How the 5 Different Money Personalities View Taxes

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How the 5 Different Money Personalities View Taxes
The way you view money affects the way you'll approach taxes.

This year the IRS expects to receive more than 147 million tax returns. Of those filing returns, at least 75% will receive a refund.

They say most refunds take only 21 days. You can track your refund at their website, through a tax prep service, or even on your smartphone with their new app, IRS2Go.

 

A clever soul once said, “People who complain about taxes can be divided into two classes: men and women.”

It’s true that most husband and wives agree that taxes are a pain, but that’s where their similar viewpoints usually end. As with most money matters, couples approach money differently, and with that comes relationship challenges. Knowing your Primary and Secondary Money Personalities™ helps you both understand those different viewpoints and how they work together when it comes to taxes.

Risk Takers – Don’t sweat the details, so you may not want them at the helm during tax prep. However, they could be king of creative loopholes. When the refund arrives they’re ready to take it and make up for lost time. Often quick to make decisions, they may forget to discuss their ideas with their spouse leading to hurt feelings. Start talking now before the refund arrives.

Security Seekers – Are happy to have more money to invest in the future. With an average return of $3,000, they are ready to apply their refund to secure their future. They may worry over the details before filing, and even after the check arrives they may worry that the amount — which you’re thrilled about — means your exemptions aren’t right. Help them with the details and assure them it will all work out, plus they will have another chance next year to do it all again.

Flyers – Are happy to let someone else handle the taxes. Period. Henry & Richard Bloch were not Flyers. Enlist the help of professionals or if you’re a Security Seeker or Saver, volunteer to handle tax details, filing and refund allocation.

Spenders – Can’t wait to. . .spend it. Big screen, big vacation, big party! Avoid spending your refund before you receive it. Help them avoid the temptation to spend it all, and encourage consideration of their entire money situation.

Savers – Calculate their estimated refund as early as possible, and have already mentally lowered their debt figure (and their blood pressure) by that amount. They may even opt to e-file so the money is deposited directly into their savings account. Talk with Savers about other ways to use the refund check. Maybe every penny doesn’t need to be saved.

This article was originally published at . Reprinted with permission.
Article contributed by

Scott And Bethany Palmer The Money Couple

YourTango Expert Partner

The Money Couple, Scott & Bethany Palmer are parents, finance experts, authors, and regulars on national TV and radio. With 40 years of combined financial planning experience they launched The Money Couple to help couples and families improve their relationships with love and money. Scott and Bethany enjoy an active lifestyle living in Colorado with their two sons, Cole and Cade. Pre-order their NEW BOOK, The 5 Money Conversations To Have With Your Kids At Every Age and Every Stage

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