023 - Career Hacking ESI Part 1

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0 - 47 Jonathan Mendonsa All right guys I'm excited that it's Monday and today we are going to be talking about career hacking which has the potential to supercharge your path to FI and I'm excited to have ESI from ESI money.com actually take the time to coach us through this. Now I should let you know ESI had a 28 year career in business and he earned an annual pay increase of over 8 percent each year and eventually became the president of a 100 million dollar company. I don't know many other FI bloggers that can say that. So he knows a little bit about growing a career. Now today he's actually me sharing a few tips you can apply to help you earn more and reach FI sooner. And we're back right here with me in the studio today and we've also got ESI here with us so we're going to be talking a lot about career hacking and this is something that nobody I don't think anybody spends enough time talking about it we're always focused on getting to the other side. And I think it's a conversation that's worth having.
blogger, career
47 - 70 Brad Barrett Yeah. agreed I mean we focus a lot on frugality obviously and we focus on cutting expenses but we don't focus often enough on the career side and earning more getting larger pay increases negotiating for salary. There are all these things that you know this is this is two different sides of the same FI coin. Right. And we need to be focusing on that. So I think ESI is clearly an expert and this should be a wonderful conversation.
career, frugality
70 - 73 Jonathan Mendonsa So yes I welcome to the studio. How are you doing today.
73 - 81 ESI Money Hey I'm doing great. Guys it is a pleasure to be with you. Love your podcast love what you're doing and it's just an honor to be here.
81 - 94 Jonathan Mendonsa Very cool and honored that is the first and I love it. Man I absolutely love it. Thank you so much for sharing your time with us today. So why don't you go and just maybe we should just start this thing off by kind of introduce you a little bit. You want to tell us in the audience about yourself and your story.
94 - 125 ESI Money To hit the highlights. I mean you kind of covered a lot of it in the intro. I'm 53 now retired at 52. I hit you know financial independence you know depending on how you calculate it and where we want to be. Probably somewhere in my 40s or early 40s continue to work I enjoyed my career. I worked a lot. We'll talk obviously a lot about that today. And then right now I'm enjoying the fruits of being retired and doing whatever I want to do. I live in Colorado so those two things being retired on them in Colorado are just awesome. It's an awesome combination.
125 - 135 Jonathan Mendonsa Very cool. You know we talk a lot about geo arbitrage and I can't help but feeling that when we come to the end of this story we're going to find out that it doesn't matter what the numbers say. Colorado might be the perfect place to live.
135 - 138 ESI Money It might be the exact perfect place to live yes.
138 - 144 Jonathan Mendonsa That's awesome. And you've got a lot of good company over there. I know Carl 1500 days and Mr. Money Mustache also all out of Colorado.
144 - 149 ESI Money Yes there's a lot of people in the FI community in Colorado.
149 - 160 Jonathan Mendonsa So ESI why don't we just take a second and just kind of set a value on this let's just talk to our audience just for a second. Why does your career matter. Why should we be spending an hour or as long as it takes talking about this.
160 - 212 ESI Money Right. A lot of people don't think about this but I like to phrase it that your career is a multimillion dollar asset. I mean if you just look at some basic math you say you come out of college you are starting at $35000 a year and you average just just average pay increases of three percent a year and let's say you have a 45 year career. Now we're going to work towards not working for 45 years. That's what financial independence is about. Just assume 45 years from now what you're going to make 3.2 million dollars during that time. So you're 22 and you have a 3.2 million dollar asset if someone gave you $3.2 million. What would you do with it. You'd probably take some steps to guard it to grow it to make it the most you could possibly be. And that's what your career is and that's kind of my point of view on what people should be thinking about as they approach how to handle their careers.
career, college
212 - 233 Jonathan Mendonsa Yeah that's cool you know in the community we love math and we love compound interest and we like creating these equations that help us define the parameters of our own personal framework. And I think there's real value to just looking at what you know what your career what your income what is that framework what are the parameters of that if you are just to ride it out and then you can make a decision from there. So that's a great thought right.
233 - 267 ESI Money That's right. And you know so that's good news that it's a multimillion dollar asset. The better news is that there are steps you can take to make it worth even more and I'm not talking about a few hundred thousand dollars more I'm talking about there are steps that you can take if you're intentional about it to make it worth millions of dollars more and we'll go back to the math. So then the main two ways to make your career worth more is first of all you start at a higher beginning pay. So I used in my example I used 35000 to start out. If you start out of 40 instead of 35 you earn an extra half million over that forty five years.
career, highincome
267 - 270 Jonathan Mendonsa You had me at hello. Yeah.
