Study: Money Affects Human Interaction

Money May Give People The Incentive To Work Harder, But Their Personal Relationships May Suffer

(WebMD) Money may make the world go round, as the song goes, by encouraging the type of hard work and resourcefulness that leads to economic success. But money might also put a strain on personal relationships, a new study shows.

Most everyone agrees that having money is a good thing. What is less clear is how it affects people psychologically. A group of researchers from the University of Minnesota, Florida State University, and University of British Columbia wanted to find out how money might affect people's performance and behavior toward one another.

They conducted a series of experiments in the lab in which participants were reminded of money in several different ways. During one reminder, participants played a game of Monopoly and received either $4,000 of play money, $200 of play money, or no play money. Other reminders asked people to think about having either abundant or very limited financial resources, organize phrases that were related or unrelated to money ("I cashed a check," or "I wrote the letter"), or sit near images of money or neutral objects.

The researchers found that being exposed to money led to big changes in people's actions. Those who had money on their minds were less inclined to help someone in need and more inclined to work alone than interact with others. And they tended to work longer on challenging tasks without asking for help.

The bottom line: money appears to have both positive and negative effects on our behavior. On the one hand, it encourages self-sufficiency and hard work; but on the other, it discourages some positive social interaction.

Although it may seem from this study that money makes people greedy or selfish, the authors say this isn't necessarily the case. "A selfish person likely would have immediately asked for help when given a tough assignment ... and would have rejected the notion of accepting more work than was necessary," they write in the June issue of Current Directions in Psychological Science.

Given the important role money appears to play in human behavior and performance, the authors say it would be helpful for researchers to conduct more studies evaluating its impact on human psychology.

Source: CBS News

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Hispanics Love Free Stuff

After attending a conference this weekend I realized that Hispanics love free stuff. There was an area at the conference where exhibitors were setup to market their area of business. I noticed that people were walking around getting all the free stuff. The more expensive the “freebies” were the more attention that booth would get from people.

There was also an area where they had ordered over sixty large pizzas for teenagers and when parents came to pick up their teenagers, they helped themselves to a slice of pizza without even asking. To them if you are feeding my child, then you can feed me as well. It's the group mentality, we are in this together, if you invite me you are inviting the whole family approach to free stuff.

Moral of the story is that Hispanic people love free stuff. Many however don’t think that the best things in life are free, they feel like the best things in life are expensive. Because of that, Latinos fall deeper in debt and Hispanic consuming continues to rise.
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Brown People Competing For Green Dollars

A new study from the University of Georgia concludes that Hispanic spending power will surpass African American buying power in 2007; marking the first year that Hispanics control more disposable personal income than any other U.S. minority group. This conclusion leads me to question the motive behind the research and the social consequences if Hispanics and Blacks buy into the competitive research. Will corporate America pit the two groups against each other when disbursing advertising dollars to their respective ad agencies?

The business case for diversity in corporate advertising has been a solid one for decades. Corporations have slowly realized the importance of advertising to ethnic markets and the results of such efforts to their bottom line. Despite the recent projections, African American consumers continue to be a powerful force in the U.S. economy.

Ethnic spending power is vital to the US economy. The vast majority of states continue to see Blacks as the nation's strongest ethnic market because of the concentration of the Hispanic population is limited to a few key geographical areas. Hispanics are expected to have buying power of $863.1 billion verse Blacks estimated of $847 billion in 2007.

Despite this collective buying power, minority consumers are still greeted with suspicion about their intentions and with skepticism about their ability to pay. Many companies still function under a non-urban dictate when working with ad agencies. A non-urban dictate means that a company does not want their marketing and advertising materials placed in media that claim an urban audience as their main target.

Hispanics are the largest and fastest growing ethnic group and will comprise 8.5% of the nation's total consumer market next year. Rosa Rosales, President of LULAC, says that she hopes the study will get the attention of companies who have ignored the Hispanic consumer.

I find it hard to believe that the Hispanic consumer has been ignored given the tremendous success of Hispanic owned advertising agencies. Maybe it's time that African American consumers themselves take a stronger stand by taking their dollars to companies who advertise directly to them. Not only will this send a large economic message to companies who engage in discriminatory practices, such as non urban dictates, it will also send a strong message to all other companies that consumer discrimination will not be tolerated.

