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Monday 04 - 02 - 2024

The document discusses a time when FOMO influenced a financial decision to go to a baseball game with friends. It also discusses how different life values like inner, social, physical, and financial values can affect money habits. The person believes balance has the biggest influence on how they view money because it's important to have money balance without overspending.

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roxanna.benitez2025
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64 views2 pages

Monday 04 - 02 - 2024

The document discusses a time when FOMO influenced a financial decision to go to a baseball game with friends. It also discusses how different life values like inner, social, physical, and financial values can affect money habits. The person believes balance has the biggest influence on how they view money because it's important to have money balance without overspending.

Uploaded by

roxanna.benitez2025
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Monday: 04/02/2024

https://www.youtube.com/embed/q5zv9_ZgYoQ

1. Describe a time FOMO has influenced a financial decision of yours. Were


you happy with the decision? Explain.

My friends asked if I wanted to go to a baseball game with them and I didn’t feel
like going out. I eventually said yes and was happy when I got to spend time
with them but knew I could have said no;l/ and saved money.

1. For each of the life values in the table below, identify which of the effects
on money habits you relate to.

Life Value Effect on Money Habits

Strong inner values translate to trusting one’s gut or following the inner
voice, which can give the person the resourcefulness to overcome a sudden
Inner money crunch.

,
How we handle it is, in part, tied up in our unique family histories.
Social

Strong physical values might translate to overspending on material


possessions if left unchecked, but physical values also show up in our desire
for quality. This person is willing to spend more for craftsmanship and
Physical
design.

When one does not have a strong concern about the appropriateness of
Financial
their purchases, he or she might be less prepared for financial emergencies.
Monday: 04/02/2024

1. Which life value do you believe has the biggest influence on how you view
money? Explain.

Balance has the most influence on how I view money because its important to
have money balance. Without it, you could be spending too much money
without having emergency cash on hand.

2. From the answer you selected above, where do you believe you drew
these influences from?

I drew this influence from my parents because they always emphasized the
importance of being smart with your money.

https://www.youtube.com/embed/n1b7piSmmME

1. How do behavioral economists view people differently than traditional


economists?

Behavioral economics is more personal and focuses more on a person's


feelings, while traditional economics focuses more on a person's rational
behavior.

2. How might businesses use cognitive biases to their advantage?

By advertising that something is a limited edition, customers get the


sense that they need to rush to buy the product because of how good the
deal might be. They could have FOMO towards not wanting to miss out on
a limited edition product with the thought that it might not be sold again.

3. How do you think being aware of the various biases we have can empower
us to make better decisions around money?

It can help us by resisting the urge to buy a product because it seems like
a good deal.

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