Social Currency: Leveraging Status
Since watching Randy Pausch’s Last Lecture, I bought the audiobook version at iTunes and listened to it on my iPod. In one chapter, he recites a story about the time his wife hit one car while it was sitting in the driveway with their other car. She spent the better part of the day anxiously waiting to tell him about it when he arrived home that evening. Much to her surprise, he wasn’t upset and said that the dents would be okay. His parents had taught him that automobiles are there to get you from point A to point B:
They are utilitarian devices and not expressions of social status. We didn’t need to do cosmetic repairs’¦. We could drive around in dented cars. You don’t repair things if they still do what they’re supposed to do.
If your trash can or wheelbarrow has a dent in it; you don’t buy a new one. Maybe that’s because we don’t use trash cans or wheelbarrows to communicate our social status or identity to others. Our dented cars became a statement in our marriage. Not everything needs to be fixed!
This got me considering what else besides cars are used as social currency: muscles or a hot body, a prestigious address, the right credit card (or any credit card!), designer labels, or maybe it’s just being able to get in at the new ‘œit’ restaurant.
When I interviewed Barbara Raab, a newswriter and editor at NBC Nightly News for our Ten Money Questions series, I asked if her law degree was worth the time and money and she replied:
Short answer: yes. Longer answer: yes, but perhaps not for the right reasons. I had a professor in college who used to warn us all the time, ‘œDon’t go to law school unless you want to be a lawyer.’ I don’t think I actually wanted to be a lawyer; I think I wanted what I perceived to be the ‘œsocial currency’ of an advanced degree, and I was so unsure of anything in my life at that time, including my sexuality and what was going to happen with that, that law school seemed like a good idea, but only because I didn’t have a better one.
What ‘œsocial currency’ are you spending and is it ‘œmoney’ well spent? Or do you have things; like Randy Pausch’s dented cars that really don’t need to be fixed? I’d love your thoughts below.
Photo credit: stock.xchng.
I have this conversation with folks all the time. I’m an Ivy League alum with a great job, and I drive an 8 year old dented base model Hyundai. Why? Because I’d much rather spend my money on travel, home improvements, and hobbies that bring me great joy, then on a vehicle whose job is to get me from point A to point B, which my crapmobile does just fine. I’m not trying to woo investors, wow clients, or show off; I’m trying to get around in an efficient way.
As far as social currency, for me it’s about finding common ground – be that interests or connections. I leverage social capital constantly, and prize building maintaining good relationships with colleagues and collaborators. And when necessary, dropping a name or an achievement. I find that as I get older, I can stand more on my own reputation than when I was a wunderkind – now I’m a professional adult with a work history that stands for itself. I appreciate that.
Interesting topic. I did something similar though inadvertent at the time. When in community college trying to figure out what to major in, I looked at the classes I was doing well in and then correlated those to highest paid professions and ended up with Chemical Engineering. I never could see myself as a traditional engineer but I knew there were other paths, like sales, that a people person could pursue.
It did turn out to provide a good deal of “social currency” especially for a woman in technical sales. Even though the degree had little to do with what I was selling, it provided enormous credibility. People knew that I could not be a “nice house, nobody home” and get through an eng. program.
I agree with Jenn and Randy – a car is merely a vehicle (pun intended). I’ve driven some real POS cars in my day. However, since I just bought my first brand new car in August, I’m treating that vehicle with all the respect it deserves so that it will last. The car is really cute right now, and I’m sure I will still think it’s adorable in 20 years. Who cares if it’s not the latest and most flashy model on the road? It’s sure a step up from the 1984 silver Chrysler New Yorker I started out with in high school. (Can you say hoopty?)
As far as social currency – I’m big on networking and building relationships, but not because I think somebody might be “useful” to me. I’m just a big social butterfly and I love talking to people.
I understand the bit about cars…I was fortunate enough at 16 as a surprise to get a car that fit my likes (Two door 1965 Impala SuperSport with a 396 CID painted Metallic Silver). Gawd I wish I still had that car…Sigh.
Dad said it had to go when I started to commute 25 miles one way to college as it used too much gas…15 MPG and gas had just hit 50 cents a gallon.
But as for status symbols I still remember reading “Dress For Success” in college (still have the darn book around here somewheres).
I’ve never been a coat and tie person unless forced.
Of all the suggestions in the book the one that pinged with me was on Fountain Pens or rather having a regognizable nice expensive pen (suprise..LOL).
No matter how unimpressive you appear (read: cheap, old, or comfotable clothes or better all three) the instant you pull a “good” pen out of a pocket the attitude towards you will change usually for the better…the assumption being you are actually well to do and/or an educated professional.
The message in the book resonated with me I think more because I was already a confirmed Fountain Pen Addict by 10th grade. (Still have some of those Shaeffer No Nonsense steel nib models from then…they were a bit of a hit when I took them with me to the 35th reunion…”You’ve still got those things??”…LOL)
Though I still think as one gets older one cares less about what others think…some of us just got “Older” earlier.
Although I don’t *want* social currency for it’s own sake, I’m more then happy to leverage it (Whoo, finance pun). At the moment I’m trying to lose weight so I don’t get diabetes or heart failure like my dad. Then I want to add muscle mass so I can stay healthier, and eat more. But, both of these goals will also benefit me socially… More attractive people are subconciously treated better, and if that helps me succeed with my goals then bring it on!
I have a good sense of humor and I’m a good listener, so I tend to have people like me, which I feel is good social currency.
One thing I’m not entirely sure was successful social currency was my university degree. I appreciated the theoretical aspects, the learning opportunities and the exposure to some REALLY intelligent people. But, part of the reason I went for a Bachlor of Engineering is that I wanted people to feel I had some basis for my opinions and wasn’t just a snot-nosed kid. I don’t want to always be right, I just want people to take me seriously. And even with varied experience behind me AND the degree, I find I get dismissed as a snot-nosed Gen-Y kid still. Which is disheartening… No-one wants to be told they’re inherently wrong. Shoot down my argument on its merits, not because you think *I’m* meritless.
Those are all great comments. What is it about cars and degrees?
I think cars are outward symbols to everyone of “Look, look at my prosperity, look at my gigantic sexual icon, look at my shiny new toy”. They’re status marks, seen by everyone, but also obtainable by many… If you have a decent job but cheap expenses you can afford a disproportionately higher car loan.
With a uni degree, you need to work… Even if it’s not hard, there’s an idea that you poured time AND intelligence into the degree, so you have them to spare and you worked hard. So in some ways, although not everyone can *see* your degree in public, not everyone in public can simply go *get* a degree, so we feel like it’s rarer.
Or I could just be a snot-nosed Gen-Y with BS opinions:P