What are the basics of money management?

Discussion in 'Growing and Managing a Business' started by Justinjude, Dec 12, 2012.

  1. Justinjude

    Justinjude
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    Let's hold a discussion on "Money Management"

    Every entrepreneur must be efficient in managing the various channels of money. He/she needs to verify the paths of accepting payments, guide it through proper cash flow channels and reap the benefits of managing the finances.

    Kindly share your opinions and guidance on this?
     
  2. Jack Simmons

    Jack Simmons
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    Money management in business for me is to know how to monitor every expenses going in and out of a particular business because in that way we can be certain that finances for that business is well taken cared for...
     
  3. aaronsmith2266

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    Its really need to because many people are very poor in money mangement and they do not realize it...
     
  4. ridick

    ridick
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    Safe custody is the first important thing. To handle Cash and currency notes of small denominations.
    To have a record of what they had and how much they have spent. They should know the value of money and how difficult it is to earn.
     
  5. Mark T

    Mark T
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    Proper money management is being money-wise. It is not just about monitoring how your money is used, but also dictating how your money flows. Letting your money work for you than you, working for money. It is not that very easy to accomplish as it needs patience, and passion about using your money and spending it well.
     
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  6. altcom

    altcom
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  7. Fergal

    Fergal
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    altcom I read the "Rich Dad Poor Dad" book some years ago and thought it had a lot of valuable information and lessons. Have you read it yourself, or purchased any of their other offers such as coaching etc?
     
  8. MoneyTrack

    MoneyTrack
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    Money management is SO important in any business. Poor management can absolutely ruin what was a great business idea. It can also keep a struggling business from falling off the rails. My advice is to always seek professionals/coaches for guidance that will provide you honest and trustworthy advice.
     
  9. altcom

    altcom
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    I do collect their books, most impressive with first 2 book, rest of series have lot of overlap information. I try to purchase the 101-102game, but it is not available in Malaysia.
     
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  10. TimB

    TimB
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    Money management at every level is very important for success. For any business there is a proper management for cash flows and a department to go about its operations. I would like to quote my head here "It is easy to earn money, the hard part comes when you have to control expenditures and save money!". So for me best management is the one in which you properly manage your expenditures and save money too.
     
  11. Beth

    Beth
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    As per my personal view,the concept of money management may be termed as the management of financial resources for an individual or business. It is actually a planning and proposed use of financial resources. In a simple way,it is a process of managing money, including investments, budgeting, banking and taxes. And this is also called as the investment management.It can also be referred to as an act of taking decision regarding the income and expenditure, banking arrangements,making investments,and tax payments either for yourself or on behalf of the clients.
     

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