Money Lessons with Andrew Temte, PhD, CFA

In this episode of the Saturday Morning Muse, Andrew Temte discusses the evolution of money, emphasizing the critical role of trust and confidence in economic systems. He explores how governments have historically been involved in issuing money to enhance trust, referencing the Code of Hammurabi as an early legal framework. The conversation also touches on the U.S. dollar's status as a reserve currency and the implications of the US national debt on global trust in the currency.

In this episode of Saturday Morning Muse, Andrew Temte emphasizes the importance of financial literacy and understanding the history of trade and economics. He discusses the Smoot-Hawley Act of 1930, its implications on modern economic policies, and the lessons that can be learned from it. Temte highlights the significance of stability, consumer confidence, and the interconnectedness of the global economy, urging listeners to consider the historical context of current economic challenges.

In this episode of Saturday Morning Muse, Andrew Temte reflects on Memorial Day and discusses the history and functions of money, focusing on credit transactions. He explains how credit transactions emerged from the need for trade in ancient economies and highlights the importance of understanding credit and debt in today's consumer-driven economy. Temte emphasizes the historical context of credit and debt, noting the unsustainable levels of national and household debt in the U.S.

Summary In this episode of Saturday Morning Muse, Andrew Temte explores the evolution of money, starting from the limitations of the barter system to the introduction of coinage and modern perspectives on cryptocurrencies like Bitcoin. He discusses the essential functions and properties of money, the historical context of trade, and the ongoing debate about what constitutes money in today's economy.

In this episode of Saturday Morning Muse, Andrew Temte explores the evolution of trade from barter systems to modern currency. He discusses the inefficiencies of barter, such as the double coincidence of wants and the challenges of measuring value. Temte highlights the historical advancements that arose from the need to improve trade, including the development of writing, measurement systems, and currency. He emphasizes the importance of trade in human history and its role in fostering cooperation and economic growth.

In this episode of Saturday Morning Muse, Andrew Temte explores the foundational concepts of trade and macroeconomics through a hypothetical economy consisting of two regions: Fruit Land and Protein Land. He discusses the advantages of trade, the impact on societal well-being, and the necessity of education and retraining for those affected by economic changes. The conversation sets the stage for future discussions on currency and deeper economic principles. #financialliteracy #globaltrade #macroeconomics #internationaleconomics #personalfinance

In this episode of Saturday Morning Muse, Andrew Temte discusses common blunders related to risk tolerance that investors often make. He emphasizes the importance of understanding personal risk tolerance, the dangers of following the crowd, and the necessity of doing thorough research before making investment decisions. Temte also highlights the need for periodic reassessment of risk tolerance and the impact of cognitive biases on investment behavior. Here’s the link to the article on my website: https://www.andrewtemte.com/saturday-morning-muse/factors-that-drive-risk-tolerance #financialliteracy #decisionmaking #cognitivebias #risktolerance #personalfinance #FOMO #continuousimprovement

What are the Factors that Influence Your Tolerance for Risk? In today’s episode of Saturday Morning Muse, Andy explores the concept of risk tolerance in personal finance and discusses various factors that influence an individual's willingness and ability to take risks in investments. He emphasizes the importance of understanding one's financial goals, time horizon, age, income, existing portfolio size, knowledge, and stress tolerance. Learn more at: https://www.andrewtemte.com/saturday-morning-muse/ #financialliteracy #investmentstrategies #selfconfidence #risktolerance #personalfinance #continuousimprovement #riskaversion

What’s the link between self-confidence, self-esteem, and risk tolerance? We’ll explore this question on today’s Saturday Morning Muse! You can find The Saturday Morning Muse on your favorite podcast streaming platform as well as out on YouTube. Here’s the link to the show on Apple Podcasts: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728 #financialliteracy #selfesteem #selfconfidence #risktolerance #decisionmaking #personalfinance #continuousimprovement #riskaversion #lifelonglearning #riskVreward

What’s your relationship with risk? How do your feelings about risk affect your decision-making? Are you a risk-taker or risk-avoider? We’ll explore these questions and more on today’s Saturday Morning Muse! You can find The Saturday Morning Muse on your favorite podcast streaming platform as well as out on YouTube. Here’s the link to the show on Apple Podcasts: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728 #financialliteracy #decisionmaking #risk #personalfinance #continuousimprovement #riskaversion #risktolerance #cognitivebias

