assignments finance definition

• Introduction to Financial Accounting

(4 reviews)

David Annand, Athabasca University

Henry Dauderis

Copyright Year: 2017

Last Update: 2021

Publisher: Lyryx

Language: English

Formats Available

Conditions of use.

Learn more about reviews.

Reviewed by Katheryn Zielinski, Assistant Professor, Minnesota State University Mankato on 6/14/23

The text reading follows typical financial accounting flow. Beginning with the foundational introduction to what accounting is through the full accounting cycle, while including financial statement analysis towards the end of the book. Students... read more

Comprehensiveness rating: 5 see less

The text reading follows typical financial accounting flow. Beginning with the foundational introduction to what accounting is through the full accounting cycle, while including financial statement analysis towards the end of the book. Students will find the format helpful; the voice is student-friendly. There is online homework help for students. Instructors will find the text format friendly to semester-long class as concepts broken down into 13 chapters. The chapters explain the learning outcomes, use examples to express concepts, with chapter summary at end. The topics included are consistent with intro accounting courses.

Content Accuracy rating: 5

No issues noticed with accuracy. The text includes accurate financial accounting information.

Relevance/Longevity rating: 5

For an introductory accounting class with focus on US the concepts covered are typical.

Clarity rating: 5

The content is presented in a student friendly manner. Answers are provided. The extra information is helpful for students wanting extra practice.

Consistency rating: 5

The format and layout of the book chapters are consistent. All users will quickly understand the format as it is applied the same to each chapter. This helps provide consistency for students learning introductory accounting.

Modularity rating: 5

The content within the chapters can be broken-down and assigned as instructor plans for the course length. The manner is which the material is presented flows easily as reading.

Organization/Structure/Flow rating: 5

The text organization is consistent and coherent. Each chapter is presented in same manner.

Interface rating: 5

No observed tech issues. PDF downloaded and used with ease.

Grammatical Errors rating: 5

No grammar or language issues.

Cultural Relevance rating: 5

No cultural insensitive or offensive context noted.

This is a student friendly text. However, students might find a glossary helpful, as well as an index.

Reviewed by Lawrence Overlan, Part-time Professor, Bunker Hill Community College on 6/4/20

I appreciate how the Statement of Cash Flows has a separate chapter towards the end of the book. Might be better to wait until that chapter instead of also discussing it in Chapter One.....lots of material for opening week.... read more

Comprehensiveness rating: 4 see less

I appreciate how the Statement of Cash Flows has a separate chapter towards the end of the book. Might be better to wait until that chapter instead of also discussing it in Chapter One.....lots of material for opening week....

I sampled several problems...all correct.

Hard to make accounting obsolete. All the required material is present.

Problems are presented clearly and with good font size. Excellent color schemes and graphics.

Yes....no problems detected in this area. Very straightforward.

Chapters contain the right amount of content. Not too long with out breakup diagrams or examples etc.

Standard flow of chapters with excellent subdivisions.

To the contrary, the graphics and flow charts break up the material very nicely.

No issues noticed in this area.

Nice work! I will definitely consider adopting.

Reviewed by Patty Goedl, Associate Professor, University of Cincinnati Clermont College on 3/27/18

The text covers all of the topics normally found in an introductory financial accounting (principles of accounting I) text. The table of contents essentially mirrors the table of contents found in the leading texts in this field. I like that... read more

The text covers all of the topics normally found in an introductory financial accounting (principles of accounting I) text. The table of contents essentially mirrors the table of contents found in the leading texts in this field. I like that this text also covers the classified balance sheet, financial disclosures and partnerships.

Content is error-free, accurate, and unbiased.

Relevance/Longevity rating: 4

The content is up-to-date. Introductory accounting does not change often so future updates should be minimal. The authors used the year 2015 in most of the problem and examples. This might make the text "seem" out-of-date in a few years.

The book is clear and concise. The topics are clearly explained and the technical terminology is appropriate for an introductory level.

The writing, style, and formatting are consistent throughout this text.

The text is divided into topical chapters, which is appropriate considering that the concepts build on each other. The chapters are further subdivided into sub-topics. This makes it easy for an instructor to pick which sub-topics to cover.

Excellent organization and flow. The concepts logically build upon each other and the material is presented in a clear fashion.

The HTML interface is excellent. The book has good graphics, end of chapter content, and even video examples.

I did not notice grammatical errors.

The text is not culturally insensitive or offensive in any way

Excellent book that is comparable to any of the leading financial accounting titles. The authors even provide end of chapter problems, videos, and interactive Excel problems for students. Overall, a great resource! I commend the authors for making something of this caliber freely available.

Reviewed by Margarita Maria Lenk, Associate Professor, Colorado State University on 1/7/16

The content of this textbook matches the content and organization of most introductory financial accounting textbooks. It is written by Canadian authors, but is relevant to US students. The text begins by explaining the role of financial... read more

The content of this textbook matches the content and organization of most introductory financial accounting textbooks. It is written by Canadian authors, but is relevant to US students. The text begins by explaining the role of financial accounting in society, and then describes the underlying structure of double entry accounting systems and the process of recording economic events that impact the value of the organization through the journals and the ledger. The records of these events are then summarized into the primary financial statements. The numeric subtotals and totals on these statements are used to calculate standard financial measures and ratios used to evaluate the organization's performance. The text's organization then proceeds sequentially through the balance sheet accounts, explaining in more detail how the accounting for each category of economic value is recorded and reported. The author's decision to move the most complex content to the end of the book matches how most faculty choose to organize their coverage of these topics.

My reviewed resulted in highest marks regarding accuracy. The only possible concern I would mention here is that the authors use a commonly used technique in chapter two which sometimes leads to students misunderstanding that revenues and expenses are not part of owners' equity until the revenues and expenses are closed at year end to retained earnings. It is my preference to teach introductory students that revenues and expenses are distinct and separate from equity, and then explain that revenues and expenses ultimately get closed to equity. So, this is not an inaccuracy by the authors, just a point that some instructors may want to know before adopting the textbook.

It is my opinion that the content of this textbook will be relevant and current for at least a decade. Any changes made to accounting principles, Canadian or International, will be very easy and straightforward to update.

It is my opinion that the clarity of this text is very high. The authors are succinct and use visuals often to highlight the theoretical structures.

This test is very consistent with the framework that is set up by the authors in the beginning of the text.

The textbook is very clearly divided into separable modules, making it easy for both students to read and for instructors to choose which modules to include in their course.

The content of this textbook matches the content and organization of most introductory financial accounting textbooks. It begins by explaining the role of financial accounting in society, and then describes the underlying structure of double entry accounting systems and the process of recording economic events that impact the value of the organization through the journals and the ledger. The records of these events are then summarized into the primary financial statements. The numeric subtotals and totals on these statements are used to calculate standard financial measures and ratios used to evaluate the organization's performance. The text's organization then proceeds sequentially through the balance sheet accounts, explaining in more detail how the accounting for each category of economic value is recorded and reported. The author's decision to move the most complex content to the end of the book matches how most faculty choose to organize their coverage of these topics.

The online text worked perfectly in my Chrome browser. The end of chapter exercises and problems are perfectly formatted on the screen. All assessment materials (quizzes, exams, etc.) are located on a different site that requires registration to have access.

I found the grammar to be very clear, concise and very effective. Because the book is written by Canadians, expenses are sometimes referred to as revenue expenditures, which does not match how US textbooks refer to expenses, but is perhaps a better learning tool, as the expenses are always recorded in the period in which they match the revenue generation, so I support the authors' choices regarding how they refer to the difference between assets (capital expenditures) and expenses (revenue expenditures).

The textbook adequately refers to the international accounting standards. That is the only cultural relevance which is relevant to introductory financial accounting.

