Chapter 2

PERSONALITY HIRES AND MAD SKILLS

Posted on January 4, 2025 by Melissa Hart

Hiring managers often seek candidates who enhance the work environment to reduce on-the-job stress. A “personality hire” is an employee with strong interpersonal skills who strengthens relationships among clients, customers, and coworkers. They also enhance the work culture, boost morale, and contribute to a productive job setting.

Personality hires are offered positions based on their likeability. During the interview, a sense of humor and enthusiasm can overcome experience limitations. An ability to enhance relationships within the organization and get along with anyone is viewed very favorably. Possessing personality skills does not have to be mutually exclusive of technical ability. An ideal candidate will have both job competency and be the right cultural fit.

Traditional hires sometimes resent the personality hire, who is viewed as inexperienced or too sociable for the work setting.  Also, introverts who contribute to a positive environment and high morale may be overlooked for promotions and advancement.

Another job search factor that can be to your benefit are “mad skills,” which are unusual hobbies and experiences. Examples of these rare soft skills might include knowing an indigenous language or participating in a sport played in ancient times.

Mentioning these items during a job interview can help a person stand out from other applicants while also bringing something new to an organization that no one else has, resulting in a more diverse talent pool. Obtained as an entrepreneur, through volunteering, hobbies, travel, or sports, mad skills can reflect a person’s desire for professional development or an ability to quickly make decisions in a crisis.

Hiring managers still recommend only listing hobbies and other interests on a resume if they relate to the job for which you are applying. Mad skills might not be mentioned until an appropriate time during the interview. While soft skills and technical ability are still the foundation for obtaining employment, mad skills can be a decisive factor in the hiring process.

For additional information on personality hires and mad skills, go to:

Link #1

Link #2

Link #3

Teaching Suggestions

  • Have students talk to others to learn about successful interview actions they have used.
  • Have students create a video or other visual (poster or slide presentation) with tips for success in a job interview.

Discussion Questions 

  1. What actions are you taking to better prepare your skillset for a career?
  2. Describe hobbies or experiences you have that might enhance your success on the job?
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SKILLS FOR FINANCIAL WEALTH

Posted on July 6, 2024 by Melissa Hart

While being rich means different things to different people, certain skills and personal qualities will help you achieve financial success. These competencies include:  

  • Financial Literacy. Ongoing learning of basic money management activities will provide the foundation for wealth building.
  • Leadership and Management Skills. An ability to motivate and guide individuals and teams is required for business leadership and career growth.
  • Decision-making and Problem-Solving. Offering creative and effective solutions, especially in high-stress situations, will always be a valued leadership and career skill.
  • Negotiation Skills. Your bargaining ability will often result in more money in business and career situations.
  • Entrepreneurial Mindset. A vision for identifying and implementing business ideas requires a skillset that can be of value in nearly every life situation. The creativity, curiosity, persistence, and motivation of effective entrepreneurs will result in financial and career success.
  • Self-Discipline and Time Management. Wise time use and consistency in achieving your financial goals are fundamental for long-term money success. Committing saving and investing allows you to build wealth through the compounding effects of time value of money. 
  • Curiosity and Ongoing Learning. Awareness of new trends, technology, and markets provides guidance for both investing and emerging career opportunities.
  • Networking. Connections with others are vital for professional success and personal development. Your network can uncover opportunities and resources. Making friends, especially those in different socio-economic situations can help grow your financial potential. When low-income people interact with those with a higher income, this often results in less-affluent people considering ways to expand their saving and investing.  Bottom of Form

For additional information on skills to build wealth, go to:

Link #1

Link #2

Teaching Suggestions

  • Have students talk to others to obtain suggestions for building wealth.
  • Have students create a visual proposal (poster, slide presentation, or video) to communicate actions that would help people improve skills for building wealth.

Discussion Questions 

  1. Which of these skills are your strongest? Which skills need to be improved?
  2. Describe actions a person might take to improve one or more of these skills.   
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Making artificial intelligence (AI) work for workers

Posted on June 8, 2024 by Melissa Hart

AI, like other technological advancements, will transform the way that many of us work. It holds enormous potential both to enhance opportunity and prosperity for workers and to exacerbate inequity, bias and job displacement. 

On Oct. 30, 2023 President Biden issued a landmark Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence. This executive order advances the comprehensive strategy for governing the development and use of artificial intelligence safely and responsibly. A key component of that strategy is the commitment to support our nation’s workers. This commitment involves ensuring that workers not only benefit from AI’s opportunities, such as new jobs and improved job quality, but are also protected from its dangers, including job displacement, discrimination, the undermining of workers’ rights and worsening job quality.