Imagine a pep rally where all of the ethnic groups competed for the top spending power chanting "We spend more! Yes, we do! We spend more! How about you?" Sounds ridiculous doesn't it? Pitting two ethnic groups against each other is nothing to cheer about it. Inclusion is about engaging everyone. Separation is about keeping things apart. Which team are you on? Which team are you rooting for?

Mrs. Crystal Brown-Tatum is the CEO and President of Crystal Clear Communications- a Houston based advertising agency and public relations firm with whose portfolio boasts work for Fortune 500 companies including Intel, Wal-mart, Comp USA, Best Buy and Audi. The firm was ranked as a 2006 and 2007 "Top 20 Public Relations Firm and named the 4th Fastest Growing Woman Owned Businesses in Houston in 2007 by the Houston Business Journal.

Article Source: http://EzineArticles.com/?expert=Crystal_Brown-Tatum
http://EzineArticles.com/?Brown-People-Competing-For-Green-Dollars&id=1209926

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Hispanic Personal Finance Is Unheard Of

You mention Personal Finance to Hispanics and they will look at you like you are crazy. The reason why is because they take their finances personal. Hispanics do not like talking about their financial situation with other people. Parents of Hispanics never share how they are doing financially. That is why you will rarely see Hispanics attending finance seminars and reading books about how to retire with money.

Hispanics are not looking to retire with money, they are looking to spend time with their grown up kids and their grandchildren. Hispanics work for what they can attain now not in the future. That is why many Hispanics are caught in the rat race of making payments on everything they own from their mortgage to their vehicles to their electronic purchases.

Hispanic Spending is a disease without a cure and it keeps spreading. Hispanics never teach one another about money because they don't like to bring up the subject. You want to make someone feel uncomfortable, start talking about debt and financial struggles. But like any addiction, its hard to help someone who will never admit that there is a problem.

Hispanic Spending is a problem and the future of Hispanic people is at stake because if you can educate Hispanics about money, they can become self reliant and not dependent on the government. I am Debt Free Hispanic.

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$40K Tuition, No Hispanic Debt, No Student Loans

Tuition rates keep skyrocketing! No wonder many Hispanics are not able to finish college. Hispanics that do finish college do so with an enormous amount of student loans. The truth is that many can finish academically but financially they are not capable of paying for the next semester. That is why Hispanics tend to borrow more money from the government. To be honest that is why the government is willing to lend more money to Hispanics.

Borrowing money is always an option for Hispanic students. It's scary to think about the amount of money that is borrowed every semester from students attending colleges and universities. It's like nobody is willing to work and save for what they want anymore. Yes, education is an investment but invest your own money not the banks money. I cannot explain to everyone the feeling of finishing College and Grad school with Zero Debt, no student loans, no Sallie Mae. I get to keep my paychecks now, its awesome.

Was it always awesome? No. I hated having to pay large amounts of money because I didn't receive scholarships and grants. I hated to save up money just to pay for school when everyone else had nice cars and nice clothes and the latest gadgets and computers. The only scholarship that I received from an outside source was through Hispanic Scholarship Fund (http://www.hsf.net/). In order to apply I had to be going full time so I signed up for three graduate level courses and I was working full time and working as a youth minister at a local church. This was the busiest time of my entire life and I did so just for the chance of receiving a scholarship. One day in the mail when it was time to pay my tuition, I received a check from Hispanic Scholarship Fund in the amount of $2,500 made out to me. It was made available through Target Corporation (http://www.target.com/) and so now they have a Hispanic customer for life.

Can students really graduate debt free? If they work while they are in school and apply for all the scholarships and grants they can get, it could be done. All I know is when I have a child I am going to open up an Educational Savings Account for that child so they won't have to work as hard as I did. I'm debt free hispanic and I have already changed my family tree by being the only one in my family to recieve a bachelors or a masters degree. I may be the only one without Hispanic Debt as well. http://www.debtfreehispanic.com/

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Credit Card Debt Consolidation

Credit Card Debt Consolidation

The more I talk to people about debt the more I realize how much people are in need of help. The idea of getting out of debt is just that, an idea. I started to look into debt consolidation to see why it even exists. I came across a page by MSN Money and another by http://www.bankrate.com/ and Bankrate actually has a Credit Card Debt Consolidation Calculator. I entered in an average amount of Credit Card Debt and this was my result making minimum payments:

