Is the MBA worth it? It depends on many factors like money, time, and whether you are willing to commit.
In 2015, I enrolled in the University of Florida’s online MBA program, all the while working full-time in finance. The degree cost me $ 60,000 and took me two years to complete, but it gave me the confidence to take business risks, improve my decision-making skills, expand my network and even raise my salary.
It also taught me some valuable lessons about business and money:
1. The contract does not have to be complicated
Having a contract for any commerce you do can save you from emotional distress and financial loss. It doesn’t matter if you are with close friends or family. Everything that involves time and chunks of money requires a contract.
Also, the mere act of proposing a contract is a good stress test. If you give a long-standing reason that the other person doesn’t sign, you probably need to move on.
Even short, simple handwriting can go a long way. The most important elements to include are:
- “Offer”: I need to provide something.
- “Compensation”: Something needs to be exchanged (usually money, otherwise it’s a gift or promise, not a contract).
- “accept”: Both parties must agree to the terms and conditions.
- “Interoperability”: Both sides need to agree to the terms and understand that they have signed a contract.
Three key elements of Aristotle’s persuasion learned in the Business Writing and Negotiation classes gave me the tools and methods I needed to sell myself and win people.
- ethos (Ethics): Quote your moral position and credibility.
example: “I’m a wife, a mother, and a taxpayer. I’ve been faithfully serving the school board for 20 years. I deserve your vote. [X].. “
- Pathos (Emotions): Take advantage of the emotional impact of your discussion.
example: “The other person wants to be hurt [X] By [X]..Imagine how frustrating you are [X] It was supposed to happen. “
- logo (Logic): Compose messages using facts such as evidence, analogies, statistics, and even fictitious scenarios.
example: “We don’t have enough money to pay for improvement [X].. And without improvement [X] The system will decline and therefore hinder our economy.Therefore, we need to [X] Make better payments [X].. “
I went to the store many times and saw a row of the same products in different colors, brands and sizes. They all looked like great options, but I felt paralyzed and couldn’t decide.
psychologist Barry Schwartz perfectly captured this experience in his book The Paradox of Choice. He argues that the more options you have, the less likely you are to be dissatisfied or stuck with them later. Totally selected.
The number of options you offer to your customers is very important and can affect your bottom line. Don’t overwhelm them.
4. Time in the market is ahead of the market timing
Our professor quoted the legendary investor Warren Buffett in a 1991 shareholder letter, stating that the stock market acts as a transfer center for money to move from active to patients.
I know, it’s not sexy. But it was also the message of Jack Bogle, the founder of the Vanguard Group, an index fund giant. “Time is your friend. Impulse is your enemy.” Whenever the market fell and anxiety grew, his advice was “stand there, not just do something.” ..
5. How to be a better negotiator
Advanced Negotiations was one of the most difficult classes I took. This was partly due to the conflict between the students, and the result affected their grades.
In one case, I represented a Canadian zoo and wanted to rent a panda from a Chinese zoo. Calculating the cost and duration of a panda visit caused a long standoff between me and my classmates.
But it taught me some things about how to get what I want:
- Statistically, the first person to make an offer in negotiations It tends to work (“fix” the number first). But if you become too greedy, it can bother and hurt you.
- Before we get into negotiations, we do some scenario planning: what are all that can happen? How do you react? What is your walkaway term?
- Touch what benefits others and what you can easily give them. Try to get everything involved in your transaction as a bargain: “I can’t offer that salary, but if you want I can get you to work from home.”
The ideal position is for both parties to leave and feel like they have won a century of trading.
Sean Carnan A writer and former financial analyst. Follow him on Twitter @seanjkernan..
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MBA graduate shares five of the most valuable money lessons from his $ 60,000 business degree
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