Have Bad Finances? Your Personality May be to Blame

Have bad finances? For those looking to improve their money habits in the new year, don't despair. After four years of writing about personal finance, I've honed in on the fact that there is really on one trait you need in order to improve your financial situation.

Develop Tenacity to Have Better Finances

I was on a podcast the other day and someone asked…

“What was the biggest challenge you faced when you first started blogging?”

The biggest? Finding the strength/courage/motivation to keep going when things weren't exactly going well.  Sure, you can look and see slick graphics, corporate sponsorships, coaching services and that I now work for myself full time, but I like to always remind folks and clients that these things have come after three and a half years of hard work.

3.5 years ago it was just me, a computer, my terrible grammar and a handful of new friends I'd made on Twitter.

I can't tell you how many days it felt like I was spinning my wheels, trying to say something but unsure of my voice, if I was explaining my sentiments correctly, frustrated if anyone cared or would come back to read. More than that, I struggled for several years with combating burnout; writing 8 hours at my day job and then coming home to blog and side hustle was really, really tough and took a lot of the joy out of it for me a lot of the time.

There were definitely days and weeks when I seriously entertained taking a break or giving up entirely.

Which is part of my pattern, or former pattern at least. In my youth I jumped from ballet to softball to cheerleading to the theater, only minimally applying myself and slacking off when things didn't go my way, or as was usually the case, when I lost interest. I've never been the kid that “stuck” with anything.

Trust me, with a background like that, no one was more surprised than I when somehow, someway with this blog I was able to keep going and commit to my vision even when others didn't see it; even when I had doubts about if I could succeed.

Have Bad Finances? It all comes down to tenacity

In talking about tenacity with my blog during these interviews,  it got me thinking about how important it is to be steadfast when it comes to your personal finances and financial goals. My own life changed in astounding ways when I made a commitment to bettering my finances and not being such a train wreck with money.

Don't get me wrong, there are so many personality traits that can make for personal finance success: skepticism, shrewdness, gratitude, being responsible, a certain tolerance for risk, frugality, generosity etc. etc.

I'm sure many will argue with me as to which is the most important.

But from where I'm standing, I think the #1 most important trait for healthy finances is tenacity. 

Tenacity: holding fast; characterized by keeping a firm hold. (That's the Dictionary.com definition.) A better word for tenacity is persistence. 

Did any of it happen overnight?

Say you want to save up for a house, you have to commit for over a year to setting aside money for that goal. It takes persistence, and it's harder than it looks. Especially if you have several wants competing for your attention at the same time.

Another example: having tenacity can play well when you're investing in the stock market; often investors make the most money holding onto stocks or positions for the long term. The best investors don't change up their strategy every time the market turns. Even for novice investors, it takes a certain amount of tenacity to commit to saving for retirement. It's hard enough to save for short term goals, let alone for a future so far down the road you can barely envision or articulate what it looks like.

Nothing in life: money, relationships, career, ever fully blossoms without day-after-day commitment and diligence. Sure, you may have been born a money miser or stock market whiz, but without tenacity, you're likely to accomplish little. That's why I think it's the most important character trait for wealth building (and being an all around bad ass.)

And the best part about tenacity? You don't have to be born with it. You can practice and get better at it over time.

A New Purpose

If you don't commit to building wealth or at least managing your money well, you'll never break the paycheck to paycheck cycle and start experiencing things beyond day-to-day existence. Here's our guide to goal setting. 

Maybe you're not the most frugal person, maybe you don't like risk. But you can set your financial goals for the year ahead and practice tenacity day in and day out. Instead of committing to a goal, flip your perspective and commit to seeing the goal through. 

Start small so you don't get overwhelmed.

And then show up every, single, freaking day until it's done.

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If you have bad finances, you may be lacking this super important trait. What is it? You'll just have to read and find out!

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  • clevergirlfinance
    January 11, 2016 at 7:54 pm

    Yes you said it! Its all about tenacity and sticking to it day in and day out!

  • Britt and the B's
    December 29, 2015 at 5:15 pm

    As a fellow blogger, it’s nice to know that the struggle is (or at least was) real for others when starting out. Thanks for sharing!

  • Josh
    December 23, 2015 at 5:26 pm

    This is great advice and these types of reminders are as important for you as they are for your readers. It sounds like you still have the same level of tenacity after 3.5 years! This gives people hope for their own future.

  • Aja McClanahan
    December 23, 2015 at 2:22 am

    Yep, never give up!

  • Jen @ KeenConsumer
    December 22, 2015 at 2:46 pm

    I feel you…I was not the kid that “stuck” to things. I jumped around a lot and also did that with my career – never wanting to feel “stuck”. Thank you for sharing…
    Hope you have a wonderful break and see you in 2016!

  • C@thesingledollar
    December 22, 2015 at 11:24 am

    I think tenacity (great word) is tremendously important, yes. It’s not just for the sake of tenacity, because that turns into stubbornness. It’s the ability to push through disappointments for the sake of a longer-term vision, like you say. That can be as big as owning your own business, or as small as pursuing music or swimming lessons even if you kind of suck, knowing that you’ll be competent in the end.

  • Money Beagle
    December 22, 2015 at 8:23 am

    Great post to finish off the year. Here’s to a great 2016 ahead!

  • Stefanie OConnell
    December 21, 2015 at 5:45 pm

    I thinking coming from a pro acting background, we’ve been trained to be tenacious 🙂 Grateful for it!

    • Lauren Bee
      December 22, 2015 at 7:35 am

      I hadn’t thought of it that way, but yes! That does probably have something to do with it 🙂