Since the beginning of the year, I’ve been releasing short lessons on financial literacy on The Saturday Morning Muse. I expect to continue building financial literacy lessons for the foreseeable future. At the end of each quarter, I will provide a recap of the lessons that were released during the preceding quarter. Here is the first of those recap lessons. Thanks for listening! You can find The Saturday Morning Muse on your favorite podcast streaming platform as well as out on YouTube. Here’s the link to the show on Apple Podcasts: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728 #financialliteracy #decisionmaking #success #personalfinance #continuousimprovement #valueanalysis #financialsecurity #personalconsumption

Is your financial decision-making on autopilot? When’s the last time you reviewed your spending habits? Have Find out more on this week’s episode of The Saturday Morning Muse! You can find The Saturday Morning Muse on your favorite podcast streaming platform as well as out on YouTube. Here’s the link to the show on Apple Podcasts: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728 #financialliteracy #needsversuswants #spendinghabits #personalfinance #continuousimprovement #decisionmaking #financialsecurity

Is financial literacy all about numbers and formulas or is it more about our behaviors and how we feel about consumption, money, and investing? Find out more on this week’s episode of The Saturday Morning Muse! You can find The Saturday Morning Muse on your favorite podcast streaming platform as well as out on YouTube. Here’s the link to the show on Apple Podcasts: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728

How might our subconscious mind conspire against us when we’re making financial decisions? Find out more on this week’s episode of The Saturday Morning Muse! You can find The Saturday Morning Muse on your favorite podcast streaming platform as well as out on YouTube. Here’s the link to the show on Apple Podcasts: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728 #financialliteracy #subconsciousmind #subconsciousbias #confirmationbias #personalfinance #continuousimprovement

How can you estimate the value of the products you consume? How do companies set the price of their products? What do the answers to these questions have to do with improving financial literacy? Find out more on this week’s episode of The Saturday Morning Muse! You can find The Saturday Morning Muse on your favorite podcast streaming platform as well as out on YouTube. Here’s the link to the show on Apple Podcasts: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728 #financialliteracy #valueanalysis #valuebasedpricing #decisionmaking #personalfinance #continuousimprovement

How much time do we really spend thinking about the VALUE we derive from the products and services we buy? How can we use the concept of VALUE to make better decisions about how we spend our money? Find out more on this week’s episode of The Saturday Morning Muse! You can find The Saturday Morning Muse on your favorite podcast streaming platform as well as out on YouTube. Here’s the link to the show on Apple Podcasts: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728 #financialliteracy #financialfreedom #value #decisionmaking #personalfinance #continuousimprovement

How do we improve the financial literacy of the average citizen in the United States? We start with improving numeracy literacy. You can find The Saturday Morning Muse on your favorite podcast streaming platform as well as out on YouTube. Here’s the link to the show on Apple Podcasts: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728 #financialliteracy #numeracyliteracy #numeracy #basicmathskills #mathematics #makemathapproachable #personalfinance #continuousimprovement

What’s the case for investing in building financial literacy skills in our population? Are the concepts of financial literacy and success interrelated? Join me for today’s Saturday Morning Muse to learn more. You can find The Saturday Morning Muse on your favorite podcast streaming platform as well as out on YouTube. Here’s the link to the show on Apple Podcasts: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728 #financialliteracy #financialfragility #financialwellbeing #success #definingsuccess #mentalhealth #personalplanning #personalplanningguidebook #continuousimprovement

What do grace, competence, financial literacy, curiosity, effective communication, and good old fashioned showing up have in common? They are essential ingredients to achieving success irrespective of how success is defined. Join me for today’s Saturday Morning Muse to learn more. You can find The Saturday Morning Muse on your favorite podcast streaming platform as well as out on YouTube. Here’s the link to the show on Apple Podcasts: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728 #grace #competency #financialliteracy #curiosity #effectivecommunication #bethere #justshowup #courage #purpose #personalplanning #personalplanningguidebook

What do the characteristics of courage, grit, and agility have in common? They are essential ingredients to achieving success irrespective of how success is defined. Join me for today’s Saturday Morning Muse to learn more. You can find The Saturday Morning Muse on your favorite podcast streaming platform as well as out on YouTube. Here’s the link to the show on Apple Podcasts: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728 #grit #mentalagility #secretstosuccess #continuousimprovement #personalplanning #personalpurpose #courage #authenticity

Are there really secrets to success or are the ingredients to success in plain sight? This week’s Saturday Morning Muse is part one in a series where we explore the answers to this enduring question.

