HACE 3200 1st Edition Lecture 1 Outline of Current Lecture II Why Do We Care About Money III What Does Money Equal IV The Impact of Money V 6 Types of Spending Personalities Current Lecture Why do we care about money Money Status We judge people around us on a day to day basis based on money When people ask others about their majors they are hoping to discover their potential salary State of Georgia Median Income 49 736 Families below Poverty level 19 1 Individuals below poverty level including students 14 7 Children below poverty level 26 A family of 4 is defined as poverty stricken with 22 050 annual income Georgia has the 6th highest poverty rate for children in the U S Money Security Provides shelter Nourishes us Pays our bills Hopefully will support us through retirement What does money equal Money Power Conflict Theory Karl Marx a theory that all social groups exist in a state of conflict over the control of limited resources A K A Money Money Enjoyment Spring Break Gifts for ourselves and others The Impact of Money 1 reason cited by couples filling for divorce in 2013 Money problems These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute One of the top reasons cited for suicides or suicide attempts in 2013 Money Problems The reason thousands of homes filed for bankruptcy in 2013 Poor Financial Management Skills Georgia ranked 3rd in bankruptcy fillings in US What kind of consumer are you 6 types of Spending Personalities Impulsive Buyer Buys on a whim Makes unplanned purchases Lacks self control in purchasing situations Lack clear priorities Fanatical Shopper Shops for weeks to find lowest price Views shopping as a win lose battle Purchases sale items that they neither want nor need just to save money Passive Buyer Dislikes shopping Doesn t comparison shop big purchases like a car or house Lacks sales resistance Easily talked into purchase Avoidance Shopper Goes shopping to escape life s pressures May purchase items to demonstrate dominance over another or revenge May buy gifts out of guilt or inability to show affection Esteem Buyer Buys only name brand items from top ranked stores When purchasing considers whether item will impress others Overdone Buyer Any collection hobby or activity that is pursued to the point of bankruptcy Excessive spending on clothing shoes etc Also includes addictions to substances Financial Management Knowledge about yourself Financial Management
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