The scope of AI use in the workplace, both now and in the future, is expansive and dynamic. AI encompasses machine-based systems capable of learning human-like tasks, such as making predictions, recommendations or decisions. It can track workers, measure and predict their output, set performance goals, and recommend performance-based rewards or sanctions. AI systems can also process job applications, assess qualifications and identify top candidates for an HR professional. Generative AI capable of creating original content can, for example, draft new emails to clients based on previous exchanges, provide enhanced support to customer service agents and write new software code. While these examples demonstrate AI’s potential to increase workers’ productivity and efficiency, this technology also poses risks of deteriorating job quality, embedding bias or replacing workers altogether.

For more information, click here.

Teaching Suggestions

  • Ask the students to make a list of risks that Artificial Intelligence AI) poses to workers.
  • Ask students if state and federal governments should engage with employers, AI developers, unions, worker advocates and researchers in order to develop best practices of the use of AI.

Discussion Questions

  1. Why is the federal government concerned with the use of AI in the workplace?
  2. What are potential benefits of AI in the workplace?
  3. What might be implications of employers using AI to collect data on workers, including issues such as data privacy, ownership and transparency?
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BE READY TO ANSWER THESE INTERVIEW QUESTIONS

Posted on April 13, 2024 by Melissa Hart

Several CEOs were asked “If you could only ask one question of a prospective employee, what would that be?” Here are some examples designed to quickly assess the important skills and personality traits desired in a new hire:

  • How would you describe yourself in one word? The best candidates know who they are, and take time to reflect before answering this question.
  • What is the last thing you’ve learned? This question provides insight into a candidate’s curiosity and passion for learning – two highly desired skills for many work situations.
  • What didn’t you get a chance to include on your resume? This question allows the interviewer to dig deeper than what is on a person’s resume. 
  • How long are you willing to fail at this job before you succeed? While this question might disorient a person, a good candidate will express perseverance for success as well as seeking guidance to guide their path. 
  • What’s in the news today? A person’s awareness of current events can reveal how interesting someone is as a person, and how effective they might be at work. 
  • What percentage of your life do you control? This question can determine if a person can force change to happen or allows change to happen to them.
  • Tell me something that’s true, that almost nobody agrees with you on. This question can reveal people who aren’t afraid to speak their minds and possess originality of thinking.   
  • So, what’s your story? This question has no correct answer, but requires a creative response related to their character, imagination, and ability to communicate a feeling.

Being prepared for these and other questions requires knowing yourself, communicating your competencies and experiences, and researching the company and job position.  One other question you might consider: How did you prepare for this interview?

For additional information on interview questions, click here.

Teaching Suggestions

  • Have students practice their interview skills using some of these questions.
  • Have students talk to others to obtain suggestions for preparing for an interview and tips for effective interviewing.

Discussion Questions 

  1. What mistakes might a person make when answering interview questions?
  2. What actions would you recommend for a person to improve their interview skills?
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AVOIDING FINANCIAL ABUSE

Posted on March 30, 2024 by Melissa Hart

According to the Center for Financial Security, nearly every domestic violence Bottom of Formsurvivor also experienced financial abuse. Also referred to as financial exploitation, this domestic mistreatment can result in victims losing access to their financial resources along with having their credit ruined.

A financially abusive relationship may be characterized by:

  • the abuser refusing to share financial information and taking control of the family finances.
  • the abuser uses an intimidation tactic of quickly getting angry when asked about family finances or major purchases.
  • the abuser puts the victim on a very low allowance, which may not even be enough to cover basic needs.
  • the abuser discourages the victim to have a job or harasses the victim at work, which can result in losing their job.
  • the abuser makes late payments or no payments to ruin the victim’s credit. 
  • the abuser forces a power-of-attorney agreement to legally steal money or property from the victim.

Financial abusers attempt to control the relationship by making victims feel powerless and unable to support themselves and their children. To avoid or escape financial abuse while building self-esteem and dignity, take the following actions:

  • Obtain increased financial knowledge, which can allow a person to escape the abusive relationship.
  • Monitor your credit report to determine your current situation and to plan actions to repair your credit.
  • Find a safe place to stay with family, friends, or a shelter to connect to a support network.
  • Clear your browser history, which would not allow the abuser to view your search activity when seeking help.

