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This Week In Your Wallet: Introverts, Charm Prices & Your Chip Card

Did you know that in a typical meeting, only three people do 70% of the talking? And chances are, they’re the extroverts in the group.

By now – either during an interview, a party or an introspective moment – you’ve probably thought about whether you’re an introvert or an extrovert. (Introverts are people whose batteries recharge when they spend time alone or when they’re with close friends; extroverts get their energy from mingling with others.) But if you’re a business leader or a manager, have you stopped to survey whether or not you have a mix of both on your team? It’s a good idea. It’ll foster diverse perspectives, which, in return, will lead to a more innovative group or company.

That was one of the major takeaways from “The Quiet Revolution,” a panel discussion at Fortune’s Most Powerful Women summit last Monday. I covered the panel and reported on three ways to make sure you have a varied team. The first? Ask the right questions. For example, when you’re interviewing a candidate, ask him or her to tell a story of a career transition. If your interviewee is still talking 45 minutes later, then you’ve got yourself an extrovert. An introvert will typically tell the story in a quarter of the time. And for those introverts on your team, who might not be as willing to speak up in a team meeting, have them prepare memos in advance of the meeting so you know what they want to say – and then call them out to say it! Keep reading here.

Time Is Money

Know what an hour of your time is worth and it’ll help you gauge money decisions like whether or not to take on a side gig, DIY or hire out or ultimately, whether or not a purchase is worth it. It’s Money Rule No. 9: An hour of your time is worth ______. If you’re paid by the hour, then you already have a good idea of what your time is worth. If not, fill in the blank by dropping the last three zeros from your annual salary and divide the remaining number in half. (E.g. If you are paid $40,000 a year, your hourly wage is around $20. If you make $80,000, it’s twice that.) Calculators, like this one (at ClearerThinking.org), can help you do the math, too. See more on Bankrate.

What A Charmer

What might seem like a simple grocery run (or shopping errand) to you is an opportunity for marketers, sales professionals and CEOs to get inside both your head and wallet. How? Through pricing tricks and store gimmicks. DailyFinance outlines seven of these tactics this week. Take charm pricing, for example: This is the reason price tags don’t read $20, but rather $19.99 or $19.95. Research shows we think price tags ending in 9, 99 or 95 make items appear cheaper than they really are. The tactic is successful whether the product is a $1.29 iTunes download or a $299.99 pair of designer jeans.

Price tags without dollar signs (which you may find in restaurants or smaller stores) are another gambit. Researchers from Cornell University found we’re likely to spend more when price tags don’t have the dollar signs attached. Why?  The absence of dollar signs appears to distance the purchase you make from actual money. Without them, you may also be less inclined to add up all the purchases you’re making (and put a halt to your spending spree). The thing to remember: Marketers spend a lot of time and energy trying to separate you from the dollars in your wallet.  If you’re trying not to spend, you’ll want to make a similar effort to only buy things you need, or have consciously decided to take home.

Check The Expiration Date

When you receive your new chip credit or debit cards in the mail, make sure to cross-check the numbers (i.e. account number, expiration date and security code) with your old card. As CNNMoney reports, some people are missing their automatic payments, because their information on their new cards has changed — slightly changed. Not all cards will be different, but it’s worth checking yours to avoid late fees — and the hassle!

Have a great week,

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