270 - 391 ESI Money So you start at 50. You have an extra 1.4 million. And this is just the difference in the earnings. This doesn't include Hey what if I took that difference and I invested it and it grew and compound it over 10 15 20 years. It doesn't include any of that. This is just a salary difference. You know it adds up to big money. So there are some ways that you can do that. Obviously a lot of people and the FI community do the first option which is they select a major or a job field where the salaries tend to be higher. So business, engineering, computer technology, medicine you know you're going to go into any of those fields you're going to make you're going to start at more than $35000 a year for sure. Probably you start more than $50000 so you're going to start at a pretty good level. Second thing let's say you don't pick one of those you want to negotiate the best starting salary that you possibly can. So when when a company offers you a job that's just the first offer you now have an opportunity to go you know I love everything you're doing. I think I can really contribute here. But instead of 35 I'm looking more like 37 38 and you work on that because what's going to happen is your future raises are all going to be based off that initial starting number. So you want that starting number to be as high as it possibly can be. And then the third thing is you're going to add on an extra degree. That's what I did. So I had an undergraduate degree that looked like I was going to earn. I graduated back in the stone age right. So back in the mid-80s. So I was going to make about 18 to $20000 with my undergraduate degree and I was like No I don't want to do that. I want to make more money. So I took two years. I got an MBA. I didn't pay anything for it because I got a staff assistantship or the college basically paid for my tuition in exchange for me working every weekend and I ended up with a $40000 starting salary so I basically doubled my salary in two years. So that's another way that a big leap can be made to get a starting salary higher than what you might expect otherwise.
IT, career, college
391 - 444 Jonathan Mendonsa That's really cool. One of the things that comes to mind just as we're talking you know I can tell when I'm getting really excited about an idea is I can't wait to get my thought out there and what strikes me right now is the value of having someone be able to coach you from the inside so a lot of us just get our job and we assume that we're just doing the right thing. But in the FI community specifically in the Choose FI community that we're trying to create we're getting to learn the best from people that have really figured this one thing out or maybe multiple things out and I got to think I know you have kids I got to think that your kids are probably really well-positioned as they're going into maybe high school and college. They've got some of these kind of things that you figured out and they're really teed up to maybe get that higher salary. And then when you expand that out to the masses our audience can benefit from this because if they can just take you know the 20 or 30 years of experience that you have and the few things that you figured out and apply that to themselves and then also I mean I know you know how excited we get about second generation fire. If they can apply that to their kids how cool is that. I mean and that's millions of dollars right.
2ndgenfi, college
444 - 496 ESI Money Yes. And you and your you know you're absolutely right. A lot of people just assume hey my job is my job I'll do a quote good job and I'll quote work hard and you know I'll get I'll get fairly treated. Well that doesn't happen in a lot of cases. You have to kind of just like you manage your investments just like you manage your spending. You need to manage your career and if you do that you will get more people if you just kind of let it go and get. I call it you know go along raises. If you could just kind of go along with your career you're going to get go on raises and you don't want go along raises you have raises that are significantly higher than what the average person gets and that's the second point we'll talk about that in a second. Is that in addition to starting high if you can get higher than three percent raises which is really really doable if you just focus on a little bit you can make millions and millions of dollars more over the course of your career.
496 - 513 Jonathan Mendonsa You know there's one thing that people in the fi community get excited about and that is the word millions. I mean you instantly have them right. But one of the things that strikes me is that you're talking about this not just from the position of somebody that has had to ask for raises but from the position of somebody that probably has given them as well. So you're seeing both sides.
513 - 535 Brad Barrett Yeah that's one question that I definitely have as you know from the perspective of a president of a 100 million dollar company what would you tell to the audience who they might be nervous they might be scared to walk into their boss's office and negotiate a salary or when it's time to get that job offer. I mean there's a lot of trepidation when it comes to the actual act of negotiation. Do you have any any actionable tips you can pass along.
535 - 607 ESI Money Yeah sure do. I assume we're going to get into that. I actually have seven steps to how to grow your career. And the first one focuses around doing more than is expected in your job. And there's a systematic way to basically set up your boss to know exactly what he wants then you deliver more than that. And it becomes it's a regular discussion that you have as you as you meet with him or her on a regular basis and it just becomes natural that it becomes real easy to ask for more money when you are doing more than what they expect. So for me as you go back to being a company president I want to reward people that are doing more. I see people that are doing more. I know that I expect Jonathan or Brad to do a b and c if Jonathan and Brad are do an AB in C and they're knocking that out of the park and they're doing D and E as well. I'm like I've got to keep these guys happy. I got to give them more money I got to give them more responsibility because otherwise they're going to go somewhere else and take their talents somewhere else so I need to reward them. So the tips I'm going to be giving can come from both me as you said as an employee but also as a manager who has managed people for a couple of decades and looking at you know what they're doing and how I would reward them as a result of their actions.