Result

I entered a $10,000 balance with a 19% interest rate. I put that my minimum payment is calculated using 2.78%. My fixed minimum payment was $278 every month. The result was mind boggling; it said that it will take me 330 months to be rid of my debt. In that time, I will pay $12,931.51 in interest alone.
Based on simple math, credit card debt consolidation will work. The only thing is that you must be motivated to get out of debt and stay out of debt. If you consolidate your credit card debts, be sure to change your spending habits or you will find yourself in financial trouble.

Solution

So what company do you choose, how do you even start the credit card debt consolidation process? Good question, what you will want to do is your homework and do not sign up for something you do not understand. Also do not work with a company that has a bad track record for helping people. I was speaking with Robert Smith, the owner of Advanced Credit Solutions, and he was telling me about the amount of companies that are ripping people off because this type of business affects a lot of people in America today.

Robert Smith is founder of Advanced Credit Solutions or (ACS). He is a money coach and takes great pride in helping individuals and families turn a stressful financial situation into a fresh start. ACS offers a variety of programs to help people get out of debt including debt settlement, debt consolidation, debt arbitration and budgeting services. ACS was established in 2001 celebrating our 7 year anniversary this month. They have a great track record not only with the BBB, (Click to view BBB report), but with their clients as well. ACS is a proven leader in the debt settlement industry and services clients nationwide.

ACS and Debt Free Hispanic have decided to offer a Free Personal Financial Consultation to anyone who needs help with their credit card bills and unsecured debt. Please call 1-800-508-8793 from 12 noon -11 p.m. EST and tell them you heard about them from Debt Free Hispanic.

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Hispanics Carry Cash

I hired a company to come to my house every other Saturday to cut my front and back yard for $25. Some might say, why don't you just cut the yard yourself. Truth is I could but I think my time is valuable and I spend my weekend with my wife which is more valuable to me then spending hours outside cutting the yard. Needless to say that the last time the company came to cut my yard I didn't have the right amount of cash I needed cash back. Four Hispanic men cut my yard and when I went to pay them, they all offered to give me cash back. I told my wife about the situation and I got to thinking, its dangerous to be carrying around cash. I used to think that but now I think its even more dangerous not to carry cash and only pay via debit card.


I went to the Dave Ramsey Live event here is Dallas, TX and Dave says that its harder to spend cash rather than plastic. The reason is because of the emotional connection that we have with money. Don't believe me, make your next big purchase with cash and see how it feels to let go of Benjamin Franklin. Americans went from Cash to Check to Plastic cards. It's amazing how fast our currency is changing but also the way we think about money is changing. I noticed that Hispanics do pay with cash and the only problem with that is that Hispanics spend their money because they have it at their fingertips. I think America should go back to the days when grandpa used to pay with cash but was frugal enough to save for their children. -Debt Free Hispanic

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Hispanic Weekend Spending

I cannot even imagine the amount of money that Hispanics will spend this weekend. Stimulus check have been sent out and Hispanics have money. The electronic stores will be full of Hispanics since we tend to spend a lot of our money on Entertainment. So stereos, televisions, DVDs, cable and now GPS systems are our downfall. I encourage everyone to save their money and not spend it on junk they don't need. Pay your debts off and start building wealth. -Debt Free Hispanic

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Hispanics Rise and Fall

Hispanics Love Money! They do, in fact the more money the better. Hispanics love money so much that they would rather carry it in their pocket then put it away in a bank. You would think that they would open up a checking/savings account so they can keep their money safe but safe to them is cashing their checks and putting the cash underneath their mattress. Why do they prefer cash? They prefer cash because they know how to use it. They did not grow up handling a plastic card to make purchases, they used cold hard cash or pesos. Not only that but the stores that some Hispanics go to only accept cash, like flea markets and stores related to the culture. The more our society pushes plastic the more likely it will be for Hispanic families to apply for a credit card. When this happend Hispanic families will spend more than they should. When people spend with plastic there is no emotional connection with the purchase. When people spend with cash it hard to let go of Benjamin Franklin. Hispanics rise because they use cash to make purchases, but the future looks brighter for plastic and it may lead to their fall. - Debt Free Hispanic

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Hispanic Debt

Hispanic Debt : I love my people but something has to change. Who in this world is going to speak to Hispanics in a loving way? In a way where Hispanics can get educated and know how to take care of their personal finances. I read a lot about Hispanics in Hispanic Business Review, Hispanic Trending, Entrepreneur.com but everywhere I read its about marketing to Hispanics. Everyone wants to know how to Market to Hispanics.


