Every day millions of individuals struggle with the idea of maintaining and establishing their financial obligations. Many Americans simply fail at the necessary tasks needed to manage their monthly income. Let alone gather enough funds to secure a respectable financial future. In some cases people struggle to make ends meet due to dealing with issues associated with impulsive buying, wasteful spending and extreme overcompensation (Jinhee, Thomas & Benoit, 2005). Financial matters such as these can lead to bankruptcy, repossession and most importantly a lack of financial promise (Jinhee, Thomas & Benoit, 2005). Without future prosperity many Americans end up returning back to work, for minimal jobs or even working past the age intended. Therefore, it is important that people deal with the issues associated with emotional ties to spending because eventually these ties may lead to other areas. According to Maryam, Mohammad & Sajad (2015), emotional spending is an extreme problem, which often leads to a host of other problems. Saving and retirement is also an area in which many people tend to deal with. It has been estimated that many Americans will return back to work to supplement their income after leaving the job that they have worked for several years. This is why retirement and saving income is such a viable concern for working adults. Group counseling is a great method to discuss ways towards managing a successful financial future (Xiao, Newman, Prochaska, Leon,
For this assignment, I interviewed my friend, saeda, a married mother of two children and a 1st generation immigrant. She is a licensed practical nurse who makes about $3000 a month. She currently does not have any savings but thinks about ways to save for the future. My friend recognizes that she has a spending problem; she has attempted to free her from this never-ending cycle of spending numerous times but failed in the processes. She experiences an internal happiness when she buys things even if she does not need them. Every week she receives a direct deposit through her work, which makes it easier for her to spend her money as soon as the funds become available. She spends a good fortune of her income on buying toys for her kids and eating
In ‘Till Debt Do Us Part’ by Mary Loftus, she explains just how Americans in a relationship are affected by money in a positive and in a negative way. Well over sixty percent of women and male enter a marriage with some debt, which places tension on the relationship and takes the focus away from future financial goals (99). Concealing your financial transactions can cause legal issues and can be detrimental to your relationship, and can ultimately weaken the relationship (100). Women and men both grumble that the other isn’t doing enough to provide financially, which affects their relationship (101). The idea that men are supposed to work and women are supposed to be housewives like many years ago, can go against the couple if the women earns a lot more and can cause unnecessary hostility (102). Marriage requires effort from both parties, even with the abundance of issues of money, couples should plot their financial lives rather than avoiding it (102).
The goal of this course is to get you thinking about personal finance issues at a point in your life when you still have time to benefit from the power of time in generating wealth to accomplish your other life goals. The financial decisions you make early in life with determine in great extent the quality of life you will enjoy later, especially given the turbulent and uncertain economic conditions. Money isn’t everything, but a lack of it will impact almost every aspect of your life and those who surround you.
Whether going through puberty or experiencing problems at home. Economic problems cause stress for parents, but it also has a major impact on children. Although parents may try to conceal financial problems from their children, children feel the stress of the financial conflicts. There are ways for parents to tell their son or daughter how they can deal with these stressors without hiding feelings or problems from each other, which can be harmful in the long run. Self-care is important for both the adolescent and the parents. Coming up with positive ways in order to deal with the economic burden is important for the health of both the parents and kids. The Brown University Child and Adolescent Behavior Letter wrote an article titled, The financial crisis and your children: Tips for your teen to manage stress and worry. The article launches into suggested tips for parents to deal with stress and worry, especially in a financial crisis. Brown University suggests the person being aware of feelings, realizing they are not alone, not dwelling on a “worst case scenario,” maintaining a normal routine, self care, focusing on strengths, taking advantage of school, keeping current events in perspective, avoiding excessive blaming, being prepared for grownups to seem upset, doing something positive to help others, and lastly thinking positively. Being aware of present feelings is important. Pretending to feel something is not healthy,
Retirement plan has its advantage and disadvantage. Mostly it is based on the choice of the participant. It is the right of the member whether to choose it or decline. The 401-k retirement plan builds on the retirement plan sounds likes to replace for pension, but not. The 401-k plan should not necessary for all employees because it is beneficial based on age and employment history and no beneficiary is allowed.
The first few chapters of the book provides the readers an assessment on how financially responsible they are, and the common obstacles that might hinder them in achieving
PO moderately participated in the group process by actively contributing to the group discussion and sharing personal financial goals with peers. PO stated “There is no easy way to rebuild financial stability. It is important to be aware of the issues so that I can plan to make it better.” PO responded to treatment positively.
Life as I know it is coming to an end. For the majority of my life my parents were generous and payed for my needs and wants, but now that they opened my eyes about paying for for my own needs and wants. This topic about finance is giving me a rude of awakening about how to budget our annual salary or yearly salary with paying for our wants and taking care of our needs. When we were little we thought that money grew on trees or came from magical wishing weld, but facing the truth where money really come from which is hard work and a good education.
Jacobs, E. E. (2016). Group Counseling: Strategies and Skills, 8th Edition. [Bookshelf Online]. Retrieved from
The philosophy of the group counseling approach is to focus on the strengths and life skills opposed to punitive measures
A pension / income stream is simply a product which offers an individual entitlement to a regular income stream each year, in exchange for a payment of capital. They are governed by the Superannuation Industry Supervision (SIS) Act as they are the commutation / drawdown phase of Superannuation.
Americans live in an era of out of control spending that is driven by materialism. Children at a young age become well acquainted with the idea that owning the newest and best puts a greater amount of value into one’s life. Unfortunately, for many, this negatively translates into adulthood. Materialism is the root of millions of American citizen’s insurmountable amounts of debt. People have the desire to appear to their family and friends as though they are living lifestyles of luxury, when in reality, they are simply digging themselves a hole of debt they will never escape. But not only is trying to keep up a wealthy persona costly, it also entails a vicious, draining cycle that constantly leaves the consumer
Approximately seventy percent of Americans, present day, are living paycheck to paycheck. Why you may ask? Many of the families have jobs with incomes to surpass the amount to not live paycheck to paycheck, but they are paying off past credit issues they got themselves into. Credit debt is a real problem among Americans today, due to instant gratification and not having the patience to save for their purchases, while measures could be taken to stay away from or prevent it. (Ramsey, D.)
Thesis: The accumulation of debt not only affects a person’s financial health, but also their mental and physical health—even slight debt is linked to cases of emotional and health-related issues.
In the book “All Money in the World” by Laura Vanderkam discusses about ways that people get and spend money in their lives and the relative between money and happiness. Each title, the author shows us different ways to use and earn money like getting, spending and sharing. But in chapter 3, “Rethink Retirement” of getting, Laura Vanderkam shows the creative way to approach retirement. There are three of the ways that the author suggests people can rethink and plan for retirement such as saving, making extra, and using time efficiently.