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 refers 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-seeded beliefs, attitudes, or emotional responses related to money that stem from past experiences, upbringing, or societal influences.
What is Money Wound?
What is the term used to describe fortunate and unexpected discoveries or occurrences, often leading to valuable insights or outcomes?
What is Serendipity?
What term that refers to the unrecoverable expenses that should not influence future decisions?
What is sunk cost?
What term refers to the concept of prominence or noticeable features that influence individuals decision-making due to its attention-grabbing nature?
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 who are more sensitive to potential losses than to potential gains.
What is loss aversion?
What is the term described as the benchmark of comparison that individuals use to assess and judge outcomes, experiences, or changes?
What is Reference Point?
What is the term that refers to the belief 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 priories 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?
Name the phenomenon where people tend to stick with a default option, even if better alternatives are available.
What is Status Quo Bias?
This term refers to providing individuals with updates on their behaviors to promote self-awareness and drive positive changes.
What is feedback loop?
Give me the term that describes the belief in one's ability to successfully perform tasks, achieve goals, and handle challenges in various areas of life.
What is Self-Efficacy?
What is the term used to describe the state of achieving personal freedom and security through effective financial management?
What is Financial Liberation?
What is the term that describes the disconnect between one's goals and their actual behaviors?
What is the intention-action gap?
What is the law that explains as a person consumes more units of a good or service, there is a decrease in overall satisfaction or utility derived from each additional unit?
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?