I found this textbook and its exercises to be a useful teaching and learning tool. Instructors and students have access to pre-made PowerPoint slides, exercises and problems, and there is the option to enrol in an online service for online assessments, which seem to have student feedback capabilities in addition to assessment gathering capabilities.

Table of Contents

• The Accounting Process
• Financial Accounting and Adjusting Entries
• The Classified Balance Sheet and Related Disclosures
• Accounting for the Sale of Goods
• Assigning Costs to Merchandise
• Cash and Receivables
• Long-lived Assets
• Debt Financing: Current and Long-term Liabilities
• Equity Financing
• The Statement of Cash Flows
• Financial Statement Analysis
• Proprietorships and Partnerships

Ancillary Material

About the book.

This textbook is an adaptation by Athabasca University of the original text written by D. Annand and H. Dauderis. It is intended for use in entry-level college and university courses in financial accounting. A corporate approach is utilized consistently throughout the book.

The adapted textbook includes multiple ancillary student and instructor resources. Student aids include solutions to all end-of-chapter questions and problems, and randomly-generated spreadsheet problems that cover key concepts of each chapter. These provide unlimited practice and feedback for students. Instructor aids include an exam bank, lecture slides, and a comprehensive end-of-term case assignment. This requires students to prepare 18 different year-end adjusting entries and all four types of financial statements, and to calculate and analyze 16 different financial statement ratios. Unique versions can be created for any number of individual students or groups. Tailored solutions are provided for instructors.

The original Annand/Dauderis version of the textbook including .docx files and ancillary material remains available upon request to D. Annand ([email protected]).

About the Contributors

David Annand, EdD, MBA, CA, is a Professor of Accounting in the Faculty of Business at Athabasca University. His research interests include the educational applications of computer-based instruction and computer mediated communications to distance learning, the effects of online learning on the organization of distance-based universities, and the experiences of instructors in graduate-level computer conferences.

David completed his Doctorate in Education in 1998. His thesis deals with the experiences of instructors in graduate-level computer conferences.

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The transfer of property, or of a right or interest in property, by one person to another to be used for the recipient's own benefit, for the benefit of creditors or to be held in trust. This is commonly used in the context of an assignor that assigns their right to receive funds from a third party to be given to another party (the assignee) to which the assignor owes money. It is used in debt collection and contractual obligations to ensure that the third party gets paid using a potential source of funds to be issued to the assignee.

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Assignment.

Assignment occurs when someone who has written, or sold, a listed option receives a notice that the option has been exercised and he or she must fulfill the terms of the contract by buying the underlying instrument if the option was a put or selling the underlying instrument if the option was a call.

Making the assignment is a two-step process. When an option listed on a US exchange is exercised, the Options Clearing Corporation (OCC) notifies a member broker-dealer firm with clients who have sold options in that series that one of those clients must meet the obligation to buy or sell. The firm, in turn, selects an individual client following its particular methodology, such as chronological order of sale or random choice.

As the writer of an in-the-money option, you should expect assignment, unless you close out your position with an offsetting contract. However, there is no guarantee that you will realize a profit or avoid a loss.

Assignment also means transferring property you own, such as stock and real estate, to someone else by using the document that's appropriate to the type of property. Similarly, property of a financially troubled entity can be assigned, or transferred, to a creditor and sold to offset losses.

The transfer of ownership, rights, or interests in property by one person, the assignor, to another, the assignee.

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Table of Contents

Assignment: definition in finance, how it works, and examples.

What is an assignment?

In the financial sector, the term “assignment” most frequently refers to one of two definitions:

• Giving up a person’s rights or property to another individual or company. This idea is present in several commercial transactions and is frequently set explicitly in contracts.
• Assignment in trading happens when an option contract is exercised. When a contract is exercised, the duty to fulfill the terms of the agreement is transferred to the option writer.

Assignment of Property Rights

When property rights and liabilities related to an asset, property, contract, etc., are transferred to another entity by a written agreement, the term “assignment” is used. As an illustration, a payee transfers the authority to collect note payments to a bank. An owner of a trademark may gift, sell, or otherwise dispose of their interest in the mark. When homeowners sell their homes, they transfer the deed to the prospective buyer.

An assignment needs parties having the legal ability, consideration, consent, and legal object to be effective.

A wage assignment is the automated withholding of money from an employee’s paycheck to make them pay a debt. Courts give wage assignments for those past due on payments for a child or spousal support, taxes, debts, or other obligations. If someone has a history of not paying their debts, money is automatically withheld from their paycheck without permission. For instance, a wage assignment would take money from a borrower’s salary and send it to the lender if they were behind on their $100 monthly loan payments. Assignments of wages are useful in repaying long-term obligations.

A mortgage assignment is a different example. In exchange for payments, a mortgage deed grants a lender an interest in a mortgaged property. Lenders frequently sell mortgages to other lenders and other third parties. A mortgage assignment paperwork explains the contract’s assignment, gives the borrower instructions on how to make future mortgage payments, and may also modify the loan’s conditions.

A lease assignment is the last case in point. This helps a tenant who is moving and wants to break their lease early or a landlord who needs rent money to cover their debts. The prior tenant is liberated from such obligations after the new tenant signs the lease, taking over responsibility for rent payments and other obligations. In a different lease assignment, a landlord consents to pay a creditor by assigning the rent owed under leases for rental properties. If the landlord fails to make loan payments or declares bankruptcy, the agreement will be used to reimburse the mortgage lender. The lender would subsequently receive payment for any rental revenue.

Assignment of Options

When buyers elect to exercise their right to buy (or sell) shares at a specific strike price, options may be assigned. Only when an option holder chooses to exercise their right to purchase shares does the matching seller of the option become known, not when a buyer begins an option transaction. As a result, an automatic lottery matches an option seller with available positions with the exercising buyer. The buyer’s rights are subsequently allocated to the randomly chosen seller. An assignment of an option is what this is.

Once the option is assigned, the writer (seller) is obligated to buy (in the case of a put option) or sell (in the case of a call option) the specified number of shares of stock at the agreed-upon price (the striking price). For instance, the writer would have to sell the stock if they sold calls, known as “having the stock called away.” When purchasing a put, the option buyer creates a short-sold position by selling stock (puts stock shares) to the writer.

Consider a trader with 100 call options with a $10 per share strike price on the shares of company ABC. The stock is trading at $30, and ABC will soon distribute dividends. As a result, the trader exercises the options early and gets paid $10 for 10,000 shares of ABC. The short call, the opposing side of the long call, is given the contract simultaneously and is required to deliver the shares to the long.

• A transfer of rights or property from one party to another is called an assignment.
• When option purchasers exercise their rights to a stake in a securities, options assignments occur.
• Wages, mortgages, and leases are more instances of assignments.

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Assign Definition

Published: October 9, 2023

Discover the meaning of assign in finance and how it impacts financial transactions. Explore its significance and implications in the world of finance.

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The Ultimate Guide to Financial Planning and Money Management

Welcome to our Finance category! Whether you are just starting your financial journey or looking to enhance your money management skills, this blog post will serve as your ultimate guide to financial planning and money management. From budgeting to saving, investing, and beyond, we’ve got you covered.

Key Takeaways:

• Financial planning is crucial for achieving your short-term and long-term financial goals.
• Effective money management involves budgeting, tracking expenses, saving, and investing wisely.

Financial planning plays a critical role in everyone’s life. It empowers you to take control of your financial future and make informed decisions. Whether you want to save for retirement, buy a house, or simply build an emergency fund, having a solid financial plan is the key. Here are some essential steps to get you started on your financial planning journey:

1. Set SMART Financial Goals

Clearly define your financial objectives by setting SMART goals.

