“If you want to make more money, then improve your selling skills.” was what my boss once told me.

improve that selling skill

At that time, my impression of selling skills is what a used car salesman need.  Yes, those people who always over promise and under deliver.  It never occurred to me that as an IT professional, selling skills benefited me whatsoever.

The Truth About Selling

Today, I actually think that having good selling skills might be the most important skill set anyone can develop because we have to sell ourselves every day of our lives.  It not only helps us save more money, but also earn more money.

I Don’t Want to Go to Traffic School.
Some of us have been stopped by the police because of speeding, but most of us probably wished we knew how to convince the officer to not give us a ticket.  If there is a legitimate reason why you were speeding, don’t you want to tell the officer in a convincing manner why you should be given a break?

Hire Me or Else.
Interviewing is all about selling yourself.  During the few short sessions, there is no way for the interviewer to know exactly everything there is to know about you.  It is up to you to present everything good about yourself and give the interviewer the impression that you can perform the job at hand.

My wife is amazing at interviews because she knows how to show the best side of her.  As a result, she can find jobs much easier than everyone else and probably enjoys a better starting salary too.

I Love Living Here.
My boss bought a house recently and got an amazing deal on a model home.  He convinced the agent that he was very serious in buying and also had the capability to pay for the house long before the model was available. When the home builder put the model homes on fire sale a few weeks ago, the first person the agent called was my boss.

I am the Used Car Salesman
Like it or not, we are all used car salesman at some point in our lives.  Being able to sell your car at a good price is not just about luck.  Give the potential buyer every reason to buy the vehicle. Why should they buy the car when you don’t want it?

Improvement is a Journey

Some people are just better at selling than others, but no matter how good you are, there’s always room to improve. Try to:

  • Practice – Try to deliberately practice this.  The more you intentionally sell yourself, the more natural you become.
  • Observe Others – Identify who are the great sellers at your company and after you finish admiring how good he/she, take notice. It’s the way picture they paint, the words they use and the confidence in their tone.
  • Read Books – There are tons of books on this subject and although most of them tailor to a salesperson, many of the principles apply to everyone.  The first sales book I ever read was Little Red Book of Selling and I highly recommend it.  For less than $20, you really cannot go wrong.
  • Take Classes – There are classes these days for just about anything and selling is no different.  Ask the sales department for some recommendation.  Just make sure you let them know that you aren’t after their job.
  • Get a Mentor – Ask people you are observing to become your mentor.  If you approach them sincerely, you will be surprised that many people will actually be happy to help.  Remember to respect their time and show your appreciation to develop a win-win relationship.

Ready to Take Action

A person with strong selling skills will have a better job, make more money and have a better personal life as well. So go work on those selling skills. It may very well transform your life.

Stop Complaining

by David@MoneyNing.com · 18 comments

Before we complain ever again, we should perhaps come back and re-look at this post. Stop complaining about the government’s involvement on Freddie and Fannae, stop complaining about the stock price, and stop complaining about our job. We are the lucky ones in the world.

If you think you are unhappy, look at them.

kid on top of a persons head

If you think your salary is low, how about her?

A kid on the street for money

[ continue reading… ]

saving money and morals

The other day, my friend told me she called customer support and complained about their service because she can get a 15% off coupon every time she does this.  In many levels, I felt that it was wrong but couldn’t exactly point out to her at the time why I felt that way because she did get bad service.  Was it because of her motivation for the call or was it more because it’s not the first time she’s done this?

An even more interesting (and complicated) question to answer is whether my friend felt it was wrong to do it.  If she did, does it make the decision to call worst?  Was it because she just didn’t know that it was wrong or was she just not thinking about whether it was wrong or not?

What about those people that return a gift that they receive even if they don’t have a receipt?  Before you answer yes, what if they have a gift receipt?  Why does this change things?

Let me ask you this:

[poll id=”18″]

Don’t worry, the poll is done anonymously so just answer truthfully.

What do you think?

Why Renter’s Insurance

by David@MoneyNing.com · 12 comments

get renter's insurance now

When I rented the new apartment back in February, one item that surprised me was renter’s insurance.  I never purchased something like this before but it certainly caught my attention when I was told that it would be mandatory.  At the time, I contemplated on the extra $18 dollars a month and I decided to get it for the peace of mind but I would never looked into it if it wasn’t mandatory.

Why Renter’s Insurance

I just saw an article today stating that most people don’t buy renter’s insurance even if they are required. If you are one of them, read about why you would want to reconsider.

