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2018-08-17

On Scarcity and Money and Salary

By author Morgan Jassen

When it comes to salary, its good to challenge a scarcity mindset as that could negatively affect one's salary goal and result in accepting or aiming for a below-average salary. It's good to think that there is an abundance of money, value, and salary for everyone to be able to get and stay wealthy all at the same time.

Furthermore regarding scarcity of money it's a false concept that all money value is tied up in American dollars (American dollars meaning cash U.S. currency -- literally physical bills of paper American money), and also false that there is a static quantity of these American dollars.

It's not so that for every quantity of value in our world, there is a quantity of american dollars, or any dollars, in existence to represent it.

Actually there is more than one type of money, and furthermore, outside of money (cash/dollars), value is stored in many different forms all at once in our world. Furthermore value is constantly flowing around in large and small quantities, and in different forms.

For one paradigm-shifting bit of info, I found this Wikipedia article about Money Supply and Types of Money, which explains that even in the United States, there are multiple well-defined forms of "Money":
https://en.wikipedia.org/wiki/Money_supply#Empirical_measures_in_the_United_States_Federal_Reserve_System
I don't fully understand this, but it's amazing to think about. It talks about Types of money e.g. ...M0("narrow money"), MB("monetary base"), M1(non- bank reserves), M2, M3, MZM" and Notes and coins, Traveler's checks, Demand deposits, Savings deposits, money market funds...

In conclusion, now I'm actively challenge myself to re-consider a salary scarcity notion and a money scarcity notion. There is more than enough value, types of value, quantities of value, and more than enough money, and more than enough types of money, for us all, for everybody. Now it's our job to manage it well, get wealthy, and stay wealthy -- for ourselves and for each other.


[2018-Nov. Note: This blog post was republished in November 2018 at https://i̶n̶v̶e̶s̶t̶o̶r̶w̶o̶r̶k̶e̶r̶.̶c̶o̶m̶/2018/ ]