• S pecific: Be specific about what you want to achieve. For example, instead of saying “I want to save more money,” specify a concrete amount like “I want to save $5,000 in the next 12 months.”
• M easurable: Establish criteria to measure your progress towards your goal. This can be done by tracking your income, savings, or investments regularly.
• A ttainable: Ensure that your goals are realistic and achievable within your current financial situation.
• R elevant: Align your financial goals with your overall life objectives and aspirations.
• T ime-Bound: Set a specific timeframe to accomplish your goals, giving yourself a deadline to work towards.

2. Create a Budget

A budget is the foundation of effective money management. It helps you understand your income, expenses, and helps you allocate your funds towards different financial priorities. Here’s how you can create a budget:

• Determine your income: Calculate your total monthly income, including salary, freelance earnings, and any other sources of income.
• List your expenses: Make a comprehensive list of all your monthly expenses. Categorize them into essential (rent, utilities, groceries) and non-essential (entertainment, dining out).
• Analyze and adjust: Compare your income and expenses. If your expenses exceed your income, look for areas where you can cut back or reduce unnecessary spending.
• Set savings and debt repayment goals: Allocate a portion of your income towards savings and debt repayment. Automate this process by setting up regular transfers to separate accounts.
• Monitor and adjust: Regularly track your expenses and adjust your budget as needed. This will ensure you stay on track towards your financial goals.

3. Build an Emergency Fund

An emergency fund acts as a financial safety net, allowing you to handle unexpected expenses without derailing your financial progress. Aim to save at least three to six months’ worth of living expenses in a separate savings account. This will provide you with peace of mind and protection against unforeseen circumstances like job loss, medical emergencies, or major repairs.

4. Minimize and Manage Debt

Debt can weigh you down and hinder your financial progress. Create a plan to minimize and manage your debt effectively:

• Identify your debt: Make a list of all your debts, including outstanding balances, interest rates, and minimum monthly payments.
• Develop a debt repayment strategy: Prioritize your debts based on interest rates and pay off high-interest debt first. Consider debt consolidation or balance transfer options to streamline your payments.
• Track your progress: Monitor your debt repayment journey and celebrate each milestone along the way.
• Avoid new debt: Minimize the temptation to take on new debt by practicing mindful spending and sticking to your budget.

5. Invest Wisely

Investing is an essential part of wealth accumulation and long-term financial planning. Here are a few investment tips to get you started:

• Define your investment goals: Determine your time horizon, risk tolerance, and financial objectives before selecting investment opportunities.
• Diversify your portfolio: Spread your investments across multiple asset classes (stocks, bonds, real estate) to reduce risk.
• Consider professional advice: Consult with a financial advisor or planner to help you make informed investment decisions.
• Regularly review and rebalance: Monitor your investment performance and adjust your portfolio periodically to maintain your desired asset allocation.

Financial planning and money management are ongoing processes. It requires regular review, adjustment, and discipline to stay on track. By following these steps and continuously educating yourself about personal finance, you can take control of your financial future and work towards achieving your dreams. Start today, because every small step counts when it comes to building a strong financial foundation.

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Assignment - Financial definition

Financial acronyms

The entire acronym collection of this site is now also available offline with this new app for iPhone and iPad.

  Concise definition of the term assignment

An assignment is the receipt of an exercise notice by an option writer that obligates him to sell (in the case of a call) or purchase (in the case of a put) the underlying security at the specified strike price.

  Additional information related to this definition

Definitions of related terms,   browse the financial glossary in alpabetical order.

Course Resources

Assignments.

The assignments in this course are openly licensed, and are available as-is, or can be modified to suit your students’ needs. Answer keys are available to faculty who adopt Lumen Learning courses with paid support. This approach helps us protect the academic integrity of these materials by ensuring they are shared only with authorized and institution-affiliated faculty and staff.

If you import this course into your learning management system (Blackboard, Canvas, etc.), the assignments will automatically be loaded into the assignment tool.

You can view them below or throughout the course.

• Module 0: Personal Accounting— Assignment: Creating a Budget
• Module 1: The Role of Accounting in Business— Assignment: Lopez Consulting
• Module 2: Accounting Principles— Assignment: Accounting Principles
• Module 3: Recording Business Transactions— Assignment: Recording Business Transactions
• Module 4: Completing the Accounting Cycle— Assignment: Completing the Accounting Cycle
• Module 5: Accounting for Cash— Assignment: Accounting for Cash
• Module 6: Receivables and Revenue— Assignment: Manilow Aging Analysis
• Module 7: Merchandising Operations— Assignment: Merchandising Operations
• Module 8: Inventory Valuation Methods— Assignment: Inventory Valuation Methods
• Module 9: Property, Plant, and Equipment— Assignment: Property, Plant, and Equipment
• Module 10: Other Assets— Assignment: Other Current and Noncurrent Assets
• Module 11: Current Liabilities— Assignment: Calculating Payroll at Kipley Co
• Module 12: Non-Current Liabilities— Assignment: Non-Current Liabilities
• Module 13: Accounting for Corporations— Assignment: Collins Mfg Stockholders’ Equity
• Module 14: Statement of Cash Flows— Assignment: Kachina Sports Company Cash Flows
• Module 15: Financial Statement Analysis— Assignment: Coca Cola FSA

Discussions

The following discussion assignments will also be preloaded (into the discussion-board tool) in your learning management system if you import the course. They can be used as is, modified, or removed. You can view them below or throughout the course.

• Module 0: Personal Accounting— Discussion: Winning the Lottery
• Module 1: The Role of Accounting in Business— Discussion: The Crafty Coffee Crook
• Module 2: Accounting Principles— Discussion: SoftSheets
• Module 3: Recording Business Transactions— Discussion: Baker’s Breakfast Bars
• Module 4: Completing the Accounting Cycle— Discussion: Closing the Books in QuickBooks
• Module 5: Accounting for Cash— Discussion: Counter Culture Cafe
• Module 6: Receivables and Revenue— Discussion: Maximizing Revenue
• Module 7: Merchandising Operations— Discussion: Inventory Controls
• Module 8: Inventory Valuation Methods— Discussion: LIFO, FIFO, Specific Identification, and Weighted Average
• Module 9: Property, Plant, and Equipment— Discussion: Cooking the Books
• Module 10: Other Assets— Discussion: Other Assets
• Module 11: Current Liabilities— Discussion: Current Liabilities
• Module 12: Non-Current Liabilities— Discussion: Off-Balance Sheet Financing
• Module 13: Accounting for Corporations— Discussion: Home Depot
• Module 14: Statement of Cash Flows— Discussion: Facebook, Inc.
• Module 15: Financial Statement Analysis— Discussion: Financial Statement Analysis

Alternative Excel-Based Assignments

For Modules 3–15, additional excel-based assignments are available below.

Module 3: Recording Business Transactions

• Module 3 Excel Assignment A
• Module 3 Excel Assignment B

Module 4: The Accounting Cycle

• Module 4 Excel Assignment A
• Module 4 Excel Assignment B
• Module 4 Excel Assignment C
• Module 4 Excel Assignment D

Module 5: Accounting for Cash

• Module 5 Excel Assignment

Module 6: Receivables and Revenue

• Module 6 Excel Assignment A
• Module 6 Excel Assignment B

Module 7: Merchandising Operations

• Module 7 Excel Assignment

Module 8: Inventory Valuation Methods

• Module 8 Excel Assignment A
• Module 8 Excel Assignment B
• Module 8 Excel Assignment C

Module 9: Property, Plant, and Equipment

• Module 9 Excel Assignment A
• Module 9 Excel Assignment B

Module 10: Other Assets

• Module 10 Excel Assignment

Module 11: Current Liabilities

• Module 11 Excel Assignment

Module 12: Non-Current Liabilities

• Module 12 Excel Assignment A
• Module 12 Excel Assignment B

Module 13: Accounting for Corporations

• Module 13 Excel Assignment A
• Module 13 Excel Assignment B
• Module 13 Excel Assignment C

Module 14: Statement of Cash Flows

• Module 14 Excel Assignment A
• Module 14 Excel Assignment B

Module 15: Financial Statement Analysis

• Module 15 Excel Assignment

Review Problems

There are also three unit review assignments and a final review. These reviews include a document which sets up the problems and an excel worksheet.