Financial abuse can occur in marriage and other relationships. Family members and caregivers may steal or misuse the funds of aging relatives.

For additional information on financial abuse, click here.

Teaching Suggestions

  • Have students talk to others to learn about difficult financial relationships they may have encountered.
  • Have students create a visual proposal (poster or slide presentation) with suggestions to avoid becoming a victim of financial abuse.

Discussion Questions 

  1. How might a person become better aware of the signs of a financially abusive situation?
  2. Describe actions you would recommend to a person who faces a difficult financial situation.    
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FINANCIAL SUCCESS FOR CHILDREN   

Posted on November 25, 2023 by Melissa Hart

Money troubles often start as bad habits when young. Since only about half of the U.S. states offer financial literacy education, guidance from parents is vital. To avoid a life of money difficulties, consider these strategies to develop financial competency among young people:

  • Connect money lessons with daily activities. Talk to children about money decisions when shopping and paying bills. Provide hands-on learning activities, such as making a shopping list or creating a family budget. Be a good financial role model by planning ahead, practicing self-control, disciplined spending, and ongoing learning. When shopping, talk about needs and wants, have children pay for low-cost items, and discuss package sizes and brands.
  • Make use of money jars. At every age, three jars labeled SAVE, SPEND, and SHARE can provide a hands-on and fun experience for learning wise money management. Allowances, money gifts, and pay from a job can be divided among the jars.  If some money is kept in a bank account, instead of in the jars, slips of paper with amounts can be put in the jars as tangible proof of available funds for each category.
  • Encourage entrepreneurial activities to earn money. Starting a business or working part-time can teach creative thinking, problem solving, resiliency, and curiosity.
  • Start a savings account. Connect children early to saving for wise money management and to practice delayed gratification. Start with a basic savings account. As they get older, teach them about other savings plans (money market account, certificate of deposit) and other banking services. Connect savings to various goals. Research indicates that young people with a savings account are three times more likely to attend college, and four times more likely to graduate.  

Children with a strong financial foundation will be on a path to avoiding future money stress and obtaining long-term security.

For additional information on the financial success of children, click here.

Teaching Suggestions

  • Have students talk to others to learn about actions people have taken to teach children about wise money management and smart shopping.
  • Have students demonstrate (role play) how to teach wise money management or smart shopping to a young person.

Discussion Questions 

  1. What did you learn about wise money management and smart shopping when you were young?
  2. What actions might be taken with children to help them learn wise money management and smart shopping?  
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UNDERSTANDING YOUR MONEY SCRIPT

Posted on September 16, 2023 by Melissa Hart

A money script, based on a person’s early experiences with finances, can create a better understanding of financial behavior. Researchers using psychology and sociology have identified four money scripts:

  1. Money avoidance involves negative ideas related to finances and wealth. These people tend to not allow themselves to do well or save much, believing that having less is morally good.
  2. Money worship concerns people who believe wealth is the key to solving their problems and finding happiness. Money worshippers overestimate the sense of satisfaction and meaning obtained from buying things.
  3. Money status, these status seekers mix their net worth and self-worth. Those who grew up in households with financial struggles tend to use money to seek status and are prone to overspend and often have higher credit card debt.
  4. Money vigilance involves those who are alert, watchful, and concerned about their financial health. They believe that having enough money is important with an emphasis on saving.

Frustrations with your financial life can be reduced by reflecting on money attitudes and behaviors obtained in childhood. Take time to talk to family members and others. Try to determine reasons for family beliefs about money.  Awareness of these past beliefs can help to modify a person’s current relationship with money.

For additional information on money scripts,

Link #1

Link #2

Teaching Suggestions

  • Have students talk to family members or others to learn about their personal money attitudes and financial behaviors.
  • Have students create a visual proposal (poster, slide presentation, or video) to suggest actions that would help people better manage their finances based on each of the four money scripts.

Discussion Questions 

  1. How could knowing your money script help a person make better financial decisions?
  2. Describe actions people might take to better understand their money attitudes and financial behaviors.   
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RICH VS. POOR MONEY HABITS

Posted on August 5, 2023 by Melissa Hart

Successful money management can result from simple actions.  A major difference between the rich and the poor is their habits and attitudes toward money. Increased financial literacy and changed behaviors can result in increased prosperity. A transformed financial future can result from these actions:

  • Believe you can control many aspects of your life rather than viewing yourself as a victim of circumstances.
  • Create goals to clearly maintain your focus and an action plan to build wealth.
  • Focus on opportunities looking for new ways to create value and grow wealth rather than being preoccupied with problems and barriers.
  • Avoid jealousy; learn from those who have already achieved wealth.
  • Emphasize cash-flow assets; acquire investments that generate income to build lasting wealth.
  • Commit to an increasing net worth and a positive cash flow.
  • Continue to learn since knowledge is power; seek to expand an understanding of finances, investments, and business.