Did you know we make ~33,000 decisions per day? What does the skill of decision making have to do with New Year’s Resolutions? Why do NYE Resolutions fail at a high rate? In this final installment of The Saturday Morning Muse for 2024, I’m musing about the value of resolutions and why the skill of decision making is so important. Just FYI that we’ve launched the show as a podcast on your favorite podcast streaming services. Subscribe today on Apple Podcasts: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728 #decisionmaking #goodhabits #leadershipdevelopment #continuousimprovement #personalplanning #newyearsresolutions #NewYear2025

Are habits a good thing or a bad thing? How do we ensure habits are a net positive in our lives? To find out more, tune into The Saturday Morning Muse! Just FYI that we’ve launched the show as a podcast on your favorite podcast streaming services. Subscribe today on Apple Podcasts: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728 #powerofhabits #goodhabits #entropy #leadershipdevelopment #continuousimprovement #personalplanning #newyearsresolutions #growthmindset

Welcome to The Saturday Morning Muse! How are the skill of self-awareness and the art of challenging conversations interrelated? We’re going to explore this issue with a short story from my first book, Balancing Act: Teach, Coach, Mentor, Inspire. Just FYI that we’ve launched the show as a podcast on your favorite podcast streaming services. Subscribe today on Apple Podcasts: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728 Buy Balancing Act on Amazon at:https://www.amazon.com/Balancing-Act-Teach-Mentor-Inspire/dp/1506276644/ #self-awareness #challengingconversations #powerofwords #emotionalintelligence #leadershipdevelopment #continuousimprovement

Welcome to The Saturday Morning Muse! What’s one of the most important gifts you can give yourself this holiday season? Investing in financial literacy skills! Just FYI that we’ve launched the show as a podcast on your favorite podcast streaming services. Subscribe today on Apple Podcasts: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728 #FinancialLiteracy #HolidaySpending #CreditCardDebt #ContinuousImprovement #FinancialHealth #Mentorship #MoneyAndInvesting #BehavioralFinance

Welcome to The Saturday Morning Muse! With Thanksgiving 2024 in the rearview mirror, I’m offering a few Thanksgiving reflections this weekend. What does your inventory of gratitude look like? I encourage you to write down your thoughts for future reflection and refinement. Just FYI that we’ve launched the show as a podcast on your favorite podcast streaming services. Subscribe today on Apple Podcasts: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728 #Thanksgiving2024 #gratitude #continuousimprovement #givingback #mentorship #coaching #brotherhood

Welcome to The Saturday Morning Muse! Today, I’m celebrating the release of my rock band’s new album with a message that dreams can come true at any age! Here’s an excerpt: “But now it’s time for a new chapter—one where I stand and say “I’m not finished—I’ve got more to contribute.” It’s time to make the dream of creating a lasting work of art that will outlive me a reality. Just because I’m in my early 60s does not mean that I lack the energy to create new music to give to the world. Music that I’m deeply proud of and hope resonates with listeners of all ages.” Stream Feel Something New by The Remainders @theremainders today: https://ffm.to/feelsomethingnewlp Just FYI that we’ve launched the show as a podcast on your favorite podcast streaming services. Subscribe today on Apple Podcasts: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728 #albumrelease #newmusic #rockmusic #feelsomethingnew #leadershipdevelopment #growthmindset #personalgrowth #liveyourdream #dreamscometrue

