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Date Created: 01/13/15
Exam 3D 10124114 CHAPTER 9 GOALS an end that one tries to attain shortterm sleep more go to gym more intermediate less than a year graduate nd a real job ongrange over a year societa rules and expectations famiy goals that everyone shares ex we all save for Disneyland persona speci c to us and individuals OBJECTIVES subsets of goals the steps you take measurabe benchmarks to gauge progress towards goal speci c STANDARDS perception of levels of adequacy what is acceptable in terms of quantity and quality famiy standards re ect to multigenerational development process standard of living what is the bottom level THE PLANNING PROCESS initiated by a decision that is made objectives or key events are plotted and tasks determined for participants identi cation of a situation that requires action formulation of a plan impementation of that plan evauation of plans success of failure A PLAN IS A CAUSE OF ACTION Schedule emerge lists timetables etc sequencing order how much time energy and thought are necessary independent activities unrelated to one another interdependent activities time and sequence dependent multitasking homework quality is questioned intuition if decisions have been repeated many times or little risk is involved brainstorming develop possible course of action diverse possibilities and creative options not very ef cient use when time is available and risk is high TYPES OF PLANS directional move along a path ex career adaptive unexpected and uncontrollable events change the plan most common contingency created at same time as original plan anticipates possibility of problems proactive attempt to avoid surprises and crises situation by calling something to happen reactive spontaneous created quickly in response to unwelcome event strategic directional purposeful planning adaptive contingency need info from other sources PLANS Schedules formal description of who what where when overscheduing families become over schedules lists detailed written plan budgeting a plan income Grass family income before taxes net income after all deductions expenses variables change gas groceries xed don39t change much insurance rent surplus or de cit Allocate excess surplus expenses underestimated income overestimated de cit expenses overestimated income underestimated goals and standards of living too high other source of income 10129114 CHAPTER 9 CONT FAMILY FINANCIAL PLANNING American social ideals acquisitions of assets management of those assets is key to nancial success Famiy nancial life cycle stage one early adulthood to middle age stage two preretirement stage three retirement CREATING THE FINANCIAL PLAN management for worst case scenarios expected expenses examples unexpected expenses examples foundation should be built on family goals common to have multiple goals information and skills are needed exibility iquidity protection tax ef ciency pans need to be exible EMERGENCY ACTION PLANS strategy identify all possible disasters conduct family discussion on possible responses identify and acquire supplies not just nancially but other plans such as disaster plans SUMMARY panning is a natural process for humans different approaches and strategies are necessary for different goals CHAPTER 10 COMMUNICATION WITHIN THE DECISIONMAKING PROCESS Ten questions 1 I am quiet when someone speaks to meyes 2 I look at the person talking to meyes 3 I make a conscious effort to listenyes 4 I believe that expressing my own view is not as important to the 5 I listen even if I don39t like the person no 6 I encourage the person by verbal feedback and questionsyes 7 Clari cation of words and ideas when in doubtyes 8 Put at easeyes 9 1 Nonverbal gestures are warm and friendly no 0I never interruptno COMMUNICATION PROCESS sender receiver message encoding sender does this decoding from receiver medium the format of communication speaking texting television It can be verbal written or visual noise sound feedbackgiven by the receiver to the sender 10131114 FAMILY COMMUNICATION communication is a process continuous and always changing within family communication intersubjectivity interactivity the way people within a group interact with each other communication is a the center of family functioning report talk and rapport talk report men do this more Its more factual rapport descriptive emotional and building relationships Edwards and Hamilton gender was not the cause of dif culty gender roles of dominance and nurturance nurturance leads to cooperation reduces dif culty in communication between sexes Strong Devault and Sayd wives send clearer messages set emotional tone in arguments use emotional appeals and threats husbands give neutral messages or withdraw husbands try to postpone or end an argument CULTURE AND COMMUNICATION cultures differ in terms of high and low context ow context words carry most of the meaning high context allows body language and other behaviors to have equal or higher meaning than the actual words how does culture affect the communication process different communication styles words and phrases may be used in different ways nonverbal communication attitudes toward con ict some cultures view con ict as positive others want to avoid con ict may be seen as embarrassing decision making styles role that individuals play individual vs consensus attitudes toward disclosure emotions reasons behinda misunderstanding personal information competing tasks different ways to complete tasks based on resources available what is important and orientations to work approaches to knowing how do people come to know things Facts Symbols or stories FAMILY COMMUNICATION PATI39ERNS conformity orientation common attitudes beliefs and values are expected conversation orientation freedom to express opinions openly and freely consensua families high in conversation and conformity able to communicate with each other and desire to have agreement puraistic families high in conversation and low on conformity good at communication but everyone is not expected to agree protective family low in conversation and high on conformity expects everyone to follow the rules with no need to communicate about them aissezfaire family low on conversation and conformity family doesn39t communicate very much and family members often carry on their own lives outside the family 11103114 COMMUNICATION AND FAMILY POWER withdrawa guilt induction positive coercion neganUon deception backmai physicaverba abuse power bases linked to individual family members age nancial resources expertise baance of power in family is re ected in relationships between and among family members resource theory of family power blood and wolfe 1960 more power is given to the family member with the most resources person gaining the most from the relationship will be most dependent on other family members think about young kids TYPES OF RESOURCES family members may use resources to increase control within the family normative economic affective personal and cognitive normative culturesociety identi es who should have the power Economic monetary more equals more power affective relational resources withhold affection if behavior isn39t approved of persona