Managing Money

How good are you at managing your business's finances?

Benjamin Franklin learned early in life that incentive iseverything in managing money. Specifically, he learned that you arenever as careful when managing other people's money as you arewhen managing your own. During some of his early travels, hereceived a sizable sum of money from an acquaintance of one of hisbrothers. As recipient, Franklin was charged with safeguarding themoney until it was called for by his brother's friend.Following the receipt of the money, Franklin unwisely chose to usesome of the funds to finish financing his trip back toPhiladelphia.

Worse yet, Franklin allowed a friend of his to use some of themoney. This particular friend had a drinking problem and returnedoften for more money, always promising to pay the money back soon.Ultimately, the relationship between the two friends went sour.Franklin's friend departed for Barbados with a promise to repayafter he received money from his new employment, but Franklin neverheard from him again. Franklin later classified this mismanagementof funds as the first great mistake of his life. Fortunately forFranklin, his brother's friend did not call for the money forseveral years, giving Franklin ample time to replenish thefunds.

Excerpted from Ben Franklin's 12 Rules of Management

Editor's Pick

The Dark Side of Pay Transparency — And What to Do If You Find Out You're Being Underpaid
Thinking of a Career Change? Here Are 4 Steps You Can Take to Get There.
A Founder Who Bootstrapped Her Jewelry Business With Just $1,000 Now Sees 7-Figure Revenue Because She Knew Something About Her Customers Nobody Else Did
Everything You Need to Know About Franchise Law
Business News

Book Thief Evades Prison Time and Will Pay $88,000 in Restitution

Filippo Bernardini pleaded guilty to stealing more than 1,000 unpublished manuscripts in an elaborate phishing scheme.

Employee Experience & Recruiting

Job Listing 101: Online Hiring Basics

A job listing is often the first interaction job seekers have with your company. Your business can ace online hiring by creating an effective job listing that attracts qualified candidates.

Business News

'A Serious Concern': Journalist Paints a Harrowing Picture of What's to Come With Twitter Blue After Her Account Is Cloned

Jacquelyn Melinek alleged that a Twitter account posing to be her copied all of her information — then blocked her.