From Mark Ford, Founder, Palm Beach Research Group:
You go to lunch with a colleague. Everything is good. When the waiter puts the bill on the table, the total is $26.
Do you pick it up? Do you wait and hope he does? Or do you suggest you split it?
On the surface, this is a minor decision. But in truth, it is one of a million chances you’ve had, have, and will have to become wealthier…
A cheapskate might look at it this way:
If I pay the whole bill, I’ll be $26 poorer. If we split the bill, I’ll be $13 poorer. If I can get him to pay it, I’ll be $13 richer – richer than I would have been if I had to pay for my meal.
To the cheapskate, the best decision is obvious. So when the bill arrives, he gets up to “go to…