Welcome to the Saturday Morning Muse! Today, I’m talking about the skill of critical thinking and the essential sub-skills that are needed to build this skill. Here’s an excerpt: “The challenge we face is that critical thinking is hard. The easy path is to not question, not ask ‘why,’ and not dig for deeper meaning and root cause. The more difficult, but ultimately more rewarding path is to challenge fixed belief systems, internal biases, and recognize that when we deflect and point fingers at others, three more are pointing right back at us.” Just FYI that we’ve launched the show as a podcast on your favorite podcast streaming services. Subscribe today on Apple Podcasts: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728 #criticalthinking #skilldevelopment #continuousimprovement #leadershipdevelopment #lifelonglearning #growthmindset #activelistening #listeningskills #selfawareness #decisionmaking

Waking up this morning in Madison, Wisconsin enjoying a brief visit with our eldest son! Welcome to the Saturday Morning Muse. Today, I’m musing about the skill of critical thinking and how to make progress on the lifelong journey to improve this skill. Here’s an excerpt: “Since (a) an individual’s life experience is primarily defined by the decisions they make over time, and (b) critical thinking is a necessary condition for making better decisions; if an individual wants to (c) live a rich, meaningful life and achieve economic and professional success, then (d) it is essential to build critical thinking skills so they can make more good decisions than bad. Put differently, if an individual wants to be successful, by whatever definition of success matters to them, the path to success depends on investing in critical thinking and decision-making skills.” #criticalthinking #skilldevelopment #continuousimprovement #leadershipdevelopment #lifelonglearning #growthmindset #activelistening #listeningskills #selfawareness #decisionmaking

Well, the spooky season is officially behind us, so let the holiday season begin! Welcome to the Saturday Morning Muse. Today, the topic is our historical learn→work→retire mindset and the dangers of succumbing to the allure of the easy chair. Here’s an excerpt: “So what’s your plan for retirement? Yes, you may want to step off the treadmill of a fast-paced career path, but it’s essential that you not stand still. Standing still is the fast pass to a slow and oftentimes painful slide into oblivion. Instead, commit now to developing the habit of continuous improvement and lifelong learning. Keep moving in retirement. Give back. Mentor. Take a part-time job that fits your purpose. Living a full life means living a full life. Don’t give up on yourself.” #retirement #retirementmindset #continuousimprovement #brainhealth #lifelonglearning #growthmindset #lifeexpectancy #balancingact #selfcare #priorities #neuroplasticity #workaholics #leadershipdevelopment

Today, the topic is your civic obligation to VOTE and our collective duty to defend and protect the US Constitution. Here’s an excerpt: “Are we perfect? No. Is the great American experiment in democracy worth defending and protecting? Yes. How do can we do that? Open your mind; break free of your information cocoon; get informed; know the difference between entertainment and hard, unbiased journalism; build your critical thinking muscles; don’t worry about what your friends or neighbors will say about your vote; and then VOTE on November 5th.” Just FYI that we’ve launched the show as a podcast on your favorite podcast streaming services. Subscribe today on Apple Podcasts: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728 #decision2024 #voting #civicduty #USConstitution #politicalpolarization #geopoliticaltensions #criticalthinking

What can we do to help reduce overall stress and anxiety levels in our communities? This week’s Saturday Morning Muse is part 3 of 3 in our series that explores generational differences and offers solutions to high stress/anxiety levels. "These are just a few suggestions for how we can address the current epidemic of anxiety in the U.S. Increase financial literacy, get educated, adopt an agile, lifelong learning mindset, periodically unplug from social media, advocate for changes to our educational system to improve the skills of critical thinking, creativity, and decision-making, do what you can to reduce your impact on the planet, and understand when you’re being played by politicians and the media. We are all in this together. Support your neighbor, get to know individuals from other cultures and other parts of the world." Just FYI that we’ve launched the show as a podcast on your favorite podcast streaming services. Subscribe today on Apple Podcasts: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728 #decisionmaking #anxiety #stress #genz #educationmatters #climatechange #politicalpolarization #geopoliticaltensions #criticalthinking

