Material Self pt.2 Flashcards
Our current economic system is based on ? and being a consumer necessitates having ?.
monetary exchanges
cash
IDEAS ON MANAGING RESOURCES
- Keep your perspective in check.
- Have money, do not just pretend.
- Have your own goal. Take your own time.
- Budget, budget, budget.
- Save in order to be safe.
- Keep your spending habits in check.
- Increase income flow.
- Good debt vs. bad debt.
- Make your money grow.
- Protect the future.
- Your greatest investment is still yourself.
- Enjoy life no matter what.
The problem is the love of money, not the money itself. ? is important, but it should be perceived as a means to a better end. You should not sacrifice short-term satisfaction and happiness for long-term fulfillment and joy.
Which idea on managing resources?
Money
Keep your perspective in check.
As others say, “The goal is to be rich, not to look rich.” In many instances, it is the appearance that we perceive first. But pretension can only go so far. Having your own money actually lets you buy what you want and what you need. You will have a higher probability of not lending in case of emergency, and you will not be in bad debt trying to please other people.
Which idea on managing resources?
Have money, do not just pretend.
Do not just think of something to buy but also something to improve your financial status. Then, keep that goal in mind instead of comparing yourself with others, as we all have different experiences, including backgrounds. Do not chase after others; build your own.
Which idea in managing resources?
Have your own goal. Take your own time.
In the idea have your own goal and take your time, you should have your goal for both short-term which is ? or long-term which is ?
3 months to 1yr
more than a year
Many people do not like this word because it sounds restrictive, but it is not.
Which idea on managing resources?
Budget
“Budget, budget, budget”
When you have a budget, you have
a) a realistic idea of what you can spend on whatever you want and
b) peace of mind that you have at least taken care of the important needs that you have to pay for.
In budgeting how do you start and how to do it?
-Start by making a list of your common expenses for a month and the estimated money you spend on them.
-include how much money you are willing to save or invest.
-Then, make the necessary adjustments.
Having savings in the bank provides security in case of emergencies. Others may have or opt for a separate emergency and savings account, as the savings account can be reserved for a long-term project, like a house.
Which idea on managing resources?
Save in order to be safe.
You must not use your savings until ?
emergency comes or until you can finally use them to purchase a long-term goal.
How to Keep your spending habits in check?
✓ Make a list when going to grocery
✓ Pay in cash.
✓ Wait for a day or a week before you buy
✓ Save first before you spend, not spend before saving what is left.
✓ You can reward yourself without being too extravagant or overextending your budget
In spending habits- Make a list when going to the grocery/mall, you should ? buying those things in your list before you buy anything else when you have the spare money.
prioritize
What spending habit talks about this?
Minimize the use of your credit or debit card. As many financial experts usually advise, if you cannot pay it in cash, it is not yet within your budget or financial capacity. At least wait until you can afford it.
Pay in cash
Which spending habit you must do
because you might just be enticed at the moment or pressured by peers or trends that you want to buy something now, but in reality, it is something you do not really need.
Wait for a day or a week before you buy something
