All about economic consulting: what it is, how to get a job
Today I want to share a bit about the field of economic consulting. While this site already has a classified listing of jobs in economics, I wanted to highlight economic consulting because it will be of particular interest to readers of this blog. You should be interested because jobs can be ...

How happy are you with your job?
A year ago my friend was disappointed that his annual bonus was "only" 20 percent. This year, he's happily taking his 5 percent annual bonus--it really could have been worse! It's strange how a recession puts things into perspective. Here's a funny graph a friend sent me on that very topic ...

Manage your career like a professional athlete: 4 strategic lessons from LeBron James’ free agency
[Update: Title and text edited to reflect a new idea that hit me unexpectedly] The old rules at work have been rewritten. Company loyalty is vanishing and competition has never been tougher. New rules call for a revised way of thinking, and Stephen M. Pollan and Mark Levine in Die Broke ...

How to negotiate at your job using game theory
My underpaid friend used every trick during salary negotiations to no avail. This year she got the raise she deserved. The trick that finally worked was getting sick. My friend joked the company would only realize her value after she left. By chance, it happened much sooner. My friend became very ...

News flash: We workers want to feel useful, not just appreciated
My friend received a promotion, a raise, and a big fat bonus, but in the end, he still chose to leave the company. His departure offended some older executives who asked questions like "Doesn't this kid realize how good he has it?" The truth is that my friend did appreciate ...

How can you stop free riders and games of chicken? Try changing the game
Here is some advice you can take to the office: if you aren't winning the game you are playing, consider changing the game. If you find yourself yelling at people, please stop and think about why people are acting that way. Just asking people to change is hard. Rational people respond ...

The real meaning of wealth has to do with goals
What do you think about when you hear the word wealth? Really, think about it for a moment and write down a couple things that come to mind. Ok, so I bet most of you conjured up images like Donald Trump, a mansion from MTV Cribs, or Scrooge McDuck swimming in ...

The strategy of limiting options: why less can be more
source: antanask via flickr Consider the following situation: John and Tim are both finishing projects at a consulting company and they are ready to be staffed on new projects. Their skill-sets and work ethics are similar, and both are considered team-players. Though they are comparable employees, their projects have been very ...

A job you hate can be a paid learning opportunity in disguise
This article is cross-posted at Employee Evolution I used to fear calling random people on the phone. It was so bad that I didn't like calling for delivery pizza. It did not affect too much of my daily life until my first summer job where I had to call vendors about ...

Can you stop a jerk without becoming one yourself?
In the discussion that followed my book reaction to The No Asshole Rule, one reader commented that he was implementing a personal "no asshole policy" to remove jerks from his life. I fully support the move, but I have an unresolved question: is it possible to remove assholes from your ...

Book reaction to The No Asshole Rule
I've always felt being friendly gives results than being a jerk. On that note, I enjoyed reading Robert Sutton's book The No Asshole Rule, which argues that businesses can be more successful if they avoid hiring assholes. Sutton defines assholes in the first chapter as people who (1) make a target ...

Motivational tool: paying yourself first
Today, I focus on the method known as "paying yourself first." Chris Johnson at Wisebread explains the principle: The key to increasing your wealth without knowing it, is to take away your money before you even think you have it. This money is not actually being lost, you are simply just ...

Three ways you can value your time for money decisions
I don't know what happened to me at that hypnotherapist and, I don't know, maybe it was just shock and it's wearing off now, but when I saw that fat man keel over and die - Michael, we don't have a lot of time on this earth! --Office Space Every one ...

Understanding opportunity costs
Two roads diverged in a wood, and I--I took the one less traveled by, And that has made all the difference--Robert Frost Opportunity cost is one of the most important concepts. Opportunity cost is the true way to measure the cost of something you are doing. To be specific, let us read ...

Preferences, not money, dictate personal finance
Tell me what you eat, and I will tell you what you are--Brillat-Savarin Preferences are the key to starting your personal finances. I don't think financial websites emphasize this enough. For example, consider the articles "Skip Graduate School" and "Unpaid Internships are a Waste." While these articles make valid points, their ...