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Learning & Resources

Business, Money & Investing Principals

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Why are money management principles so important in business? 

Question: What is the point of a business?

Answer: The point of a business is to make money! 

Money management principles are the foundation of a successful company because a business is measured by the quality of the goods or services rendered to its customers, just as a ruler measures units of the distance between two points, revenue is the measurement usefulness of a good or service rendered. 

There are several approaches to operate a successful business, but at the heart of a for-profit company, every business decision should be viewed through the lens of Does this decision drive my company goals and revenue forward? 

I first heard the above question asked by the CEO of a company that would later sell for a substantial amount of money (in the billions), and the CEO had asked the table What is the point of a business? Each participant had an opportunity to answer, many answers fell into one of the following categories.

  1. Build creative and useful things that people want.

  2. Create a great company culture, happy employees, better output.

  3. Help the community by giving back.

What I found interesting was after we all had answered, it was pointed out that those are all things a company should do and strive to be, but only after the company is profitable, simply put "The point of a business is to make money", once you have a profitable company then you can give back to the community. 

Businesses should make enough money to achieve the following.

  1. Pay operational expenses.

  2. Pay employee salaries.

  3. Produce a profit for the investors.

Money & Investing Principals

Audio Recordings

The Strangest Secret by Earl Nightingale

This is truly one of the most inspirational "Spoken Word Record" I have ever listened to. I 100% recommend taking the time to listen, it will motivate and change the way you think about success.

More from by Earl Nightingale

Audio Books

Project Management Tools

Trello

JIRA

https://sourceforge.net/projects/projectlibre/

Accounting Software 

Quick Books

https://www.gnucash.org/

The Richest Man in Babylon by George S. Clason.

This is one of the best books I've ever read! It's a collection of short stories that will shape a new perspective of how you think about your personal finances, how to invest in yourself, and make wise investment decisions. The book starts off a bit slow in the beginning, but well worth the read.

The Millionaire Next Door by Thomas J. Stanley and William D. Danko

It's an eye-opening book that takes a statistical look at how people build family & generational wealth, impulse purchases, and how to set up your finances to spend less than you earn. It challenges the preconceived notions of wealth and puts a new perception on how to better manage money.

Think and Grow Rich by Napoleon Hill

One of the best books outlining the mindset of success, Napoleon Hill studied the habits of successful individuals and how they went on to become successful

Podcasts

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Planet Money by NPR               Link: Planet Money

 

Great podcast talking about the economy, money, and current trends. The hosts do a really good job explaining what's going on in the economy and the ideas behind that lead to the current economic decisions. The hosts do a great job outlining business decisions and do a great job bridging the gap of history, business decisions, monetary policy and present it in a really interesting format.

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The Indicator by NPR               Link: The Indicator

 

The indicator was created out of the Planet Money podcast, they post daily and provide insight into the work, business, and the economy.

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Inside the Strategy Room by McKinsey & Company             

                                           Link: Inside the Strategy Room

 

McKinsey & Company interviews management of large corporations and have conversations about current issues and interesting business topics.

1 - Strategic Intent 30:50 2 - Strategic Análisis 36:05 3 - Strategic Preparation 38:15 4 - Concentration of Force 42:40 5 - Detailed Execution 45:15 6 - Adaptability 47:02 7 - Study of Principles 51:51

Slicing Pie Youtube Channel

https://www.youtube.com/channel/UCO_qI9zFE12kjrEP1wZ8W2A

Apps

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Inside the Strategy Room by McKinsey & Company             

                                           Link: Inside the Strategy Room

 

McKinsey & Company interviews management of large corporations and have conversations about current issues and interesting business topics.

Planet Money https://www.npr.org/sections/money/

The Indicator

Hidden Brain

Robinhood

Mint

Acorns

Robinhood

Productivity Products Amazon

Project Management Tools

Trello

JIRA

https://sourceforge.net/projects/projectlibre/

Accounting Software 

Quick Books

https://www.gnucash.org/

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Organized and Efficient

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Jen B.

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