Finance – Financial Peace

I took the Myers-Briggs Type Indicator personality test on Truity.com. I think I know myself quite well, but I’m always curious to see what these types of tests reveal. This test indicates that I am an INTJ personality type, known as the “Architect” or the “Strategist”. Introverted, Intuitive, Thinking, Judging. People with this personality are highly analytical, creative, and logical. We’re rare. We make up about 2% of the population.

So, I should be wealthy, right? I wish…

There’s another way of measuring personality types:

1. Intelligence Quotient (IQ) – measures reasoning and logical ability

2. Emotional Quotient (EQ) – emotional intelligence. A measure of how a person handles his/her emotions in daily life.

3. Spiritual Quotient (SQ) – Related to how well we are able to understand the meaning of life, to self-awareness and peace of mind.

4. Adversity Quotient (AQ) – Ability to handle adverse situations in life. I first came across this concept in an article about trauma survivors.

5. Creativity Quotient (CQ) – How able are you to think outside the box? Creativity is putting innovative thoughts into action.

What I have discovered is that I have been largely governed by my EQ – my Emotional intelligence – rather than by my IQ. My father came through the Great Depression and he was a saver. I’ve inherited some of his habits; I record every cent that comes in and goes out of my bank account. Unlike him, I was a spender. For whatever reason, having extra money on hand just didn’t feel right. That’s a subject for another post.

I say I was a spender. I have a vacation trip coming up in September, and I am saving towards that. Planning for this trip has been enough to make me do a 180 degree turn in my financial habits. I have very carefully laid out how much I will save each month to reach my goal. However, I am realistic. I allow for some “wriggle” room.

At long last I am on the road to financial health. It’s never too late for progress.

Until next time,

Affectionately,

Penny

So much has happened since my last post.

I tried to manage debt as best I could on a very limited income. I made my credit card payments faithfully. I was never behind on a payment. But all of my extra income was going towards interest, and the payments ballooned beyond what I could manage.

I took a course to become a proofreader. I fully believed that the extra income generated would amply cover my debt, and then some. What I didn’t anticipate were the debilitating anxiety attacks that accompanied this change of profession. I was unable to proceed. And so I was left with $35,000 of debt and not enough to service it. I am a senior, on a fixed income, with very little wiggle room.

This may seem like small potatoes to those of you who manage hundreds of thousands of dollars day in and day out. It’s all relative.

I investigated bankruptcy, and found a licensed insolvency trustee that handled bankruptcies. The people in this firm were wonderful – respectful, helpful, non-judgmental. I filed for bankruptcy in January of 2022 and was discharged in October of the same year.

Needless to say, my credit rating has taken a severe hit. I function with prepaid MasterCharge cards. The ones I use are provided by KOHO and EQ Bank. EQ Bank is interesting. They offer a 2.5% interest rate on all deposits, whether the money is in the savings account or on the card. I am enjoying earning interest instead of paying interest. KOHO has its perks as well. I am earning 1% cash back on all grocery purchases.

I have become a bit of a fanatic about earning points, interest, and cash back. At some point, I will apply for a secured credit card but in the meantime, the prepaid cards are serving me well.

This is my story. This is where I’ve been. Now I am moving forward with a clean slate.

What has been your experience? I trust you have not had to go this route, but if you have, know that there is life on the other side.

Affectionately,

Penny

Tag: Finance

IQ or EQ?

A New Life