based on personality or appearance outgoing youngest child who charmscons other into doing things Cognitive gain power because of intelligence child who works parents against each other principle of least interest partner with least interest in continuing the relationship or has the least to lose the most power power dynamics and communication of adult relationships are symmetrical competitive symmetry both partners view situation as a competition defect each other submissive symmetry neither accepts responsibility for making or implementing a decision neutraized symmetry desire for winwin outcome compementary interaction both individuals adopt different tactics Dominantsubmissive but not exertion of power give and take COMMUNICATION AND CONFLICT con ict a state of disagreement or disharmony con ict resolution negotiation of con ict towards positive goal consensus or majority rules the most harmful con icts within a family are interpersonal those that exist between and among individuals direct verbal attacks are especially harmful money is a major source of marital con ict who makes it decides what to do with it sets priorities Enforce the priorities Dif culty in talking absent money Decisions about money affect everyone RESOLUTION OF FAMILY CONFLICT Kranichfed 1987 suggests 3 possible outcomes agreement members agree without coercion or threats based on perceived reciprocation later bargaining equity is a goal family goals and relationships are focus points coexistence when differences can39t be resolved they will be accepted agree to disagree Why is con ict necessary How can information and technology be a positive and a negative for families 11 14 14 MOTIVATION individua actions impact outcomes of the group con ict between selfinterest and group39s interest mixedmotive situation deayed grati cation and selfcontrol can mediate these situations impacted by time ongterm plans are vulnerable to delays and obstacles strategies intrinsicaly bene cial to member convinced that goal is valuable to them enhances their wellbeing and self extrinsicaly bene cial nancial success power image enhances their social image autonomy reaize some selfdirection is possible enabing or overprotecting has negative impact on individual39s sense of responsibility ocus of control beief that internal or self has some control over the outcome OR beief that external or other forces control outcome ESTATE PLANNING de nition distribution of accumulated assets to next generation estate planning estate everything heshe has accumulated to date that has value net worth inheritance tax gift tax wills Legalyquali ed estate plans without such plans one is considered quotintestatequot Complex legal stapes take over an individual or individuals selected to oversee the distribution of someone39s estate is the quotexecutorquot Probate a legal procedure to validate and process a will durabe power of attorney document that protects your estate if you cannot make decisions on your own behalf iving will health care proxy issues of ownership joint ownership with right of survivorship no tax implications automatically transfers to surviving owner community property anything acquired during a legal marriage survivor receives half other half is disbursed within the will or state inheritance laws trusts g rantor a legal entity created by the grantor to hold and manage inheritance or property on behalf of someone else child bypass probate avoids legal challenges of wills provides for survivors with special needs for a child until age of maturity insure con dentiality wills are public record RISK MANAGEMENT most decisions contain a degree of uncertainty risk management a systematic process of identifying assessing managing and monitoring risks Wiiams 2006 3 steps risk recognition risk prioritization risk management risks within the family include damaged relationships financia insecurity family unit instability 4 ways to handle unacceptable risks situation or behaviors can be terminated contingency plans accept the risk and live with the outcome transfer the risk insurance INSURANCE contemporary families use insurance as a form of risk management risks are pooled or shared among a group39s membership insurance companies offer policies based on calculated risk within the group insurance consumers pay premiums for these policies to hedge against possible future loss deductibes amount the person is responsible for before insurance copays amount expected in addition to insurance premium stoploss limits total amount the person has to pay in a designated time penod 11 17 14 INSURANCE CONT Health combination of hospital surgical and physical expense coverage imits set on acceptable fees charged speciaized policies available at additional cost cancer vision dental managed health care medical providers are recruited who will agree to lower charges per visit or treatment volume numbers of patients HMOS PPOS health maintenance organization preferred provider organization employers create a list of providers from which employees can choose prepaid insurance plans members use services of participating doctors and medical facilities Life provides protection against loss of income due to death beneficiary who receives lump sum or payments term pay a set premium based on your life expectancy determined by analysis of risk factors only for a certain quottermquot after 10 years can usually renew but usually at a higher premium no bene ts if you didn39t die whoe life death bene ts and a savings plan cash value savings account created with a small portion of each premium can borrow against it and retain insurance but at lower level universal combines term and cash value premiums divided into 3 parts term insurance savings administrative costs can raise or lower premiums alters amount to savings Auto all states require proof of insurance to license for operation Liabiity protection from lawsuits from an auto accident coision if vehicle is stolen or damaged comprehensive re storms major catastrophes cost is dependent on many factors discounts good driver multiple vehicles good student Uninsured or underinsured motorist protects victims if responsible driver didn39t have insurance decrease costs higher deductibles improve driving record choose vehicle wisely AUTO INSURANCE premiums are based on type of automobile style power color use of automobile type of driving and frequency of use driver characteristics age sex marital status d river39s past record geographic location dense population types of driving surfaces HOME INSURANCE home homeowners are held responsible for injuries of all visitors occurring on their property home insurance covers more than just building property coverage dwelling other structures personal property 80 rule carry 80 of homes full replacement cost iabiity protects if someone is injured on their property and sues cost dependent on ocation weather conditions levels of crime type of structure older structures durable materials eve of coverage higher coverage higher premium COMPLETION AND REFLECTION pans end when they are abandoned they are modi ed and recreated they are completed Ddecisions process doesn39t stop upon completion evauation 112114
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