607 - 617 Jonathan Mendonsa And I've never heard anybody else have this conversation certainly I haven't heard it in any of the personal finance. So I'm excited that we're doing this I think this is really new territory that we're exploring right now.
617 - 692 ESI Money Awesome well if I can. Let me share with you guys just the raise information. If you start at a higher level that helps really where the magic is if you can get better than average raises. So our original example was you store a thirty five thousand dollars a year you get 3 percent raises you make 3.2 million dollars. Those are the baseline numbers. If you just get 4 percent raise so just one percent more that earns you an extra million dollars over your career. If you earn 5 percent raises that gets you an extra $2.3 million. And if you earn 6 percent raises that gets you an extra four point two million dollars. And none of this factors in the fact that you could take that extra money and you could invest it. And now imagine you're not working forty five years you're working 10 15 20 years depending how much money you want to save because you're getting raises you're stocking that money away your saving a good percentage of it you're investing it into index funds and it starts multiplying on top of itself. And it just becomes this big snow snowball. But the key is your career is the engine that drives the FI train. You need to focus on your career drive it earn as much as you possibly can siphon off as much as you can and that's going to give you the opportunity to retire in 10 15 or 20 years.
career, indexfunds, savings
692 - 715 Jonathan Mendonsa That's so valuable and your perspective on that is it's nail on the head. I mean it's that's perfect. This is definitely a conversation that was overdue Alright ESI So I think one of the things that we always try to focus on is actionable tips. I mean is there any sort of stepwise process that we could use that we could apply to the masses in terms of how to manage your career and how you can if you were to manage it in a certain way you it would kind of guarantee you this outcome.
715 - 718 ESI Money Well. Guarantees a strong word.
718 - 721 Jonathan Mendonsa I like it. but if we can't Get it I would say I'd stick with promote.
721 - 894 ESI Money OK. Well let me tell you this is so over my 28 years both as an employee and as a as a manager. I've kind of narrowed down to seven steps that can really help you grow your career. The first one is probably has the biggest benefit has the most action steps if we want to go through that one. That's where everybody needs to do this one the other ones supplement this one but this one really has to be done and it has to be done well because it's where kind of the meat of the ideas come from. So the idea simply is that you want to perform and at the end of back step a little bit when you're hired by a company a company gives you a salary and that salary comes along with job requirements or expectations so they say we're going to give you this money and we expect you to do these things in return for us. And if you do those things then you probably stay there a few years. You get the kind of average raises probably because they want to keep you happy just kind of goes along but you're not going to get anything extraordinary because you're not doing anything extraordinary. Right. The people who get you know who do more than expected are the people that get higher than expected raises. And that's what this process is about is about how do you do that. All right so the first step is you need to determine the expectations for your position and a lot of companies have annual reviews but you need to be a little more aggressive than that so simply you sit down and you talk to your boss and you say hey boss you know I want to make sure that I'm doing a great job. I want to deliver for you. I want to deliver for the company I mean this is like when you're saying this to your boss he's like This is the best employer in the world I mean you'll have him eating out of your hand because you're taking a proactive approach to helping him and helping the companies. I love this so. So boss I you know I just want to know what do you expect from me. Let's right down the three or five or 10 or whatever it is things that you expect me to do in this position. And I suppose part of that my second step is you want to make it as quantifiable as possible because you don't want to have any gray area for did I hit it, did I not hit it. So for example say you are in sales you don't want to have an expectation of quote gross sales. That's vague. Nobody knows if you hit it or don't hit it. You want to have something like gross sales 8 percent that's specific. And you know whether you hit it or not if you're cutting costs you don't say. I want to I want you to cut costs you just say well how much cut costs 15 percent is quantifiable. And then be determined whether you hit it or not. So Sadow is your boss. You have that conversation you write down the expectations you make and quantifiable so there's no question about whether you hit them or not. And then so once you've got that you both agree. Now you work to over deliver on those things because if you just do what's expected as I said you're going to get expected raises. So you're going to do more than that because you want higher raises. So if your objective is to grow sales 8 percent you're going to try to grow at 10 percent or 15 or whatever it might be if you're going to supposed to cut costs by 15 percent you're going to cut 20 percent you're going to do whatever the goal is you're going to do more than that. All right. So that's where I get over performing.
894 - 940 Brad Barrett Yes so that all sounds good and it makes perfect sense. But just walk me through mechanically how an employee would sit down and have that meeting with the boss so for instance you know I can I can easily visualize if I'm starting new at a company. Right. You have that meeting you're proactive you from day one are this model employee but let's say someone someone out there is listening to this you know we have many many thousands of people listening to this podcast. They've worked with their company two five 10 15 years and they've never done this before. How would you suggest to that person to actually get up the nerve to have that meeting. What did they say to their boss. You know this kind of stuff is the difference between people hearing this and saying wow that sounds fantastic and then actually taking action. If you don't mind I'd love to hear some thought.