Marketing to Hispanics does not help us build our economy, it does the opposite. If you help Hispanics in the area of Personal Finance, they can earn their way to becoming homeowners instead of renters. Not all Hispanics rent but the majority do. It's not unusual to find more than one family living in a rented home. First of all, you need a SS# to qualify for a home loan, now how are 1st & 2nd generation Hispanics going to get approved for a loan without a SS#? They won't qualify so they rent. 2nd & 3rd Generation Hispanics such as myself are homeowners because we have been educated in finance and we qualify for mortgages.

My heart goes out to all Hispanics who are busting their butts, working hard for a living, but using that money for the weekend or to purcahse vehicles. I wish I could sit down with more Hispanics and show them how to retire with dignity, with pride, but more importantly, with money. I'm going to change my family tree forever, will you? -Debt Free Hispanic

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Attack debt, do NOT let Broke people get you down

Have you ever been at the point where you feel like you are the only one trying to get out of debt and everyone else is spending money like crazy?

Maybe you take lunch to work everyday and your co-workers go out to eat every day. Eventually you go with them and order water while your friends order special drinks and sodas. Well if this happens to you, you are not alone. People do not understand their own spending habits. The truth is by doing simple things such as ordering water which is healthier than sodas can save you $712 annually. Well how so, well at $2/day * 356 days a year, that equals $712 which you could have used to save up or pay down your debt. Why do I write this? To encourage my readers to keep attacking your debt or keep up your saving habits. Do NOT let Broke people get you down! You will feel better than others later because of the choices you make today. I know I feel good about my finances especially when friends continue to live paycheck to paycheck, not this Debt Free Hispanic.

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Be Content or go further in Debt

To be content is to be satisfied. As people look at their lives and compare themselves with others its obvious that we are not content with what we have. People that are not content tend to spend more thus going further into debt than others. Those who do so as well are people who deal with their self esteem. That is why many advertisers are using the "pamper" yourself slogans. They are trying to pull in people who are quick to say that they work hards and deserve new stuff only get themselves further in debt. Be content with that you have and only buy what you need not what you want. - Debt Free Hispanic

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Hispanic Debt On The Rise

With the Hispanic population growing to be the major minority in America, debt is also on the rise for Hispanic families. It's easy to see why Hispanics are acquiring more and more debt. Hispanics have great purchasing power and a lot us do not have a financial plan. So what do Hispanics do....SPEND.

We spend money on self gratification. The following are areas in which Hispanics tend to spend most of their money: Trucks, Weekend Entertainment, Jewelry, Televisions, Stereos, Expensive Food, Alcohol, Clothing and mortgages just to name a few. You'd be suprised how many Hispanics do not have a checking account and cash checks on pay day. You don't believe me, here's a fact that i'm throwing out because I know it's true, ready, Hispanics spend more with cash than they do with checks and credit cards. That is why outdoor Flea Markets are successful with the Hispanic population. So how is debt rising? Well the credit card companies have made it easy for Hispanics to apply for a VISA. Hispanics fall for the cash back scheme which is appealing since we handle cash more than we do checks.


So when Hispanics receive the credit cards, they take out cash advances because thats how they spend money. All the while they are racking up credit card debt with every cash advance. Since a lot of Hispanics live for the weekend, its not unusual for them to take out a Pay Day Loan. Another example is how Hispanics pay for their vehicles. Hispanics pay their monthly car payments with cash because its easier for Hispanics to pay with cash at the dealership than to mail in a check. If I owned an auto dealership I would set up a plan that would help Hispanics to pay with cash, I guarantee, more Hispanics would purchase vehicles from that dealership. At the end of the day even with most Hispanics paying with cash, purchasing on credit is becoming easier for Hispanics and so debt continues to rise with the growing Hispanic population. -Debt Free Hispanic

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