Money & Investing
Money & Investing Principals
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?
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
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
YouTube Channels
Shark Tank Kevin O'Leary
Mr. Wonderful has a youtube channel that I follow. It provides insight into his thought process and background into how he invests and grows businesses. I find the videos really interesting because they help show how he dissects and thinks about problems, hiring/fires employees, and manages his time.
Graham Stephan
Graham has a really popular youtube channel with a focus on personal investing and finance. I find his content really interesting and he breaks down spending habits, markets and does research videos with the focus on keeping his viewers informed. Also, the show is fun to watch he keeps it pretty entertaining.
Minority Mindset
Jaspreet Singh breaks down the housing market, personal finance and does some really interesting videos with research on the economy and how to buy rental properties, invest and save money.
Courses
George Siedel, Successful Negotiation: Essential Strategies and Skill Link: Coursera
I highly recommend this course. It provides a framework for how to reach an agreement during a negotiation. It has helped me tremendously, I would recommend this to anyone looking to fine-tune their negotiation skills.
Podcasts
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.
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.
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.
Apps
Inuit Mint Link: Intuit Mint
Budget Tracker, This app allows you to link up your bank accounts and helps you set budgets and track your spending.
Acorns Link: Acorns
Invests your spare change by automatically rounding up every credit card transaction. You barely notice the small few dollar deposits going into the app and before you know it you'll be surprised at how quickly your spare change grows.
Robinhood Link: Robinhood
Stock Trading App, Commission-free investing. This app has become really popular, it seems everybody lately has this app to do stock trading. Great investing tool!
Question: What is the point of a business?
Answer: The point of a business is to make money!
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.
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Build creative and useful things that people want.
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Create a great company culture, happy employees, better output.
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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.
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Pay operational expenses.
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Pay employee salaries.
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Produce a profit for the investors.
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