If you get people to feel that they are putting something, that they are creating it and so on, their love for the project would increase. The more something is yours, the more you're willing to invest in it.
The things that motivate us are to help other people, to feel that we're useful, to feel that we're getting better, to feel that we are kind of living to our potential, to get a sense of meaning. All of those things are positive.
The real issue is, how much goodwill do you invest in the work? And goodwill is not something that we can buy with money. It's very hard to buy goodwill with money.
In total, by giving people $30 bonus, Intel lost almost 5 percent of productivity. That's a lot. Now, think about it. You give money because you think this would increase motivation. It actually decreases motivation.
I think we could get people to both be more productive and happier. We're less productive as individuals. We're less productive as companies, and we're more miserable.
Motivation, basically getting people to be happy at work, everybody - everybody benefits.
When you get a checking account, you should have a savings account, and the number for the savings account should be one off of your checking account.
When parents have college savings accounts for their kids, their kids show higher social and cognitive performance.
It was shocking to realize how many low-income Americans don't have savings accounts.
Imagine you owe on five credit cards, you owe five debts. So which debt should you pay first? And the answer is very simple: You should pay the one with the highest interest rate first. But that's not what people do.
What people do is they pay the small loans first. Why? Because they enjoy making the number of loans smaller. But of course it is a very ineffective way to pay debt down.
The problem is that people basically dangle debt in front of us. And the cost for the poor of course is much higher than for the wealthy.
The companies that provide debt, what do you think their goal is? Is their goal for you to fully understand the cost of your debt? No. So they're basically creating these approaches to make you feel like it is incredibly cheap or just to think about the cost per day rather the cost per year or cost for a lifetime. So debt is very simple mistake.
A very simple bad decision is to get into debt. And that is very expensive.
Not all debt is bad. From time to time we should get into debt when there's a good reason for that.
When you're in pain, tomorrow doesn't exist - just the pain - and the only thing that you want in the world is for it to go away.
When people are in severe pain, there's an expression, you're a "pain person," and what that means is that nothing else matters.
I don't want to say that the poor are inherently cognitively diminished, but at the end of the day of making difficult, tough decisions, it's very hard to have the energy to think about things with the right mindset.
The problem with opportunity cost is that opportunity cost is divided among many, many things.
For all of us, it's very hard to think about money, and because of that, we need help. In the same way that for all of us, it is hard to eat well, and we need some help. The poor have a particular challenge, which is that their life is actually much more complex - and they're much more complex cognitively.
The idea that you will make the right decision every time is very unlikely.
Money is all about opportunity cost. Every time you spend on something, that's something you can't spend on something else.
What you should do is wait until the end of each month, and then say, "OK, how much money do I have? How much do I need? Let me send the rest to retirement."
The people who need to overcome temptation to the highest degree have the hardest time doing it.
Why would you take money out of your paycheck at the beginning of the month when you don't know how much money you'll need?
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