Sterling Terrell

recovering economist

Chasing Status

Chasing Status

Chasing status is such a fool’s errand.

Most try to buy it.

They buy watches and houses and cars they can’t afford, hoping others will notice.

Of course, some people notice, but then your status is subject to your income. For all you are dealing with is the idea that other people have of you.

The other way to status is to earn it.

Law school and medical school are hard though, and the likelihood of becoming a royal is low.

What to do…

I say, forget status.

Work instead for complete agency over how you spend your time.

AKA: Wealth.

Status cannot be claimed; it has to be earned or granted.

-Adam Grant, Originals

See: My Guide To Creating Generational Wealth

Power Without Status

Power Without Status

I think people can get angry about power without status.

This is about being told what you can or can’t do by someone who is either unlikable or has no authority. Think about an out of touch politician or someone you find dimwitted.

But honestly, people don’t much like money without status either.

I mean, think about it.

Nobody much has a problem with Jay Z, or Oprah, or Steven Spielberg, or JK Rowling, or Warren Buffett being billionaires.

But that’s because these people are liked. They have status. All this is simple: When we like someone, we will forgive them for nearly anything.

My advice? Take the time to listen to this series on money vs. status.

In an experiment led by University of North Carolina professor Alison Fragale, people were punished for trying to exercise power without status. When people sought to exert influence but lacked respect, others perceived them as difficult, coercive, and self-serving. Since they haven’t earned our admiration, we don’t feel they have the right to tell us what to do, and we push back.

-Adam Grant, Originals

Sterling Terrell