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Money Talks: Understanding the Language of Business, with Ed deHaan

26:43
 
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Nội dung được cung cấp bởi Stanford GSB. Tất cả nội dung podcast bao gồm các tập, đồ họa và mô tả podcast đều được Stanford GSB hoặc đối tác nền tảng podcast của họ tải lên và cung cấp trực tiếp. Nếu bạn cho rằng ai đó đang sử dụng tác phẩm có bản quyền của bạn mà không có sự cho phép của bạn, bạn có thể làm theo quy trình được nêu ở đây https://vi.player.fm/legal.

Unless you’re a CPA or own a large business, it might be hard to see the relevance of accounting. While it’s true that the average person doesn’t necessarily need to be able to read a corporate balance sheet, Professor Ed deHaan says a deeper understanding of accounting — a greater fluency in the “language of business” — can help everyone get a grip on their finances and make more empowered decisions for their lives.

deHaan is a professor of accounting at Stanford Graduate School of Business. In this episode of If/Then: Business, Leadership, Society, he explores why accounting principles are crucial given money's centrality across personal and professional domains, and how by proactively fostering financial literacy, we can empower a generation of informed consumers and leaders equipped to harness money as a force for good.

Key Takeaways:

  • Financial education should start early: deHaan advocates for teaching middle and high school students fundamental money management skills like understanding credit, interest, and risk. By equipping youth with financial knowledge before they face major decisions, we can set them up for long-term success and empowerment.

  • Approach financial choices rationally: deHaan encourages individuals to cultivate an "economic lens" when making money decisions. This means objectively weighing not just immediate costs, but opportunity costs and long-term trade-offs too. In evaluating what to do with your money, he suggests asking: Would you advise a family member to do the same thing with theirs?

  • Financial institutions have a systematic advantage: deHaan warns that financial service providers, like casinos, inherently have the upper hand over consumers. Lack of transparency and human biases like overconfidence often lead to predictable wealth transfers from individuals to financial institutions. Combatting this requires proactive financial education, regulatory protections, and individuals staying vigilant and informed.

More Resources:

If/Then is a podcast from Stanford Graduate School of Business that examines research findings that can help us navigate the complex issues we face in business, leadership, and society. Each episode features an interview with a Stanford GSB faculty member.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

  continue reading

25 tập

Artwork
iconChia sẻ
 
Manage episode 420868826 series 3550256
Nội dung được cung cấp bởi Stanford GSB. Tất cả nội dung podcast bao gồm các tập, đồ họa và mô tả podcast đều được Stanford GSB hoặc đối tác nền tảng podcast của họ tải lên và cung cấp trực tiếp. Nếu bạn cho rằng ai đó đang sử dụng tác phẩm có bản quyền của bạn mà không có sự cho phép của bạn, bạn có thể làm theo quy trình được nêu ở đây https://vi.player.fm/legal.

Unless you’re a CPA or own a large business, it might be hard to see the relevance of accounting. While it’s true that the average person doesn’t necessarily need to be able to read a corporate balance sheet, Professor Ed deHaan says a deeper understanding of accounting — a greater fluency in the “language of business” — can help everyone get a grip on their finances and make more empowered decisions for their lives.

deHaan is a professor of accounting at Stanford Graduate School of Business. In this episode of If/Then: Business, Leadership, Society, he explores why accounting principles are crucial given money's centrality across personal and professional domains, and how by proactively fostering financial literacy, we can empower a generation of informed consumers and leaders equipped to harness money as a force for good.

Key Takeaways:

  • Financial education should start early: deHaan advocates for teaching middle and high school students fundamental money management skills like understanding credit, interest, and risk. By equipping youth with financial knowledge before they face major decisions, we can set them up for long-term success and empowerment.

  • Approach financial choices rationally: deHaan encourages individuals to cultivate an "economic lens" when making money decisions. This means objectively weighing not just immediate costs, but opportunity costs and long-term trade-offs too. In evaluating what to do with your money, he suggests asking: Would you advise a family member to do the same thing with theirs?

  • Financial institutions have a systematic advantage: deHaan warns that financial service providers, like casinos, inherently have the upper hand over consumers. Lack of transparency and human biases like overconfidence often lead to predictable wealth transfers from individuals to financial institutions. Combatting this requires proactive financial education, regulatory protections, and individuals staying vigilant and informed.

More Resources:

If/Then is a podcast from Stanford Graduate School of Business that examines research findings that can help us navigate the complex issues we face in business, leadership, and society. Each episode features an interview with a Stanford GSB faculty member.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

  continue reading

25 tập

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