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The Future Of Money: No Paper Currencies And Plastic Cards

Money is an integral part of our lives. Its birth dates back to the beginning of the civilization. Now, money is viewed as a legal tender generally consisting of paper currency and coins. Time and technology paved a way for money to transform beyond its value. Interacting with money is far different from when we traded thousands of years ago.

In fact, a decade ago, I never thought that digital currency in the form of bitcoins will ever occur. Bitcoins can only be made by mining, which is done by solving complicated mathematical problems. Also, bitcoins are capped so that no one can ever create an unlimited supply of it.

Interestingly, the designers at a global design firm called Method envisioned the future of money in different ways. These are just three of their ideas:

1. MONEY AND PHYSIOLOGY

Method looked at what can happen when you connect your physical well-being to your purchases. They designed a toothbrush that would harvest hormonal data from one’s saliva twice a day. This said data would sync to your spending habits through an App. The App would give you an idea about the items you are buying and why you are buying them. Thus, this can help explain and monitor your spending.

2. MONEY WITH A PERSONALITY

Method took the futuristic concept further by give money a personality. Five employees were assigned with digital personalities such as Mindful, Jealous, Hedonistic, Adventurous, and Frugal. For example, the employee with the Adventurous personality would fork over half of his salary and invest it in cryptocurrencies for a week.

3. MONEY AND PUBLICITY

If your payments were publicize, what would you do? Well, designers at Method were asked to note and broadcast their every purchase! Once an employee buys something, he or she is required to post it on Instagram no matter how embarrassing it may be. Yes! Since it can be very uncomfortable, they started to share their purchases anonymously. But, the effects were still the same. People knew that they are being watched so they modified their behavior to become more interesting and to seem socially acceptable.

Image Credits: pixabay.com (License: CC0 Public Domain)

Aside from these futuristic ideas, how do you envision money…5 or 20 years from now?

Sources: 1 & 2

Must Read: Simple Money Hacks To Improve Your Financial Life Now

You deserve to achieve understanding, awareness, and especially control over your life. Everyone does. And, “Psychology Of Love, Money, & Life” book might just be the answer!

Money is one of the book’s three sections. Adding the Psychological factor, you will be able to realize that money has effects on your well-being and that you can control its effects. You hold your financial present and future!

So, take a peek inside some of the valuable tips you can get from the #PLMLBook…

1. GAIN PLEASURE FROM MONEY THROUGH ANTICIPATION

If you want to gain positive feelings toward your spending then, ensure that you always have something to look forward to. Let us say you get a raise, treat yourself by buying the designer bag you have been wanting for months. The anticipation of purchase, no matter how small the item is, can increase pleasure enormously.

2. SAVE UP FOR TRAVEL FUND

If you are in a Long Distance Relationship, it can be very expensive. Which is why it is essential to follow a strict budget to save up for your travels. Be responsible enough to spend your money only to what is necessary.

3. SHALL YOU BUY IT OR NOT? STOP THINKING! TAKE THE SWIFT TEST INSTEAD.

When you are thinking twice on purchasing an item especially an article of clothing, ask yourself if you are willing to try it on the dressing room swiftly at that particular moment. If there is no sense of immediate excitement, do not bother to buy it.

4. ONE SIZE MAY NOT FIT ALL

Everybody’s financial situation is unique to the person so, be wary of the “one-size-fits-all” investment strategies from media’s financial gurus. Many factors such as your consumer personality, financial goals, age, etc. should be considered. This is why it is best to listen to your personal financial adviser instead.

5. AVOID THE STATUS QUO BIAS

As I was looking for a new laptop online, my choice leaned towards the brand that I’ve been using for 4 years – the MacBook. Although its competitor had touch screen, 360 bendable monitor, and it’s running on the new Windows software that enables you to download countless of Apps. Certainly, for functionality, the latter was the best choice but I still preferred Macintosh.

This cognitive bias is called the status quo bias. It occurs when you are more likely to prefer the product that you know more of even if there are better options available. Changing your buying habits to avoid this cognitive bias start with the awareness!

