Hiring someone new for your company is never easy. They’re putting their best foot forward in the interview. And you never really know what they can do until you try them.
So how do you know which candidates to move forward with?
Executive managing editor of Insider Inc. Jessica Liebman says there’s one thing that will disqualify a candidate right away.
“When I first started hiring, I came up with a simple rule,” Liebman wrote in a Business Insider article last week. “We shouldn’t move a candidate to the next stage in the interview process unless they send a thank-you email.”
Liebman says that she came up with this rule in 2012. And seven years—and hundreds of hires—later, the rule still stands.
“As a hiring manager, you should always expect a thank-you email,” Liebman says, “and you should never make an offer to someone who neglected to send one.”
Why? Two important reasons, she says.
1.It shows the person wants the job.
In other words, if they don’t send a thank-you note, they probably weren’t that interested to begin with. “The handful of times we’ve moved forward with a candidate despite not receiving a thank you, we’ve been ghosted, or the offer we make is ultimately rejected,” Liebman says.
2. It gives more information about the candidate and characteristics that may make them a good fit.
“The candidate is eager, organized and well-mannered enough to send the note” Liebman says. Plus the person shows resourcefulness by finding an email that wasn’t given.
At the end of the day, the thank-you email does not guarantee the position but it does assist in the elimination process.
When Is Saying No Better Than Yes?
“If you had one shot, one opportunity, to seize everything you ever wanted in one moment, would you capture it or just let it slip?”
Most well-known personalities, singers, movies, etc all talk about saying YES when opportunities pop up. Eminem talked in many of his songs about seizing the opportunity, just like the quote above.
There is value to this because most people won’t take advantage of the opportunities they are given. I’m not an avid listener of that genre of music, but Marshall Mathers really strikes into a vein of our society via music in a way that I’m not sure others have done.
The fact is most people let fear stop them from achieving something greater.
But, for those of us with an entrepreneurs mentality, we naturally say yes when opportunities pop up.
“Yes, I’ll buy that property.”
“Sure, I’ll partner on that deal.”
“This is a great business idea to create another stream of income!”
The problem is that almost no one talks about saying no.
As real estate investors or any other business minded person, it’s Often, saying NO is more valuable than saying YES.
It’s Hard to Say No
It’s easy to make excuses but it’s hard to say no. Be honest with yourself, when was the last time a friend asked you to help them move and you said in simple terms “no”?
Maybe you found something else to do that day. Perhaps you were ‘busy’. Whatever it was, you didn’t just say no.
It’s similar with business. Many people find excuses to not be successful, but few say “no” to success.
But, once you start saying “yes”, it’s addicting. More opportunities, more revenue, more income, more potential.
It’s HARD to say no to those things. But, sometimes we need to. Here are a few reasons why.
Think of Opportunity Costs
I recently met up with my good friend Jennifer over at REIMillionaire while we were both in Oklahoma City checking out some opportunities. She is really successful in real estate and has a number of income streams from various sources related to real estate.
We were assessing some solid BRRR Strategy opportunities. I asked her, “So, what do you think about these?”
“The numbers work. I have a few concerns but I think they are solid.”
“So, are you going to do it?” I asked.
“No, I don’t think so…”
After some more conversation, she pointed out that pursuing those deals don’t fit well into what she was doing elsewhere She wanted to focus on syndicating some new-build multifamily near Seattle that we’re working on together as partners.
It’s important to think about opportunity costs when evaluating a potential opportunity, be it in real estate or in other business.
We all have a ‘bandwidth’ meaning we can only focus on a certain number of things in a given period of time. When you take on a new opportunity, it will take you away from other things that you are working on.
And that is opportunity cost – what you give up in order to get something else.
As entrepreneurs, this is so hard to determine!
It’s Hard to Estimate Opportunity Costs
Think about it, imagine you’re earning money on your real estate, as an agent, with your website, doing some wholesaling. You’ve got a lot of revenue coming in.
Then, someone asks you to partner on a new build, or to start a property management company, or to do…whatever else.
So, you take the opportunity. You can make money doing it for sure.
You also don’t lose any money in your other areas. You’re still earning the same amount, so it’s good, right?
The hard part is going back and assessing if you could have earned even more if you had spent that time building up one of your other revenue streams.
