Studying Finance and Accounting: Why Bother? – Special Lecture by Philippe Moschetta
On November 29, 2019, Dr. Philippe Moschetta delivered an interesting lecture entitled ‘Studying Finance and Accounting: - Why Bother?’, where he shared insights on retaining knowledge learned in class and applying it to grow personal wealth and the lessons learned from Ultra-High Net-Worth Individuals (UHWI) in managing personal wealth.
Using finance and accounting techniques, he provided participants with tips to consider when receiving advice on wealth management, including checking experience versus expertise for their financial advisers.
Sharing statistics and the concept of the Billionaire map, he highlighted the growing wealth creation in different regions with a strong emphasis on Korea. "There are more billionaires today than 20 years ago and will continue to grow and double in the coming years," he said. He later shared some of the accounting and finance principles relevant for wealth creation and management, including providing relevant and reliable information for decision-making purposes. He emphasized the importance of projecting the financial value and vice versa bringing the future to the present.
He later shared some of the obstacles encountered in wealth creation, growth and management, including behavioral challenges, personal biases (hoarding, loyalty and fear of missing out) and the time needed in creating wealth. He also stressed that we are our own biggest obstacle in wealth creation.
Using prominent examples of wealthy people like Jeff Bezos and Warren Buffet, he shared the importance of building the right partnerships. He concluded the lecture by sharing some key elements in investing money. These included never losing money and ensuring that you don't go into debt.
Mr. Philippe is a Professor of Practice in Finance, Accounting and Risk at the AACSB Bridge program. He has teaching experience in over 10 different countries and is currently the financial advisor to one of the largest businesses in Saudi Arabia. He has wide experience as an Advisory Board member from start-ups to large holding companies.