31–40 of 75 posts
Earlier quoted context omitted.
Earn $1000 = $500 after taxes. :)
More like 800, I don't know why people like to exaggerate how much goes to taxes. Median marginal federal tax rate is 15%, which means on average it's less than that.
Earlier quoted context omitted.
Earn $1000 = $500 after taxes. :)
More like 800, I don't know why people like to exaggerate how much goes to taxes. Median marginal federal tax rate is 15%, which means on average it's less than that.
It would be good to include some mental models for attitude towards money. Things I have noticed about myself: No problem paying for something that absolutely needs to be done. E.g. repair a leak in the roof. Replace something. Don't notice money spent on regular monthly payments. E.g. mortgage. Don't notice $1000 spent as 50*$20 but more frightening to spend $1000 at once. Fear of loss when investing is big. It feel…
Earn $1000 = $500 after taxes. :)
Most of these are really good, especially productivity and time estimation. Some I do not agree with (although perhaps the model presented is useful depending on desired outcome). -Efficient market hypothesis: Markets are not fully efficient and the state of the world is not optimal. Thus opportunities exist. It's our job as engineers (and business people/humanitarians/writers/philosophers etc.) to recognize and corr…
Agreed. This model seems akin to prejudice.
Earlier quoted context omitted.
Earn $1000 = $500 after taxes. :)
Depends on the country. In US, it seems that everybody does their taxes and all salaries and income are discussed as "before tax"; in Russia, for example, all taxes and payments for employees are done on employer's side and all salaries and income are usually discussed as "after tax" - people don't even usually know how much are they earning "before tax".
I had to complete a tax return for the first time last year, although it's completely illogical (and I'd budgeted the number so knew what it would be well in advance), it felt more painful paying the ~£_,000 of extra tax I owed than paying the ~£_0,000 of tax that had been automagically deducted from my pay packet.
I appreciate the planning fallacy. I usually do this implicitly but I just changed an expected timeline on a JIRA epic from 80 hours to 160 days after reading this.
Watch out - there is a reverse bias, Parkinson's law, that work expands so as to fill the time available for its completion. This is why Elon Musk sets absurd deadlines he rarely can meet, to resist the expansion of make-work and administrative bloat which consumes longer-timed tasks.
It would be good to include some mental models for attitude towards money. Things I have noticed about myself: No problem paying for something that absolutely needs to be done. E.g. repair a leak in the roof. Replace something. Don't notice money spent on regular monthly payments. E.g. mortgage. Don't notice $1000 spent as 50*$20 but more frightening to spend $1000 at once. Fear of loss when investing is big. It feel…
Earn $1000 = $500 after taxes. :)
I mean, the way I see (you can add it to the list of mental models), there is a flow of money going through you. Some of the flows you can influence more, some of them less. There is no such thing as "your money". It's really arbitrary where we draw the line.
For example, most people consider money they earned (before taxes) as theirs, while money spent on mortgage/rent as someone's else. In reality, they often have about the same practical ability to influence the amount in both flows.
Earlier quoted context omitted.
Earn $1000 = $500 after taxes. :)
Depends on the country. In US, it seems that everybody does their taxes and all salaries and income are discussed as "before tax"; in Russia, for example, all taxes and payments for employees are done on employer's side and all salaries and income are usually discussed as "after tax" - people don't even usually know how much are they earning "before tax".
For example, working two jobs.