In addition, people who are successful in managing their finances avoid spending money on these things:

  • bank fees
  • credit card interest
  • lottery tickets and other gambling
  • late fees
  • extended warranties
  • designer label clothing
  • impulse purchases
  • video games, televisions 
  • prepaid cash cards with various fees

For additional information on the money habits of rich and poor people, go to:

Link #1

Link #2

Teaching Suggestions

  • Have students interview a family member or another person to determine recommended actions for successful money management.
  • Have students create a visual proposal (poster, slide presentation, or video) with actions a person might take for reduced spending and for an improved financial situation.

Discussion Questions 

  1. Which attitude or behavior discussed in the article do you believe could make a difference in the financial life of most people?
  2. Describe actions a person might take to change attitudes and behaviors that could result in an improved financial situation.
Categories: Chapter 1, Chapter 2, Financial Planning | Tags: , , , | Leave a comment

CHAT GPT FOR MONEY MANAGEMENT

Posted on July 8, 2023 by Melissa Hart

You may ask if artificial intelligence (AI), such as ChatGPT, can be beneficial to guide your money management activities and financial decisions. AI is assisting students and others with everything from identifying research topics and preparing reading summaries to creating recipes and translating foreign languages.

ChatGPT and similar platforms are designed to understand and respond to questions and creative inquiries. When asked a question or given a prompt, a reply is generated based on the previous learning of the AI program.

Using ChatGPT for personal finance can provide a person with easy-to-understand information as well as suggested money actions related to budgeting, saving, and investing.  However, beware not to depend completely on AI advice since:

  • responses may contain fictionalized information or a biased point of view.
  • results can produce grammatically correct text but with flawed logic or facts.
  • up-to-date tax information and current financial data may be lacking.
  • citations may not be correct and may include made-up sources.
  • calculations may lack accuracy due to limited math algorithms.

ChatGPT and similar AI programs can be useful in your personal financial planning with:

  1. Understanding basic financial concepts.  As a starting point, ask how to improve financial literacyand inquire about fundamental personal finance topics related to budgeting, debt, insurance, and investing.  If a response is too complex for your current level of understanding, ask for a simplified explanation. Or, if a response is too general, resubmit your inquiry with more specific parameters.
    Sample ChatGPT prompt: What advice from financial planners might be the basis of wise money management?
  2. Tracking spending and budgeting. Controlling your finances and knowing where your money is going are the foundation of financial success. Creating a budget (spending plan) allows you to tell your money where it needs to go. ChatGPT can suggest appropriate budget categories and amounts as well as possible adjustments when needed. Other AI uses may include use of the 50/30/20 budget rule and guidelines for using the envelope method or budgeting apps.
    Sample ChatGPT prompt: What budget categories and allocated amounts are recommended for a household of four people with an income of $67,000?

One person’s experience with creating a budget using Chat GPT may be viewed at:  https://www.youtube.com/watch?v=hl6pOtaSMR4

3. Monitoring and improving your credit score.  Your credit score can influence many aspects of your financial life. ChatGPT is available to suggest actions for improving a credit score. Also of value would be information on how to dispute errors in a credit report.
Sample ChatGPT prompt: Propose a plan to pay off $6,400 of credit card debt.

4. Achieving savings goals. Long-term financial success is dependent on saving money.  ChatGPT can recommend financial goals based on your life situation and finances. In addition, ask for an explanation of compound interest and how it applies to your savings plan.
Sample ChatGPT prompt: Recommend a step-by-step action plan to create an emergency fund of $8,000 within the next two years.

5. Investment advice and retirement planning.  The array of investment vehicles overwhelms most people. ChatGPT can explain stocks, bonds, exchange-traded funds, cryptocurrencies, derivatives, and others in simple terms.  For long-term investing, retirement planning options and estimated future living needs can be the basis for suggested savings amounts.
Sample ChatGPT prompt: Propose a diversified investment portfolio for a 30-year-old person with plans to retire in 35 years.

6. Preparing for filing your taxes. To overcome the intimidation associated with taxes, ChatGPT is available to remind you of deductions, tax credits, and needed documents for your financial situation. AI can also guide you with the best sources for filing your taxes. 
Sample ChatGPT prompt: What is the difference between tax-deferred income and tax-exempt income?

