SO YOUR MONEY TYPE IS ….

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Author: Wilson, Wendy L.

work smart. be secure

Mostly A's Classic Spender: You like to look good and impress others, and not having enough cash to do so is just a minor technicality. You spend on impulse, are more likely to run up credit-card debt, aren't focused on planning for the long term, or simply lack the discipline to meet the financial goals you set.

How to Master It: Patricia M. Barksdale, senior financial adviser, Merrill Lynch, suggests taking a serious look at your goals and jotting down your spending habits for a month. "If you have champagne taste and beer pockets, you need to ask yourself, How does it feel when I spend all this money and what happens afterward?" she says. "You may look great in that new Armani suit, but that's not what leads to wealth creation. Set higher goals for your finances and change your habits."

Mostly B's Stuck in the Middle: The good news is that saving is important to you. You like to pay your bills on time and don't care too much about impressing others if you can't afford it. But you may be big on head knowledge and low on action. You've socked away the minimum in your 401(k), but with a few more adjustments you could save even more.

How to Master It: "Treat your financial well-being like a corporation," says William Thomason, managing partner at Thomason Capital Management, LLC, in Oakland. "Create an income statement and balance sheet so you can look at what goes in and what goes out every month. And find others who are savvier than you and have successfully invested, and learn from what they are doing."

Mostly C's Scared Straight: Fear is your biggest factor. Being too cautious can cause you to overinvestigate options and never pull the trigger. Frugal is good, but going overboard by saving or investing too conservatively can backfire when inflation eats up your nest egg. You may have to learn to take calculated risks.

How to Master It: Whatever your fear is, Melanie Dean, financial adviser and owner of Dean Financial, predicts that the financial industry has something to alleviate it. "Try a principal-protected account, where you pay a small fee to guarantee you'll get your money back in case it's invested unwisely," she advises. "Also buy government bonds, which are guaranteed to never default."

Mostly D's Waiting to Exhale: As far as you're concerned, handling your finances is somebody else's problem. You are waiting for a man, your girlfriends or even your parents to do it. You probably even forget to pay bills. Ignoring your money and taking a hands-off approach will not help you reach your financial goals.

How to Master It: If you just can't or refuse to deal with your finances, experts advise hiring a professional to do it for you. But don't forget to do your homework. Get a referral from a friend, and check the per son's references. Dean says, "Find someone who's not going to make you feel dumb but wants you to be an informed consumer. Stay involved, and let them do their job."

25% of study participants made money mistakes when emotions took over

PHOTO (COLOR): Boyce D. Watkins

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By Wendy L. Wilson