Unit 1 Review Problem (After Module 6)

• Review Problem Document

Unit 2 Review Problem (After Module 8)

Unit 3 review problem (after module 9), final review (after module 15).

• Assignments. Authored by : Cindy Moore and Joe Cooke. Provided by : Lumen Learning. License : CC BY: Attribution

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Definition of assignment

task , duty , job , chore , stint , assignment mean a piece of work to be done.

task implies work imposed by a person in authority or an employer or by circumstance.

duty implies an obligation to perform or responsibility for performance.

job applies to a piece of work voluntarily performed; it may sometimes suggest difficulty or importance.

chore implies a minor routine activity necessary for maintaining a household or farm.

stint implies a carefully allotted or measured quantity of assigned work or service.

assignment implies a definite limited task assigned by one in authority.

Examples of assignment in a Sentence

These examples are programmatically compiled from various online sources to illustrate current usage of the word 'assignment.' Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback about these examples.

Word History

see assign entry 1

14th century, in the meaning defined at sense 1

Phrases Containing assignment

• self - assignment

Dictionary Entries Near assignment

Cite this entry.

“Assignment.” Merriam-Webster.com Dictionary , Merriam-Webster, https://www.merriam-webster.com/dictionary/assignment. Accessed 19 May. 2024.

Legal Definition

Legal definition of assignment, more from merriam-webster on assignment.

Nglish: Translation of assignment for Spanish Speakers

Britannica English: Translation of assignment for Arabic Speakers

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What Is a Wage Assignment?

How wage assignment works.

• Why Are Wage Assignments Voluntary?

Wage Garnishment

The bottom line.

• Credit & Debt
• Debt Management

Wage Assignment: What It Means, How It Works

Wage assignment is the act of taking money directly from an employee's paycheck in order to pay back a debt obligation. Such an automatic withholding plan may be used to pay back a variety of debt obligations, including back taxes, defaulted student loan debt, and both child and spousal support payments.

Key Takeaways

• A wage assignment takes funds directly from an employee's paycheck to pay back a debt.
• How wage assignments are regulated varies by state, with some states even allowing for voluntary child support agreements.
• A wage garnishment is an involuntary deduction and requires a court order.

Wage assignments are typically incurred for debts that have gone unpaid for a prolonged period of time. Employees may sometimes opt for a voluntary wage assignment to pay for things like union dues or to contribute to a retirement fund.

A wage assignment is processed as part of an employer's payroll procedure. The employee's paycheck is decreased by the amount of the assignment and noted on their pay stub.

A wage assignment is often a lender's last resort to receive repayment from a borrower who has previously failed to pay a debt obligation.

Wage assignments are a valuable tool for collecting unpaid debts, but unfortunately, they may be associated with abusive lending practices . If you're struggling with your debt, one of the best debt relief companies or credit counseling agencies may be able to help you get back on track before a wage assignment is incurred.

What Makes Wage Assignments Voluntary?

In a voluntary wage assignment, a worker essentially asks their employer to withhold a portion of their paycheck and send it to a creditor to pay off a debt. Loan agreements may sometimes include a voluntary wage assignment clause in their terms should the borrower default on their loan.

Payday lenders often include voluntary wage assignments into their loan agreements to better their chances of being repaid. Laws regarding wage assignments vary by state.

For example, in West Virginia, wage assignments are capped at 25% of a worker's take-home earnings, the employee and the employer must sign the agreement, and agreements must be renewed annually. Under Illinois law, a lender cannot resort to wage assignment until a debt is 40 days in default. The wage assignment cannot continue for more than three years, and the worker can stop the wage assignment at any time.

Involuntary wage deductions, known as wage garnishments , require a court order and are most likely to be employed to collect spousal and child support payments that have been ordered by a court. Wage garnishments may also be used to collect unpaid court fines or student loans that have been defaulted on.

Several states allow individuals to sign up for voluntary child support agreements. In such a case, both parents must agree to a plan. Once that happens, a voluntary wage assignment may begin. If a child support or welfare agency is involved, they would have to approve any plan.

How Long Can I Have a Wage Assignment?

Since wage assignments are voluntary, the length of time that you use one can vary. Some loans include a wage assignment agreement, so you'll have to check the language of your loan to determine your obligation. Each state also has its own regulations regarding wage assignments.

How Much of My Income Can Go to Wage Assignments?

Every state has its own regulations, but typically 15–25% of your disposable income can be designated for wage assignments.

Is Wage Garnishment the Same as Wage Assignment?

While they are similar, wage garnishment and assignment are not the same. Wage garnishment is an involuntary paycheck deduction, typically ordered to repay child support, student loans, tax debt, or bankruptcy. A wage assignment is voluntary and may be used to repay a consumer debt.

Wage assignments may be a useful tool to help you pay down a debt. Wage assignments are voluntary but they may be hidden in the fine print of some loan products, so read everything carefully before signing. Check the regulations in your state to determine if your wage assignment is revocable.

West Virginia Division of Labor. " Wage Payment and Collection (WPC) Act: Payroll Deductions and Wage Assignments ," Page 3.

Illinois General Assembly. " (740 ILCS 170/) Illinois Wage Assignment Act ."

U.S. Department of Labor. " Fact Sheet #30: The Federal Wage Garnishment Law, Consumer Credit Protection Act's Title III (CCPA) ."

Illinois Legal Aid. " Understanding Wage Assignment ."

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The Ultimate Guide to Writing Assignments on Corporate Finance

Writing an assignment on corporate finance necessitates a thorough knowledge of the subject and strong communication abilities. This manual will give you step-by-step instructions to help you create a well-structured and educational assignment, whether you're a finance student or a professional looking to increase your knowledge. This blog post will cover a variety of topics related to writing a corporate finance assignment successfully , such as research, organization, and presentation. You can effectively analyze financial statements and make wise investment decisions if you are aware of corporate finance's role and goals. We will examine the use of primary and secondary sources, financial databases, and real-world examples because thorough research is crucial. Your finance assignment must be properly organized, with an introduction that establishes the context, a body that covers the major topics, and a conclusion that highlights the most important ideas and suggests areas for additional research. To ensure a polished and expert assignment, we will also offer formatting, citation, and presentational advice. You will be prepared to write an engaging corporate finance assignment with the advice given in this blog post.

Understanding Corporate Finance

It is crucial to gain a thorough understanding of corporate finance before starting the assignment writing process. The foundational ideas and principles that form the cornerstone of this specialized field of study are clarified in this section, which also serves as an introduction and overview. Understanding these essential components will help you create a solid foundation for your assignment. A wide range of important subjects are covered by corporate finance, such as capital budgeting, financial analysis, and its function within organizations. If you have a solid grasp of these fundamental ideas, you can approach your assignment with confidence and clarity, ensuring that your insights and analysis are based on a solid knowledge of corporate finance principles. Spend some time learning about and understanding the foundational ideas of corporate finance because they will be the foundation for your assignment.

1.1 Role of Corporate Finance

We will examine the function of corporate finance in an organization in this subsection. To manage a company's financial operations and ensure its long-term success, corporate finance is essential. Maximizing shareholder value, selecting wise investments, controlling risk, and maximizing capital structure are the main goals of corporate finance. Corporate finance seeks to increase the wealth of the company's owners, who are typically shareholders, by maximizing shareholder value. This entails making financial choices that boost the company's overall value and produce favorable returns on investment.

