. After all, core Gold values include getting their ducks in order and planning ahead. And they tend to be more patient than the other Colors. Beginning in grammar school, they may have already delighted in the banking of dimes and nickels every week with dreams of spending money much later for toys, vacations, or serious things like sports equipment and a personal computer. And they don't mind telling others that this is what all people should do.
Golds are the last to take big risks. If a stock or bond purchase cannot deliver a guaranteed dividend or growth rate, they will choose it only after deliberate and painstaking research. If there is a danger, it may be that their game is played too safe and thus they won't keep up with inflation, or they'll bypass certain stocks because they look too "unusual," e.g., new tech companies or international companies.
Your tax accountant or CFO is likely Gold. It is in the nature of Golds to protect and supervise money management. Also many believe that it is best to put household management in the hands of the spouse with the highest Gold score on the Four Windows Personality Survey. To find out, go to http://www.JackDermody.com/4wps.
As for this era of deep recession, Gold folks are getting rid of debt with the same zeal that others throw out their garbage - right now. Being as responsible as they are, Golds will likely not allow a house to be foreclosed on or given away via a short sale. Such behavior would seem darn right unethical to many. At the same time, savings are likely increased and unnecessary expenses are cut like dessert from a mouthy kid. No Color can hold a candle to a Gold when it comes to scrimping: with homemade lunches, dinner at home, lights turned off, heat and air conditioning monitored, subscriptions cancelled, coupons clipped, and so much more. See the movie The Company Men to enjoy the interplay between the Orange husband Bobby and his very Gold-Blue wife as they deal with job loss and a need to retrench.
Another danger of the Gold approach is to go too far with the discipline, turning your organization or household into a harsh prison that lacks resources or fun. To avoid that, be sure to welcome ideas from the other Colors and be open to accept some of the options.
Next week, find out what we can learn from Blue people.
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