Standard 1

Objective: The student will demonstrate understanding of needs, wants, and financial ethics, and their role in making sound financial decisions.

To satisfy this objective, it is necessary that you provide evidence and a reflection as listed below:

Evidence Part 1:

A. Differentiate between a need and a want.

Need- Something that we as humans have to have to survive, basic necessities to life.

Want- An item that isn't required to live, something that makes life more comfortable, and enjoying.

B. Provide examples that demonstrates your understanding of a need and a wants.

Need- Love-a sense of wanting, Clothes, Food, A reason to live, Pride.

Want- The nicest of clothes and shoes, T.V, Jewelry.

Reflection:

Compose a reflection explaining how your understanding of needs and wants will affect your financial

decision-making.

Needs and wants can affect your decision making in the financial world because if you don't know what you have to have and what you want to have you could be spending your money in places that are not necessary. Knowing what you need vs what you want can help keep you on top of your budget and will help you in the long run if you are tight on money. Needs and what are very different things and one is way more important than the other. If you are spending money on the wrong things, you might not have enough money in the end to pay your bills, by food, or have money for other needs and necessities.

Evidence Part 2:

Provide examples demonstrating your understanding of ethical financial decision-making.

Ethics in the financial world are a big deal; as they can show who a person is compared to others (authenticity) and can also show how much a person respects them-self and how much they expect of them-self(self-respect). Authenticity can be what someone pursue vs what someone else pursues in life. A business man might base his self-respect and authenticity on money and having a nice car, etc. While a landscaper might base his self-respect and authenticity on being a good person to others and having a good relationship with his family. That in itself in authentic because they both didn't go after money.

Reflection:

Compose a reflection explaining how your understanding of financial ethics will affect your financial

decision-making.

Ethics can affect your financial decision making because having self-respect could mean to you, being a good person and you base your life on being a good person to others. Meaning that your life isn't all about money and cars; this also means that you put your money elsewhere compared to most. This is also an example of being authentic with your money. You don't always have to have money to have a good life and have a high self respect to be a good person. It is just what you believe in and what you want with your life that will make these decisions for you.