HACE 3200 1st Edition Lecture 1Outline of Current Lecture II. Why Do We Care About Money?III. What Does Money Equal?IV. The Impact of MoneyV. 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 problemsThese 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
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