Financial Recovery Curriculum

This page is currently under development. Audio lectures are in process.

Last update: 9/17/2021, 9/19/2021, 10/3/2021, 10/5/2021, 2/28/2022, 3/4/2022, 4/5/2022

Welcome to the Favors Financial Recovery Curriculum.

The Favors Financial Recovery Curriculum is based in part on the Favors Financial Recovery Series, which is under further development. Sample series topics include the Big Five personality traits, goal orientation, mindset, parenting styles, mate value, and mate switching.

The audio lectures apply psychology concepts to personal finances, whether you are enduring financial setback or closer to financial recovery.

This page houses the full lectures. “Financial Topics” houses individual lectures part of the series.

BOOK TITLES (This section is under development. Last rev. 1/4/2022, 2/28/2022, 3/4/2022, 4/5/2022)

The following title will be available on Amazon by end of April 2022.

Favors Financial Recovery Seminar: Psychological Approaches to Overcoming Financial Setback

Sample Life Plan

The following book title is available on Amazon.

Favors Sample Life Plan: Using Psychology, SWOT, & SMART to Measure Financial Progress

MISSION STATEMENT

The mission of Favors Financial Recovery is to offer psychology concepts and approaches to educate and encourage individuals to overcome financial setback.

CORE VALUES

The following represent the core values under the Favors Financial Recovery Series.

Personal Responsibility

Personal responsibility suggests that we are 100% responsible for ourselves as adults, especially when we are making financial decisions. This means that we cannot assume financial responsibility for others at whim. Instead, we must plan how we will be of financial help to anyone.

This further means that it is necessary for you to ensure that you are financially covered, as an adult, before you even loan money to a friend, family, or lover. Just because you have extra money in the bank does not necessarily mean that the extra money is available to anyone for any use.

If you are 100% responsible for yourself as an adult, then that person is equally 100% responsible for himself or herself, as an adult.

It is important to pursue an understanding of financial responsibility at the age you become a working individual. This includes time spent working in high school.

Growth Mindset

Growth mindset is a concept specific to Carol Dweck’s discussion of the differences between fixed mindset and growth mindset.

With a fixed mindset, a person avoids challenges, rejects constructive criticism, and plateaus early; the person has to “look good” in every situation. With a growth mindset, a person embraces challenges, accepts constructive criticism, and continues to learn beyond failure; it is important for the person to increase their capacity for learning by continuing to learn.

To continue to give financially to a friend, family member, or lover without instruction or if the person refuses to learn from financial mistakes represents a fixed mindset. You are essentially pouring into an empty well. You have not grown beyond your understanding that purpose should accompany giving. There is nothing wrong with asking questions and outlining financial expectations. If you are still people pleasing financially with a friend, family member, or lover, then you will always remain in a fixed mindset when it comes to finances.

However, informed giving creates a growth mindset because you are aware of the person’s financial need and you determine whether you can or should meet that need. With a growth mindset, you understand that you are not the financial solution for everyone’s needs. You do not let someone financially pressure you to give irresponsibly. Growth mindset requires you to think through the option or opportunity for financial giving before committing to a decision.

Mastery Orientation

Mastery orientation is specific to two types of orientations: learning goal orientation and performance goal orientation. They are both connected to mindset and motivation (extrinsic vs. intrinsic).

Learning goal orientation is defined as the belief that abilities can be developed. Individuals desire to learn for learning sake. Individuals further exhibit a growth mindset. People do not want to look like they learn; they actually want to learn. They are intrinsically motivated.

Performance goal orientation is defined as the belief that abilities are fixed and cannot be developed. Individuals desire to demonstrate knowledge and look smart but not learn because learning is important. They exhibit a fixed mindset. They see failure as weakness. They focus on short-term results. They are extrinsically motivated.

When applying these concepts to personal finances, financial setback, and financial recovery, adopting a learning goal orientation is central to overcoming financial setback and sustaining financial recovery. I don’t think we learn about finances. We just get money, spend it, and hope for the best. A learning goal orientation suggests that learning is necessary to ensure consistent and long-term financial stability.

Ethical Dealings

Ethical dealings has much to do with how we conduct ourselves professionally within the workplace and with creditors. We often reason with creditors that if we do not have the money to pay the minimum due, then that creditor will just have to wait. Personal overhead costs assume a greater priority when there is a change to our economic position.

