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
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
Mastered. “To conquer or overcome”, “To rule or direct as master”. Don’t shoot the messenger that is the definition of Mastered on www.dictionary.com. Don’t believe me? Google it yourself. So now that we got that out of the way. Let's move on. No one likes to be mastered by anyone or anything. When we think of masters all kinds of negative connotations come up like slave masters in the antebellum south, or biblical accounts of Jewish slaves, or Slavish slaves in the 10th century. No one likes to be mastered by anyone or by anything so to think that an inanimate object like a dollar or a coin mastering a person is outrageous right? Before you discard this notion as mere poppy cock look at these four areas and see if any one of them apply to you are at least half of the people that you know. This is not about judging. It’s about understanding the beliefs, attitudes, and actions caused by money.
The first step in any deliberate attempt at change starts in the mind. Belief and perception are reality. Whether that belief is founded in truth or not the experience that follows that belief will not and cannot deviate from the belief held about it. That is how humans stay sane. To go against a belief causes cognitive dissonance. Huh? Cognitive What? Cognitive Who? I know what you're thinking. I don’t know him. Well maybe I do know him. There was that one night back in college when I went to this party and had one too many drinks and someone introduced himself. It could have been this Cognitive Dissonance you're speaking of. Lol! Cognitive dissonance is like holding two opposite beliefs about something in one’s mind about the same thing. Talk about crazy making. It is like the placebo effect. If someone is thought to have been given a cure for an ailment studies indicate that their body begins to line up with the thought of healing. The opposite is also true when someone believes that they are sick and the symptoms of sickness begin to manifest in the body. This is how money works in many of our psyche’s. Especially here in the United States. It takes form into what we do and think about ourselves and others.
Money has mastered many people. It dictates how strangers are treated, spouses, relatives, and close associates. It determines how one perceives them self, and ultimately it dictates the life that we all live. Now back to our little test. Look at these four areas and see if any of them apply to you or at least half of the people that you know:
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Written by: Lakisha Lynette Bealer, MBA