This is the Final Project Good ExampleFor you reference ,i need doing a draft of paper,please help
Question:
This is the Final Project Good ExampleFor you reference ,i need doing a draft of paper,please help
Financial Emotional Decision-Making Educational Plan
Student Name
Upper Iowa University
PSY 49802
October 20, 2020
Abstract
The Fleet and Family Support Center is the United States Navy's premier organization for providing individual assistance, consultation, educational programs, proactive outreach, and delivery of family support services in locations most conducive to service members and their families. One of the many essential programs within the Fleet and Family Support Center is the Personal Financial Education Program. The Navy's Personal Financial Management program implements specific requirements that establish a systemic approach to address personal financial management issues for Sailors, families, and Navy commands(U.S. Navy's Personal Financial Management Standardized Curriculum, 2016). The main problem that I have identified is that the current approved Personal Financial Management Standardized Curriculum used to educate our Navy personnel and families does not address the importance of acknowledging a person's emotional state while making financial decisions. After creating awareness of this educational gap and intensely researching the overall financial, educational plan, the Fleet and Family Support Center Director, Dr. Stephen Stutzman, validated my findings. He recommended creating a business plan concentrating on emotional awareness training within the personal financial, educational program. He stated that the project needs to reflect on how implementing such a financial awareness training plan would improve our current curriculum and assist our service members, families, and Navy commands (Stephen Stutzman, 2020). This paper includes two proposed solutions: creating a 60-minute separate financial, emotional awareness workshop following the current approved financial education curriculum andcreating a social media grass-root educational movement. Both presented options will have the learning objective of creating awareness of an emotional state while making financial decisions.
Problem Statement
The current approved Personal Financial Management Standardized Curriculum used to educate our Navy personnel and families does not address the importance of acknowledging a person's emotional state while making financial decisions. The Personal Financial Management educational curriculum is composed of twenty-two different educational workshops covering a vast spectrum of financial literacy. Our clients are currently station overseas, and venturing into the host nation forfinancial counseling is limited; the Fleet and Family Support Center is their one-stop-shop for personal financial education. Providing a dedicated 60-minute separate workshop or a grass-root social media educational movement would create awareness of the importance of a person's emotional state while making a financial decision resulting in a holistic financial education program. The emotional awareness financial decision workshop and the grass-root movement could be integrated seamlessly into the community's current personal financial education plan and the centers' outreach marketing campaign. Providing our Sailors, families, and Navy commands a clear path to making savvy financial decisions in an emotional military culture world.
Background
The paper's literature review has concentrated on how financial decisions are affected by one's emotional state and implementing those findings into a solution. Creating awareness of our emotions and identifying triggers while making financial decisions is vital to building wealth and creating a long-lasting positive relationship with finances. Acknowledging, understanding, and creating awareness of one's emotional state is essential to monitoring our behaviors and the decision-making process. Financial decisions are no exception to this theory;financial decisions occur every day; these can range from purchasing a daily coffee to whether or not to participate in your companies' retirement plan. Neuroeconomics research shows that brain areas that generate emotional states also process information about risk, rewards, and punishments, suggesting that emotions influence financial decisions in a predictable and parsimonious way (Kuhnen & Knutson, 2011, p. 1).
Emotions have the potential to influence our financial decisions, and being aware of our emotional state can help avoid regrettable mistakes while ensuring the decision-making process has all the information needed to make a savvy financial decision.What are emotions, and how can awareness be created within the financial, emotional decision-making process?
Emotion, a term frequently and familiarly used, issynonymous with feeling. In psychology, it signifies a reaction involving certain physiological changes, such as an accelerated or retarded pulse rate, the diminished or increased activities of certain glands, or a change in body temperature, stimulating the individual, or some part of his or her body, to further activity. The three primary reactions of this type are anger, love, and fear, which occur either as an immediate response to external stimuli or are the result of an indirect subjective process, such as memory, association, or introspection (Emotion, 2018). Following the three primary reactions of anger, love, and fear, I will explore further these emotional states and their potential influence within the financial, emotional decision-making process. In exploring how to create awareness of the emotional state, it is helpful to mention that emotions are okay. Emotions provide information and have the ability to teach us something personal. It is essential to acknowledge and label emotions; by validating emotions, knowledge is gained. Emotions lead to actions; by creating awareness of emotions, keeping or letting go of emotion begins. The power to select the desired emotional state, let go of the current emotion, and pick a new emotion becomes possible. With that new emotion comes new behaviors and better savvier financial decisions. Validating our emotions and seeking to create awareness within our inner self will be vital to a successful financial, emotional decision-making process.
