Thu, March 21, 2019

Speak Money

I don't speak money buttonHave you ever talked to someone and you had no idea what they were talking about?  You both may have been speaking English, but you just did not get what they were saying.  Or better yet, have you ever tried to talk to someone who did not speak your language?  It is hard to communicate.

Imagine if that person wanted to give you a million dollars, but you had to communicate to him.  That is where the power of numbers come in.  There is a secret language that can help you understand any business deal.  It can cover everything from buying (or renting) an office or company to getting loans and grants.

I want to introduce a language to you called ‘finance.’  It is the language of money.  The better you understand this language, the better you can deal with money.  As a matter of fact, the better your ‘financial IQ’ is, the better off you will be in making and keeping the money you make.  Make sure you understand terms like Assets, Liabilities, ROI, Depreciation, Interest, Compounding, Accrual, .  . . . I could go on, but let’s start simple, how do you start to learn this language?

  • Play a game like Monopoly or better yet, “Cashflow” (whose soul pupose is to educate about actual financial situations from real life.)
  • Look for articles on finacial terms (we have a category called ‘money’ on the page above)
  • Talk to a banker and have them explain what they do.  Be ready to ask them to define any word you do not know.
  • Talk to a business man.  Some of them may even share with you their financial sheets.
  • Talk to a stock broker or visit a stock broker’s website.

What words do you find helpful to know when talking about money?

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