7/40 - Give Me A Nickel
Warren Buffett's long-time business partner Charlie Munger once said, "Show me the incentives and I'll show you the outcome." Said another way, people do what they are incentivized to do. Everywhere we look today, there are incentives to do more of the thing that gives us the positive feedback we are looking for. It is baked into every social media site and cultural story that we are told, "do this, get this."
I learned about incentives early on in my life. But when I was six, I went hard after an incentive plan that I don't think was supposed to play out the way it did.