Anger is a strong feeling of displeasure and belligerence aroused by a wrong (Dictionary.com, 2020). In a state of anger, making financial decisions can lead to a sense of false justificationand a deserving mindset. In an emotional state of anger, self-validation of an unplanned purchase can lead to living above financial means. The purchase of an unaffordable vehicle by a hard-working individual is an excellent example of a deserving mindset. Making financial decisions in this emotional state can lead to an excessive amount of non-secured debt, which keeps our clients from other options like creating an emergency fund.
Love is a feeling of warm personal attachment or deep affection (Dictionary.com, 2020). The emotion of love could misleadingly justify spending under the category of wants and excuse the purchase of items too expensive to be afforded. As financial spending plans are reviewed, and transactions are labeled under the categories of wants or needs, the consumer needs to answer the following question analytically, is this transaction affordable? Making financial decisions in an emotional state can lead to losing focus on other options or limiting the process due to not accepting different methods of meeting the need. Buying a home generally qualifies as meeting the demand for shelter, but purchasing an unaffordable home can be attributed to satisfying an emotional want. The home buying process can escalate into an emotional bidding war between potential buyers. Creating awareness of these possible emotional desires will provide our customers with a long-lasting wealth-building savvy financial investment.
Fear is a distressing emotion aroused by impending danger, evil, pain, whether the threat is real or imagined (Dictionary.com,2020). In a financial context, fear can manifest in different matters. The feeling of not understanding something, like an elaborate retirement plan, can lead to fear, resulting in not allocating funds into the retirement plan and consequently affecting long term wealth accumulation. Clients need a mixture of understanding from both the financial, emotional decision-making process and integral workings of the financial service before participating, thus reducing fear and enabling them to join with a rational understanding.
Everyone experiences emotions, and yet, too few of us realize how they affect us financially. The truth is that our emotional competence plays an instrumental role in our overall financial success, and our lack of emotional competence hampers many from building the life they want for themselves and their family (Ryan, 2018). Acknowledging internal reactions to an emotional state is vital to making savvy financial decisions. When financial decisions are taken in a state of emotional risk, options are obscured, and self-talk becomes narrow and convincing.
Controlling emotions may be asking too much of the human brain, concentrating on how emotions trigger innate reactions and how managing reactions gives more power to the financial decision-making progress. Creating awareness over emotions related to financial decisions is not to pretend; they are not connected, is part of being human. Embracing the mathematical calculations at the end of the spreadsheet may not translate into a simple mathematical decision process; the spreadsheet may reflect a deficit. Still, your emotional state may be telling a different story of affordability. Financial decisions need a combination of math and an emotional state of awareness. Emotional awareness creates a method of how you let these emotions affect your ability to reach the financial success you deserve. Emotions are not always accurately processed and can get out of control. In the heat of the moment, human decision-makers can be overwhelmed by their emotions, and under the influence of high levels of arousal, lose control over their actions. Such processes can have material consequences for the organizations the decision-makers represent. Unfortunately, there is a strong misbalance between emotions and their consequences. While the emotions are transient, the consequences of the actions are not; in fact, they can be long-lasting (Astor et al., 2013).
What is an emotional trigger? An emotional trigger is any topic that makes us feel uncomfortable. These emotional triggers tell us which aspects of our lives we might feel frustrated or unsatisfied with; it can vary in each person because we are all struggling with something different (How Emotions Impact Your Finances, 2018). Time is needed to recognize that an emotional trigger has been activated during the financial, emotional decision-making process. By creating this emotional pause and allowing the emotional trigger to subside, potential emotional pitfalls could be avoided.
Creating awareness of your emotional state while making financial decisions can be as simple as noticing the emotion and naming the emotion being felt, either prior, during, or after the financial, emotional decision-making process. With awareness comes the power to interrupt the emotion; taking a deep breath is a fast and effective method to interrupt an emotion. An improvedfinancial, emotional decision-making process; can be accomplished in several matters, e.g., making the decision the next day or speaking to a trusted person regarding your current emotional state can provide the guidance needed for a savvy financial decision. My preferred recommend method of emotional regulation is to ask why is this upsetting; this engages the person to analyze the situation and eventually make a savvy emotional,financial decision. The use of mental cues could help create an association between the cue and the behavior. A heightened awareness can serve to inform our conscious mind that an automatic mental response has been triggered that might lead to bad, unintended consequences. From there, we can refocus our brains to work toward a better-informed decision (Sullivan, 2011).
