Handling Money and Financial Stability (Essay Sample)
M08: Final Reflective Paper: What is Holding You Back Financially?
In this module, you took the "What's Your Money Personality?" quiz and learned some of the reasons why you handle money the way you do. Now it is time for you to write your final paper and discuss your past and future relationships with money. In your paper, answer the following questions:
A. Take the "What's your money personality?" quiz [Click on the link or copy & paste into browser]
http://www.thesimpledollar.com/money-personality-quiz/. (Links to an external site.)
Do you feel the quiz results accurately describe your relationship with money?
B. What has been holding you back financially in the past?
C. Name three things that you learned in this class, tell why they are important to you, and tell how you plan to use them to help you improve your financial situation in the future.
Final Reflective Paper: Worth 50 points. Your answer must be at least 2 to 3 full page(s). The pages must have 1-inch margins on all sides, be double spaced and spell-checked before you submit them. Submit your paper here.
Reflective Paper: Handling money and Financial Stability
My Relationship with Money
The results of “What’s Your Money Personality?” quiz have correctly tried to describe my relationship with money. I am always cautious with how I spend money and what I spend it on. It is not that I am stingy or mean, but I do strive to live within my budget to avoid life stress. I am always on the lookout to grab any opportunity that would help me save some little amount of money monthly. For instance, I always compare the prices of groceries among different stores before purchasing in the store that offers the best bargain.
Preparing a shopping list is also a rule of thumb I observe when going out shopping. Having a purchase list ensures that I avoid the temptations of impulse buying and purchasing what is essential. I also have over the years to learn to live without the extras. It was, however, not easy in the beginning because I love good things in life, like keeping updated with fashion. I have learned to embrace a simple and frugal lifestyle. I realized that I was spending a lot of money unnecessarily on purchasing clothes. I aim to save as much as I can when I am still young and invest in a business that will guarantee my future financial freedom.
My Financial Situation in the Past
Being too generous to a friend whenever they ask for money to sort emergencies was holding me back financially in the past. I often felt guilty for not helping friends whenever they ask for financial help. I usually strive to at least take a soft loan from work or relatives to assist friends in solving out issues related to financial emergencies. I later came to realize that those I helped were taking my kindness for weakness. They would come with unfulfilled promises of paying the amount of money I offered at a later date. Most of those I helped out of good heart never paid back the amount they owed. I sometimes ended up servicing soft loans that I never used in the first place. I realized that that the urge to help out whenever friends approached with their emergencies was because I always had a lot of cash at hand in the house. I decided to open a fixed deposit account with a local bank. The bank account helped as the banks always sent me a reminder message of the amount of money I am expected to deposit every month. Therefore, I always with money that could only take me through the month instead of having excess cash in hand.
Another thing that had been holding m back financially in the past was mindless spending. I was not living on a budget, and it was thus impossible to keep track of items to give priority when making a purchase. For instance, I was always available to go on a night out with friends for drinks and dates. The miscellaneous purchases were wrecking my budget and found myself borrowing to sustain my lifestyle. I was being paid an average salary like any other person in my career, yet I was always broke. Although I have not given up dining out altogether, I have created a meal plan and limited dining outings only on weekends and special occasions.
Some of the things I learned in class include handling money. Maintaining a high degree of financial discipline enables one to achieve set monetary goals.
- Customization of Compensation StrategiesDescription: Firms have the choice to lead the market by paying more than competitors when developing their compensation strategies. On the other hand, some companies make the decision to lag the market by paying less than their direct rivals. As if that not enough, there are yet some organizations that decide to match...2 pages/≈550 words| 3 Sources | MLA | Business & Marketing | Essay |
- Identifying Entrepreneurs' Steps on Starting a BusinessDescription: An entrepreneur is a person who risks starting their own company based on an idea they have developed while accepting most risks and taking advantage of most business benefits. Below are some of the steps on how entrepreneurs typically start their business. One of the steps is identifying profitable...1 page/≈275 words| 2 Sources | MLA | Business & Marketing | Essay |
- Online Jewelry Store Marketing Activity AnalysisDescription: It is common practice for people to combine efforts in the form of groups to attain specific goals. The formation of groups applies to many spheres of life, such as study groups, business groups, medical teams, sports teams, etc. For the groups to perform well, there is a need for a structured communication...7 pages/≈1925 words| 5 Sources | MLA | Business & Marketing | Essay |