Image Credits: misspsychobabble.blogspot.com

Psychology of Love, Money, & Life is now available on Google Play Books, Kobo, Amazon (Kindle), Apple IBooks, and M1 Learning Centre. Find the platform and price that suits you best!

This is written by Anna Agoncillo. She graduated under Cardiff Metropolitan University (UK) with Honors. Combining her passion for psychology and writing, she started a successful blog called “Miss Psychobabble” and has contributed to other platforms including Bored Panda, Psychology Matters Asia, Thought Catalog, Money Digest, and so much more.

Eternal Benefits Of Waking Up Early

It was 5:30 in the morning and I heard my sister mumbling that she was about to for school. I had two choices: to doze off once more or to wake up and get things done. I chose the latter. And, I do not regret a single thing!

Waking up early has more free benefits that you can ever imagine! You do not have to wake up as early as 5:30 am, just by give yourself more time in the morning (e.g., an hour more) is enough. Pressing the snooze button is no longer an option once you hear the long-lasting benefits of waking up early…

1. PRODUCTIVITY

Waking up early gives you an opportunity to get more things done and to earn more in the process. Furthermore, mornings are usually the time when your brain is most focused and alert. Not to mention, there are fewer distractions in the early hours of the day anyway so you can really achieve more things, smoothly.

Aside from being productive, a biologist in Harvard named Christoph Randler found that individuals who wake up early are more proactive. Other studies echoed his findings and showed that early risers are better at goal setting, planning, and making decisions.

2. BETTER GRADES

A study conducted by Texas University found that students who consistently rise early each day scored better in their exams and overall grades. This is due to the fixed routine and regularly eating breakfast.

So if you are a student, it is best to wake up early than to sleep for long hours and rush to school. Who likes the pressure of hurrying up anyway?

3. MENTAL HEALTH

If treasure relaxation then, waking up early is perfect for you! Early risers have the luxury to give themselves more time to do the things they like such as reading the morning paper, preparing a healthy breakfast, and working out. These things may seem small but it will surely brighten up your mood!

Moreover, studies have shown that “morning people” are generally more optimistic and satisfied with their lives. In fact, Del Suggs who is the author of Truly Leading: Lessons in Leadership, suggests to begin your day with writing down three things you are grateful for. This simple and efficient exercise is rooted from the principles of Positive Psychology.

4. WORKING OUT

As I said, waking up early gives you more time to exercise. And, we all know that exercise either in the morning or at night, has bountiful advantages to your body. By making exercise a daily morning habit, you are able to stimulate energy to your body that will get you ready for the challenges ahead!

Image Credits: pixabay.com (License: CC0 Public Domain)

5. DIET

How many times have you heard the statement: “Breakfast is the most important meal of the day?” Well, it is true.

Skipping breakfast is not recommended because your body needs nutrients to help you concentrate and function throughout the day. Also, skipping breakfast makes you more likely to crave unhealthy food and to overeat.

Your body has been on a “fast” mode all night while you were sleeping and you need to “break that fast” with a serving of healthy food.

Sources: 1 & 2

Tidy Up Your Family’s Life In 5 Professional Steps

With a house full of children, life can quickly get a little topsy-turvy! Juggling through the chaos of household chores, family relationships, and work responsibilities can become overwhelming. Luckily, you can adopt a professional system that has been present for centuries.

This system is none other than the “business system”. Businesses, enterprises, and firms are organized because they follow a synchronized structure. Apply this to your home life by following these simple tips:

1. DETERMINE YOUR FAMILY’S CORE VALUES

Core values exhibit what is important in the company and its members. In your case, you must consider what are the important beliefs and morals that you want your family members to uphold. Determine your family’s core values to help guide your every decision. For example, if your family values saving money and hard work then your plans for your next vacation will be based on those values. Furthermore, it will affect how much you will save (i.e., practices) and what you will spend your money on (i.e., strategies).

