As teachers are the first ones you learn from at school, bosses play the same role at the office. No matter where you work, there is always something you can learn from your boss.
Experience is vital in the field of business, the more you know the better equipped you are to deal with everyday issues. Every boss has some valuable knowledge that he/she can impart to his subordinates, especially financial knowledge that we all lack at a young age.
The inability to manage our finances can post a threat to us in the future, so it is of utmost importance that we manage our finances carefully, invest when we can and save what we have to.
Companies like Consolidated Credit offer help with debt consolidation and here are the best money lessons I learned from my boss:
1-Whoever has the Money has the Authority
Money has great power; it can influence decisions and contribute towards financial freedom. In life, similarly, when you have money, the power to make decisions comes naturally. However, these are the decisions that will affect your future, so be very careful when saving, investing or spending money.
Finance (Photo credit: Tax Credits)
Knowing when to do what with your money will help you secure your financial future. Power and authority are associated with responsibility and it is your job to be responsible with the money you have earned.
2-Think harder than you work
Everyone works hard, but hard work does not guarantee success. Doing something you don’t like will never make you happy. Always choose a field which you are truly interested in and use your head before you truly commit to something. (Learn from Donald Trump, how to go the extra mile, to make the extra $$)
Not knowing what you want is a sign of poor planning and a lack of direction in life. Apply yourself in an area where you feel comfortable and always be willing to take risks because great risks bring great rewards, so start investing in a small side project and with time, you might have something big in your hands (by something big, the author doesn’t necessary mean money, for every penny lost in investing and business, there is a great learning behind).
3-Don’t Spend more than you have
This applies to both business and personal life, one must never spend more than he has earned. It is one of the oldest financial advices in the book. When in business, there may be times when you have the opportunity to invest but do not have the money, so it is always a wise idea to consider the pros and cons of a move before going ahead with it.
If you do plan to borrow, then only take what you can return. Try saving for the long term and wait for the right opportunity to spend.
(either plan, or hire a consultant)
4-Know what you can afford
A well-informed businessperson is one who has good knowledge about the market. Finding the best possible deal for the least amount of money is what will make you a good investor.
In terms of business, the concept of value for money is given the uttermost importance. The idea is to find something that is worth the money you are spending on it, consider all the available options before reaching a decision.
It is never too late to start learning; not every individual can master every field, so it is wise to take help from an expert. Financial decisions should always be based on concrete evidence and clear understanding of the matter. Never rush into a deal, especially if it sounds too good to be true.
Money is essential to the growth of your business, so hiring an expert for advice will only improve your chances of success.
6- Focus on People over Profits
The most important resource that a business has is, its human resource; the people who work for you, so you must never underestimate their value. A well-trained and motivated employee will be productive and deliver results very quickly.
Actually, by focusing on people, you are focused on profits. If your customers are satisfied with your service, they are likely to keep coming back to you which in turn will increase sales and eventually improve revenue.
(Just to add, 78% of Merger and Acquisition in the start-up culture happen just because the big company wants to acquire the founders and the employees, otherwise, creating a similar product wouldn’t be a big deal for the company acquiring that start-up)
7-Be Creative with your money
You don’t need massive amounts of money to start a project, even a small investment can give you accomplished results if your idea has potential. Creativity is essential in business, so if you can come up with something new and exciting then you will have a chance to succeed. Learn from your failures and look for opportunities to grow.
8-Everything is a Resource
No business starts up as a multi-million dollar operation; it is through sheer hard work and continuous growth that success is achieved. As an entrepreneur, you have to use every single resource available. Successful businesspersons have been known to use their own personal cars and houses to finance their businesses, you must do the same if need be.
A boss can be a great teacher and can guide you in your quest for success.
In terms of financial growth, this is what I have learned from my mentor and it was of great help to me.
About the author
AJ is an experienced professional in the field of finance and has written numerous articles and blogs to help consumers with their financial issues and has written about debt consolidation for Companies like Consolidated Credit offer help with debt consolidation.
Engineering dropout of wish | Actuary student |
Passionate about Startups, Education and Technology.