940 - 1142 ESI Money Right so there's a couple of ways to do it. First of all almost every organization in the world has some sort of review process and they either have on an annual basis semiannual quarterly whatever it might be. So that is a natural time. So if you're really hesitant about well you know I haven't talked to Jim for five years about my career to go and now I feel kind of tentative about it. You could prepare now and then when the performance review comes that's a natural time to bring it up. So that's one option. Another option is if you just say you don't want to wait that long you can just walk in to in to Jim's office or your established meeting that you have for example I would meet with my bosses usually every week every other week. You know you meet with him on a regular basis anyway and you have a list of things you're going to talk about and you could say pretty much goes through what I said at the beginning and say Jim you know I've worked here for five years and it's been awesome working for this company and for you. But I want to continue to do more. I want to be a better employee on deliver more for you for the company. And if you don't mind I'd like to sit down with you doesn't need to be. Now it could be you know in a week or two or when we have more time like to sit down with you and kind of write out some expectations that you have for me in this job because I want to be sure I'm doing exactly what you want me to do and doing it you know in a manner that's excellent. I mean there's not a boss. Well I guess there will be bosses in the world because not every boss is great but a good boss is going to go. That's awesome. I'm going to you know I love that song. You know I want those sort of employees so they're not going to you know put up any walls or make great let's do it or you know a week from Tuesday I'll come with my thoughts and you come with your thoughts we'll put them together and then we'll do kind of like take you through before you determine the expectations. You write them down make them quantifiable and then you're off to the races. You know you're working on over performing after that point in time. And then what you do from there on is you now have this written list you're off over performing you document your success and you remind your boss how well you're doing on a regular basis. So what I would do. Here's how I managed my boss I'd say Hey Jim you know these are the five things we talked about a couple of months ago. I just want to keep you informed because I want to make sure that you know exactly where I stand on all these at all times. So every boss in the world's going to love that too right. He wants to be in the know. So here's the list of my five and here's where I stand so I supposed to grow sales by 8 percent I'm really. Right now I'm at twelve point three. Am I supposed to cut costs by 15 percent. I'm actually now at eighteen point two. And you just take him through that. So what you're doing now is you're reinforcing to your boss that you're over delivering and you're doing that on a regular basis. Whether that's once a month once a week I've done it in different ways. I've done it face to face with a piece of paper that I hand out and I've done it on an e-mail update that I would send every Friday saying Here's where here's where my departments are. You talk about your department or your people or your projects Here's what we're doing. And here's where we are versus our expectations and it's a natural. I'm just updating you I'm just keeping you informed and Jim's going to love that. Because now he's in the loop but you're also subtly put in there. You asked me to do 8 and I'm doing 12. You asked me to do 15 I'm doing 20. So Jim's (The boss) is getting a message on a regular basis kind of like advertising to this person's doing more than what I expect them to do. They're a good employee that I need to you know keep them happy and look out for them when raises come around.
1142 - 1175 Jonathan Mendonsa I totally am visualizing what you're saying. I mean I can see that working. I've been in that system I've been on both sides of that construct and that is incredibly powerful. You had a very tweeted quote there that Brad and I both looked each other manage the boss. You know that is that is powerful and what's really cool about that is that while that is a totally tweetable line there is nothing shady about that. What you're doing they are winning you know but when you put yourself out there in this manner. Like you said they are they are craving this. Their job is to get 100 percent from their employees who are 110 percent you're making their life easier when you go ahead and set this contract up for them which is super cool.
1175 - 1176 ESI Money Yes.
1176 - 1180 Jonathan Mendonsa Alright ESI that sounds awesome. What's out what's our next step. What's our next play here.
1180 - 1254 ESI Money All right. Number two actually. So number two is be likable or you could say be more likable. And I put this in here because some studies show that actually being likable is more important than performance in getting pay raises. Now that's a topic for a lot of debate. You know personally as a manager I'd take someone who was an unlikable but over perform versus a buddy that didn't do as much. But it's very important regardless and the reason is is because people like to promote and reward people that they like. It's just as simple as that. And this tip isn't. You don't have to be the life of the party but what you need to do is be intentional about how you treat people really. I mean it really comes down to just be nice be considerate think about others before yourself. I mean if you want to boil it down to the golden rule treat others like you want to be treated or like they want to be treated but you do that. Is it's going to make your life more enjoyable and people are going to naturally like you. And if it comes down to you and someone else you're both over performers the boss is probably going to go with who he likes better simply because he's going to promote that person or give them a higher raise. He's going to work with them or he's going to entrust more with them. He wants to work with and trust somebody that he likes. It's just simple as that.
