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F1
MoneyinYourLife
AdvancedLevel
Whataretwothingsthatmakeyou
happy?
Ifyouweretocreatealistofthingsthatmakeyouhappy
whatwouldthatlistinclude?Examplesonyourlistmight
includepar cipa nginasport,shoppingwithfriends,
watchingamovie,goingonatrip,readingabook,or
spending mewithfamilymembers.
1.
2.
Ahappypersonhashighwellbeing.Highwellbeingcomesfromfeelinggoodaboutoneslife.Individualswhohavehigh
wellbeing:
T W
Wellbeingcanbecategorizedintofivedomains(areasoflife).The
thingsthatmakeushappyaddtoourwellbeinginoneormoreofthese
domains.Althoughthespecificthingsthatmakeushappydieracross
individuals,thewaythathappinessaddstowellbeingissimilarforall.
Thefivedomainsare:
Physicalwellbeing:Takingcareofyourbodyea ngwell,
exercising,ge nganadequateamountofsleepandreceiving
regularmedicalcare.
Intellectualwellbeing:Gainingandusingknowledgelearningto
solveproblemsandchallengesinschool,yourjob/careerand
ac vi esinwhichyouareinvolved(suchasextracurricular
ac vi es),andinyourpersonallife.
Socialwellbeing:Havinganetworkoffriendsandfamily
havingloving,suppor ve,anddependablerela onshipswith
family,friendsandmembershipinacommunitythatgives
youasenseofbelonging.
WellBeingDomains
Physical
Financial
Intellectual
Emo onal
Social
Emo onalwellbeing:Howyoufeelfeelingasenseofworthandpurposeinyourlife.Therewillalwaysbeupsand
downsinlife.However,developingstrategiesforcopingwithnega velifeexperiencestomaintainahealthy
outlookhelpstocreateposi veemo onalwellbeing.
Financialwellbeing:Yourfinancialoutlookfinancialwellbeingismanagingmoneyinwaysthatbuildasenseof
understanding,competenceandcontrol.
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2.1.2.F1
Imaginehowyourwellbeingwouldbeaectedifyoudidnthavemoney.Financialwellbeingaectsoverallwellbeing.
Therefore,itisimportanttohavehighfinancialwellbeing.
How can you create a sense of high financial wellbeing for yourself? Havingmoneydoesma er.However,happiness
levelsrisefastestasapersonmovesfrombeinglowincometomiddleincome.A erthatapersonshappinessincreases
withmoremoney,butatamuchslowerrate.Forexample,apersonearning$80,000peryearmaybehappierthanthe
personearning$40,000peryear,butthepersonwhoearnsmoreisnotdoublyhappy.A erapersonearnsenough
moneytopayforlivingnecessi es,itisnotsomuchtheamountofmoney,butwhatthepersonchoosestodowiththe
moneythatincreaseswellbeing.Managingmoneywelliscri caltoincreasingapersonsfinancialwellbeing.
Inaddi ontomanagingmoneywell,anindividualmustunderstandtheirfeelingsaboutmoneytoachievehighwell
beinginthefinancialdomain.Thinkbacktothefactorsthatcontributetooverallwellbeing:aposi veoutlook,loving
whatyoudo,asenseofaccomplishment,involvementinhealthyrela onshipsandfindingmeaninginlife.Lets
considerhowthesefactorscontributetohighfinancialwellbeing:
Do you feel posi ve about your financial situa on
basic needs?
Feelingaswelloasyouperceivethepeoplearound
Apersonwhocanmeetbasicneedssuchasfoodand
you(classmates,friends,family)canimpactyour
shelterwithoutstrugglingwilllikelyhavehigherwell
financialwellbeing.
being.
Do you have posi ve feelings about the way you manage
your money?
Whatevertheamountofmoneyyouhavetomanage,a
sensethatyouaremanagingitwiselycontributestoyour
happinesslevel.Financialcapabilityinvolvesboth
Communica onregardingmoneycontributes
knowledgeaboutmoneyandtheabilitytouseitto
significantlytowellbeingespeciallywhenmonetary
resourcesareshared.
accomplishlifegoals.Yoursenseofyourfinancial
capabilitycanaectyourwellbeing.Educa ngyourself
aboutfinancialconceptsisaposi vesteptowards
crea nghighwellbeing.
Whodoyousharemoneywith?Howcanyou
posi velycommunicateaboutmoneywiththat
person?
Whataretwofinancialtopicsyouwouldliketo
learnmoreabout?
1.
2.
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2.1.2.F1
Whatcanyoudotodaytocreateahighsenseoffinancialwellbeingforyourself?
What do you want your finances to look like in the future?Yourfinancialgoalsarespecificobjec vesthatare
accomplishedthroughfinancialplanning.Financialplanninginvolvesmanagingmoneycon nuouslythroughlifeinorder
toreachyourfinancialgoals.
Why is it important to prac ce financial planning throughout your life? Ifyourecognizethatfinancialchoicestodayhave
aneectonyourfuturethenyoumaybelesslikelytomakepoorfinancialchoices.Forexample,ifyoumakechoicesthat
resultindebt,alackofadequateinsuranceorinsucientsavings,thenyourabilitytodothingssuchasrentan
apartment,buyahouse,payforunexpectedexpensesandevengetajobcanbeimpacted.Financialplanninghelpsyou
prepareforthosefutureevents.
Letfinancialplanninghelpyoucreatehighfinancialwellbeing!
Nameafuturegoalforwhichfinancialplanningcanhelpyouprepare.
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FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaIns tuteatTheUniversityofArizona