Friday, December 8, 2017

last day of classes - advice

I always try to leave my students with a little advice on the last day of classes. I taught an introductory finance class and an introductory management class this semester. Most of the students were enrolled in both classes, so I tried not to overlap.

Here's is a transpose of the slides from each.

Finance

1.

Bonica’s rules of personal finance

Max out your retirement the day you are hired

  • You’ll get used to living on less. 
  • Do it. Even if it means taking longer to pay off your school loans.

Create a cushion savings account –

  • start with 1 month’s pay --> eventually want 3 months

Pay yourself 10% of your take home

  • Pay down your debt as fast as you can
  • Debt is a chain and will hamper your freedom

Buy a used car – 2-3 years old, 30-50K miles

  • High value/dollar

Don’t rush to buy a house – transaction costs, asset concentration

2.

What do you really value? What is important? Ask this all the time.

Don’t let your beautiful things become a prison.

Find joy in the simple and the non-material.

3.

“A man is rich in proportion to the number of things which he can afford to let alone.”

- Henry David Thoreau, Walden


Management

1. 

“You are, in fact, a mashup of what who you choose to let into your life.”

― Austin Kleon, Steal Like an Artist: 10 Things Nobody Told You About Being Creative

2.

“Nevertheless, not to extinguish our free will, I hold it to be true that Fortune is the arbiter of one-half of our actions, but that she still leaves us to direct the other half, or perhaps a little less.”

- Nicolo Machiavelli, The Prince

3.

“The love of praise is the desire of obtaining favourable sentiments of our brethren. The love of praiseworthiness is the desire of rendering ourselves the proper objects of those sentiments.”

- Adam Smith, The Theory of Moral Sentiments

4. 

“The many speak highly of you, but have you any grounds for satisfaction with yourself if you are the kind of person the many understand? Your merits should not be outward facing.”

- Lucius Annaeus Seneca, Letters from a Stoic

5.

Focus on improving what is inside you, because what is inside you eventually becomes what everyone sees and experiences. If you are better on the inside, you will naturally become a better leader.

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