1.2 Financial Analysis

A fundamental component of corporate finance is financial analysis. Assessing a company's financial performance and health entails looking at and interpreting financial statements like balance sheets, income statements, and cash flow statements. Financial analysts can evaluate a company's profitability, liquidity, solvency, and efficiency by examining these statements. Financial metrics and ratios like return on investment (ROI), earnings per share (EPS), and liquidity ratios are frequently used to evaluate a company's financial health and compare it to industry benchmarks. Making decisions about resource allocation, investment strategies, and risk management is made possible by financial analysis, which enables decision-makers to pinpoint the organization's areas of strength and weakness.

1.3 Capital Budgeting

Making investment choices to allocate capital to projects and initiatives that create long-term value for the company is a crucial step in the capital budgeting process of corporate finance. It entails assessing different investment opportunities and choosing those that have the best chance of producing a profit. Several techniques, including net present value (NPV), internal rate of return (IRR), and payback period, are frequently used in capital budgeting. By contrasting the present value of anticipated cash flows with the initial investment, NPV evaluates an investment's profitability. The IRR determines the rate of return at which an investment's net present value is equal to zero. The payback period establishes the amount of time that an investment needs to take to recoup its initial cost. To ensure the most effective use of resources and alignment with the company's strategic goals, consideration must be given to variables like expected returns, risk, timeframes, and potential synergies.

Researching Your Assignment

Thorough and efficient research is essential to producing an engaging corporate finance assignment. You can use this section as a reference as you conduct your research and compile the data you need for your assignment. For gaining a thorough understanding of the subject matter and providing your arguments with reliable evidence, conducting in-depth research is essential. It entails using both primary and secondary sources, including academic journals, business filings, financial reports, and reliable websites. The breadth and applicability of your assignment can also be increased by utilizing financial databases, including real-world examples, case studies, and other relevant information. If you adhere to the advice given in this section, you will have everything you need to start a fruitful research project, resulting in a well-informed assignment, backed up by evidence, and offers a thorough analysis of the corporate finance topics you are researching.

2.1 Primary and Secondary Sources

For conducting thorough research, it is crucial to recognize the differences between primary and secondary sources. Financial reports, corporate filings, and interviews are examples of primary sources that offer firsthand information. Utilizing primary sources entails getting information directly from the source by visiting official websites or databases. Secondary sources provide analysis and interpretation of primary sources, such as scholarly journals, books, and reliable websites. They offer a wider context as well as professional judgment. It's crucial to evaluate secondary sources' veracity and applicability before using them.

2.2 Using Financial Databases

Access to financial data, industry reports, and analyst opinions is available through financial databases like Bloomberg, Thomson Reuters, or FactSet. Understanding the search options and data categories in these databases is necessary for navigating them. They offer thorough company profiles, industry analysis, real-time and historical financial data, and professional insights. Your research will be more thorough and of higher quality if you use financial databases.

2.3 Case Studies and Real-world Examples

Case studies and examples from the real world give your assignment depth, relevance, and utility. It's crucial to locate and examine pertinent cases that relate to your subject. Describe the case's history, major problems, and conclusions. Apply corporate finance theories to financial analysis. Make associations between the case study and more general ideas. Be sure to properly cite your sources to maintain academic integrity. You illustrate the usefulness of corporate finance concepts through the use of case studies and real-world examples.

Structuring Your Assignment

Your assignment's structure is extremely important to effectively communicate your ideas in a logical and organized manner. The suggested structure for your corporate finance assignment is outlined in this section. An introduction, body, and conclusion are the typical components of a well-structured assignment. The introduction provides background information and outlines the goals of your assignment. The body is composed of several thoughtfully constructed paragraphs that explore the main issues and supporting evidence. Each paragraph should build on the one before it and flow naturally. The conclusion summarises the main ideas covered and provides suggestions for additional research. Additionally, ensuring proper formatting, distinct headings, and subheadings improves your assignment's readability and coherence. Following the format described in this section will help you effectively arrange and present your ideas so that your readers can understand the main ideas of your corporate finance assignment.

3.1 Introduction

Setting the scene and drawing the reader in are two important tasks that the introduction section of your assignment performs. It should briefly describe the main aims or objectives of your assignment and discuss the significance of corporate finance. To manage business operations and make wise financial decisions, it is critical to understand corporate finance principles. Give the reader a clear roadmap of the topics you will cover in your assignment by providing a succinct overview of them.

In the body of your assignment, you present your arguments, analysis, and supporting data while delving into the topic at hand. It should be organized with several concise paragraphs, each of which should concentrate on a different corporate finance topic. Each paragraph should begin with a topic sentence that clearly states the main idea. Your arguments should be supported by pertinent data, examples, and evidence. Organize your paragraphs coherently, with seamless transitions between ideas, to ensure a logical flow. This will make it easier for the reader to follow your reasoning and see how various concepts and theories relate to one another.

3.3 Conclusion

The conclusion, which is the last part of your assignment, should give a succinct summary of the important ideas raised throughout. Recap the key conclusions and points made in the assignment's body. Put a focus on their importance and consequences in the context of corporate finance. Additionally, highlight the potential directions for future research in the field and provide insights into potential areas for additional analysis or research. Make sure your conclusion effectively concludes your assignment by restating your main thesis and leaving the reader with a positive impression. Finish with a compelling conclusion that highlights the significance of the subjects covered and gives your assignment a sense of closure.

Presenting Your Assignment

Your assignment's presentation is essential to effectively expressing your ideas to the reader. The formatting, citation, and general presentation advice in this section will help your corporate finance assignment make a stronger impression. Consistent margins, font size, line spacing, and citation style are all part of proper formatting standards that guarantee a polished and professional appearance. Correct citations and referencing give your work credibility by acknowledging the sources you used. It's crucial to adhere to established citation formats like APA, MLA, or Chicago. Additionally, your assignment's overall presentation, which includes distinct headings, subheadings, and a logical flow of ideas, ensures coherence and makes it easier for the reader to understand. You can improve the presentation of your assignment by following the suggestions in this section, making it visually appealing, well-organized, and simple to follow. This will increase the overall impact of your corporate finance work.

4.1 Formatting Guidelines

You must adhere to the formatting requirements outlined in this section by your educational institution. Typically, these guidelines specify the margins, font size, line spacing, and citation style. Following these instructions makes sure that your assignment looks polished and professional. Keep an eye on your headings, subheadings, and numbering to keep your assignment's structure clear and well-organized. The readability of your work is improved by consistency in formatting, which also shows that you pay attention to detail and are committed to professionally conveying your ideas.

4.2 Citations and Referencing

Academic integrity requires that you cite all of the sources you used in your assignment. Give due credit to the original authors and support the veracity of your arguments with precise citations and references. Use the citation format recommended by your educational institution, such as APA, MLA, or Chicago. Give instructions on how to cite sources in-text, including how to do so correctly for direct quotes, paraphrased information, and borrowed ideas. Discuss the value of creating an exhaustive reference list that contains every source cited in your assignment. Emphasize the importance of accurately citing your sources to prevent plagiarism and to give readers access to the cited works for additional research or confirmation.

In conclusion, working on a corporate finance assignment requires taking a systematic approach and doing a lot of research. You will be able to create a well-structured and informative assignment by following the detailed instructions provided in this manual. It is essential to understand the foundational ideas of corporate finance, conduct extensive research, and communicate your findings clearly and concisely. You can develop your abilities and become an expert at creating compelling assignments on corporate finance by working diligently and consistently. Remember that comprehension of the subject, thorough research, and effective communication of your insights are all crucial. Be steadfast and let your enthusiasm for the subject come through as you set out to master the art of writing corporate finance assignments. You will undoubtedly succeed in this area of academic or professional pursuit with patience and persistence.