1254 - 1261 Jonathan Mendonsa High school is still following me around. But I hear you now.
1261 - 1294 Brad Barrett But seriously you know high school aside and all those horror shows. But you know this is really good information just for life in general. This is transcends business certainly I mean we see this in you see this in every aspect of your life. This is this is a life skill. It's just be just go out of your way to be a little more likable. Right. That doesn't mean be fake or be that obvious networker or you know the glad handing person. Just just go out of your way to be a little more likable and you're going to be surprised at how beneficial it is for your life. So yeah I really like this one.
1294 - 1301 ESI Money I agree with you that the next tip is to network so we'll see where you go for you.
1301 - 1302 Brad Barrett You're welcome.
1302 - 1421 ESI Money All right well know networking is important and you alluded to this it has kind of gotten a bad rap because back in the day companies and organizations were set up quote you know networking events and you basically go to this party and everybody's looking for what's in it for me. Basically it was your objective or you go to the party try to meet as many people and find out how they can help you. So that's kind of why it's gotten a bad rap. But networking has really morphed over the past you know 15 or 20 years. So I would say that first of all there's a lot of value in networking. You know it's an old rule of thumb that most new jobs are found through networking and it's an old rule of thumb for reasons because it's true that a network can also help you in a lot of other ways. And then you can develop a network that helps offer business advice to you. You can help you can it can link you with experts suppliers if you're in business you're looking for a good deal or you need somebody to do A B or C you can network with people who have already you know used that you know use those services. These people in your network can serve as references when you look for a job they don't have to give you the job or they could just be references. They can even help you personally in your private life. I had a guy that I connected with from business that happened to run a soccer club on the side and my. I got my son on a certain soccer team as a result of knowing him because I had networked him with him in business. So you know it can have other benefits to you as well as not just business. You do want to have your network be a meaningful so you don't want to just connect with a thousand people. You kind of know you would rather have 200 people that you know well that can help you. And you can help them because you know each other. And I would say Networking is a two way street to which is kind of back to your comment about it being kind of negative is that you need to help others as much as you get help from them. And in fact I would recommend that you do kind of reach out first. I always try to help others as much as I possibly can to build up a ton of goodwill because if someday that I might need my network and I want to be sure that I've invested a lot. And then before I ask them to come back and invest in me.
1421 - 1455 Jonathan Mendonsa Actually I think this is really interesting. You know in the management sales world I've always had trouble visualizing networking being being useful and I don't know that's my own limitations in the construct of the business that Brad and I are creating Choose IF I see it being incredibly valuable and I've actually seen how it's benefited us dramatically as we try to you know spread this message. So it's kind of a I have always had trouble visualizing how you could do it in a way that's not Spammy. And I'm particularly interested in seeing you know I know that you're a fan of Linked-In. I don't have a link to an account. I've never seen any value in it. I'm kind of curious how you use that.
1455 - 1555 ESI Money So I was just about to say that I mean LinkedIn has made networking a lot easier than it used to be 25 years ago because it's really easy to connect with people so I use Linked In. I would check it every day. It would be one of the tabs come up on my browser when I open my browser I would look for maybe two or three minutes to see what's going on with people. See if there's anybody I wanted to connect with and you know when you have a career that's fairly long you just you forget about people and you go oh yeah you know Sarah she was awesome I need to connect with her. We worked together 15 years ago. So you just connect with people you read a few articles and you then slowly build your network over time just do a little bit every day and you can really get thing you can really get a pretty meaningful network I have something around 1700 connections right now on Linked In. I'm not even working. I'm retired and I still check it every day. Still one of the pages that opens automatically and it takes me just two or three minutes a day. So it's really really easy to use but I would say that you don't want to do that. You don't want to say you know only that you don't want to say well you know I did linkedin so I've done my networking and there are other things you want to do to supplement that. And one of my favorites was lunch. So I'm going to eat lunch. You're going to eat lunch. Why don't we just eat lunch together and then you talk about business talk about our families we connect because this can be people inside the company you work for it could be outside it could be personal connection. So once a week I always had lunch with somebody and you just connect and you keep your network healthy doing that. So you come at you combine linked in with some sort of personal connection. And that's really once you can do that you'll be pretty successful at networking.
career, families, health
1555 - 1589 Brad Barrett So actionable tips. again This is as you can tell this is my thing. Linked-In. I've never I've never gotten it. I've you know I'm on LinkedIn. I have you know whatever a couple of hundred connections or whatever it may be. I never use that thing. Talk me through how I would sit down you know if I was looking for a job or I was looking to you know further my network or keep in touch with people. Those two or three minutes. Are you sending messages. If so are you sending like Linked-In mails or you know how and how does that actually work. And I'm sorry if that sounds nitty gritty but I think this is important.
