I was watching a football game that wasn't going well with my brother. We began talking about his future prospects about coding, HTML, a language I don't' understand. His response to a question I had about utilizing the opportunity granted by www.edx.org and code games offered by google was "I don't really get it, however; I feel that if I don't pay for it I will not get the value out of it" our conversation then went to the behavioral economics idea of not accepting value out of advice unless you pay for it. In my explanation of the concept: you want advice? What you got in your wallet? Regardless of what you have in your wallet, I'm happy to help, but until you pay for it, you won't heed my advice; thus, you have a grand in your wallet, hand it over, you have a buck, hand it over, the same advice. These days, you have nothing in your wallet, ok, give me your left sock. I haven't put this into practice, but I do plan on it. I hope that next time someone asks me for advice; I remember the left sock principal, and I'm planning on implementing it! As a matter of fact, maybe I'll even create a left sock wall! Smiles.
Recently, I had an experience that reshaped my understanding of the psychology of money. I took over a property management job where part of my payment came in physical cash, money previously directed to someone else for this task. Most tenants paid digitally or by check, but one unit always paid in cash. Having that "management" fee/ maintenance fee tangible, in my hand, ignited a unique perspective. It wasn’t about the amount, but the form in which it arrived. Sure, I could take a full-time job earning in excess of $10K a month. However, that wouldn’t necessarily change my life as it would only take more of my time, the one resource I can't regenerate. Surprisingly, the extra $1K in cash monthly had a more significant impact, not because it was a windfall, but because it made me more mindful of my earnings. The physicality of cash and the process of earning it manually introduced a sense of value and respect for my work that was somewhat abstract before. This p...
Comments
Post a Comment