Chances are if you had dedicated the same amount of time to buying more rentals, building your agent business, wholesaling real estate, or whatever else it is you do, you could have earned more.
Say No If You’re Too Excited
One of the problems investors run into is the excitement about a deal. It’s more common in newer investors but it happens with experienced investors as well.
If you find yourself overly excited about something, you might be trying to convince yourself to do it. If this is happening, it’s time to take a step back and take a deeper look.
When you’re evaluating any potential investment, regardless if it’s business, stocks, or real estate, you need to be totally detached. If you catch yourself fudging numbers to make it work, you’re probably too excited.
I’ve done it before tons of times. In real estate, you’ll find yourself bumping rents a little bit or dropping expenses in some way trying to get the numbers to pan out.
Remember, it’s always cheaper to lose a good deal than to say yes to a bad deal! So, it might just be time to walk away if you’re doing this.
Focus on a Few Things
The moral of the story is to focus on just a few things. Don’t get distracted by shiny objects and don’t chase things just because they could earn money.
When you are looking to chase a new project, be skeptical and avoid it if you find yourself getting too attached to it.
What about you, have you ever had to say no to a new project or investment even if it was a good one?
Financial Experts: Buying Coffee Is Like Peeing $1M Down The Drain
Millennials love their Starbucks. But if you love your money, you probably shouldn’t. At least not according to one financial expert.
“I wouldn’t buy a cup of coffee anywhere, ever — and I can afford it — because I would not insult myself by wasting money that way,” Suze Orman told CNBC Make It.
Because premium coffee is a “want” vs. “need,” that same capital could be put to work.
Let’s say you spend around $100 on coffee each month. If you were to put that $100 into a Roth IRA instead, after 40 years the money would have grown to around $1 million with a 12% rate of return. Even with a 7% rate of return, you’d still have around $250,000.
“You need to think about it as: You are peeing $1 million down the drain as you are drinking that coffee,” Orman says. “Do you really want to do that? No.”
Shark Tank’s Kevin O’Leary agrees.
“Do I pay $2.50 for a coffee? Never, never, never do I do that,” he said. “That is such a waste of money for something that costs 20 cents. I never buy a frape-latte-blah-blah-blah-woof-woof-woof for $2.50.”
Interestingly enough, a new wave of investment apps actually help you save when making these purchases, making the Millennial buying pattern work to your advantage.
Say you buy a $2.50 coffee, Acorns will round up the number to $3 and deposit the rest into your savings.
In Africa, WealthLAB co-creator Odunayo Eweniyi’s savings app PiggyVest—which operates similarly to Acorns—has amassed 250,000 Millennial investors, all making 10% on savings.
Echoing this trend, financial influencer and best-selling author of “I Will Teach You To Be Rich” Ramit Sethi makes the point that spending on coffee is fine — as long as saving is automated.
Shark Tank’s Mr. Wonderful: ‘Always Talk Salary With Your Co-Workers’
It’s not necessarily best practice to talk about how much you make. Especially in the workplace. But if you ask Shark Tank’s “Mr. Wonderful” Kevin O’Leary, you absolutely should.
“Here’s why,” O’Leary told CNBC Make It, pointing out that similar jobs make very different livings. “And you need to know that. Because there’s different firms all doing the same thing, and by knowing what [multiple] people are making, you can find out your market value.”
“Most people will share it with you because they also want to know the same thing: Where do I fit in the whole picture of things in terms of salary?” O’Leary says. “That’s why communications matter.”
According to experts, pay equity improves when people share their incomes. But a 2018 Bankrate survey found that less than 25% of people share salary with a co-worker. However 33% of millennials have shared their salary with a co-worker and 58% have talked about it with a friend.
“People are often worried that talking about money may be construed negatively by their bosses. That’s ridiculous,” O’Leary says. “Employers — and I’m one — know that my staff are going to talk about their salaries. It’s not a secret.”
But talking about money isn’t just professional benefit, according to the Shark Tank star.
“If you want to really bond with somebody, share your ideas about money,” O’Leary says. “Everybody is concerned about it, everybody’s thinking about it, everybody has to have it. It’s a great topic to discuss. Why? You might learn something. You may see how other people work with money and maybe, that’s a good thing.”