Know how to trade things of unequal value
One of the most valuable skills I try to practice as often as I can is trading things of unequal value. I use this lens when evaluating all kinds of situations.
In simplest terms, it’s making an exchange between two parties where each gives away something they value far less than the thing they are receiving.
My favorite example is employee benefits. Companies are (usually) very good at providing things to employees that they value highly, while not actually costing the company that much.
For example, I had one job where an employee benefit included Mother’s Day flower delivery, paid for by the company. This was genius. Employees loved it and raved about it. Meanwhile, the company only had to cover the price of getting flowers bought and delivered for each employee.
An annual bouquet of flowers and a happy mother in exchange for improved employee morale and an increase in goodwill towards the company. A perfect win-win trade of unequal value.
The skill is knowing how to identify these opportunities and being creative in making them happen. I’ve found all kinds of opportunities at work and at home.
Two examples:
Home: My wife cooks, I do the dishes and clean the kitchen afterwards. My wife loves cooking. It doesn’t cost her much mentally / physically. I don’t mind cleaning up at all. I listen to a podcast and just relax. I value my wife’s cooking, she values a clean kitchen.
Work: I had a job in college working in a kitchen on campus. I was the only employee willing to come in early in the morning. I’m an early bird so it really wasn’t a big deal to me. However, my employer was so glad they gave me a raise and extra free food once I was done working for the day. I get a significant raise (a couple dollars an hour) and free food (what makes a college student happier?), and my employer gets a hard-to-cover shift covered.
If you want to read more about this, I’d recommend chapter five from Stuart Diamond’s book Getting More.