3 Common Myths about Financial Analysis
Myth #1: “I’m Not Qualified”
The nice thing about money is that it doesn’t care about your background. If you hold a paper bill in your hand, it doesn’t care where you were born, where you went to school, or how much training you’ve had.
All that matters is the decision you make about where to spend (or not spend) that dollar.
If you look at your company’s P&L and discover an urgent problem, do you think your boss will care about your college degree?
Do you need a finance degree to warn your friend that their hot new stock tip is a bad idea?
You don’t need to have the right qualifications or a special diploma to make better decisions about money. It’s about understanding and interpreting the numbers.
Myth #2: “I Don’t Work In The Finance Department”
It’s a myth that you must work in finance to study financial analysis.
Here at XelPlus, my online training company, we attract students from all different professions.
Our ranks are full of:
- Engineers
- Lawyers
- Administrators
- Researchers
- Military personnel
- Software developers
- HR professionals
- Management consultants
The list goes on and on.
And yes, we have the “usual suspects” of accountants, controllers, financial analysts, and CFO’s in our student roster, too.
But what does each of these students have in common? For each of them, understanding finances is critical to their career growth.
It’s hard to think of a profession where you wouldn’t benefit from being more financially savvy.
Myth #3: “There’s Nothing New For Me To Learn”
Be careful because this is a dangerous mindset to adopt. Trust me, I’ve been there before.
After achieving my master’s degree in economics, there were times when I got comfortable. There were times when I stopped pushing myself to learn more. When I failed to explore the unknown.
Each time, I was reminded – often harshly – of how much I have yet to learn. Even though I run an Excel-based YouTube channel with over 2 million subscribers, I still push myself to learn more. Learning never ends.
Maybe you’re reading this message as a seasoned financial pro. You’ve put in the years and already understand more about finance than 99% of the population.
I’m not going to pretend every module in our new course will be a revelation to you. Much of it will be old material you grasped long ago.
But no matter our skillset, isn’t it wise to occasionally go back and review its basics? Isn’t it likely there were one or two things you missed?
Plus, the tools are always getting better. I’m willing to bet we’ve found some nifty Excel tricks you haven’t yet discovered.
Remember, there is always more to learn. And you never know what even a single new insight will unlock.