However, we must also understand that personal overhead costs are static. They tend to remain the same each month. We should not be surprised that the rent, utilities, and food are all due by the end of the month or whenever it is due. Given this fact and these assumptions, there should be better planning in using credit and engaging in a credit relationship with creditors.

We often have a rebound relationship with credit, assuming that we can use credit when we want to, but then when we can’t pay, we stop paying. Then when a door opens again to use credit, we use credit again. However, we still never learn from the previous relationship we had with credit. It becomes a cycle and we are merely hamster’s on a hamster’s wheel, going nowhere.

Ethical dealings, thus, suggests that we should plan for credit, save for credit, and be ready financially to pay more than the minimum due, if not all, to ensure that we main an appropriate credit relationship. If we are unable to pay the statement balances at the end of the month, then we should reassess our need for credit or reassess our need for the number of credit cards we possess.

This means setting financial credit goals is important. For example, if the goal is simply to establish credit, then one credit card is necessary to accomplish that goal. If the goal is to build, raise, and/or sustain a high credit score, then choosing appropriate credit cards or lending opportunities would be necessary to accomplish that goal. We are not as cognizant of why we choose credit cards let alone the types of credit we choose. We lack financial education, which makes it difficult in difficult times to pursue ethical dealings.

Integrity

Integrity always has much to do with character. This is specific to our financial dealings.

There are industries and companies that expect job applicants to be creditworthy. For example, in the financial investment industry, if you want to become a financial specialist or a representative of the company as a sales agent, etc., then your total credit or outstanding loan balances cannot exceed a particular threshold. This may be no more than $2,500 for financial advising companies and no more than $25,000 for an insurance provider. It is obvious that you could never work for the IRS with massive debt or even a banking company. Student loans, unless you are in default, typically do not fall under such balances.

Thus, how you deal with creditors shows up on the credit report, which further hints at how much integrity you have when it comes to your personal finances. Companies argue that if you don’t have the integrity to pay your bills and/or pay them on time, you won’t have the integrity to ensure that our company pays its bills and/or pays bills on time. One may not have anything to do with the other, but the credit report demonstrates gaps in your understanding about credit, the credit relationship, and the impact credit has on your personal bottom line. You can be locked out of credit and lending opportunities because of your past credit history.

This further means that you can be locked out of job opportunities where positive credit is necessary to obtain the position. Integrity is being honest and possessing strong moral principles. It also means the state of being whole and undivided. Bad credit is a state of being broken and divided in your understanding about credit, money, and personal finances. Steps should be taken to determine areas of where you are broken financially and to begin considering financial repair.

Recovery

Recovery is the ultimate goal. There are other goals that follow, but recovery is the goal that will address the brokenness in your thinking about money, credit, and overall personal finances.

Recovery will help you to understand that you are still taking from Peter to pay Paul and then taking from Paul to pay Peter. You are running a mini Ponzi scheme.

Recovery will help you to understand that if you do not have the money to give someone, you do not have the money to give someone. There is no need to try and find the money for that person. You do not have the money to give.

Recovery will help you to understand that you must cover yourself first. There is no other option. To fail to cover yourself is predicated on the belief that you can always ask someone for the money. But what if you cannot ask someone for the money? What if that person is operating with integrity and desires to do better with his or her finances and giving to you goes against their financial goals? What happens when you can no longer reach for financial help? These are some questions you should consider when you are enduring recovery. We never plan for the “what-ifs.” Instead, we always assume that we can get what we need and desire from someone else.

Recovery will help you to understand that you cannot live beyond your means. Living simply is necessary for everyone, not just the rich or the poor. Even the rich person cannot own too many homes because of the property taxes associated with those homes as well as the upkeep necessary to maintain all those homes. Just because you get money does not mean that you have the ability to sustain that money. Money requires learning at each level. Money comes with instruction, and instruction can take the forms completing personal finance courses, reading books, listening to a person who is financially responsible, and doing anything necessary to ensure you win in your personal finances.

Recovery will help you to understand that you are 100% responsible for yourself, and that you must ensure you cover yourself before you cover anyone else. This means that recovery requires strategic selfishness where you put you, your financial needs, and your well-being before others. This allows you to operate from a place of strength when making financial decisions about whether you are the solution for that person in need or want.

