Americans have 4 core beliefs about money but only one leads to success

A strange thing about being an adult is that many of our core personality traits, including our attachment styles , attitudes towards failure and ability to resolve conflicts, are developed as young children and can follow us for the rest of our lives.

In addition to those traits, psychologists are beginning to understand that we develop our attitudes about money as children and they can significantly impact our financial future.

American clinical psychologist and planner Dr. Brad Klotz developed a theory called the Klotz Money Script, in which he outlined the four core beliefs that people have about money. They are either money-avoidant, worship money, status-seekers, or vigilant.

He’s also created a test that people can take to learn which money script they follow.

Klotz believes that many factors contribute to the money scripts we run in our heads. “It’s not just errors in thinking; it’s also developmental psychology, multicultural psychology, family systems. It brings in all these other areas of psychology to help understand financial behaviors,” he told The American Psychological Association.

Here are the 4 money scripts:

Money Avoidant

People who are money-avoidant believe money is evil. They might feel they don't deserve money, think the wealthy are corrupt and see virtue in living with less. They may be prone to sabotaging their finances, have trouble budgeting, or avoid dealing with money altogether.

Money Worshippers

These people believe that money solves problems and brings happiness. They never feel they have enough money and find that the pursuit of money makes them miserable. They often have high levels of debt and lower net worth.

Status-Seekers

Status-seekers often equate their sense of self-esteem to their net worth. They like to show off flashy clothes and cars but are prone to overspending. They are usually attracted to gambling, borrow money from others and hide spending from their spouses.

Money Vigilant

The Money Vigilant make the best decisions for their financial health. They believe in working hard, saying no to handouts and saving. They also avoid credit card debt and love a good bargain. However, being vigilant can cause them to fear their financial futures, which can create a constant feeling of anxiety.

Overall, Klontz believes that the financially vigilant have the greatest chance of becoming financially prosperous. However, it can come with some pitfalls.

“Don’t let your healthy vigilance turn into anxiety or a tendency to hoard out of fear. If you feel that watching over your financial situation is taking up more than an hour a week, keeping you up at night, or getting in the way of other hobbies or activities that you want to do, it may be time for a change,” he said according to SF Money Coach.

In the end, to be free from the financial attitudes that were cultivated in us as children—at a time when we hardly knew what money was—Klontz says it’s important to examine your past so you can plot a better future.

“Take some time, interview your family members, be an anthropologist into your own family,” he told CNBC. “Try to figure out why your family has the beliefs around money that they have.”