What can we do to help reduce overall stress and anxiety levels in our communities? This week’s Saturday Morning Muse is part 2 of 3 in our series that explores generational differences and offers solutions to high stress/anxiety levels in our population. "I can’t put enough focus on the value of education and good decision-making that’s accompanied by a lifelong learning mindset as ways to reduce stress and anxiety. Too many in our society are on auto-pilot, going through the motions of life. Life is happening to them. Self-reliance developed through learning and education coupled with better decision making skills is the path to making things happen in your life and taking control of your narratives and outcomes." Just FYI that we’ve launched the show as a podcast on your favorite podcast streaming services. Subscribe today on Apple Podcasts: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728 #decisionmaking #anxiety #stress #genz #educationmatters #creativity #criticalthinking

Is stress and anxiety holding you back from reaching your goals? Does your internal balancing act between self-doubt and self-confidence tilt heavily toward self-doubt? This week on the Saturday Morning Muse, I’m continuing last week’s conversation on self-belief with an exploration of the self-doubt and anxiety that can hold us back from achieving our goals and dreams. Just FYI that we’ve launched the show as a podcast on your favorite podcast streaming services. Subscribe today on Apple Podcasts: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728 Buy The Balanced Business on Amazon at:https://www.amazon.com/Balanced-Business-Organizational-Accountability-Workflows/dp/1637557507/ Buy Balancing Act on Amazon at:https://www.amazon.com/Balancing-Act-Teach-Mentor-Inspire/dp/1506276644/ Learn more about Andy at www.andrewtemte.com Enjoy and have a great weekend… #decisionmaking #anxiety #stress #genz #financialliteracy #financialacumen #personalfinance #personaldevelopment #selfdoubt #selfconfidence

Do you believe in yourself? Do you believe in the power of your team? Is self-doubt holding you back? This week on the Saturday Morning Muse, I’m using my prep for a big rock show as the backstory for a message on the power of believing in YOU. Buy The Balanced Business on Amazon at:https://www.amazon.com/Balanced-Business-Organizational-Accountability-Workflows/dp/1637557507/ Buy Balancing Act on Amazon at:https://www.amazon.com/Balancing-Act-Teach-Mentor-Inspire/dp/1506276644/ Learn more about Andrew at www.andrewtemte.com #leadershipdevelopment #selfdoubt #selfconfidence #believeinyou #believeinyourself #believe #teamwork #corporateculture #continuousimprovement

Welcome to the Saturday Morning Muse! We’re entering my favorite season of the year tomorrow – fall! In last week’s Muse, I had an open letter to employers and leaders regarding employee engagement and policing return-to-office policies. This week is an open letter to employees regarding the same subject… Employee engagement is indeed a two-way street. Enjoy and have a great weekend… #leadershipdevelopment #employeeengagement #activedisengagement #disengagedemployees #badmanagers #badbosses #returntooffice #corporateculture #humanresources

I talk a lot about employee engagement in this forum and about the costs/dangers of employee disengagement. According to a recent Gallup survey, for the full year 2023, only 33% of employees are ‘engaged’ in their work—a slight uptick from the previous year’s number of 32%. More importantly, the proportion of employees who are actively disengaged fell slightly to 16% from a 2022 high of 18%. While this represents a small year-over-year improvement, Gallup estimates that the impacts of active disengagement amount to $1.9 trillion of lost productivity in the US. Putting it into perspective, that’s a whopping 8% of US GDP. Just imagine the lift in economic growth, equity markets, trade, etc., that would accompany a significant reduction in active disengagement! Learn more at www.andrewtemte.com. #leadershipdevelopment #employeeengagement #activedisengagement #disengagedemployees #badmanagers #badbosses #returntooffice #corporateculture #humanresources

Is growth for the sake of growth a good thing in business? What’s the growth trap and how is it affecting the health of your organization? In this episode, I’m talking about mergers & acquisitions and the growth trap that many leaders unwittingly fall into. Learn more at: www.andrewtemte.com Enjoy and have a great weekend… #GrowthTrap #Mergers #Acquisitions #M&A #EmployeeEngagement #ContinuousImprovement #CorporateCulture

The question today is this. Is bigger always better? In zucchini, the answer is a resounding no. In business, the answer is a bit more nuanced, but bigger is certainly not always better. As leaders, we routinely fall into what I like to call the growth trap. The growth trap shows up in various forms, but it can be a huge morale killer and represent significant risk to the business. One way the growth trap evidences itself is in your business’s annual budgeting process. Some companies take a thoughtful bottom-up tack in which each functional area of the business submits forecasts for the upcoming year based on inputs from marketing, sales, product management, operations and other client/customer-facing parts of the business... For the full transcript and to learn more, visit www.andrewtemte.com/saturday-morning-muse

Is it really the case that nobody wants to work anymore? Is it really the case that GenZ is lazy? My advice is instead of looking down your nose and denigrating members of the generations that follow you, lend a hand. Use your gifts to mentor, lift up, and inspire those who are less experienced than you are. To learn more about Andrew Temte, visit www.andrewtemte.com.