1589 - 1732 ESI Money Sure. Let me let me start even from the beginning. So you know how do you make the most of linkedin. And I did this by five or 10 years ago how old Linked-In is at this point in time. There are certain things you need to do to have a great profile just to begin with. So you want to google that you know how to have a great LinkedIn profile they probably have a guide for you. But for I know a few of the basics One is you want to have a professionally done picture. Right you don't have a picture of you and your dog unless you're a veterinarian. Right then that would work. In that case. But otherwise you know if you're a CEO of a company it's probably not going to work you want a professional picture that shows your face. You know so people can recognize you. You want to have you want to have your history in there written. I would say just you spend as much time on that as you would a resume because that's what it is it's a resume as a resume that you would send to accompany you want to make sure there's no typos. You want to make sure that the things that are highlighted on there are accomplishments because those are things that you want to emphasize I'm somebody that gets things done. I over perform if you want to go back to that and so you want establish your profile first and a way that really presents you as the person you want to be. So I'd say that's step one step two so when you go in on a daily basis so I go on a daily basis. It gives you notifications on your network. So for example it'll say it Jim just got promoted today you know send him a congratulations note so I usually do I send him a message saying Hey Jim that's awesome. Hope the new job works out well. Hope you're doing well. Best wishes. And that's it. I mean that's the extent of what that message might be. It also highlights people birthdays even now if they put their birthdays on there. So there's opportunities for you to reach out to certain people. It also prompts you for hey you know this group of people you probably know somebody on this list as well so I looked through that list and go yeah I didn't know that she was even on LinkedIn or I forgot that we worked together so many years ago. I'm going to send her an invitation to connect. So I do that it's very simple and easy to use. And you do one of those a day and you have 365 new connections in a year. So you don't have to build this network in the next five minutes or anything. You work at it a little bit. You make a little bit of progress every day and by doing that over the course of time you have a successful and large network.
1732 - 1771 Jonathan Mendonsa You know one of the things that's funny about that is I think Brad Linked-In irritates him because it's actually what he does without a social frame he does it all behind the scenes like on his own and linked in. They just basically took what Brad does behind the scenes and just turned it into a software program. I think that there is something really interesting so you know I think ultimately the goal cannot be to have 800 hundred contacts. There's no value in just having a hundred contacts. You know when you're comparing yourself to Tom that has 400 that's not the ultimate point the point is what do you then do or what opportunities do those 800 CONTACTS or 1700 contacts at some point you say or what is the value of that. And then what do you do with that right.
1771 - 1827 ESI Money Right so let me give you some examples. So a great example was. So I was the president of the $100000000 company. I was president for two years. We had our highest level of sales in 35 years the full year that I was the president. And then they hired a new CEO who didn't want a president and I was fired three months into the second year that I was there. So Don't think that can only happen when you're at the lower levels it actually gets kind of more brutal the higher you get up in a company. But you know I needed my network that I needed. So at that point I had I had a choice to make. I was that was when I was you know my late 40s or 50 probably So I was financially independent at that point time so I could retire then if I wanted to. So we talked about that. And we decided nah we're going to still work a little bit more. Plus we've lived in Oklahoma so not to denigrate Oklahoma for any of your Oklahoma listeners but it's not Colorado. So.
1827 - 1835 Jonathan Mendonsa I wouldn't say it's I wouldn't say it's a dead space out there but we don't have quite as many. I think there's a little more geographical space in between our listeners in Oklahoma love you guys though. Thank you.
1835 - 1910 ESI Money So you know we're like now we're going to move we don't see ourselves retiring here. So we reach out I reach out to my network and do what I did. So it lists all the people you're connected with. So I literally went through that list and I picked people that I thought would help me and they could refer me to job openings that they had heard of. And out of those I probably so I have 1700 connections so you're right you can't. You don't have a personal relationship with 1700 people. There's a whole philosophy about it's like a Facebook right to you friend someone you kind of know or do you only friend people that you know are in your family and there's a all you can manage it however you want to. But of that 1700 there's probably you know 200 or 300 that I could really really count on that I know really well but that's still a pretty big number. So I went through those people. I made a list and then I reach out to them I e-mailed them and said hey FYI I am looking for an opportunity if you know of anything. And I appreciate you passing it my way. And one of those contacts sent me the job that I ultimately ended up taking and moving to Colorado for. So that's a clear example of how I needed my network at that point in time and it delivered.
families, relationships
1910 - 1927 Jonathan Mendonsa That's solid That's a great example I'm glad that everything that we talked about over the last five minutes led us to that conclusion because now I see the value and. Yeah absolutely. And you're just doing a few little things each day but it gives you this foundational structure that you can lean on when you need it. That wouldn't have been there for you if you hadn't put the time in. A little bit at a time over the last several years.
