q&a

QA12: Should I Stay?

September 27, 2016 By Marcus Leave a Comment

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After the initial excitement of a new job opportunity wears off, a listener begins to wonder if this move was the right move after she is confronted with an unfortunate reality check underneath the surface. It turns out things are a little bit different behind the scenes than what was presented during the interview. She asks, should I stay long term? Her question is below. Have a career or debt management question of your own? Contact Us!

I started a new job recently. I was made aware there was a restructuring prior to my hire, however I did not realize how many people it impacted. Now that I’ve started the job it seems like a bigger deal than I realized. My direct report was one of the people who was laid off with 30 days notice. In those 30 days most (not sure if everyone) who were laid off were given a new job in the restructure. From my understanding the sales team was not rehired, and we now have a very small outside sales team.

I realize that I could have potentially probed a bit more during the interview process regarding the restructure. But, I feel blindsided by some of the other things and the current climate in the office. It has made me feel like I potentially made the wrong move of working here. I don’t plan on jumping ship, but would this be the type of situation that would warrant leaving after a year?

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QA10: Should I Ask for 30% More During Negotiation?

August 25, 2016 By Marcus Leave a Comment

All cost of living aint equal. Don’t we know it! This week a listener runs into a familiar problem: It’s a great job opportunity, but it’s not located in my current city of residence. How do I adjust for the cost of living changes?

Well, there isn’t an exact science to this question, but we discuss how the use of three reliable cost of living calculators (CNNMoney, Salary.com, BankRate) can help our listener determine the best estimate for their estimated cost of living adjustment. Tune in to hear: is a 30% pay increase ever too much?

Have a career or debt management question of your own? Contact Us!

I currently live in a part of the country where the cost of living is pretty moderate. I’m talking with an employer in CA about a job out there. I know the hiring manager personally, and he/she is great. The job itself is also a great opportunity.

The problem is, considering the 10% pay increase I’ll be getting at my current job for 2017 and the increase in housing costs alone i’d see while moving from here to CA, I’d need a 25% increase in comp, just to break even. So I would probably want to ask for a 30% increase , with the intent of accepting at 25% if they push back.

I think the reasoning above makes sense, but is it reasonable to request a 30% (or even 25%) increase at the new company? I don’t want to start salary negotiations off on the wrong foot by going in there with a number that will turn off the employer.

Announcements:

We made a guest appearance on the award-winning Stacking Benjamin podcast. Be sure to give it a listen in iTunes or on their website, From Drowning to Debt Free.

LIKE us on Facebook.com/PaychecksandBalances or follow us on Twitter @PayBalances!

Have an anonymous question? Drop a question at ask.fm/PayBalances. Our only request: Please be respectful.

QA8: A New Budgeting App and Question

July 28, 2016 By Marcus Leave a Comment

This week a Listener Recommendation for a new budgeting app and a question about retirement investments leads us to a lengthy discussion on budgeting wins and fails. How can you stay faithful in a room full of clothes?! Well, it isn’t easy but someone’s gotta do it, so it might as well be us (Millennials). Tune in to hear how Rich and WIM avoid buying big rims and 80 gold rings, most weeks.

Anyway, I’m behind like one week but a really good app (far better than Mint IMHO) is Level. You link your account (s), tap transactions that are bills and it will automatically track your spending and let you know when you’re overspending. It will also let you know how much to save a month, set up personal trackers for specific types of purchases like coffee or vacation and it will automatically track the transactions as you go. It was helpful when I needed to figure out where to cut back in order to pay off a credit card. Really intuitive and simple. One last thing, are you guys ever going to talk about investing as a means to saving/accumulating wealth for retirement or anything really.

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QA7: Cover Letters & Info Interviews

June 3, 2016 By Marcus Leave a Comment

We answered two listener questions this week. Have a question you’d like us to answer? Contact us!

1. Hey Rich and WIM! I love the show! It has been a wealth of information as I try to successfully navigate the workplace and get my finances in order. My question is about cover letters.

What amount of significance does the cover letter play in the hiring process? I would like to know especially for applicants in technical fields like engineering. I am an engineer who spends a lot of time crafting specific letters for each application, but I wonder if I am wasting my time. Do hiring managers even read them or are they only scanning resumes for key words and specific skills?

2. I applied for a job about a month or so ago. I did some research and emailed the [*removed by editor*]. I told her I was interested in working for the company and that I applied to two different positions there. She emailed me back and said I lacked experience for one and they were close to hiring someone for the other. She told me they liked my resume but just didn’t have anything available. She said she’d keep my name on file and that in the future, the team would be expanding so I should keep checking the job board.

I’m really interested in the company. Would it be doing too much to try and set up a meeting with the office and get some general interest questions answered? I know that it isn’t far fetched at most companies and this place is more of a tech startup. Not sure how to navigate asking for a meeting like this, particularly when the person I spoke to doesn’t work in that particular office.

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QA6: I Want to Change Teams

May 26, 2016 By Rich Leave a Comment

Today’s question:

You guys give great info and I just enjoy listening to you while at work. Please keep up the great work…young professionals need you. Now on to the question…I’m looking to transition to another division within my company (getting back in the lab space) and a hiring manager for a position I’m interested in agreed to an informal meeting with me to discuss the role. Even through it’s informal, are all of the rules still the same for my part? Also, is it okay to bring/ discuss my resume? I don’t want it to seem like I’m trying to go around the online application/ hiring system that is in place but since I’ll have the hiring manager’s ear I want to make it memorable.

Got questions you’d like us to answer on the show? Email us at info at paychecksandbalances dot com!

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Have an anonymous question? Drop a question at ask.fm/PayBalances. Our only request: Please be respectful.