Colors & Money Series: Gold$ (Part 2 of 4)

In this four-part series, we’ll go through some common and basic insights into each Colors’ typical view of money – both the spending and investing parts. Do remember that we’re not only one Color: We’re a combination of all four that can shape and impact our actions, strengths and stresses, as well as our behavior with money!

Golds are wired to quantify and measure things. Six things off my to-do list, checking account up $420 this month and investments made a 0.65% return for the month. That’s success because it’s measurable. There’s more satisfaction in those accumulations than there is in spending. After all: One grows – one depletes. It’s not true that Golds are cheap but it is fair to say that most are rather conservative with their money. When they’re generally wired to worry and have that constant “what if” scenario in their head, every day could be a rainy day that needs savings and an emergency fund. As a result, they’ll have the least amount of debt on their credit card compared to other Colors and there’s a good chance they’ve never missed making a payment to anyone – ever! That’s how they end up with the highest credit score and thus the best deals on everything from lines of credit to insurance rates (yes – your insurance rate IS based on your credit score…).

Of course, Golds spend money – hello? But they’re usually bargain shoppers. Nothing is more fun than finding what they need or want AND getting a 30% discount! When there’s a deal, buy a bunch – assuming there’s storage for it all…There’s a great Modern Family clip on youtube of Gold Mitch’s first time at Costco that explains it.

They differentiate between what should be bought at the Dollar store and what’s worth “investing” in that lasts. The latter will be things like clothes that aren’t the fashion of the season, but last for a few years, or the extra money to buy a vehicle that’s a hybrid or has great fuel economy…after all – that’s where the REAL savings will come…They will also keep receipts and have no hesitation returning something that they’ve found cheaper elsewhere, that doesn’t work right, or where they’re now questioning their buying choice as in: Do I really need this?

The reason many Golds have pretty healthy savings and investments is that this is the Color that will invest first and spend what’s left. Having a fixed amount automatically taken from their account each month assures that they’ll live within their means. It’s not hoping to have enough left over – it’s savings first, then fit the budget and bills into what’s left. Don’t resent them for their financial success – emulate them! But then, nobody really knows their financial situation. Golds are very private and won’t or get really uncomfortable taking about the subject.

Where Golds miss out on significant investment returns is in their tendency to be pessimistic, impatient and wired to worry. Money under their mattress isn’t safe, but not a bad idea… They’re likely the first to cash out their investments in a bad market (worlds worst idea) and then attempt to time going back into them (96% chance in studies that they’ll miss the biggest upturns). Set it and forget it sounds logical but they can’t help themselves but to check every few days (what if…) and while they know the markets go up and down and the money is meant for retirement way way down the road, most Golds still find it hard or impossible to ride out the waves in the short-term…Hope for the best but plan for the worst may be a great life strategy, but a really bad way to handle long-term investments.

If you’re in Canada: With over 540 tips, tricks & insights on everything financial, my $20 Money Tools & Rules (Canadian) book ( will easily give you 100 times that in savings in an hour of flipping through it. At Amazon Canada just search for George Boelcke or Money Tools and Rules


Etransfer $19.95 if you want to save tax & shipping and/or have it signed:

If you’re in the US: Sorry, the Fighting Back! (US) book is out of print since last year. 50-50 there’ll be a new book by next year…