This page is currently under development. Audio lectures are in process.
Last update: 9/17/2021, 9/19/2021
Welcome to Financial Topics.
Financial topics are based in part on the Favors Financial Recovery Series, which is under 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.
Discussion of financial topics is based on both personal experiences and psychology research.
The mission of Favors Financial Recovery is to offer psychology concepts and approaches to educate and encourage individuals to overcome financial setback.
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.
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 is specific to two types of orientations: learning goal orientation and performance goal orientation. They are both connected to mindset.
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.
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.
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 financial stability.
Ethical dealings has much to do with how we conduct ourselves professionally within the workplace and with creditors. We often reason wit
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:
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 you set the goal of financial recovery.
The following series topics and audio lectures reflect the application . . .
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.
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:
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.
Openness to Experience
Overcoming Financial Setback
Overcoming financial setback requires you to consider and do the following:
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.