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Assignment Definition

Investing Strategy , Jargon, Legal, Terminology, Title

Table of Contents

• What Is an Assignment?
• What is an Assignment in Real Estate?
• What Does it Mean to Assign a Contract in Real Estate?
• How Does a Contract Assignment Work?
• Pros and Cons of Assigning Contracts

REtipster does not provide legal advice. The information in this article can be impacted by many unique variables. Always consult with a qualified legal professional before taking action.

An assignment or assignment of contract is a way to profit from a real estate transaction without becoming the owner of the property.

The assignment method is a standard tool in a real estate wholesaler’s kit and lowers the barrier to entry for a real estate investor because it does not require the wholesaler to use much (or any) of their own money to profit from a deal.

Contract assignment is a common wholesaling strategy where the seller and the wholesaler (acting as a middleman in this case) sign an agreement giving the wholesaler the sole right to buy a property at a specified price, within a certain period of time.

The wholesaler then finds another buyer and assigns the contract to him or her. The wholesaler isn’t selling the property to the end buyer because the wholesaler never takes title to the property during the process. The wholesaler is simply selling the contract, which gives the end buyer the right to buy the property in accordance with the original purchase agreement.

In doing this, the wholesaler can earn an assignment fee for putting the deal together.

Some states require a real estate wholesaler to be a licensed real estate agent, and the assignment strategy can’t be used for HUD homes and REOs.

The process for assigning a contract follows some common steps. In summary, it looks like this:

• Find the right property.
• Get a purchase agreement signed.
• Find an end buyer.
• Assign the contract.
• Close the transaction and collect your assignment fee.

We describe each step in the process below.

1. Find the Right Property

This is where the heavy lifting happens—investors use many different marketing tactics to find leads and identify properties that work with their investing strategy. Typically, for wholesaling to work, a wholesaler needs a motivated seller who wants to unload the property as soon as possible. That sense of urgency works to the wholesaler’s advantage in negotiating a price that will attract buyers and cover their assignment fee.

RELATED: What is “Driving for Dollars” and How Does It Work?

2. Get a Purchase Agreement Signed

Once a motivated seller has agreed to sell their property at a discounted price, they will sign a purchase agreement with the wholesaler. The purchase agreement needs to contain specific, clear language that allows the wholesaler (for example, you) to assign their rights in the agreement to a third party.

Note that most standard purchase agreements do not include this language by default. If you plan to assign this contract, make sure this language is included. You can consult an attorney to cover the correct verbiage in a way that the seller understands it.

RELATED: Wholesaling Made Simple! A Comprehensive Guide to Assigning Contracts

This can’t be stressed enough: It’s extremely important for a wholesaler to communicate with their seller about their intent to assign the contract. Many sellers are not familiar with the assignment process, so if the role of the buyer is going to change along the way, the seller needs to be aware of this on or before they sign the original purchase agreement.

3. Find an End Buyer

This is the other half of a wholesaler’s job—marketing to find buyers. Once they find an end buyer, the wholesaler can assign the contract to the new party and work with the original seller and the end buyer to schedule a closing date.

4. Assign the Contract

Assigning the contract works through a simple assignment agreement. This agreement allows the end buyer to step into the wholesaler’s shoes as the buyer in the original contract.

In other words, this document “replaces” the wholesaler with the new end buyer.

Most assignment contracts include language for a nonrefundable deposit from the end buyer, which protects the wholesaler if the buyer backs out. While you can download assignment contract templates online, most experts recommend having an attorney review your contracts. The assignment wording has to be precise and comply with applicable local laws to protect you from issues down the road.

5. Close the Transaction and Collect the Assignment Fee

Finally, you will receive your assignment fee (or wholesale fee) when the end buyer closes the deal.

The assignment fee is often the difference between the original purchase price (the price that the seller agreed with the wholesaler) and the end buyer’s purchase price (the price the wholesaler agreed with the end buyer), but it can also be a percentage of it or even a flat amount.

According to UpCounsel, most contract assignments are done for about $5,000, although depending on the property and the market, it could be higher or lower.

IMPORTANT: the end buyer will see precisely how much the assignment fee is. This is because they must sign two documents that show the original price and the assignment fee: the closing statement and the assignment agreement, respectively, to close the transaction.

In many cases, if the assignment fee is a reasonable amount relative to the purchase price, most buyers won’t take any issue with the wholesaler taking their fee—after all, the wholesaler made the deal happen, and it’s compensation for their efforts. However, if the assignment fee is too big (such as the wholesaler taking $20,000 from an original purchase price of $10,000, while the end buyer buys it for $50,000), it may ruffle some feathers and lead to uncomfortable questions.

In these instances where the wholesaler has a substantially higher profit margin, a wholesaler can instead do a double closing . In a double closing, the wholesaler closes two separate deals (one with the seller and another with the buyer) on the same day, but the seller and buyer cannot see the numbers and overall profit margin the wholesaler makes between the two transactions. This makes a double closing a much safer way to conclude a transaction.

Assigning contracts is a way to lower the barrier to entry for many new real estate investors; because they don’t need to put up their own money to buy a property or assume any risk in financing a deal.

The wholesaler isn’t part of the title chain, which streamlines the process and avoids the hassle of closing two times. Compared to the double-close strategy, assignment contracts require less paperwork and are usually less costly (because there is only one closing occurring, rather than two separate transactions).

On the downside, the wholesaler has to sell the property as-is, because they don’t own it at any point and they cannot make repairs or renovations to make the property look more attractive to a potential buyer. Financing may be much more difficult for the end buyer because many mortgage lenders won’t work with assigned contracts. Purchase Agreements also have expiration dates, which means the wholesaler has a limited window of time to find an end buyer and get the deal done.

Being successful with assignment contracts usually comes down to excellent marketing, networking, and communication between all parties involved. It’s all about developing strategies to find the right properties and having a solid network of investors you can assign them to quickly.

It’s also critical to be aware of any applicable laws in the jurisdiction where the wholesaler is working and holding any licenses required for these kinds of real estate transactions.

Related terms

Double closing, wholesaling (real estate wholesaling), transactional funding.

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Wage Assignments and Garnishments: What Finance Leaders Need to Know

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Wage assignments and garnishments practices: Here are three things finance leaders must internally audit.

Wage assignments and wage garnishments are not the same. Each reflects a different process subject to different applicable laws. While there is always potential for a DOL Wage and Hour Division audit, financial leaders should internally audit their own processes to ensure compliance and efficiency while minimizing stress and anxiety for the employer and the employee. Here are three things to consider when conducting those audits.

1. Compliance

Wage assignments and wage garnishments differ in many ways. In fact, a wage assignment is not a garnishment. A wage assignment is a voluntary agreement between the employee and creditor where an amount is withheld from the employee's paycheck to satisfy a debt owed to a third-party recipient, whereas under a wage garnishment, the amount withheld from the employee's check is typically obtained through a court order initiated by the creditor.

Adding to the compliance challenge, there are several different types of wage garnishments, often with differing rules for each. For example, child support, bankruptcy and student loans are all types of wage garnishments. Wage garnishments for child support obligations are substantially governed by state law, which varies state to state, whereas garnishments for a bankruptcy plan are governed by federal law and garnishments for student loan debts are governed by either state or federal law, depending on the financing.

2. Efficiency

Businesses must be able to confirm when wage garnishments are initiated, when they cease and when more than one applies and in what order. This is what can make these withholdings complex — and messy. By having trackable systems in place, efficiency can be achievable.

3. Minimizing Stress and Anxiety

According to Workforce , wage garnishments can affect employee morale. Having wages withheld from paychecks may be a negative employee experience, especially when the employer has to get involved. For employers that are preparing audit-ready workplaces, these organizations face their own stress by potentially facing liability for noncompliance with respect to wage garnishment withholdings.

