1. Road to Retirement

2. Financial Psychology $ $

3. The Most Important Thing
What motivates you to obtain money? ? F1

4. The Most Important Thing
Live a desired lifestyle.
Take care of my family.
Eliminate stress and worry about bills, debt, and retirement.
Freedom to do what I want, when I want.
Independence, security, and self-sufficiency.
Make a positive impact on the world.
Feel secure with my ability to retire and stay retired.
Toys, status, travel, and other “things.” F1

5. The Most Important Thing
Ben Franklin Planning
Reasons For Reasons Against F1

6. How Does Financial Psychology Develop?

7. Where Did You Learn About Money?F3

8. Money and Emotions F4 Robert Plutchik’s Wheel of Emotions:
Fear → the feeling of being afraid, shocked, or scared.
Anger → feeling angry or enraged.
Sadness → feeling sad. Other words that describe sadness are sorrow, grief, and depression.
Joy → feeling happy, glad.
Disgust → feeling something is wrong or dirty.
Trust → this also includes admiration and acceptance.
Anticipation → the sense of looking forward positively to something which is going to happen.
Surprise → how you feel when something unexpected happens. F4

9. Changing Your Financial Behavior
The Transtheoretical Model of Behavior Change provides a framework to quantify a persons willingness to change. (Prochaska & DiClemente, 1983; Prochaska & Velicer, 1997)
Assesses ones readiness to act on a new healthier behavior.
Often used when addressing addictions
The six processes of change:
Precontemplation
Contemplation
Preparation
Action
Maintenance
Termination F5

10. Changing Your Financial Behavior
Precontemplation Stage
No intent to take action in the near future.
Many are unaware that their behavior is problematic.
The NFEC uses long-term awareness strategies to move them to the next stage.
Denial, who cares, it wont help, it’s a waist of time.
Contimplation Stage
Are beginning to realize their behavior is problematic.
Have begun looking at the benefits and drawbacks of their continued actions.
The right educator can influence people into the next level of change.
The NFEC educator training leverages neuro-linguistic programming and strong benefit/consequence-driven curriculum to influence participants toward taking action. F5

11. Changing Your Financial Behavior
Preparation Stage
Intend to take action.
At this stage, guidance and knowledge can provide the impetus for participants to begin moving forward.
Since many people simply lack direction, the NFEC training offers step- by-step directions aimed at instilling confidence in their skills as they work toward their personal financial goals.
Action
Action Stage
Made some positive modifications in their lifestyles.
Once participants reach this stage, continued reinforcement for their efforts through ongoing training and support is crucial.
Follow-up training is helpful to keep the participants momentum. F5