As a precursor to my post titled “How I calculated my new hourly rate”.
Have I earned more before? Yes
Could I earn more? Yes
Do I want to earn more? Not necessarily
Some people may know already, but for others, it might be the first time you hear this - money is an extrinsic motivator.
Let’s chat about what that means… here’s a little story to help.
It’s been about two or three years now and you’ve found a rhythm in getting up, and getting yourself to work. Your morning routine - impeccable; your coffee stops - vital, and your timing - well you’ve got that down pat.
You’re really good at what you do, so the job’s great, the people are too and you are right where you thought you’d be at this point in your life.
One day you get an Inmail from a Recruiter - this time, this one stands out though, it’s not just the standard “Hey, I’ve got a job - you want a job?”. It’s a well-crafted, well thought out, personalized offer that entices you to find out more - so you do.
After a few messages are shared, the Recruiter tells you there’s an opportunity to earn X - which is your current salary plus 35%.
This is what happens in your brain:
You get excited at the prospects of earning more money; then
You start spending that money in your head;
You start justifying why you need the extra money;
You start comparing your current salary to your potential new one;
You start feeling like you’re just not earning enough; and
You start to wonder if coffee runs and cool people are everything;
Your newfound motivation - a currency, which you’ll also use to get yourself those new wheels you’ve been dreaming of (or have you just now created this dream?).
Now, with clouded judgment (let’s speed this along), out with the old as you start your first day at your new place of work.
You are so excited about the parking bay you were given, the massive bowl of bananas you now have access to at no cost, and all the other shiny things in the office (people, things, feelings).
Fast forward three months—
You’re just about flowing with your current team, your line manager isn’t as sharp as he/she was in the interview, but it’s not that bad. The early morning drive into the office, although only twice a week is a bit tedious and the view from the window next to your desk - average, but the grunt of your new GTi makes up for it all.
It’s the start of the fourth month and while at the office your phone lights up - NOTIFICATION, notification, NOTIFICATION! All your monthly debits go off and you’re baffled because you realize that you’ve now actually got less money than you usually had before, around the same time of the month.
Puzzled, you check your bank account and the numbers just don’t make sense.
Let’s examine what happened:
You got more money, therefore you were taxed more. The new parking bay you received also came as part of your CTC (cost-to-company), and the fancy car you park in that bay too. You bought some new gear for your first day, (maybe you didn’t need that new laptop bag with the built-in charger). At home, you added a few subscriptions, got a faster internet line, and took out a gym contract so your mom could join your sister for spin class on Tuesdays and Thursdays - sweet.
As your income increased, so did your expenses.
You’re back to square one, yet now you don’t have your old but awesome colleagues: because your commute is a bit further you’ve lost some of your routines, and although your new desk setup at home is sleek, you recognize that the Slack group labeled “general” is just not as fun as it used to be.
You’ve lost your motivation (a currency) and you’ve lost your motivation.
If you’re here but still don’t get it, extrinsic motivation refers to behaviors that are influenced by external rewards (praise, fame or money).
These rewards will come and go and are influenced by a number of factors, often out of our control and therefore we face being left worse off than when we started.
The goal: find something that gets you sprung out of bed in the morning, find the thing that puts a pep in your step, do that thing that lights the fire within you (and now that all the metaphors are out the way), do something that helps someone else achieve their dreams, etc.
Along the way, you’ll have discovered what intrinsically (solely for personal enjoyment or personal satisfaction) motivates you - try it, you might just love it.
Thanks for reading
Be kind. Be helpful. Be useful