The love of money is frequently held to be the source of all evil in society.
Money is not Evil: The Proper Mindset for your Finances in this Generation (Draft2) 1.1ntroduction The love of money is frequently held to be the source of all evil in society. This idea stems from the notion that every action and good has a cost associated with it. Herbert (1981). But money is an asset that is crucial to our daily lives, particularly given the current state of the economy. Therefore, it is important for people to learn how to have a proper mindset towards money and learn how to manage their finances effectively. The purpose of this research paper is the review of various articles and research about the present generation and their level of financing and also topics on how to develop a positive mindset towards money. Money is an asset that is essential in our daily lives, especially in these times of economic instability. Many necessities of life cannot be met properly without money. Money is said to be not everything, yet in truth, money is required for almost all of life’s necessities. It is crucial not only for those who are currently working, but also for students, thus money must be managed carefully. It is important for the present generation to learn essential money management skills and financial planning because the young people of today will be the leaders of society in the future. 1.] Purpose/Objectives of the Study 1. To know the participants attitude towards money. 2. To discover why the mindset towards finances is important. 3. To asses the participants knowledge and awareness in managing their finances. 4. To conduct an outreach that will help shift the participants’ mindset towards money into a positive one and deliver financial knowledge that will help participants in managing their finances. Statement of the Problem This study aims to know the participants” attitude towards money, with regards to their level of financial knowledge and situations in life in order to assess their needs and how the mindset affect decision making particularly when it comes to money. The researchers seek to answer the following questions. 1. How does the mindset affect our lives particularly in making financial decisions? 2. What are the participants’ current financial situation? 3. What financial knowledge does the participants know and do not know about? 4. What are the main topics that should be discussed and given emphasis which would help our participants the most?
1.2Conceptual Framework Our input will be topics on money mindsets and money management. The demographic profile of our participants will range from young to middle aged people. The topics will be discussed by our speakers to the participants and the program will include discussion of real-life situations, and a question-and-answer session. In the end will be games and prizes for the participants to enjoy. At the end of the program the participants will gain new knowledge and perspective towards managing their personal finances and form a positive mindset that will guide them throughout their lives. Definition of Terms Money-Money is a commodity accepted by general consent as a medium of economic exchange. It is the medium in which prices and values are expressed. It circulates from person to person and country to country, facilitating trade, and it is the principal measure of wealth. Money Mindset- Is a person’s set of beliefs towards money, which affects peoples behavior and decisions when it comes to money. Financial Literacy-Mandell (2009) defines financial literacy as "the ability to use knowledge and skills to manage one’s financial resources effectively for lifetime financial security." Huston (2010) explains that financial literacy is made up of two elements: understanding and use. Understanding financial literacy implies that a person is knowledgeable about personal finance, and applies such knowledge in dealing with one’s finances.
2.Review on Related Literature The Symbolic Power of Money People’s motivation has been claimed to shift over money, usually for the better, as well as how they treat other people (mainly for the worse). Nine experiments’ findings imply that having money fosters a self—sufficient mindset in which individuals wish to be independent and with little or no dependents. Compared to non-money reminders, money-related reminders resulted in fewer requests for assistance and less acts of helpfulness toward others. Those primed with money tended to play alone, work alone, and placed greater physical space between themselves and a new acquaintance than participants primed with neutral concepts. The Psychological Consequences of Money People frequently acquire what they want from the social system, and having money or being famous in society both help this process. Money may therefore be able to take the place of social approval in granting the right to profit from the social system. Furthermore, previous research has revealed that the fundamental processes driving reactions to both social anxiety and physical pain are similar. Reminders of money, social isolation, and physical pain were compared in six trials. The need for money increased as a result of bodily suffering and interpersonal rejection. In contrast to handling paper, holding money lessened both the physical discomfort of being submerged in hot water and the distress associated with social isolation. However, being reminded of having spent money made both the social misery and the physical discomfort worse 8 Money Mindset Shifts for Financial Freedom in 2022 Your individual set of financial beliefs constitutes your money mindset. Since they typically float around in your subconscious, just below the level of awareness, you might not even be aware of them. Your thoughts and feelings about money are influenced by these beliefs. Your behavior and financial decisions are ultimately driven by these thoughts and feelings. Your reality is subsequently created by those actions and choices. Through your actions, they bring what’s in your head into the "real world". Consider the difference between a money mindset in which you feel in control of your financial situation and one in which you feel that nothing you do matters. Which mentality will enable you to create a budget, the very tool that puts you in charge of your finances?
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