Ep 13: What’s Your Spending Personality?

Are you an emotional spender or someone who loves to do research before making a purchase? No matter how you spend money, it’s helpful to know your personality type so you can best plan for retirement.
Apple PodcastsSpotifyTuneInRSSiHeartRadio

Show Notes For This Episode

On this episode of Saving the American Dream, we’re talking about the different personalities of spenders and how those traits could affect your retirement.

Emotional spender

Had a good day? Go out to eat. Had a bad day? Go out to eat. Stressed and tired? Go out to eat.

Developing a budget is crucial to planning for retirement, but emotional spenders love to base everything on the emotion at the moment. People go through different stages in life where they take on different spending personalities.

YOLO spender

Using the “You Only Live Once” philosophy, these spenders go overboard on lavish expenses and purchases.

These tend to be people who didn’t have much money and then inherited a bunch. They often feel guilty for getting so much money. Some want to give family members a lot of money or spend lavishly. But we always advise them to be careful and plan for the future.

Savvy spender

Savvy spenders tend to have a budget and evaluate every purchase, being frugal, and only spending when needed. They also prioritize quality over quantity and spend on experiences instead of stuff.

It’s very difficult to be a savvy spender all the time without having those systems and processes in place to make sure your balance sheet is working for you and your family first.

Listen to the full podcast or use the timestamps below to jump to a specific section.


Navigating the Show

[1:05] – Emotional spender

[3:52] – YOLO spender

[5:46] – Savvy spender

[11:16] – The miser

[13:42] – Mailbag: IRAs

[16:05] – Mailbag: Kids


It’s very difficult to be a savvy spender all the time without having those systems and processes in place to make sure your balance sheet is working for you and your family first.

– Michael Schulte

Share The Show


Ask A Question

More Recent Episodes

Check the background of your financial professional on FINRA’s BrokerCheck. Copyright 2023 Caffeine & Cash Flow Podcast. We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information. Michael Schulte is an investment advisor representative and certified exit planner with WestPac Wealth Partners, located at 330 South Center Street, Suite 344, Casper, Wyoming 82601. The podcast is for informational purposes only. Individual risks and investment objectives must be reviewed prior to making any recommendations. Podcasts are for informational purposes only. Any guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or WestPac Wealth Partners and opinions stated are their own. Guardian, its subsidiaries, agents, and employees do not provide tax, legal or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. Michael is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 5 Centerpointe Dr Suite 150, Lake Oswego, OR 97035, 503-207-4550. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. WestPac Wealth Partners is not an affiliate or subsidiary of PAS or Guardian. 2023-149380 Exp. 1/25. Terms of use. Online Privacy Policy. Important Disclosures.