SERIES TOPICS

Introduction to the Series

The audio lecture introduces the series, outlines the core values, sample learning objectives, and sample topics covered. The core values for the series are outlined in the previous section, which accompanies the audio discussion.

Here is a quick audio lecture:

Learning objectives for the series topics are three-part in structure and are based on Bloom’s Taxonomy of educational learning. Here are sample learning objectives:

By the end of this lecture, students will be able to do the following:

DefineApplyPlan
Define mate value. Define mate retention behaviors.Apply one of the mate retention behaviors to your current financial setback.Design a plan that considers mate value in your financial recovery.

In using this three-part structure, students summarize the psychology concept discussed, apply one of the concepts to their current financial setback, and then design a plan based on their understanding of the concept while setting the goal of financial recovery.

The following series topics and audio lectures reflect the application of psychology to personal finance.

Series Topic: The Big Five Personality Traits

The Big Five Personality Traits were developed by Costa & McCrae (1983). They suggest that personality is structured among five dimensions, arguing that personality traits tend to be bipolar with some people scoring on diagnostic tests at either extremes: high or low. The following make up the Big Five (Feist, Feist, & Roberts, 2013).

N: Neuroticism (N)

E: Extraversion (E)

O: Openness to experience (O)

A: Agreeableness (A)

C: Conscientiousness (C)

Each personality trait is discussed in their respective audio lecture. Here is the full lecture:

Learning Objectives

The learning objectives for the series topic on Big Five Personality Traits include the following:

By the end of this lecture, students will be able to do the following:

DefineApplyPlan
Explain the Big Five Personality Traits.Apply one or more personality traits to current financial setback.Design a plan that considers one or more personality traits in your financial recovery.

Discussion of individual topics is available under the tab “Financial Topics” on this website.

Overcoming Financial Setback

Overcoming financial setback requires you to consider and do the following based on the Big Five Personality Traits:

Neuroticism (N): Determine how anxious or calm you are when it comes to managing finances.

Extraversion (E): Recall how talkative or quiet you have been when it came to managing finances.

Openness (O): Reflect on the ways in which you used your money in a variety of ways and/or those times you used your money routinely.

Agreeableness (A): Reflect on the times you have been trusting/stingy, acquiescent/antagonistic, and/or lenient/critical.

Conscientiousness (C): Design a plan for how you will be punctual with paying bills, well-organized in overall financial management, and ambitious in pursuing financial stability.

Series Topic: Gap Assessment & Overcoming Financial Setback

Conducting a gap assessment of your personal finances is necessary to determine where you are financially and where you should be or want to be financially. A gap assessment is the difference between “what is” and “what should be.” It is necessary to determine the steps needed to move from a current state to a desired state. Here is the full lecture.

Learning Objectives

The learning objectives for the series topic Gap Assessment include the following:

By the end of this lecture, students will be able to do the following:

DefineApplyPlan
Define gap assessment.Apply gap assessment to your current financial setback.Design a plan that considers gap assessment in your financial recovery.

Discussion of individual topics is available under the tab “Financial Topics” on this website.

Overcoming Financial Setback

Overcoming financial setback requires you to do the following under gap assessment:

Journal your “what is”: where you are today.

Journal your “what should be”: where you should be at a minimum.

Journal your plan for how you will close gaps between what is and what should be.

Series Topic: Goal Orientation & Overcoming Financial Setback

Goal orientation is defined as the difference between learning goal orientation and performance goal orientation. Learning goal orientation is possessing the belief that abilities are malleable and can be developed over time. Performance goal orientation is possessing the belief that abilities are fixed and cannot change. When applied to personal finances, it is important to adopt a learning goal orientation to ensure consistent and sustained financial stability. Here is the full lecture:

Learning Objectives

The learning objectives for the series topic Goal Orientation include the following:

By the end of the lecture, students will be able to do the following:

DefineApplyPlan
Define the difference between two types of goal orientations.Apply either goal orientation to your current financial setback.Design a plan that considers one or more goal orientations in your financial recovery.

Discussion of individual topics is available under the tab “Financial Topics” on this website.

Overcoming Financial Setback

Overcoming financial setback requires you to do the following under goal orientation:

Determine if adopting a learning goal orientation is necessary for navigating your personal finances.

Adopt a learning goal orientation for understanding credit, debt, budgeting, investments, emergency savings, and general personal finance.

