Bert & Kevin - “Survival Mode”
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Financial Principles are basic “rules” that govern how money works. To navigate any economy successfully, you need to know the principles that operate within that economy.
Show Objectives - The Why
Why do I need to know financial principles?
Key Issues - Owner Perspective:
In order to function within ANY economy, you have to know the rules that govern that economy. You will always be reacting to what happens TO you, until you understand why it may be happening. Then you can change what happens, or at least be prepared BEFORE it happens.
What You Need to Know - The What
Our educational system does not teach children how to operate within our economy. They are trained to be employees, NOT business owners. So many people fail in both business and their personal lives in the area of finance. Not because they don’t try to understand finance, but because they were never told how important it is, and never received any education in the area of finance.
What You Need to Do - The How
There are 6 main financial principles for business. In this episode, we will tackle 3 of them:
Principles of risk and return.
Time value of money.
Cash flow principle.
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