If you want to find success in life, taking the time to understand some economics 101 in regards to real wages vs. nominal wages will be very beneficial to you. I’ll be the first to admit that many concepts and topics in economics 101 do not seem to have much value in the real world; however, that’s not the case here. When you understand the difference between real wages vs. nominal wages, you are positioning yourself as an educated citizen of your country. I would argue that being an educated citizen (and not a sheep) is a circumstance all successful people should strive to achieve. Along with this, from a very practical point of view, when it comes to truly understanding a job offer that is being made to you, this topic is crucial! Employers and government officials can make certain dynamics of employment seem much more pretty than they actually are. The good news is, all you need to know is one question to ask, and then the ability to do some basic subtraction. These simple steps can better position you to negotiate and get an even better paying offer! Let me show you the true power of understanding real wages vs. nominal wages!

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