Chapter 2 Lesson 3 Managing The Material Self
Chapter 2 Lesson 3 Managing The Material Self
Human Sexuality
Managing the Material Self
At the end of the lesson, you should be able to:
1.
2.
3.
4.
5.
ANALYSIS
Jean-Paul Sartre
2. through either creating or
buying it (Belk 1988). Because you
spend blood and sweat on a project,
for example, you tend to give it more
importance that having a good grade
for it affects you emotionally more
than a project you just haphazardly
made.
50% 25%
savings
personal
use
25%
utilities
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5. Save in order to be safe. Having a savings in the bank
provides you a security incase of emergencies. Others may
have or opt for a separate emergency and savings as the
savings account can be reserved for a long-term project, like a
house. You must not use your savings until emergency comes
or until you can finally use it to purchase a long-term goal.
6. Keep your spending habits in check.
Make a list when going to the grocery/mall and prioritize
buying those things in your list before you buy anything else
when you have the spare money.
Pay in cash. Minimize the use of your credit or debit card. As
a lot of financial experts usually advice, if you cannot pay it in
cash, it is not yet within your budget or financial capacity. At least
wait when you can afford it.
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Wait for a day or a week before you buy something, because you
might just be enticed at the moment or pressured by peers or
trends that you want to buy something now, but in reality, it is
something you do not really need.
Save first before you spend, not spend before saving what is left.
That way, you save a bigger amount and you get a more realistic
budget for all your expenses.
You can reward yourself without being too extravagant or
overextending your budget. Go watch the movies, buy branded
clothes, drink coffee at a high-end coffee shop, buy new upgrades
for your ride, and so on, as long as you keep those things within
the abovementioned premises.
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7. Increase income flow. Sometimes the budget can be too tight or
the money in the bank is not growing enough. Therefore, you must
find legal ways to increase your income. Any good means to
add to your allowance or current income. Just also be sure that you
still have time for yourself, your studies, and your family.
8. Good debt vs. bad debt. Ideally, we must get out of debt first
before we can continue to make our money grow. It is about having
a good record and personal integrity. However, there are also things
that we can call good debts.
Bad debts – those we acquired but do not necessarily need and/or
do not increase our financial capabilities
Good debts – those we acquire and will increase our financial
capabilities.
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Remember, installments are still debts, because you are still
providing payments. It is best if you can cash it in. Also, when you
make money, settle your debts first. It is also someone else’s efforts
as well as future on the line that they sacrificed for you, so be
grateful.
9. Make your money grow. Increasing your financial capabilities
takes time and honest work. But, there are means of increasing
your income wherein, after putting the necessary initial work, the
money will grow on its own and will yield profit higher than just
being in a bank. This is through passive income sources or
investments like stocks exchange, mutual funds, bonds, royalties
and real estate.
engage only in a business that you
understand;
do not engage in quick-money pyramid
schemes;
diversify, do not invest all your money in
one place or one type of business, but do
not also scatter them too thinly. Invest in
around three for a start.
10. Protect the future. Following the plan of action, you
will reach a time when you have a steady flow of
income, both from your work and your investments. You
know how to budget things, so you can address your
needs and enjoy some luxury. You also have savings or
emergency account, just in case something really bad
happens, but your developing family or lifestyle might
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render that emergency account incapable of covering them
all. Thus, you need to have insurance for your health in case
you have an accident or a sickness – a life-insurance, so that
your family can receive a large financial aid in case you
leave them in this life unexpectedly, and an insurance or plan
for your assets or belongings.
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End of Lesson 3