Mindsets
A belief that money is limited, focuses on what is lacking and driven by fear
What is Scarcity Mindset
When a person feels they are missing out on what others are doing or achieving
What is "FOMO?"
Give three examples of wants that people in your team have spent money on in the last month
What are......
Poor financial management causes this
What is "stress"
When a person finds contentment in their situation without constantly striving for more and more wealth
What is knowing when "enough is enough"
Believes opportunities and wealth are plentiful. Generous and confident about financial potential and maintains a positive outlook on financial growth
What is Abundance mindset?
The brain's tendency to use information it receives to immediately make decisions
What is "Heuristic"
A meal Joe-Joe and Channing went to make instead of eating Starling's food.
What is "hyena pasta?"
Name 2 physical impacts on your health of financial stress
What are: lack of sleep, stomach ache or nausea, headache.....
When a person strives for status based on flashy purchases or trendy items
What is "people think your car is cool, not you"
Believes financial success comes through learning, embraces challenges, views failures as opportunity and continuously seeks financial education
What is "growth mindset"?
When a person places more value on something they already own rather than the same item that they would have to purchase
What is "Endowment Effect?"
Give three examples of a need
What are.....housing, transportation, utilities, food...
Name three ways to avoid financial stress
What are: education, stick to budget, delete saved cards in your phone, don't buy off social media ads, avoid and pay off debts...
Financial success relies more on this than your income
What is Psychology
Comfortable with borrowing money, struggles with debt management, prioritizes short term desires and impulse buying
What is debt/debtor mindset?
When a person continues with an action based on time, resources or money already invested, even when it is clear it is not desirable to continue
What is "Sunk Cost Fallacy?"
These are the main differences between a value and a want
What are "a deeply held principle which has long-term positive impact" and "an optional purchase with temporary satisfaction and zero long-term return".
What percent of 18-34 year olds experience stress and mental health issues due to finances?
What is 63%?
Instead of trying to imitate a wealthy person, look for these instead
What are "patterns"
Views money as a tool for generating wealth, willing to take calculated risks, focuses on long-term financial growth
What is the "investor mindset"?
When a person relies on the first piece of information they learned about something, even if there is other information which refutes it.
What is "Anchoring Bias"
This is a scenario which illustrates financial expenditure on a value
What is....(adjudicator decides if it works)
What are the two main mental health issues due to financial stress?
What are anxiety and depression?
The ultimate goal of financial success
What is "freedom"