10.2 The Material and Economic-Self

Question 1

Define

What is possession (Belk, 1988)?

Answer 1

• Reflection of identities
• Possessions are a part of oneself

Question 2

Who?

“a man’s Self is the sum total of all that he CAN call his, not only his body and his psychic powers, but his clothes and his house, his wife and children, his ancestors and friends, his reputation and works, his lands, and yacht and bank-account. All these things give him the same emotions. If they wax and prosper, he feels triumphant; if they dwindle and die away, he feels cast down.”

Answer 2

William James

Question 3

According to James, defining possessions as all things we call ours means that we are the ( ) of ( ) ( ) ( ).

Fill in the blanks.

Answer 3

According to James, defining possessions as all things we call ours means that we are the sum of all our possessions.

Question 4

The Self and Our Possessions (Extended Self)

( ) are an important component of your sense of self since they become your ( ) ( ).

Fill in the blanks.

Answer 4

Possessions are an important component of your sense of self since they become your** extended Self**.

Question 5

The Self and Our Possessions (Extended Self)

Defining yourselves by or with your possessions can contribute to your ( ) of ( ) ( ).

Fill in the blanks.

Answer 5

Defining yourselves by or with your possessions can contribute to your feelings of well-being.

Question 6

The Self and Our Possessions (Extended Self)

Insignificant evidence is also observed on your diminished sense of self when your possessions are accidentally/unintentionally lost.

True or False

Answer 6

False

Insignificant (Noticeable) evidence is also observed on your diminished sense of self when your possessions are accidentally/unintentionally lost.

Question 7

The Self and Our Possessions (Extended Self)

The extended self is viewed not only limited to external objects and personal possessions, it also includes persons, places, group possessions, as well as your body parts and vital organs.

True or False

Answer 7

True

Question 8

The Self and Our Possessions (Extended Self)

( ) with your things begin early in life since you were infants.

Fill in the blanks.

Answer 8

Identification with your things begin early in life since you were infants.

Question 9

The Self and Our Possessions (Extended Self)

Putting importance on your material possessions tends to decrease as you age.

True or False

Answer 9

True

Question 10

The Self and Our Possessions (Extended Self)

Older people relate to their special possessions differently than younger people.

True or False

Answer 10

True

Question 11

The Self and Our Possessions (Extended Self)

Among old people, one element of their search for identity is through acquiring and accumulating selected consumption objects (i.e. as the brand of clothes they wear, their taste for food, etc.)

Answer 11

False

Among old people ( adolescents ), one element of their search for identity is through acquiring and accumulating selected consumption objects (i.e. as the brand of clothes they wear, their taste for food, etc.)

Question 12

The Self and Our Possessions (Extended Self)

During middle adulthood, the emphasis on defining one’s Self shifted from ‘( )’ to defining the self through ‘( )’.

Fill in the blanks.

Answer 12

During middle adulthood, the emphasis on defining one’s Self shifted from ‘what one does’ to defining the self through ‘what one has’.

Question 13

The Self and Our Possessions (Extended Self)

By the age of 40’s to 50’s, social power and status are cited as their main reasons to own personal possessions.

True or False

Answer 13

True

Question 14

The Self and Our Possessions (Extended Self)

Gender on possessions: ( ) seeking for men and ( ) seeking for women.

Fill in the blanks

Answer 14

Gender on possessions: autonomy seeking for men and affiliation seeking for women.

Question 15

The Self and Our Possessions (Extended Self)

( ) have a tendency to value possessions for self-focused and instrumental reasons.

Fill in the blanks.

Answer 15

Men have a tendency to value possessions for self-focused and instrumental reasons.

Question 16

The Self and Our Possessions (Extended Self)

( ) tend to emphasize expressive and other-oriented reasons for feeling attachment to possessions.

Fill in the blanks.

Answer 16

Women tend to emphasize expressive and other-oriented reasons for feeling attachment to possessions.

Question 17

Enumerate

Ways of Incorporating Possession Into Extended Self

Answer 17

• Control/Mastery
• Creation
• Knowledge

Question 18

Ways of Incorporating Possession Into Extended Self

The premise behind this is that objects are experienced as part of yourself when you can already exercise power and control over them.

Identify

Answer 18

Control/Mastery

Question 19

Ways of Incorporating Possession Into Extended Self

• The idea of having a sense of ownership as the creator, which impels you to incorporate and make it a part of your extended self.
• Whether the thing crafted or created is a material object or an abstract thought, as the creator, you usually keep your identity in that object or thought.

Identify

Answer 19

Creation

Question 20

Ways of Incorporating Possession Into Extended Self

• The relationship in knowing the object (whether it is a person, place, or thing) is inspired by a bodily and sexual desire to have the object.
• Furthermore, when the object is known passionately, it is only then that the object becomes a subject.

Identify

Answer 20

Knowledge

Question 21

Identify

Refers to your preoccupation or obsession with material objects, comforts, and considerations, with a disinterest in spiritual, intellectual, or cultural values.

Answer 21

Materialism

Question 22

Identify

It is the importance you attach to worldly possessions.

Answer 22

Materialism

Question 23

Enumerate

Elements Constituting to Materialism

Answer 23

1. The belief that acquisition is necessary for happiness.
2. The tendency to judge one’s self and other’s successes by looking into their possessions.
3. The significance of acquisition and possessions in one’s life.

Question 24

Richins (2010) described them as those who believe that purchasing material goods is necessary and effective to achieve important life goals.

Answer 24

Materialists

Question 25

Identify

Refers to handling your financial situations responsibly to achieve financial independence.

Answer 25

Personal Finance Management

Question 26

Identify

It is how you deal in terms of managing your money in all aspects of life.

Answer 26

Personal Financial Management

Question 27

Identify

The way of controlling income and organizing expenses through a detailed financial plan, which involves budgeting, saving, investing, and debt management.

Answer 27

Personal Financial Management

Question 28

Identify

Refers to your skills of tracking your money that comes in (income), and how you tailor-fit the utilization of that income in a systematic way (expenses).

Answer 28

Personal Financial Management

Question 29

Enumerate

Benefits of Personal Financial Management

9 benefits

Answer 29

1. Reduces financial stress.
2. Reduces our debts and poverty.
3. Improves our standard of living.
4. Helps us create a comfortable life.
5. Gives us an assured and secured future.
6. Increases our savings and investment.
7. Enables us to make better financial decisions.
8. Leads us to be more successful in our finances.
9. Gives us the freedom to spend money to keep us happy.

Question 30

Enumerate

Effective Strategies for Personal Financial Management.

6 strategies

Answer 30

1. Set goals.
2. Prepare networth statement.
3. Gather past income & expense records.
4. Complete the spending and saving forms.
5. Keep all records of spending and saving.
6. Evaluate the plan.