Numbers govern the world that we live in. They are not just used for picking the winning lotto numbers, counting how much we have in our bank account, ordering things, and doing math. They are significant in all aspects of our lives from our birth dates to our date of death. Numbers have a place in all areas of our life. Dates are numbers, time is a number, measurements are numbers, money is a number, math is numbers, and doing math is key to properly handling money. The real science behind money is numbers.
If a simple exercise is performed by looking at how your day is spent you will see how important numbers are in all of our lives.
You’re probably wondering what your daily routine has to do with money. The underlying premise behind money is numbers. Have you ever asked yourself why certain denominations are used for currency? In the United States there is the penny or one cent, a nickel 5 cents, a dime 10 cents, a quarter 25 cents, dollar coins, dollar bills, a 5 dollar bill, ten dollar bill, 20 dollar bill, and 100 dollar bill. The why is for a class, but how many times have you told yourself I am not good at math or I don’t like math. Subconsciously you are telling your brain that you don’t know how to deal with money. Not knowing how much you have is at the root of overspending, and overspending is at the root of not accurately calculating how much you have. Overindulgence and overspending are two needles on the same continuum.
It’s one thing to create a budget, reconcile a bank account, and start a savings jar or account. The real work comes in overcoming the programming that you’re not good with math. Last year the U.S. Department of Education released the results of a study which indicated that only 33% of eigth graders were proficient at math. A U.S. News report article sites that this is because of how math is taught in the U.S. , but how we think about math may be underlying our poor math skills compared to other countries. This poor math performance may also be tied to how Americans deal with credit, money, and how money is valued. No matter how you do the math nothing plus nothing is always going to equal nothing.
Written by Lakisha Lynette Bealer, MBA
The Keys to Money Mastery
Discover All You Need to Know About Money!
Money! Money! Money! How do you get it when you need it How do you manage it properly when you have it How do you determine the worth that it has in your life without allowing your worth to be determined by it? These are all questions that this course will explore and answer. This course provides the information, resources, and methods that anyone can put into practice in their personal and/or business finances to master money and bring financial stability. It will be studied as a means of exchange to obtain the things that are both needs and wants.
In order to live a stress free, stable, productive life money is necessary. Some believe that it is the root of everything evil, but truth be told even those that use that language most likely use it for their necessities. Before today's current money system was created things like shells, cattle, and even barter were used as as a medium of exchange. Interaction between people, businesses, and places require that there be a means of exchange that the various individuals and entities involved give equal weight to. Without this common agreement it would be difficult to obtain goods and services without the devaluing of services and/or goods in the marketplace.
Money is studied from various angles, philosophies, and perspectives, but the bottom line is most if not all people need it to survive. Even those who take vows of poverty most likely use it in one form or another since it is still the most widely accepted form of exchange in the world. Whether that be the dollar, euro, yen, etc..
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We have embarked on the information age in that massive amounts of information is available at our disposal. This information age has come on the heels of the technology explosion. What used to be unheard of doing on-line has now become common place. I remember the closest thing to on-line banking being driving up to a banking window and placing checks in a little tube before sending it to the teller through air pressured pipelines. Now there's even mobile banking where checks can be deposited via a smartphone, and who knew that the day would come when you could order dinner or even grocery shop on-line.
Today it is imperative to leverage technology to increase efficiency. With the proper usage of technology productivity and efficiency skyrocket. What used to take hours and days to complete can be done in a fraction of that time. Handling the accounting for a small business is time consuming and mundane. Keeping up with the tax and accounting functions of running a small business can take the back seat to more pressing issues. For lawyers keeping up with accounting can be even more of a challenge due to the nature of working on pressing, time demanding, high stakes matters that other professionals may not be faced with. Lawyers also have to be cautious of properly managing trust and operating accounts which add more time and tediousness to working on the accounting.
Running a small business is not a cake walk. Taking the time to work on it for several hours a week to stay on top of it can be almost impossible and for a busy lawyer it can be impractical. Busy lawyers can take advantage of timesaving tools like QuickBooks mobile receipt capture feature to keep track of expenses on the go and GoPayment to get paid on the go to help simplify law firm accounting.
Written by Lakisha Lynette Bealer, MBA