Financial, educational curriculum developers, have not given the emotional awareness process the proper attention it deserves; Fleet and Family Support Centers worldwide are currently struggling with a limited financial, educational curriculum, which fails to include the power of emotions. A curriculum that does not include the role of emotions in daily financial decision-making and fails to integrate financial and emotional training cannot be considered complete. Consider how Warren Buffett has reportedly noted that investors are better served channeling emotions into positive action by being fearful when others are ebullient and ebullient when others are fearful. He and other successful investors have come to understand the benefits of integrating emotions (their own and the public's) with systematic thinking (based on their valuation methods). Contrary to the cry to dispense with feelings and emotions, thinking influenced by deliberation and emotions produces the desired outcome (Sullivan, 2011). The time has come to embrace emotions and recognize their power to motivate and create financial wealth. As an Accredited Financial Counselor, I have always shared that it is not the amount of money that you make that makes you financiallyindependent, but the financial decisions that you make that will give you independence.
As a financial educator, I have always known one of the best investments a person can make at any age is to educate themselves in finances. Most individuals learn finances from their parents or close family members. Personal financial literacy is the ability to read, analyze, manage, and communicate about the personal financial conditions that affect material well-being. It includes the ability to discern financial choices, discuss money and financial issues without (or despite) discomfort, plan for the future and respond competently to life events that affect everyday financial decisions, including events in the general economy (Anthes, 2004). The process of education and learning is lifelong, and as for those privileged enough to be educators, a gratifying life awaits.
Solutions
Creating awareness of individual emotional triggers and recognizing critical financial decisions is vital to our clients' financial success. Our customers need an infusion of general personal financial education and financial, emotional awareness. The majority of our clients understand financial math and comprehend the inner workings of available supportive financial services but lack financial, emotional understanding.
My first presented solution for creating financial, emotional awareness while making financial decisions is to develop, market, and hold a 60-minute workshop for the community dedicated solely to the financial, emotional decision-making process. The workshop will cover basic financial literacy and concentrate onacknowledging emotions while making financial decisions in line with the learning objective of identifying emotional triggers and learning methods to develop emotional awareness. The proposedworkshop's title could be; How to make savvy financial decisions while acknowledging emotions. Daniel Goleman shares evolution has given us emotions to help us cope with dangerous situations. Emotions evolved to drive us to take action in the face of danger. We retain the emotional system of our cave-man ancestors, who regularly faced life and death situations. In modern society, those emotions often overwhelm thought. In a real sense, we have two minds, one that thinks and one that feels. The rational mind lets us think, ponder, and reflect. But the emotional mind is impulsive and powerful. Usually, the two work in harmony, but intense feelings sometimes allow the emotional mind to dominate the rational mind (Goleman, 2010). Creating the understanding within our participants of the two-brain concept will be vital to both options and our clients' success in making savvy financial, emotional decisions.
My second solution is to create and promote a grassroots social media movement within the community to generate educational, financial, emotional awareness. Under our Fleet and Family Support Center official social media page, I will create a discussion group with weekly topics design to be in line with thelearning objective of identifying emotional triggers and learning methods to develop emotional awareness. This option will benefit from several already established outreach strategies the Fleet and Family Support Center already does well. The center and the Personal Financial Educators have identified a dedicated day of the week for the community to commit to personal financial education with the theme of financial Fridays. This financial Friday's piece can be a marketing launching pad into the social media financial, emotional awareness group.
While comparing and contrasting my two specific solutions, I find benefits to both options. My main concerns as a service provider are which option will be more attractive to our clients and identifying which one has fewer obstacles for a potential participant. Overall cost and available resources are also essential factors in the selection process. With the dedicated 60-minuteworkshop, we could become victims of the detrimental stigma involved with seeking life skills assistance. The center's emotional-based life skills workshops are currently under-attended, giving me the understanding of solely having a comprehensive curriculum is half the battle. Ensuring our clients' acceptance takes more; it takes a well-rounded professional financial coaching team of facilitators and a marketing campaign capable of being flexible and developing new outreach efforts. The grassroots social media financial, emotional awareness groupwill mitigate the stigma of emotions by providing our participantswith a layer of obscurity and has the potential to be implemented quicker while carrying a possible lower cost. After much debate, research, and consultation, I have selected to implement the social media grassroots financial, emotional educational movement;while incorporating an emotional awareness talking point into each of the twenty-two different financial workshops.