1927 - 1929 ESI Money Right. Exactly.
1929 - 1930 Jonathan Mendonsa I mean what comes next.
1930 - 1942 ESI Money OK. Number four is a little controversial It's called Be attractive. And I'm just going to be honest with you. Studies will show that people who are more attractive get paid more. It just gets down to that.
1942 - 1951 Jonathan Mendonsa I've always known it but I'm a son of a son and I knew there were scientific studies that were showing why I wasn't getting it.
1951 - 1987 ESI Money So. So let me just give this one quick tip is that think back to when you if you're married now or if you're dating now think about how you acted when you were dating you dressed a little bit nicer. You paid a little bit more attention to your appearance. You acted a liittle nicer if you just do that. That's all. You don't have to be Brad Pitt or Angelina Jolie in this tip you just need to be as good as you can be needed to be better probably than what you are now. Just date your career. So look at your career as hey I'm going to go meet this person today and I want to present myself in the best light possible. And if you do that you've got this tip down.
1987 - 1988 Jonathan Mendonsa Cool. That's great.
1988 - 1997 Brad Barrett You know date your career is another tweetable quote I like that. Yeah I mean this is similar to number two be likable. Right. It's just right it's a little extra effort.
1997 - 2005 ESI Money And it totally relates because people tend to like attractive people it just works that way. So they kind of work hand-in-hand.
2005 - 2006 Jonathan Mendonsa All right. What's their next step.
2006 - 2160 ESI Money OK so the number five is continue learning and developing your skills. In you know today's environment no matter what field you're in if you're not learning and growing you're fallen behind because everything's advancing. I mean it continues to advance and there's new learnings. You know the level which we're learning now is just growing exponentially. So you need to take the bull by the horns and you need to keep learning and this can range all the way from you know something serious like I'm going to go back and get a degree to something that's not as serious as just in your regular time it's listening to podcasts on your drive into work or when you're mowing the lawn or when you're working out something you're doing already. You can be learning at the same time or you can do with an audio book if you prefer. You can read you can. You just need to continue to learn and grow. And in particular you need to develop skills that have a lot of financial payoff. So here's a guy saying I love this. You does love Warren Buffett right. Love him. OK. So I found this from a talk that he gave in clum at Columbia University in 2009. He talked to a group of college students who were graduating and he said that he would offer them $100000 for 10 percent of their future earnings for any of them. Now you know we've already established that that's kind of a sucker's bet because you know if they're going to earn $35000 a year give three percent raises are going 3.2 million. So Warren's is willing to give them 100000 in order to get three hundred twenty thousand dollars back. That sounds like the type of deal Warren Buffett would like. Right. And it's even worse because you know he's talking to Columbia students are average starting salary college is almost $60000 so he's trying to get a really good deal. But he went on then and said so a second quote was. Now you can improve your value by 50 percent just by learning communication skills and in particular public speaking. So if that's the case see me after class and I'll pay you $150000. So he (warren Buffet) was basically saying that you can increase your you know you're worth 50 percent more if you know how to speak in public. So there are communication skills he is attributing a pretty high value too. And there's a lot of those sort of skills there skills like selling skills being able to negotiate being able to communicate through writing. There are a ton of skills. I'm actually working on a post on this now that if you have these skills you are going to make X percent more than someone who doesn't have those. And that's those are the sort of things you need to learn there you need to learn them through either some sort of formal education on your own or through work experience but those are the ones with a road pay off for you over your career.
career, college, college-loans
2160 - 2208 Brad Barrett And that reminds me I don't know if you've ever read Scott Adams but oh yeah. Yes exactly. Yeah. He's brilliant. And if you've ever read about his concept of the talent stack it sounds almost exactly what you're talking about there and you should definitely reference it for that article. And that's basically talking about putting together and actually public speaking is one of his top handful of talents so that ties with Mr. Buffett there perfectly it's taking these wildly ranging talents and putting them together into this talent stack where you don't need to be the best in the world at anything you just need to be let's say the top 10 or 20 percent. And when you were the top 10 or 20 percent and 10 20 50 different random things you are an extraordinarily valuable person and employee. So yeah that really ties together almost almost exactly with what you're saying.