Inexpensive for the Value It Provides
Don’t get me wrong. $18 every single month is money I would rather save, but the same amount can get as much coverage as $30,000 just in case anything happens. You are also getting a peace of mind because having to replace everything you’ve bought in the apartment is a major financial setback.

Liability
Renter’s Insurance doesn’t just cover replacing your belongings. Since renters are responsible for problems they create including accidents, having insurance allows them to pay for unexpected charges just in case something bad happens. Can you imagine having to pay for all the appliance and remodel of the whole kitchen if you have a fire caused by putting the wrong container in the microwave?

What You Need to know About Renter’s Insurance

Read the Fine Print
Different companies cover different things. Most cover fire and theft but many don’t cover water so don’t just look at the monthly price as water leaks are a major cause of lost in apartments (especially in older ones).

Also check on what type of belongings the policy covers because some don’t cover items like high priced jeweleries.

Liability Insurance
This is important because someone can sue you if they were injured from something that started in your apartment (e.g. a fire). Better safe than sorry.

Belongings
Some policies will cover you to replace all your belonging while other policies will only give you back the cash value of how much these things are worth. Obviously, you would want to get a policy that will replace the items because of depreciation.

Do Your Homework.
Don’t forget to look around and compare different companies that want your business. As stated above, companies provide different rates as well as different coverage so make a chart and start comparing.

In Closing

If you rent an apartment right now and never thought about renter’s insurance, start now and examine whether it makes sense for your circumstances. It’s an additional expense that you didn’t have before, but I strongly recommend you to at least give it serious consideration.

 

housing property is a good investment

As you may recall that a few weeks ago, I asked whether I should buy an investment property in this housing market given that I didn’t even own a primary residence yet.  There were quite a few very insightful comments left by my readers and first of all, I’d like to thank you for all your kind responses.

I haven’t decided what I should do yet but I went to see an investment property with my coworker over the weekend and it got my blood pumping because he ended up putting an offer in for one of the properties we saw.  Here are the details:

  • 1411 sq. ft, 2 stories town home
  • 3 bedrooms / 2 bathrooms
  • $187 per month HOA
  • $2000 per year mello roos (basically like property taxes, only non-tax deductible)
  • 1.03% property taxes
  • $1,500 a month rent can be expected for the property
  • My coworker offered $170,000 for the house

The agent told us that there were already a few offers higher than $170,000 for that particular property, but my friend still has a chance to get it since he can pay cash for it while the others all needed a loan.

Witnessing this got me thinking much more about the investment property idea I’ve been kicking around so I did some calculations comparing the return on buying this investment property versus using the $170,000 to buy a dividend paying stock, say Altria (MO).
[ continue reading… ]

Where to Roll Over My 401k

by David@MoneyNing.com · 21 comments

 

 

 

Now that I decided to roll my 401k into a traditional IRA, the next step is to figure out the company that I should roll the money into. As the funds will likely remain in the same place until I’m past 60 years old, it is a decision that I should carefully analyze. I managed to narrow the choices into three and here are some pros and cons of each.

E*Trade
As many of you know, I’m a customer of E*Trade Financial. Currently, I have a brokerage account, Roth IRA as well as an online savings account with them. Adding the traditional IRA account is only natural and it will also allow me to see all my investments in one screen, cutting down on administration.

On the other hand, E*Trade’s big loan portfolio and the current mortgage crisis could possibly (amid a very small chance) mean disaster for the brokerage firm one day. If I look at the situation on a strict risk analysis basis, I should open an account elsewhere. (Note that I know about being able to recoup the money through insurance and protection but why put yourself through trying to get back 5 different accounts equaling your life savings all at the same time?)

Vanguard
Vanguard index funds are the most popular way of index investing. By going to a reputable name like Vanguard for my traditional 401k, I cannot really go wrong. I don’t have much experience with them but I’m extremely confident that I will be happy with their service (the low fee index funds also doesn’t hurt).

My concern with putting my 401k into a Vanguard index fund is that I may not be maximizing my potential reward by being too conservative. In general, index funds are a pretty safe way to capture gains from a long term upward movement in the stock market. Since my 401k is not redeemable until I’m 59 years and a 1/2, this means that I won’t need the money for another 32 years. With this type of time horizon, perhaps funds/stocks with bigger price movements than an index fund are more suitable for me.

Wells Fargo
Even though they have ridicules fees, this option for me is not out of the question. I’ve been so impressed with Wells Fargo through banking with them for the last 5 years that I might be willing to play extra to have my money invested with them.

The only negative I see with this is really the cost. They charge something like $75 per year for maintaining the account and this just might be too much.

What Do You Think?

If you were me, what would you do?