The Economy Of Cheating

Episode 14 – The Economy of Cheating from Minute MBA by OnlineMBA.com on Vimeo.

What’s the definition of cheating? Is it out right stealing, or just skimming a little off the top? Is it a little white lie, or is it infidelity? Cheating in business, personal finance, and relationships all stems from the same set of assumptions — that “just a tiny bit” doesn’t matter. This attitude is wholly incorrect, and often leads to spiraling behaviors of unethical proportions. Taking just a little off the top still counts as cheating, and having that mindset can hurt your business by producing incorrect tax returns. And what starts with your checkbook can extend to personal relationships, as well. A fundamental lack of respect for these systems can be one reason people cheat, while others just get a kick out of the feeling they’ve “gotten away” with a little white lie.

Being a person of integrity means doing the right thing, even when no one is looking. In any given year, 1.6 million Americans are found cheating on their taxes — to the tune of a $270 billion loss to the American public. Dodging taxes doesn’t have to be corporate tax loopholes and offshore accounts, well-intentioned Americans can also dodge their responsibilities. Not declaring tips and small sources of income also adds to the cheating economy, and there’s nothing OK about it. In a telling survey of 30,000, approximately 12 of participants were willing to outright steal from the proctor, but more than 18,000 were willing to skim a little bit off the top. Hold yourself to higher standard; don’t cheat in business, on your taxes, or in your life. Learn more about the economics of cheating via this video by Online MBA.

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