People are influenced by many while deciding to buy a car as it requires going through a logical thinking phase. It requires to have thorough expertise and real-life experience for identifying the issues behind buying a car and sorting out. I have experience of working as a mentor to individual a guided them through the phase of buying a car. I assisted Jack in buying a car. He is an employee working for a multinational company and is holding a mid-level position in the hierarchy of the organization. The car buyer has to go through different psychological stages for making a decision (Simsekoglu and Nayum, 2019, pp 3). Willaim has started attempting to buy a car. I explained to him that buying a car requires an important piece of knowledge that one has to have that is to buy a cost-effective and fuel-efficient car. The car needs to have 4 seats. The low-cost car has an inefficient engine and builds of materials which are not effective.
As a mentor, one has to comprehend the personal and professional status of the person who is my mentored. In this case, one has employed two theories. One is related to Maslow’s Hierarchy of needs. In theory, the requirement of the person is affected by the hierarchy model. There is a psychology at the base and there is self-actualization requirement at the end. William was from mid-level of the trainable. He was influenced by the idea of love of belonging. Another theory that worked here is related to the motivation-hygiene theory (Nowak, Kacprzyk-Murawska, and Serwotka, 2017, pp 46). With the theory, one could realize the motivations like performance, model, hygiene and features of cars.
At the initial stage, he was more focused on the price and he has explained the fact that buying a car which comes at the low cost will affect him financially as it will be more fuel consuming. The cost of the fuel will affect his financial wealth in the long run
One has given him a description of car choice. He has explained to him that buying a low-cost car cannot serve his purpose as it will incur a financial loss for him. Jack was the observer in the said case. He managed to observe both of us and noted the improvement within his notepad. Jack is found to have an excellent observation on the conversation between us and given both of a valuable instruction for rectification. The first point that he asked us to improve was the way of communication. He amended my way of explanation according to his instruction and suggestion. He asked me to have a pre-session conversation before the real session begins.
Jack (observer) had observed the entire interaction of me and Willum. He had noted some important points down from the conversation. This was to help us how the improve more in the concerned segment. Jack suggested me to be more transparent while having a conversation with an individual. He observed that I was being not detailed in some cases. Also, he observed Willian and suggested him to be clearer to express his requirements to the mentor so that the mentor can help appropriately.
The experience has given me a lot of things as I will be capable of sorting out things well in mentoring someone else. I will use my well-instructed skill to enter someone focusing on his psychological aspect. It will quite help to mentor someone.
William - Observer
The purpose of the study is to reflect the way Jonathan was mentored in the role-playing of buying the most essential thing of life: house. The mentor explained that buying a good house is more than an investment. It is associated with human psychology and human emotion. He gave him a deeper understating regarding buying a good and affordable and comfortable house. He explained that home is the confined space which allows people to have comfort and care and develop a family with affecting, care and compassion. It requires a lot of money to have a comfortable house which helps to maintain social status and social respect.
The interaction with the mentor was fine as I was given a lot of instruction regarding the importance and ways of taking psychological decision to reach the destination of buying a car. He explained that buying a car can generate social confidence (Fenton‐O'Creevy, Dibb and Furnham, 2018, pp. 187). It is also a sort of investment. It is found that buying a car is also a sort of investment as the value of the bought house will increase over time. it is also explained that the emotion connected with the house affected the decision-making ability of two person. Buying a house is the most essential for it helping to develop a family. If a wrong financial decision in buying a house is taken, it may take decades to recover.
There was a good interaction between both and there is a requirement of the improvement. It is on the part of the mentored to clear the hesitation and lacking by questioning the mentors. The question that arose was related to ownership of the house. The complexities that have affected the mentored were the fact that though some people have bought the house still they are not the real owner (Wetherell, 2019, pp. 7). The fact was explained to me that there is a contract system in the housing industry. It allows people to own and pass their life at a very low cost without being affected by the complexities. The mentor’s interaction has allowed the mentored to develop the understudying of buying a house in reality.
The investment is found to be associated with it. The investment purpose incites one to buy a good house whose value increases over time. The sense of buying a house and making an investment while doing so have allowed him to buy a house which has comfort and good design.
