Do you ever wonder what a Finance MBA knows that you don’t know? Is it really all that special? Well, I believe that knowledge truly is power. So with that idea in mind, I put together this basic financial literacy guide to help you strengthen your business savvy. I also threw in a few economic concepts, just to give you some extra MBA flavor.
Although it took me two years to get my MBA, most likely you don’t need all that. In fact, I haven’t used a lot of what I learned. But there are some basic finance concepts that absolutely can help. I want you to never again feel that others can take advantage of you for what you DON’T know. And you may even surprise a few people with what you do know!
Let’s start with how banks work
We all know that you can put your money in a bank. And if it’s a savings or checking account (demand deposits), you can use it whenever you need (demand) it. But they don’t offer you a safe haven just out of the goodness of their hearts. And your money isn’t really just sitting there.
Do you ever wonder what happens to your money? And what the bank gets in return? [Read more…]