Below is an email interview with Brent Kessel, author of It’s Not About the Money: Unlock Your Money Type to Achieve Spiritual and Financial Abundance*, a book that I reviewed earlier this week.
Why did you decide to write a book?
Without wanting to sound clichÃ©, I never really feel like a made the decision. I had observed so many people suffering around financial issues, and barking up the wrong tree, as it were, that I felt compelled to write it. It was one of the easiest things Iâ€™ve ever done professionally.
What do you think is the number one reason people fail financially?
They donâ€™t understand what payoff their financial habits are giving them. If theyâ€™re chronic overspenders, thereâ€™s a need that their purchases are filling, an emotional need, and buying purses or cars or new furniture allows them to feel good about themselves for some time. In order to change the financial habit, they have to replace the payoff with some other payoff that fills the same need. But most people never question whatâ€™s motivating their financial habits.
You say in your book that the ideal person would be balanced among the eight financial archetypes. How do you recommend a person obtain that balance?
Itâ€™s very difficult work, but very rewarding. Itâ€™s very hard to answer this question in a generalized way, which is why there are about 60 highly customized exercises in the book, so that each archetype can create the balance that they need. One way to say it, is that we often need to cultivate the positive attributes of the archetype which is most dormant in us. So for me, thatâ€™s mostly been the Innocent. Being willing to have faith and trust that things will work out, without putting quite so much focus on the numbers, given that Iâ€™m a Guardian/Saver/Empire Builder predominantly.
Which of the eight archetypes do you think is most prevalent in todayâ€™s society?
Pleasure Seeker and Innocent were prevalent until Summer 2008, which is why weâ€™re in this mess. Today, itâ€™s much more Guardian and Saver. People seem to be returning to the values of the â€˜30â€™s â€“ 50â€™s, but weâ€™ll see how long that lasts.
How do you explain the archetypes to your clients?
I usually donâ€™t. This is part of why I wrote the book, so that they could read the complete story about each archetype in there. As an example, Iâ€™ll more intuitively give a client â€˜homeworkâ€™ to spend more money on things which bring sensory pleasure, in the case of an overly frugal Saver, or have an Innocent hire a bookkeeper or sign up for an internet-based service like mint.com which shows them where the moneyâ€™s all going.
What is the typical response from your clients once they learn about the different archetypes?
â€œWow, I had no idea you had me so pegged.â€
Do you ever have clients who deny the findings?
â€œNot really. The most Iâ€™ve had is someone who felt they couldnâ€™t find themselves in any of them, which is usually a sign of the Innocent. Some people feel that theyâ€™re a balance of many, or that itâ€™s constantly changing. Both of these are good signs.â€
Once you know a clientâ€™s financial archetype, how do you cater your financial advice to fit the archetype?
Again, this is very customized. The Appendix of the book has specific financial planning recommendations tailored to each archetype, and itâ€™s many pages, so itâ€™s hard to summarize. But one example might be to have a Pleasure Seeker sell their vacation home and art collection and deploy that money in more income-producing assets (which donâ€™t produce sensory pleasure), like stocks, bonds, or income properties.
Since writing the book, do you find yourself trying to figure out the archetypes of the people you meet?
Sometimes. Itâ€™s mostly intuitive though. If you go to my first MSN story, thereâ€™s a video of me walking around Central Park interviewing people and guessing their archetypes. Kind of humorous. The other stories there may give you some good blogging ideas too.
Finally, is it natural for a personâ€™s archetype to change over the years or do people tend to stay the same throughout their lifetimes?
The healthiest people Iâ€™ve met with money are able to express different ones at different times. But thereâ€™s a whole class of people who, especially when the going gets tough, go back to their tried and true archetypes. Financial habits are hard to break, because unless we very intentionally try to cultivate those which have been dormant, theyâ€™ll stay dormant.
Also, I want to go ahead and announce the winner of the “It’s Not About the Money” book giveaway. There were forty-nine entries and the randomly-selected winner was commenter #31, Walter. Congrats, Walter. I hope you enjoy your book!
I have another giveaway coming up soon. Stay tuned…