According to the observer (William), the mentor (Jack) could have more information for me. He failed to make some clarification on some point which requires an elaborated comprehension and understanding. William also instructed me (Jonathan) to allow the mentor to give full advice as showing knowledge will affect his advising procedure. The piece of advice that came from the observer’s side was to develop more effective communication system. Both of use requires a better concept
I found that I could learn so many things from the role-play was buying a car was the real motive. It has given me a wonderful experience in life. I will always be able to make a comprehensive and effective decision when I will be buying a car.
William - Mentored
It is very hard to manage personal finance as financial decision determines the financial health of the candidate or a person. The role-play of managing personal finance was observed where I observed the mentor and the mentored interacting with each other on managing finance. While seeing the mentor instructing the mentored, I found how hard it can be to manage personal finance. If there is any kind of fault in making a financial decision, it is very hard to get back the life that one intends to live (Gunardi, Ridwan and Sudarjah, 2017, pp. 449). Meaning financial health, one requires two kinds of planning. It was observed that taking an effective and effecting decision requires a deeper aspect of the financial aspect of the person making the decision. The financial wellbeing is the most sought experience in everyone’s life. I observed that the mentor has explained a six-step planning process which will help make a financial decision. The good financial decision allows the benefit of retaining good social and professional standing. The mentored was explained many things in managing finance (Lawson and Klontz, 2017 pp. 53). The main aim of the mentor was to explain the way that the mentored will be able to manage finance by saving money without losing social status.
The mentored was found to be very passionate about the way he is to be explained the finance. In his personal life, he needs to manage finance for developing and progressing himself. The mentors’ special focus on saving a lot of money from earning was a great influence on the mentored. He was instructed to maintain the daily and monthly expense with great care and consideration. The mentored was under the burden of debt as he was unable to strike a balance between his income and the expense. He continues to fell in debt. After the instruction from the mentored, he started managing the expense effectively without losing his cool over managing finance. He could come to know the fact that he can take a major decision in life if he has a good store of money. He also revealed the fact that he has interacted with many people who failed to make a major decision due to lack of proper saving and capital existence in their life.
I observed that there was good interaction. It has helped me to understand more thoroughly to make a financial decision and it is only possible if there is a good saving. The decision to buy a car or home can only be taken when I will have a good financial standing. Also, both Jack and William have a clear view own their own requirements. Jack was able to understand the issues of William. This made him benefited to provide the appropriate solution.
The theory that is associated with the situation is financial planning theory. In financial planning, there is an important term called “rational rule”. It is the way that allows one to practically manage personal finance.
The experience that I have received while seeing the interaction between the mentor and the mentored has allowed me to understand how to manage individual finance effectively. He deeply focused on judicious choice while dealing with the account. He kept accentuation in managing the money and keep his mental assurance to deal with the fund without being affected by any difficulty and arrangement. The mentored understood the importance of the aloof. I likewise felt certain enough that I can teach others if such a circumstance emerges in my later life.
Fenton‐O'Creevy, M., Dibb, S. and Furnham, A., 2018. Antecedents and consequences of chronic impulsive buying: Can impulsive buying be understood as dysfunctional self‐regulation?. Psychology & Marketing, 35(3), pp.175-188.
Gunardi, A., Ridwan, M. and Sudarjah, G.M., 2017. The use of financial literacy for growing personal finance. Jurnal keuangan dan Perbankan, 21(3), pp.446-458.
Lawson, D.R. and Klontz, B.T., 2017. Integrating Behavioral Finance, Financial Psychology, and Financial Therapy into the 6-Step Financial Planning Process. Journal of Financial Planning, 30(7), pp.48-55.
Nowak, A., Kacprzyk-Murawska, M. and Serwotka, E., 2017. Social psychology and the narrative economy. In Non-Equilibrium Social Science and Policy (pp. 45-58). Springer, Cham.
Simsekoglu, Ö. and Nayum, A., 2019. Predictors of intention to buy a battery-electric vehicle among conventional car drivers. Transportation Research Part F: Traffic Psychology and Behaviour, 60, pp.1-10.
Wetherell, M., 2019. New Zealand Journal of Psychology Vol. 48, No. 1 April 2019 6 Understanding the Terror Attack: Some Initial Steps. New Zealand Journal of Psychology (Online), 48(1), pp.6-9.
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