Having prudent processes in place may not only help with compliance and efficiency for the employer, but can also help alleviate stress for both the employee and the employer.

Learn about the ADP SmartCompliance® Wage Garnishment Module .

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Artificial intelligence in strategy

Can machines automate strategy development? The short answer is no. However, there are numerous aspects of strategists’ work where AI and advanced analytics tools can already bring enormous value. Yuval Atsmon is a senior partner who leads the new McKinsey Center for Strategy Innovation, which studies ways new technologies can augment the timeless principles of strategy. In this episode of the Inside the Strategy Room podcast, he explains how artificial intelligence is already transforming strategy and what’s on the horizon. This is an edited transcript of the discussion. For more conversations on the strategy issues that matter, follow the series on your preferred podcast platform .

Joanna Pachner: What does artificial intelligence mean in the context of strategy?

Yuval Atsmon: When people talk about artificial intelligence, they include everything to do with analytics, automation, and data analysis. Marvin Minsky, the pioneer of artificial intelligence research in the 1960s, talked about AI as a “suitcase word”—a term into which you can stuff whatever you want—and that still seems to be the case. We are comfortable with that because we think companies should use all the capabilities of more traditional analysis while increasing automation in strategy that can free up management or analyst time and, gradually, introducing tools that can augment human thinking.

Joanna Pachner: AI has been embraced by many business functions, but strategy seems to be largely immune to its charms. Why do you think that is?

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Yuval Atsmon: You’re right about the limited adoption. Only 7 percent of respondents to our survey about the use of AI say they use it in strategy or even financial planning, whereas in areas like marketing, supply chain, and service operations, it’s 25 or 30 percent. One reason adoption is lagging is that strategy is one of the most integrative conceptual practices. When executives think about strategy automation, many are looking too far ahead—at AI capabilities that would decide, in place of the business leader, what the right strategy is. They are missing opportunities to use AI in the building blocks of strategy that could significantly improve outcomes.

I like to use the analogy to virtual assistants. Many of us use Alexa or Siri but very few people use these tools to do more than dictate a text message or shut off the lights. We don’t feel comfortable with the technology’s ability to understand the context in more sophisticated applications. AI in strategy is similar: it’s hard for AI to know everything an executive knows, but it can help executives with certain tasks.

When executives think about strategy automation, many are looking too far ahead—at AI deciding the right strategy. They are missing opportunities to use AI in the building blocks of strategy.

Joanna Pachner: What kind of tasks can AI help strategists execute today?

Yuval Atsmon: We talk about six stages of AI development. The earliest is simple analytics, which we refer to as descriptive intelligence. Companies use dashboards for competitive analysis or to study performance in different parts of the business that are automatically updated. Some have interactive capabilities for refinement and testing.

The second level is diagnostic intelligence, which is the ability to look backward at the business and understand root causes and drivers of performance. The level after that is predictive intelligence: being able to anticipate certain scenarios or options and the value of things in the future based on momentum from the past as well as signals picked in the market. Both diagnostics and prediction are areas that AI can greatly improve today. The tools can augment executives’ analysis and become areas where you develop capabilities. For example, on diagnostic intelligence, you can organize your portfolio into segments to understand granularly where performance is coming from and do it in a much more continuous way than analysts could. You can try 20 different ways in an hour versus deploying one hundred analysts to tackle the problem.

Predictive AI is both more difficult and more risky. Executives shouldn’t fully rely on predictive AI, but it provides another systematic viewpoint in the room. Because strategic decisions have significant consequences, a key consideration is to use AI transparently in the sense of understanding why it is making a certain prediction and what extrapolations it is making from which information. You can then assess if you trust the prediction or not. You can even use AI to track the evolution of the assumptions for that prediction.

Those are the levels available today. The next three levels will take time to develop. There are some early examples of AI advising actions for executives’ consideration that would be value-creating based on the analysis. From there, you go to delegating certain decision authority to AI, with constraints and supervision. Eventually, there is the point where fully autonomous AI analyzes and decides with no human interaction.

Because strategic decisions have significant consequences, you need to understand why AI is making a certain prediction and what extrapolations it’s making from which information.

Joanna Pachner: What kind of businesses or industries could gain the greatest benefits from embracing AI at its current level of sophistication?

Yuval Atsmon: Every business probably has some opportunity to use AI more than it does today. The first thing to look at is the availability of data. Do you have performance data that can be organized in a systematic way? Companies that have deep data on their portfolios down to business line, SKU, inventory, and raw ingredients have the biggest opportunities to use machines to gain granular insights that humans could not.

Companies whose strategies rely on a few big decisions with limited data would get less from AI. Likewise, those facing a lot of volatility and vulnerability to external events would benefit less than companies with controlled and systematic portfolios, although they could deploy AI to better predict those external events and identify what they can and cannot control.

Third, the velocity of decisions matters. Most companies develop strategies every three to five years, which then become annual budgets. If you think about strategy in that way, the role of AI is relatively limited other than potentially accelerating analyses that are inputs into the strategy. However, some companies regularly revisit big decisions they made based on assumptions about the world that may have since changed, affecting the projected ROI of initiatives. Such shifts would affect how you deploy talent and executive time, how you spend money and focus sales efforts, and AI can be valuable in guiding that. The value of AI is even bigger when you can make decisions close to the time of deploying resources, because AI can signal that your previous assumptions have changed from when you made your plan.

Joanna Pachner: Can you provide any examples of companies employing AI to address specific strategic challenges?

Yuval Atsmon: Some of the most innovative users of AI, not coincidentally, are AI- and digital-native companies. Some of these companies have seen massive benefits from AI and have increased its usage in other areas of the business. One mobility player adjusts its financial planning based on pricing patterns it observes in the market. Its business has relatively high flexibility to demand but less so to supply, so the company uses AI to continuously signal back when pricing dynamics are trending in a way that would affect profitability or where demand is rising. This allows the company to quickly react to create more capacity because its profitability is highly sensitive to keeping demand and supply in equilibrium.

Joanna Pachner: Given how quickly things change today, doesn’t AI seem to be more a tactical than a strategic tool, providing time-sensitive input on isolated elements of strategy?

Yuval Atsmon: It’s interesting that you make the distinction between strategic and tactical. Of course, every decision can be broken down into smaller ones, and where AI can be affordably used in strategy today is for building blocks of the strategy. It might feel tactical, but it can make a massive difference. One of the world’s leading investment firms, for example, has started to use AI to scan for certain patterns rather than scanning individual companies directly. AI looks for consumer mobile usage that suggests a company’s technology is catching on quickly, giving the firm an opportunity to invest in that company before others do. That created a significant strategic edge for them, even though the tool itself may be relatively tactical.

Joanna Pachner: McKinsey has written a lot about cognitive biases  and social dynamics that can skew decision making. Can AI help with these challenges?

Yuval Atsmon: When we talk to executives about using AI in strategy development, the first reaction we get is, “Those are really big decisions; what if AI gets them wrong?” The first answer is that humans also get them wrong—a lot. [Amos] Tversky, [Daniel] Kahneman, and others have proven that some of those errors are systemic, observable, and predictable. The first thing AI can do is spot situations likely to give rise to biases. For example, imagine that AI is listening in on a strategy session where the CEO proposes something and everyone says “Aye” without debate and discussion. AI could inform the room, “We might have a sunflower bias here,” which could trigger more conversation and remind the CEO that it’s in their own interest to encourage some devil’s advocacy.

We also often see confirmation bias, where people focus their analysis on proving the wisdom of what they already want to do, as opposed to looking for a fact-based reality. Just having AI perform a default analysis that doesn’t aim to satisfy the boss is useful, and the team can then try to understand why that is different than the management hypothesis, triggering a much richer debate.

