Economics is for everyone

RSAeconomics-for-everyone-01

I’m not an Economist…but I did stay at a Holiday Inn Express last night.

Ok, so that one may be lost on many readers, but see the brilliant ad video further down and you may laugh at me, as well as other Economists and other experts!

Meanwhile, today a simple thought:

Economics is for everyone

Let me add to that:

  • Being able to use a spreadsheet – is for everyone
  • Financial literacy for your personal finances –  is for everyone.
  • Being able to read Financial Statements – is for everyone (or at least every leader)

I could go on with many more “is for everyone”, but today let me share from someone far more expert than me on the topic of why this is so, as well as two thoughts of my own around the topic.

First, from me, two thoughts.

Take time to understand the basics of Economics and Finance

First, Economics (and the other topics above) are something everyone should take time to learn and understand so they can both look after themselves and also play an active part in understanding how numbers, money, finance impact our world.

Second, they really aren’t that hard to get a grasp of. Below I do use the thoughts of that Expert to make the point.

It isn’t that difficult

I see so many people who truly have a mental block around money, numbers, finance. It really isn’t that difficult to grasp, honestly.

It particularly amuses me in that so many Executive and Leadership coaches have such blocks, avoiding talking numbers with their clients due to this, even though numbers are a core language of business and organisations that all leaders must speak and be able to share with their coach to help them understand their issues. Want a coach or sounding board? Well, they don’t need decades of experience in business and finance nor a professional qualification in accountancy (cough), but they should at least have expertise as if they stayed at a Holiday Inn Express recently.

Economics is for everyone

Below an RSA Animate talk from Ha-Joon Chang that is eleven minutes of concise wisdom that moves along at a pace and is also entertaining (trust me!). One of my favourite things about living in London is the ability to go and see experts talk, look forward to seeing him speak in a few weeks from now.

Holiday Inn Express

So, I am not an Economist, I’m simply a geek for the topic, reading and listening widely (which, it is to be noted, is something Ha-Joon Change encourages in his talk above as well as espousing regularly.

A few years ago Holiday Inn Express ran a series of brilliant TV ads that always ended with the phrase “I’m not a {insert professional title here}.. but I did stay in a Holiday Inn Express last night”, the inference being that they made a smart choice of hotel that made them smarter.

All in all, embrace Economics, embrace understanding your personal finances, embrace understanding Financial Statements. They truly aren’t that hard.

 

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