Comments on: 10 Economic Truths We Cannot Ignore

By: Carnival of Personal Finance, Cyber Monday 2008 Edition | Mighty Bargain Hunter

Mon, 01 Dec 2008 06:07:12 +0000

[...] Wisdom Journal lays out ten economic truths we cannot ignore. [...]

By: Saturday Reading # 7 « Vik Dulat - Success, Money, Self-Improvement

Saturday Reading # 7 « Vik Dulat - Success, Money, Self-Improvement — Sun, 30 Nov 2008 01:42:08 +0000

[...] The Wisdom Journal – 10 Economic Truths [...]

By: Links For Super-Charged Living - November 29, 2008 | My Super-Charged Life

Links For Super-Charged Living - November 29, 2008 | My Super-Charged Life — Sat, 29 Nov 2008 12:01:29 +0000

[...] Continual LearnerHow to Get Someone or Something, Off Your Mind10 Economic Truths We Cannot Ignore [...]

By: admin

admin — Wed, 26 Nov 2008 03:44:47 +0000

#Mark W.→
Sure. If you offer a bonus to people for hitting certain sales targets on a progressive scale, people will give try to hit those higher and higher targets.

At one firm I used to work, we had three monthly targets: regular, high, and super. We received a bonus on the regular target of 8 percent, the high target of 11 percent and the super target of 15 percent. It caused the employees to really work to hit those targets when the end of the month came along.

In other words, put the carrot out there and people will work to get it!

By: Mark W.

Mark W. — Tue, 25 Nov 2008 14:46:00 +0000

I agree with your ten economic truths and especially liked number 10 with the link to your previous post on results based leadership.
Could you elaborate and give an example for #7 – People Respond to Incentives? I think I understand what you’re saying here but not really sure. Thanks.

By: admin

admin — Tue, 25 Nov 2008 12:56:00 +0000

This same principle applies to selling a car, selling stuff on Ebay, or selling your services as a landscaper, web designer, or freelance writer. Who cares what something appraises for, what it’s insured for, or what YOU think its worth. The market will let you know really quick what its worth.

By: Kacie

Kacie — Tue, 25 Nov 2008 08:13:34 +0000

Yes! I think I agree with you on all points.

It drives me nuts when my dad tells me what he thinks he could get for his house if it was on the market. His figure is a lot higher than I think anyone would pay.

And my father-in-law collects antiques and likes to think he has a valuable stash of goods. Maybe he does. But, unless someone is willing to pay a particular price, it’s just taking up space in his house.

By: Andy Wood

Andy Wood — Tue, 25 Nov 2008 07:24:47 +0000

What? No love for the bureaucrats and politicians? Who will ensure that I get rewards, regardless of the value I add? Who will guarantee me that I don’t have any fluctuations or adverse results, regardless of the wisdom of the choices I make? Don’t we need a safety net from people who are so selfish they want to keep their money?

By: Sara at On Simplicity

Sara at On Simplicity — Tue, 25 Nov 2008 06:48:02 +0000

“Everyone faces trade offs.” Yes! I think it’s empowering to live by this truth. Even if you don’t care for the results, life’s choices are ours to make. That includes the way we spend our time and our money.