My first encounter with Professor Akintola Owolabi, our Corporate Finance Accounting (CFA) professor, was delightful. I came into the first CFA virtual class thinking about and overburdened by the seriousness of it. You see, my background is in English Literature and I have always been a lover of the arts. So, what was I thinking applying for an MBA, yeah? Oh well! That is story for another blog post. Now, it was critically important for me that my MBA courses were facilitated by professors who appreciated the difference in backgrounds and could break down knowledge in granular forms. And Prof. Akintola Owolabi did not disappoint.
As it happens, I easily gravitate towards people with vivacious personalities, who somehow find a way to churn out the humour in serious situations. They have a skilful way of bringing the balance to life. Whoever coined the phrase “All work and no play makes Jack a dull boy” was not lying at all. Prof. Akintola’s facilitation method calmed my anxious nerves as I navigated the new concepts inherent in financial accounting. He introduced the accounting formula in the first class. “Assets equals Liabilities plus Owners Equity. Now let me write this in a formula so you can understand.” He said and then proceeded to write on a whiteboard via zoom.
Assets = Liabilities + Owners’ Equity
“I beg you, please pay attention to this formula as it is pivotal to all we will be discussing during this course.” He added. And he was right. Everything else from that day forward has been hinged on this seemingly straightforward formula. However, things suddenly took a different turn for me when he introduced the word “balanced”. In financial accounting, assets must always equal liabilities plus owners’ equity to achieve a balanced account. Otherwise, adjustments would need to occur to achieve this. I began to step into murky waters when adjustments were introduced (laugh out loud) but we have enough blog posts to reflect on how I am navigating this.
These two words, balance and adjustments, have stayed with me beyond the CFA class. Besides, I have been plagued with constantly trying to find the balance in everything especially because it always seems so elusive and impossible to attain in human spheres. It is much easier to pick a side than to find the balance. I do agree that there are situations that are either black or white. But during the class, I realized that it is important to look at each situation holistically to determine whether the issue requires you to find the balance or just pick a side. You can have a full-time job and maintain a great family life. You do not have to give up one for the other as the narrative suggests. We are told there is always an “opportunity cost” to these things. But, how about we just find the balance?
Again, to do this we must make adjustments. To achieve balance, you must understand the importance of constantly making the right adjustments. As a wife and mum, what adjustments do I need to make to my job to ensure I can spend quality time with my family? Conversely, what adjustments do I need to make at home to ensure I excel at work? With my MBA under way, what adjustments do I undertake to make out time for study, lectures, work, and my family? It appears daunting, does it not? It does. The key is to keep making the necessary adjustments until you find your balance. Consequently, the difference between a balanced account and an unbalanced one is making the right adjustments. Learn to apply this principle to your own life and know peace.
Superpower Unlocked!