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Posts with tag earnings

Should you be allowed to choose your own salary?

Filed under: Career

When it come to recruiting and retaining people who are motivated to do well, some companies are getting creative -- really creative. Back in May, we told you about Zappos, an online shoe retailer that pays new trainees a thousand bucks to quit, the idea being that the people who turn down the cash in favor of a job really want to be there.

Today's Wall Street Journal reports (subscription required) on another new trend: some employers let workers choose their salary. Those who opt for a higher salary have more limited bonus potential. The idea is to give workers a chance to have more skin game, while providing flexibility to those who need a more reliable stream of income.

One potential problem with this program -- and incentive-based pay in general -- is that earnings can fluctuate wildly based on broader economic conditions over which the individual worker has no control. Opting for a low base salary and higher potential bonus can amount to little more than a big bet on the future direction of the economy.

But that's a criticism of incentive-based pay in general, and one that can perhaps be mitigated by tying pay to relative performance -- an employee whose production falls 5% when the industry as a whole is off 10% should not be penalized. But giving workers greater control over how they are paid is a good idea, and one that should help companies recruit better people.

Making money on the street (without begging or selling drugs)

Filed under: Entrepreneurship, Kids and Money, Career, Wealth

I have a great deal of regard and respect for people who have the motivation to help themselves without adding an additional burden to society. I think a lot of people share this attitude with me. That is why the following video caught my eye. This video is a quick yet effective tutorial about taking your inner talents and using them to generate income on the street. Unlike common panhandlers who generally solicit money by invoking pity, street performers are willing to provide entertainment for the funds they seek. I can respect that.

Check out the video if you'd like a few good pointers about earning income in the great public venue. Please leave a donation in the hat on your way out.

Will music lessons make your kids richer? How about an American Idol video game?

Filed under: Kids and Money

A recent study conducted by Harris Interactive produced some results that might make you want to go buy your kid a violin, or at least a recorder, for Christmas: 83% of people who earn more than $150 thousand per year had some type of musical training as children. 86% of college graduates and 88% of those with higher degrees had music lessons as children.

Of course, there are some potential flaws. Kids from wealthier families are more likely to have access to musical education as children -- and go on to college.

But proponents of The Mozart Effect have to be pleased with this data.

Looking for some gifts to turn your, or someone else's, little Johnny into a musically-literate college grad earning $150 thousand per year? Here are a few ideas:
However, the study did not specify training in classical music. So maybe you just buy them a copy of Dance Dance Revolution for whatever system they happen to have (if you've managed to resist societal pressures to buy your kids a video game system, more power to you).

As an aside, I got hoodwinked into playing Karaoke Revolution: American Idol for several hours with friends the other night. Definitely not my thing, but it's probably a good gift. And hey, maybe it'll help them get rich and support you during your golden years!