7. Wise spending and shopping suggestions. Guidance for buying can range from meal planning and shopping location to coupon sources and travel schedules. The suggestions offered can prevent overspending through carefully planned buying.
Sample ChatGPT prompt: Create a one-week grocery shopping list of nutritious foods for three people with a weekly food budget of $160.

For the Personal Finance classroom, consider using ChatGPT to:

  • Obtain creative in-class activities and field research projects.
  • Generate discussion prompts and questions.
  • Develop rubrics to evaluate assignments.
  • Create assessments and quizzes.
  • Implement state and national curriculum standards.
  • Construct trivia questions and classroom games.
  • Suggest ideas for skits or role-play scenarios.
  • Create personalized writing prompts based on student interests and abilities.
  • Use as a personal tutor to explain complex concepts or calculations

Will AI create wiser consumers and more effective money managers?  Yes, but only if a person follows the advice offered after carefully considering the validity of the suggestions.

For additional information on ChatGPT for money management, go to:

Link #1

Link #2

Teaching Suggestions

  • Have students talk to others about how they might use ChatGPT and other AI platforms to increase their financial literacy.
  • Have students research alternatives to ChatGPT and obtain reviews to determine other AI platforms they might consider.

Discussion Questions 

  1. What benefits and concerns are associated with ChatGPT and other AI platforms?
  2. Describe actions that might be taken to verify the responses received when using AI.
Categories: Chapter 1, Chapter 2, Financial Planning | Tags: , , | Leave a comment

BUDGETING AND SAVING WITH “CASH STUFFING”

Posted on June 10, 2023 by Melissa Hart

Before credit cards, debit cards, and apps, people used budget envelopes to see where their money was going. Today, a variation called cash stuffing is being used by many, especially young people who became familiar with the system through online videos. This system is helping people cope with inflation and other financial difficulties by controlling their spending.

The main benefits of cash stuffing are: (1) increased spending awareness; (2) reduced credit card use to prevent debt; (3) controlled spending – once cash is gone for a budget item, you can’t spend any more – which can result in higher amounts for saving; (4) improved budgeting for holiday spending, birthday gifts, and children’s school activities; and (5) decreased stress with a greater sense of financial control.

Possible drawbacks of cash stuffing include: (1) the danger of lost or stolen cash; (2) the time needed to withdraw, sort, and organize cash into envelopes; (3) the temptation to overspend by moving cash to other budget items; and (4) lost interest by not having the money in a bank account.

When using cash stuffing, consider these steps:

1. Allocate your income, based on recent spending patterns, into budget categories, including fixed expenses, variable expenses, debt repayment, and savings.  

2. Label envelopes, folders, or a pocket portfolio with your spending categories.

3. Each payday, obtain cash to place into each category.

4. As you spend money for each category, be sure the envelope doesn’t become empty before the end of the month.

5. Repeat this process each month; adjust amounts as your needs and spending changes.

Paying cash for everything is often not practical, such as online payments for rent, utilities, or other items. Instead, consider a hybrid or blended method, in which you use cash stuffing for only some spending areas. This would allow you to make online payments and earn interest on money on deposit while controlling spending for some budget categories. Also consider budgeting apps that simulate envelopes so you can visually see how your money is being spent.

Other items to note when using cash stuffing:

  • Consider starting small, using the system for three or four budget items for which you would like to better control.
  • Be safe in keeping and carrying large amounts of cash. You might use slips of paper or play money (that you can buy online) in your budget envelopes, which will still give a tangible experience.
  • Search for “cash stuffing” online videos. These often feature colorful, personalized cash binders with compartments labeled for different categories — such as rent, food, savings and sinking funds. 
  • Make a commitment. Cash stuffing will not stop you from overspending. You must commit to only spending the amount you set. Use the system you create to be able to trust yourself.

For additional information on cash stuffing,

Link #1

Link #2

Teaching Suggestions

  • Have students talk to two or three others to learn about the budgeting systems they use to control their spending.
  • Have students create a visual (poster, slide presentation, or video) with suggestions for effective budgeting.

Discussion Questions 

  1. What benefits and difficulties are associated with cash stuffing (budget envelopes)?
  2. Describe actions a person might take to effectively use cash stuffing. 
Categories: Budget, Chapter 1, Chapter 2, Financial Planning | Tags: , , | Leave a comment

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