In terms of social dynamics, agency problems can create conflicts of interest. Every business unit [BU] leader thinks that their BU should get the most resources and will deliver the most value, or at least they feel they should advocate for their business. AI provides a neutral way based on systematic data to manage those debates. It’s also useful for executives with decision authority, since we all know that short-term pressures and the need to make the quarterly and annual numbers lead people to make different decisions on the 31st of December than they do on January 1st or October 1st. Like the story of Ulysses and the sirens, you can use AI to remind you that you wanted something different three months earlier. The CEO still decides; AI can just provide that extra nudge.

Joanna Pachner: It’s like you have Spock next to you, who is dispassionate and purely analytical.

Yuval Atsmon: That is not a bad analogy—for Star Trek fans anyway.

Joanna Pachner: Do you have a favorite application of AI in strategy?

Yuval Atsmon: I have worked a lot on resource allocation, and one of the challenges, which we call the hockey stick phenomenon, is that executives are always overly optimistic about what will happen. They know that resource allocation will inevitably be defined by what you believe about the future, not necessarily by past performance. AI can provide an objective prediction of performance starting from a default momentum case: based on everything that happened in the past and some indicators about the future, what is the forecast of performance if we do nothing? This is before we say, “But I will hire these people and develop this new product and improve my marketing”— things that every executive thinks will help them overdeliver relative to the past. The neutral momentum case, which AI can calculate in a cold, Spock-like manner, can change the dynamics of the resource allocation discussion. It’s a form of predictive intelligence accessible today and while it’s not meant to be definitive, it provides a basis for better decisions.

Joanna Pachner: Do you see access to technology talent as one of the obstacles to the adoption of AI in strategy, especially at large companies?

Yuval Atsmon: I would make a distinction. If you mean machine-learning and data science talent or software engineers who build the digital tools, they are definitely not easy to get. However, companies can increasingly use platforms that provide access to AI tools and require less from individual companies. Also, this domain of strategy is exciting—it’s cutting-edge, so it’s probably easier to get technology talent for that than it might be for manufacturing work.

The bigger challenge, ironically, is finding strategists or people with business expertise to contribute to the effort. You will not solve strategy problems with AI without the involvement of people who understand the customer experience and what you are trying to achieve. Those who know best, like senior executives, don’t have time to be product managers for the AI team. An even bigger constraint is that, in some cases, you are asking people to get involved in an initiative that may make their jobs less important. There could be plenty of opportunities for incorpo­rating AI into existing jobs, but it’s something companies need to reflect on. The best approach may be to create a digital factory where a different team tests and builds AI applications, with oversight from senior stakeholders.

The big challenge is finding strategists to contribute to the AI effort. You are asking people to get involved in an initiative that may make their jobs less important.

Joanna Pachner: Do you think this worry about job security and the potential that AI will automate strategy is realistic?

Yuval Atsmon: The question of whether AI will replace human judgment and put humanity out of its job is a big one that I would leave for other experts.

The pertinent question is shorter-term automation. Because of its complexity, strategy would be one of the later domains to be affected by automation, but we are seeing it in many other domains. However, the trend for more than two hundred years has been that automation creates new jobs, although ones requiring different skills. That doesn’t take away the fear some people have of a machine exposing their mistakes or doing their job better than they do it.

Joanna Pachner: We recently published an article about strategic courage in an age of volatility  that talked about three types of edge business leaders need to develop. One of them is an edge in insights. Do you think AI has a role to play in furnishing a proprietary insight edge?

Yuval Atsmon: One of the challenges most strategists face is the overwhelming complexity of the world we operate in—the number of unknowns, the information overload. At one level, it may seem that AI will provide another layer of complexity. In reality, it can be a sharp knife that cuts through some of the clutter. The question to ask is, Can AI simplify my life by giving me sharper, more timely insights more easily?

Joanna Pachner: You have been working in strategy for a long time. What sparked your interest in exploring this intersection of strategy and new technology?

Yuval Atsmon: I have always been intrigued by things at the boundaries of what seems possible. Science fiction writer Arthur C. Clarke’s second law is that to discover the limits of the possible, you have to venture a little past them into the impossible, and I find that particularly alluring in this arena.

AI in strategy is in very nascent stages but could be very consequential for companies and for the profession. For a top executive, strategic decisions are the biggest way to influence the business, other than maybe building the top team, and it is amazing how little technology is leveraged in that process today. It’s conceivable that competitive advantage will increasingly rest in having executives who know how to apply AI well. In some domains, like investment, that is already happening, and the difference in returns can be staggering. I find helping companies be part of that evolution very exciting.

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How to Build Generational Wealth

To build generational wealth, prioritize savings, build an emergency fund and develop an estate plan.

Building Generational Wealth

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Since your children or grandchildren may not use your assets for decades, you need to create a forward-looking investing plan that accounts for economic factors such as inflation.

Key Takeaways

• The goal behind amassing generational wealth is to take care of your children and grandchildren.
• Having an estate plan – including a will and powers of attorney – ensures that your assets will get distributed the way you want after you pass away.
• Creating and sustaining generational wealth is no small task, but there are steps you can take right now to get started.

Generational wealth is the preservation and transfer of assets from one generation to the next. Providing your children or grandchildren with even a small financial safety net as they become adults may make it easier for them to achieve milestones, including going to college or purchasing a house.

“The goal behind amassing generational wealth is to take care of your children and grandchildren to make sure they have a better life than you have,” says Kelly LaVigne, senior director advanced markets at Allianz Life. “That provides a real comfort.”

Creating and sustaining generational wealth is no small task, but taking the following steps can help:

Talk About Money With Your Children

It’s important to make sure your children know and understand the money decisions that you’re making over time.

Communicating your money values to your kids can help them understand why you’re focused on generational wealth and help them build the skills to protect that wealth when they become its owners.

“The best savers out there are the ones who, from a young age, had parents who made sure that every time they made money, they committed to putting some of it into a savings account,” says Ron Tallou, founder and owner of Tallou Financial Services in Troy, Michigan.

Build an Emergency Fund

Having at least three months’ worth of expenses in a liquid account will give you more flexibility if an unexpected expense arises or you lose your job. By tapping into your emergency fund, you can let your long-term savings continue to grow untouched.

Prioritize Additional Saving

Building enough wealth that it can last across generations requires consistently living below your means (and saving your excess income). Start by maxing out your retirement accounts, then you can move on to investing in outside brokerage accounts and other assets that might gain value over time.

“The most dominant determinant of your success in building generational wealth is not your investment decisions, but your behavioral decisions,” says Michael Tanney, senior managing director of New York-based Magnus Financial Group.

“Behavioral choices are as simple as saving instead of spending and being cognizant of programs that maximize the compounding growth of money, such as a company match on retirement or putting money into a Roth versus a traditional retirement account,” he adds.

Think About the Long Term

Your children or grandchildren may not own or use your assets for many decades. You have to create an investing plan that looks decades into the future and takes into account factors such as inflation, which can erode the value of your assets over time.

Separate your investments into “buckets,” with separate accounts and strategies for the funds you need in the near term versus those that will fund long-term goals, such as those earmarked to help future generations, says Lisa Featherngill, national director of wealth planning at Comerica Bank.

“With long-term money that has a multigenerational focus, you’re not as concerned about liquidity, because you don’t need to access it for spending,” she says. “You can take more risks with the potential for higher returns because you have a longer time frame.”

Have an Estate Plan

Having an estate plan – including a will and powers of attorney – ensures that your assets will get distributed the way you want after you pass away. Estate planning professionals can also help you set up a plan that minimizes the amount of taxes your heirs might owe on their inheritance.

Your estate plan might also include financial vehicles like trusts or life insurance that can further help you make progress toward goals of building generational wealth.

Latinas Building Wealth

Erica Sandberg May 16, 2024

Tags: money , personal finance , personal budgets , wealth

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