Implementation
Implementing a grassroots movement within our community has endless educational potential, and growth will be guided by the needs of the military community it serves. The campaign will start via a social media group within the already established center's page; providing a target group of potential participants. The social media group page will be populated with financial articles, topics, suggestions, and resources, all with a complete emotional awareness acknowledging base for guidance. The social media group, admin manager, will rely on the already available at no cost U.S. Navy military base public affairs officer, ensuring all posted material is in complete accordance with mandating policy. The cost of implementing the social media group will be practically zero since the platform has no charge and is already operational. A managing cost of employee staff-hours can be estimated as requiring two staff-hours a week for the financial educator to manage the social media group. The social media group is significantly lower in cost and time than creating a new 60-minute financial, emotional awareness workshop, which will have to be submitted to command headquarters for approval. Depending on the contractual requirements of the current curriculum, it may add further cost and delay implementation.
Incorporating the emotional awareness concept into the current financial workshops can quickly be done by creating a financial, educational facilitator talking point covered at the end of the predetermined financial presentation. Thus, we supplement the current curriculum by reminding our customers to identify emotional triggers and develop emotional awareness when deciding upon the information previously learned. This concept falls in line with what the educational facilitators already accomplish by nurturing the participants into taking action now;they are requested to take financial action within 24 hours of completion from the financial workshop. Our new acknowledging emotions talking point will also refer our recent graduates to engage with us via our social media group.
Conclusion
As we have identified, emotions can influence our financial decisions. The current approved Personal Financial Management Standardized Curriculum used to educate our Navy personnel and families does not address the importance of acknowledging a person's emotional state while making financial decisions. The time has come to embrace emotions and recognize their power to motivate and create financial wealth.
After discussing both options with the Fleet and Family Support Center's director, Dr. Stephen Stutzman, he agreed on the proposed social media grassroots financial, emotional educational movement; and incorporating an emotional awareness talking point into each of the twenty-two different financial workshops is the best option. Our customers need an infusion of general personal financial education and financial, emotional awareness. A nurturing financial, emotional awareness educational plan will be our guide forward.
References
Anthes, W. L. (2004). Financial Illiteracy in America A Perfect Storm, a Perfect Opportunity. Society of Financial Service Professionals.
Astor, P. J., Adam, M. T. P., Jeri, P., Schaaff, K., & Weinhardt, C. (2013). Integrating Biosignals into Information Systems: A NeuroIS Tool for Improving Emotion Regulation. Journal of Management Information Systems, 30(3), 247-278. https://doi.org/10.2753/mis0742-1222300309.
Commander, Navy Installations Command, U.S. Navy's Personal Financial Management Standardized Curriculum i -837 (2016).
Dictionary.com. (2020). Dictionary.com. https://www.dictionary.com/.
Emotion. (2018). In Funk & Wagnalls New World Encyclopedia (p. 1).
Goleman, D. (2010). Emotional intelligence: why it can matter more than Iq. Bloomsbury.
How Emotions Impact Your Finances. (2018, October 31). Psychology Today. https://www.psychologytoday.com/us/blog/the-gen-y-psy/201810/how-spot-your-emotional-triggers#:~:text=What%20is%20an%20emotional%20trigger,all%20struggling%20with%20something%20different.
Kuhnen, C. M., & Knutson, B. (2011). The Influence of Affect on Beliefs, Preferences, and Financial Decisions. Journal of Financial and Quantitative Analysis, 46(3), 605-626. https://doi.org/10.1017/s0022109011000123.
Ryan, S. (2018, October 6). 7 Emotions and Their Affect On Your Finances. The Heavy Purse. https://www.theheavypurse.com/7-emotions-and-their-affect-on-your-finances/.
Stutzman, S. (2020). Fleet and Family Support Center Director, Naval Support Activity Naples Italy.
Sullivan, R. N. (2011). Deploying Financial Emotional Intelligence. Financial Analysts Journal, 67(6), 4-10. https://doi.org/10.2469/faj.v67.n6.6.
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