Money's Impact on Mind & Self
This term refers to a person's established way of thinking, perceiving, and approaching situations.
What is mindset?
This term is referring to the emotional and psychological strain that individuals experience due to their financial circumstances.
What is financial stress?
Name the perspective in which an individual believes that their qualities, abilities, and intelligence are largely static and unchangeable.
What is Fixed Mindset?
This term refers to the set of expectations, behaviors, and norms that govern interactions in commercial or economic contexts.
What are market norms?
This term refers to the unwritten rules, expectations, and standard of behavior that guide how individuals and groups interact within a society.
What are social norms?
Name the perspective where an individual believes that resources, opportunities, and options are limited, or scarce.
What is the Scarcity Mindset?
This term refers to deep-seated beliefs, attitudes, or emotional responses related to money that stem from past experiences, upbringing, or societal influences.
What is Money Wound?
Name the word for the occurrence of fortunate events or discoveries by chance.
What is Serendipity?
Identify the term for the financial or source investment that has already been incurred and cannot be recovered or changed.
What is sunk cost?
What is the term used to describe items or options that are more noticeable or prominent that can impact decision-making.
What is Salience?
Name the perspective in which an individual believes that their abilities, intelligence, and qualities can be developed and improved over time through effort, learning, and perseverance.
What is the Growth Mindset?
Identify the process of addressing and resolving emotional, psychological, and behavioral issues related to money.
What is Financial Healing?
As Oscar Wilde famously said, a man who knows the price of everything and the value of nothing.
What is a Cynic?
This cognitive bias involves individuals that tend to strongly prefer avoiding losses over acquiring gains of equal or greater value. Or in other words, people who are more sensitive to potential losses than to potential gains.
What is loss aversion?
A benchmark or standard against making decisions?
What is Reference Point?
Name the psychological outlook in which an individual believes that there are ample opportunities, resources, and possibilities available in life.
What is the Abundance Mentality?
Identify the concept of aligning spending habits with personal values and priorities to promote greater satisfaction and fulfillment.
What is Value-Based Spending?
Name the word that describes the practices or systems that are characterized by fairness, impartiality, and even distribution.
What is Equitable?
What is Status Quo Bias?
This term refers to providing individuals with updates on their behaviors, which can promote self-awareness and drive positive changes.
What is feedback loop?
Give me the term that describes an individual's belief in their own ability to successfully perform tasks, achieve goals, and handle challenges in various areas of life.
What is Self-Efficacy?
Name the achievement of sense of freedom and empowerment through addressing financial challenges and embracing positive financial habits.
What is Financial Liberation?
This term is referring to the preferences, like investment choices or portfolio preferences, or AKA, the decisions individual's make regarding their financial investments or asset allocations based on their personal preferences and goals.
What is the intention-action gap?
Identity the economic principle that states as a person consumes more units of a good or service, the additional satisfaction or utility derived from each additional unit decreases. In other words, the more you have of something, the less each additional unit adds to your overall satisfaction.
What is the Law of Diminishing Marginal Utility?
Under this concept, 'nudges' are used to influence behavior by altering the way choice are presented without restricting freedom.
What is Choice Architecture?