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Birth Order and Banking

Posted by on February 17, 2013

A financial organization in Texas has uncovered research data that suggests where you are in family birth order may affect how you handle money and what type of career you are likely to have. Whether you are the oldest or the youngest or somewhere in between, just the simple fact of being born before or after your brother or sister may mean you have a better score, lower paying job, or are more likely to rack up debt.

It has often been believed that the oldest siblings tend to be the most goal-oriented with perfectionist type personalities that lead them into careers such as law, medicine, accounting and engineering. In turn, this responsibility at the top of the sibling chain often translates into financial accountability and responsibility. On the other hand, younger brothers and sisters tend to be drawn to outdoor and artistic careers that have less financial gain and often develop personalities that are flighty and less likely to manage money responsibly.

However, all is not lost. There are a number of things you can do as a younger sibling to ensure you maintain accountability and responsibility with finances even if you didn’t cultivate those traits via birth order and family status. Middle children tend to be inventive and creative and may stretch these abilities when it comes to producing money for bills that doesn’t exist. Experts encourage accountability with a spouse or loved one to reduce secrecy and spontaneous spending.

Being first-born can have its drawbacks too. The perfectionist personality traits that lead to paying bills on time and keeping track of credit scores can also backfire as burnout. Experts agree that first-borns can overcome this challenge by setting small, manageable goals that can be met frequently instead of large and lofty goals that will inevitably fail or cause you to die trying.

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