Working with Intention: Self-reflection and the use of the five whys requires an open mind and a strong ego in order to challenge potential unconscious bias and consider answers that may not be popular or fit neatly into existing narratives. Hence, it's seldom the case that meaningful results come solely from self-reflection exercises. To make more progress, we will need the help of our coaches and mentors. Visit www.andrewtemte.com/saturday-morning-muse for the full transcript of this episode and to learn more about all things Andrew Temte Subscribe to the show on Apple Podcasts at: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728

I do my best to keep The Saturday Morning Muse out of the political spectrum, but this week I will make an exception. As we march toward election day on November 5, 2024, it’s important that our voices are heard and that we exercise our rights to free speech. This episode is on the longer side of things and should be watched in its entirety. To do otherwise would mean that what I have to say has a high probability of being taken out of context and twisted for political gain. Visit www.andrewtemte.com/saturday-morning-muse for the full transcript of this episode and to learn more about all things Andrew Temte

The sources of insecurity abound. Jealousy, unresolved failure, challenging relationships, lack of skill/education, poor planning, bullying, institutionalized bias, and the absence of a sense of belonging are but a few. To punch the point regarding the fluid nature of insecurity, just spend a little time with the preceding list and explore how easy it is to find examples where these issues apply both at home and at the office. Subscribe to the show today on your favorite streaming service! Learn more at www.andrewtemte.com.

A business is a collection of written and unwritten contracts with and between employees, vendors, governmental agencies, and customers. A high functioning business is one that takes those contracts seriously and establishes clear and concise rules of engagement along its vectors of interaction both internally and externally. To connect this back to previous conversations, a high functioning business builds and installs a management operating system that’s rooted in a foundation of continuous improvement and organizational health. Guardrails, systems, and processes are established and continually refined/reinforced to allow for trust to flourish. Everyone wins when “my word is my bond” becomes woven into the fabric of your organizational culture. Accountability and trust simultaneously improve as the nooks and crannies to hide half-truths, speculation, and agendas that run counter to the company North Star become fewer and farther between. Learn more at www.andrewtemte.com.

How can we reduce political polarization? I fear that we are becoming anesthetized to what would be considered vicious, uncivil, unacceptable, and unproductive discourse to a prudent, independent observer.

One of the unpleasant truths of leadership is that the people who populate your organization (at all levels) are constantly trying to divine your position on myriad topics - everything from purpose and vision to the stack ranking of current-period priorities. Like it or not, as a leader, you are a significant topic of conversation and your position on issues matters. The less visible you are, the more active the water-cooler will be. Infrequent communication from the top provides more oxygen for conspiracy theories and rumors to thrive. Conspiracy theories and rumors breed significant emotional waste that can negatively impact morale, engagement, and productivity.

The starting point for the journey to change your culture takes real courage and is an application of courage that doesn’t get nearly enough airplay. You see, the easy leadership road that leads to mediocrity is to hire people that look and talk like you and ensure that you remain the smartest person in the room. The more difficult, but more rewarding path is to find the courage to hire people who have the potential to surpass you, who think differently than you do, and who are willing and able to challenge you.

By definition, when someone is listening, someone else is speaking - either verbally, through the written word, or both. To ensure that the conversation isn’t encumbered by unnecessary tension or spin, help your colleagues find their voice. How? It’s important to lead by example and the best way to do this is to shed your emotional suit of armor. Let your colleagues see that you’re human by being constructively vulnerable. Tell a story about how terrified you were the first time you spoke to the CEO of the business and how you navigated the accompanying anxiety. Hopefully, you can share an experience where a boss from your past showed compassion and helped you overcome your fears.