2. SET YOUR PRIORITIES

Spreading out your energy and time to things that are not necessary can be a waste of your resources. This is why efficient companies set their priorities straight and focus more of their resources on the top priority. Your priorities as a family can be anything that you would like to accomplish in the near future such as exercising together everyday. These priorities are personal and subjective to you.

3. ESTABLISH A SCHEDULE

Most of the firms follow a strict schedule for every employee. Apply this to your family by using a digital calendar to automate your family’s schedule. A beloved digital calendar by most is the Google Calendar, which is available if you have your own Gmail account. Establish a schedule that includes household chores, special events, school works, and etc. You can assign a different color for each child too.

Alternatively, you may use a Microsoft Excel spreadsheet and assign a color and a row for each child. It is best to plan the week ahead by making the schedule every Sunday night.

4. PRACTICE TEAMWORK

Cooperation and teamwork can extend the walls of your home too! Join or organize a parenting group including the other parents in your children’s school. Aside from meeting new people, you can save more money by taking turns in babysitting each other’s children. Use WhatsApp or a private Facebook group to exchange your contacts for emergency purposes and to schedule events together. Taking care of each other’s kids are matters of trust so make sure that these newfound friends can be trusted.

5. REVIEW YOUR PROGRESS

As a whole, you must sit together once a week for at least 10 minutes to review your progress in terms of your priorities, your schedule, and your other issues. Talk openly and honestly.

Image Credits: pixabay.com (License: CC0 Public Domain)

To increase the positivity and the sense of accomplishment, commend your children for their achievements that week (no matter how big or small it may be).

Sources: 1 & 2

5 Helpful Steps To Talk To Your Elderly Parents About Money

Money gives people, of all ages, the decision-making opportunities they need. Unfortunately for elderly parents, research has shown that financial decision-making ability declines after age 53. This maybe attributed to the 2013 survey done by National Endowment for Financial Education which found that 7 out of 10 adults have difficulty discussing to their families about who will make the financial decisions on behalf of their elderly family member.

Talking about the aging parents’ finances is a good idea but that does not mean people actually do it. Some people avoid the subject because it raises uneasy situations (e.g., quarreling over the estates or feeling “extra” sensitive toward the elderly). Resolving this negative mindset will help your aging parents to organize their financial life. And, that is the most important thing right now.

So, here are 5 Helpful Steps To Talk To Your Elderly Parents About Money…

1. DO YOUR RESEARCH

You have one goal – to organize your elderly parents’ financial life. Know what issues or topics to discuss that will aid this goal. Due to the declines in someone’s body as they age, topping the list is healthcare. Also, you must consider their life insurance, medical insurance, or long-term care coverage policies. Then, talk about estate and other assets. Having a last will and testament ready is a crucial thing.

2. GATHER DATA

After researching the topics to discuss, you must prepare the documents needed. These documents are the banking statements, credit card bills, tax records, insurance policies, and so on. Put these documents in one safe place such as a relatively small safe deposit box at home. Grant access only to the people who are really trusted (e.g., the lawyer or immediate family member).

3. CONVERSE TO THEM STRATEGICALLY

Before talking to your parents, build a strategy that will work for your family dynamics. For instance, some families are more comfortable with having everyone around while other feel that they are being ganged up by their children. Another tip is to talk to them as if you are talking to your adult peers with objectivity and compassion. Do not make them feel that you are treating them as young children.

4. START THE DISCUSSION

All your homework led you to this moment. Emphasize on the benefits of the talk and speak with love. Delaying the talk will only be more expensive because as health declines, premium prices increase. Ease the flow of the conversation by adding real-life experiences as examples.

Image Credits: pixabay.com (License: CC0 Public Domain)

5. LEARN FROM THE EXPERIENCE

Traditional financial advisors suggest that parents save for their own retirement first before saving for tertiary education. This is because you only have one shot at retirement while there are many ways to get student loans. With this experience, you must realize that it is necessary to save as much as you can for retirement during your peak years (i.e., aged 20-35) in order to age gracefully.

Sources: 1 & 2

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