That Hold People Back From Financial Education

February 21, 2016

Below are a quick five reasons that hold people back from developing a financial education.

1. REFUSING TO ADAPT

The rules of money changed in 1971. People are being devastated today because they simply refuse to play by the new rules. Instead of taking the time to learn, they would rather accept the challenge of lower wages and higher prices, and work harder or go back to school for more education. The problem is that working harder and more academic education worked in the old system. Building wealth in the new system requires the right kind of education – financial education – and learning how to work smarter.

2. FEAR OF THE UNKNOWN

People fear what they don’t understand, and change can be a scary thing. But when the rules to a system are no longer the same, change becomes necessary. Although many may not know it, we are all approaching a point where the new rules must be understood in order to thrive. The price to pay for attempting to play by the old rules is just too high. Still, because it’s the only thing familiar, a number will accept their fate and endure, suffering needlessly because of fear.

3. WAITING FOR SOMEONE ELSE TO BE FIRST

People feel comfortable in packs. When something is done or accepted as a group, whether right or wrong, it’s possible for an individual to feel more at ease because the chances of being ridiculed for thinking differently are reduced. It’s no different with financial education and learning to entertain money. If the group accepts that financial education and playing by the new rules are musts in today’s society, it’s easier to go along. There’s one glaring problem with this: How many times has the group come to your aid when you were in serious financial need?

4. LAZINESS

Whether old rules or new, some people are just lazy. Instead of working at a job or working to learn the new rules of money, it’s easier for them to do nothing. Excuses are excuses. That’s how things are sometimes.

5. BEING DISTRACTED

We live in the Information Age, where information is abundant. The bad thing is 95% of the information is garbage. To get ahead in this new environment, having focus is critical. You have to set your mind on a vision and pursue it – despite all the setbacks that are guaranteed to come. A financial plan consists of actions that must be performed

Worldwide Education for Accountants

February 21, 2016

Globalization in general is the idea we are moving away from self-contained countries into a more integrated world. The business aspect of globalization is that instead of operating in just one country, business will obtain their resources and product from multiple countries. Accountants have come to realize the implication of this matter in various ways. When studying at a university, professors can only teach and know so much. Now that more and more accounting firms are expanding and becoming international, it is important to teach the ramifications of how this will affect learning. There is not just one form of accounting. For example, there are GAAP, FASB, and IFRS rules, which are all different. Creating a unified system would not only benefit accounting students, but be easier on the professors. I believe it is important to unify an accounting system and to emphasize why various accounting rules are becoming less important in today’s economy.

Accounting is a broad topic that requires analyzation and regulation of taxing authorities, financial markets, and lending institutions along with other types of entities. While evaluating these different types of entities, it is important to consider how it affects them internationally. For example, a company that has buildings in various countries must consider global operations and interactions. Sadly, one type of management system might not be productive in all locations, one reward structure may not be as motivating in one location versus another, and/or allocation of overhead could be immensely different depending where the location is. Accountants are seen as being a part of management. Accounting students take a wide-variety of the same courses as some of the best MBAs, the only difference being the stronger focus in accounting courses, strategy, and analysis. If accounting students are going to assist management in making critical decisions within the global marketplace, they too must become global.

The thought of international accounting standards is nothing remarkably new. The standardization would make financial statements more comparable to one another and decrease costs associated with financing businesses, which would end up promoting economic growth. The inefficiency of GAAP (Generally Accepted Accounting Principles) has resulted in the creation of IFRS (International Financial Reporting Standards). More and more organizations have been adopting IFRS because GAAP is less relevant to the global economy. Even with all the modifications in place, it has not developed quick enough to completely accommodate today’s fast-paced business world. This is problematic for American education because primarily GAAP is taught in the accounting curriculum. Unfortunately, this gives other countries an advantage because it better prepares their workforce to be knowledgeable in international relations. Because IFRS is becoming more globally accepted than GAAP, American accountant’s knowledge is going to slowly become meaningless. Foreign education systems focus on IFRS, meaning those students will eventually dominate the industry. To remain relevant and competitive in the field, Americans need to have the knowledge and skills about IFRS. American accountants need to be aware of different cultures, economies, and need to learn how concepts are practiced in other regions.

As IFRS is growing, there are multiple ways this will change the business curriculum taught in universities across the nation. Currently, there is not any foreign language requirement at my university for the business program. There will need to be some type of language requirement if we are being taught an international principle of accounting. All American textbooks will have to be rewritten to reflect IFRS and not GAAP. Professors will be required to attend an abundance of training to learn the new standards to property education students. Many of the professors at universities have been in the profession and/or teaching for an extensive amount of time. The change may potentially could hinder their work ability to accurately teach and learn the material. In short-term, the adaption of the process might be challenging, but in the long-run the switch will be worth it because it will create a constancy for all cultures to efficiently communicate.

In Search of Quality Education

February 21, 2016

Similar to defence personnel, teachers too should be highly disciplined. For many teachers the teaching job is just a routine employment avenue. They should understand that it is the process of the development of human resources. Hence, they need to be more determined. The training process for the teachers should also teach managerial skills and thus improve the quality of teachers training. The faculty members should also realise that they are contributing for social and economic development of the nations of the world.

During vacations, the employers of the educational institutions should conduct teachers professional development programmes. The developmental programmes should also include work shops, seminars, research oriented discussions, productive teachers improvement programmes, etc.

There were some reports that politicians do involve in the appointments at the higher levels. In such cases, the quality of education cannot be ensured.

Principals and heads of the educational institutions should be ideal, leaders, skillful, punctual, bold, role models, able to assess and guide the teachers well, know various methods to extract quality work from the teachers. To ensure this, they need to be independent.

The heads of institutions should also learn professional methods to solve the complaints received from parents and students. They should be skillful, efficient, and effective. They need to work for the over all development of students and teachers.

The government officials who are involved in the inspection process need to be strict, non-corrupt, and professional.

Governments, managements, heads of institutions, teachers, parents, students, non-teaching staff, etc should work hard to reach the goals of education.

Some educated parents are unhappy about their children’s progress. Most of the uneducated parents do not know what’s going on in the educational institutions. Many parents are busy with their own work. Hence, some children try to cheat their own parents!.

Some private educational institutions seem to be concerned about the perks of the teachers rather than employing highly qualified, experienced teachers. In other words, they are willing to ensure more profits for them.

Travelling To Australia……?

February 15, 2016

In Australia you’ll find beautiful scenery and you’ll find a wonderful mix of ancient Aboriginal culture and modern European and Oriental influence.

The climate in Australia is fantastic and if you’re looking for outstanding and exciting travel opportunities, then Australia is a place you simply must visit.

 

There is just so much to do and see here that if you’re travelling to Australia for your Australian vacation you’ll never have enough time to see it all.

In places like Uluru, ( Ayers Rock to all those who don’t speak the language), which is a great big rock right in the middle of the Australian outback, you can see ancient aboriginal rock art, painted by the local people hundreds (or perhaps even thousands ) of years ago.

Maybe you might even purchase some of the local art to take with you as a reminder of the best holiday of your life…

As you travel you’ll find that Australia has wonderful beaches, probably the best in the world in my humble opinion, on which to idle away lazy days, and stark outback (otherwise known as “the bush”) to explore in Queensland.

The climate is superb; Australians don’t call Queensland “The Sunshine State” without good reason.

New South Wales, or “The Premier State” as they like to be known, is the business capital of Australia (although those who live in Melbourne would probably dispute that).

The weather here is generally a little milder than in Queensland, but they do have their days…..

Western Australia. is a vast open space.

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