Is Tipping Your Waitress The Key To Wealth?
This year I’ve had the pleasure of spending 3 months living in the US.?
Many business conversations and observations later, I’ve come to realize a special quality that makes Americans much more likely to get rich.
A Financially Detached culture.?
What do I mean?
Money is Important, no matter where you go in the world!?
But Americans aren’t as emotionally attached to their money especially when compared to Europeans and Africans.?
This gives them an advantage when they’re looking to invest.?
If a deal makes sense to Americans, it’ll get done.?
I first observed financial detachment when I saw the tipping culture.
In Europe, and Africa tipping is usually reserved for exceptional service, not standard.?
Whereas in America, if you can tip, you do tip.
It doesn’t matter if the service is being handed a coffee from an automated coffee machine, or you’re getting the fine dining experience.
At first I noticed I felt uncomfortable with this...?
领英推荐
Why tip when all they did was push a button and pass me a cup?
I then thought about it…
The value of the tip wasn’t going to make an impact on my day.?But the small amount added up throughout the day will do to the barista.?
I thought a little longer…
It wasn’t the amount of money, I had a feeling of loss when I gave it away.?
If I am emotionally attached to the money, I can’t be objective about it. Even if it's a small amount.?
The act of tipping regularly, actually reinforces the emotional detachment from small amounts of money.?
This directly translates over to business and investing.
The easier you can emotionally detach from small amounts of money, the more objectively you can make investment decisions on larger amounts.?
That is true whether you’re a VC, Tech Founder, or the owner of a coffee shop.?
That’s why I believe America is the richest country in the world.?
They’re able to see money as numbers, and judge an opportunity on its potential, not just the associated risk.?
Americans can emotionally detach from their money in order to make more.
Expert Consultant SI
4 个月As usual I agree with your post, I think this is a key part of the "American Dream" sold to many in Africa and beyond in the world. This phenomenon is widespread, with examples like Djimon Hounsou(Amistad,gladiator, Dune ) , who left Europe and became a success in Hollywood.My question is that i use to think that this mentality was more tied to the "Anglo-Saxon culture", what about in UK ?
CEO & Product Manager at Bongalo
4 个月How do you settle the fact that Bars and Restaurants intentionally pay the waiter and waitress $2.5/hr and have them depend on tips for their salary and tips are taxed.