Series Topic: Attachment & Overcoming Financial Setback

Attachment theory defines the caregiver-child relationship, outlining three types of attachments: insecure attachment, anxious-ambivalent insecure attachment, and anxious-avoidant insecure attachment. Using attachment to explore personal finance decisions reveals the secure or insecure attachment we have with money. Here is the full audio lecture:

Learning Objectives

The learning objectives for the series topic Attachment include the following:

By the end of the lecture, students will be able to do the following:

DefineApplyPlan
Define anxious attachment. Apply either attachment to your current financial setback.Design a plan that considers attachment in your financial recovery.

Discussion of individual topics is available under the tab “Financial Topics” on this website.

Overcoming Financial Setback

Overcoming financial setback requires you to do the following under attachment:

Reassess your childhood experiences with your primary caregiver.

Evaluate your childhood experiences with money and allowances.

Consider the impact the first time you were exposed to the responsibility of money.

Determine if your relationship with money and personal finances reflects a secure attachment or an insecure attachment.

Series Topic: Life Preparation Matters & Overcoming Financial Setback

Life Preparation Matters requires knowledge of romantic worth, life vision, and current finances. When you know your romantic worth, you are careful to choose the appropriate romantic partner. When you know your life vision you are unlikely to allow someone to disrupt and distract. When you know your current finances, you understand that financial stability is key. Here is the full audio lecture:

Learning Objectives

The learning objectives for the series topic Life Preparation Matters include the following:

By the end of the lecture, students will be able to do the following:

DefineApplyPlan
Reflect on previous romantic relationships.

Reflect on issues with your personal worth and life vision.

Define the current boundaries around your finances.
Apply the concept of life preparation to your current financial setback.Design a plan that incorporates life preparation matters into your financial recovery.

Discussion of individual topics is available under the tab “Financial Topics” on this website.

Overcoming Financial Setback

Overcoming financial setback requires you to do the following under life preparation matters:

Fight for your right to have financial peace in your heart, mind, soul, and own beauty.

Fight for personal financial validation.

Overcome financial setback through addressing current life issues and moving forward out of toxic situations, i.e., family, friendship, and lovers.

Series Topic: Romantic Hastiness & Overcoming Financial Setback

Romantic hastiness is one of those concepts that we struggle to reconcile. Romantic hastiness might include jumping into relationships before you are ready, becoming a dictator in the relationship, giving money too early, and talking about past relationships too much. Addressing romantic hastiness will help to resolve personal finance issues. Here is the audio lecture:

Learning Objectives

The learning objectives for the series topic Romantic Hastiness include the following:

By the end of the lecture, students will be able to do the following:

DefineApplyPlan
Define the concept of hastiness.

Outline one or more types of hasty actions.
Apply one or more types of hasty actions to personal finances. Design a plan that considers hastiness in your financial recovery.

Discussion of individual topics is available under the tab “Financial Topics” on this website.

Overcoming Financial Setback

Overcoming financial setback requires you to do the following under romantic hastiness:

Explain how you use hastiness as a coping mechanism.

Define your strategies for dealing with emotional distress.

Reflect on the ways in which you use distractions to bypass negative emotions.

Plan academic, professional, and personal life decisions using a journal, researching the opportunity, and transitioning with patience.

Series Topic: Cheating & Overcoming Financial Setback

Cheating and infidelity affects personal finances. People often cheat because it is convenient and because there is opportunity. To cheat is to exit, which brings about automatic loss. People who cheat largely do so because of their self-perceived mate value, which is a predictor of infidelity intention. Both males and females have different rationales for why they cheat. Here is the audio lecture:

Learning Objectives

The learning objectives for the series topic Cheating include the following:

By the end of the lecture, students will be able to do the following:

DefineApplyPlan
Define infidelity intention.

Define mate value.
Apply mate value to your current financial setback.Design a plan that considers mate value and/or cheating in your financial recovery.

Discussion of individual topics is available under the tab “Financial Topics” on this website.

Overcoming Financial Setback

Overcoming financial setback requires you to do the following under cheating:

Address your rationale for cheating in a romantic relationship and how it affects your finances.

Determine if continuing an infidelity intention will hinder financial recovery.

Design a plan for how you will balance surgency (rise in status) and increased finances.

Copyright (C) 2019-2022 Regina Y. Favors. All Rights Reserved.

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