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you're relationship with money you're relationship with money Document Transcript

  • Activity Sheet: Your Relationship With Money NAME: Brandon Miller You’re Relationship with Money Getting a handle on money anxiety starts with an honest examination of how you relate to it. BUILD BASIC SKILLS. Analyze yourself as a money manager. Look back to Key 11.1 on page 297 for a description of what influences how people handle money. Make notes about your personal specifics in the following areas. I most value spending money on Video Games As a money manager, I would describe myself as quick to spend My culture tends to view money as power In handling money, my family and friends tend to lecture me on how I spend it. TAKE IT TO THE NEXT LEVEL. Generate ideas about what you want to do with your money. If you had enough money for your expenses and then some, what would you do with the extra? Would you save it, spend it, or do a little of both? Imagine what you would do if you had an extra $10,000 to spend this year. Describe your plan here: I think I would do a little bit of both and I say this because I am always like this when I get my hands on money I spend it a lot of it and I always have a back-up plan to get more it may sound easy but I personally believe it is hard so I would save and spend Only if I needed to do so for example bills and rent. MOVE TOWARD MASTERY. Look for practical ways to move toward the scenario you imagined. Realistically, how can you make that $10,000 a reality? You may need to change how you operate as a money manager. You may need to make some sacrifices in the short term. Come up with two specific plans here about changes and sacrifices that will move you toward your goal. 1. Sell most of my expensive things and then some 2. Tart y own business and put all money into it with some supportPart IIAnswer the Following Questions:
  • 1. Nearly 3 out of 4 people in the U.S. cite money as the top stressor in their lives. Do you spend now or save for the future? I spend now most of the time I always have urges to buy now and I hate the habit so I say I must try to save for the future because I will never know when I will need it. 2. How good are you at differentiating between needs and wants and on prioritizing needs? Terrible I usually want and needs are usually depended on my parents as embarrassing as it is it’s true I am afraid so I need to change my attitude as well with that. 3. Everyone has a weak spot; some people like new clothes, others like fancy restaurants. What can you do to make financial sacrifices seem worth your feelings of deprivation? Ok so maybe I can cut back on buying video games as easy as it sounds it is hard for me to do because I am in love with them and I buy them only if I get the chance so what I can do is try to not buy so much and just get the rest as gifts or presents.When you put these ideas to work, save or invest the money to reach for your goal.
  • CHAPTER 11: Managing Money