Brad_Catchphrases, talentstack
2208 - 2247 Jonathan Mendonsa And I liked what you said about is in particular podcast and I think Brad and I wanted to focus on this even more in a future episode. But the versatility of audio learning taking the free time that you have there's very few things in this world that you can do while you are actually doing something else. You know if you're watching TV you're just watching TV if you're reading a book you're just reading a book. But the podcasts and audio books that gives you this ability to almost hijack your time and get a two for one special go run around the neighborhood with your audio book you know go mow your lawn with your audio book go work out with your audio book go drive. You know and you can recapture that time that might be getting lost in the void. And that's a hack right there that I don't think people talk about enough.
2247 - 2273 ESI Money No. And I've done that for years and years. You mow the lawn you take a walk around the neighborhood you work out you drive you know a lot of us have time in the car I've listened to it on airplanes. You're traveling. There's all this downtime that you have that you can really redeem or even downtime while you're doing something else and do two things at the same time. And it's really powerful in and over time it adds up over weeks months and years.
2273 - 2330 Brad Barrett Yeah and that ties into an article that will that you wrote that. We'd love to talk about you know hopefully we'll get you back on the podcast. Maybe we can chat about it then but it make small progress every day. This is such a powerful concept and I've spoken about this a number of times but it's interesting to talk about podcasts which is I credit basically all the process improvements that I've put into place in my life over the last couple of years with podcasts generally and probably the Tim Ferriss podcast specifically with all of his various guests. And this is how I live my life now which is make small progress every day. It's amazing how much you can do in a year or five years. But man if you try to do everything in a day or a week you're going to be pretty disappointed. But it's such a cool mental approach to life to say. All right. I just want to get a little bit better every single day. A couple of things or even just this one thing and I wake up 10 years from now and your you're an expert or you're just dramatically better in life. So yeah that really resonated with me. All right.
2330 - 2337 Jonathan Mendonsa Number five continue learning and developing skills and so I think there are some really cool thoughts on there. ESI what's number six walk us through it.
2337 - 2454 ESI Money Number six is. Manage yourself so there are a whole lot of these soft skills that you need to have in order to move your career forward. So you're probably you're probably familiar with a book Emotional Intelligence. You've heard that phrase that these skills would fall under that heading. Skills like you need to develop empathy social skills personal motivation drive self confidence I mean it's all kind of like that touchy feely stuff that you need to navigate through any sort of organization and in particular like company politics and things of that nature. Because every company every organization has some sort of politics they exist everywhere and you need to learn how to have kind of this extra sense for how I'd deal with this how I get things done how I make things happen. So I would say two things here one is under this is one you know you need a system for how you get things done and so we talked about over performing. How are you going to do that. So there are a gazillion different you know there's seven habits for highly effective people. There's you know day planners there's getting things done and there's tons of systems you can develop your own system but you need to have some sort of system for your personal motivation and drive for how you get things done. And then second for the softer things and the political implications of various situations you might find yourself and you need to find yourself a mentor. You need to find someone who is 10 or 20 years kind of down the road from where you are that will take you under his or her wing and will kind of guide you because otherwise the only way to learn these things and a lot of cases is either you have them innately which most people don't or you have to learn them by trial and error. And if you have a bad enough error it could be kind of a you know it could be a job ending error if you didn't if you step on the wrong landmine So I would find a mentor to guide me through this process of how you manage just your day to day activity of working.
2454 - 2461 Jonathan Mendonsa I'm actually very interested in that. You know practically speaking for you over the course of your career what did finding a mentor actually look like.
2461 - 2532 ESI Money So for me it happened pretty naturally. There's just some people you click with and some people you know that's all the harder. So your boss is inherently a mentor just because the fact he or she is above you. They've been around longer. They're going to be me interacting with them the most. So you have kind of a default mentor there but generally that's not the best person to do this sort of thing I'm talking about. It's usually someone you want to find that is it could be just even a little bit older right the definition of an expert is someone who knows a little bit more than you do right. So it could be someone that's just been there in the company for a year or two even. And that's going to help you make some progress or it could be someone let's look at your boss's level but maybe in a different part of the company who you have a connection with because you you know play softball together or you go to church together or your kids do this or that together and kind of a natural relationship develops and then you can just say to them them you know hey you know I really appreciate your insights on topic A B or C you know would you mind if you'd like just went to lunch or something and I could pick your brain for you know how best I can handle the situation I'm dealing with. Almost everybody is going to say yes to that sort of invitation.
2532 - 2535 Jonathan Mendonsa The word mentor never comes up it's just pick your brain is code for mentor.
2535 - 2536 ESI Money Right.
2536 - 2538 Jonathan Mendonsa OK perfect. Very cool.
2538 - 2554 Brad Barrett So you know you talked about a bunch of the different systems that are available for people to I guess manage them. But can you just talk us through. You know surprise surprise I want to you know get some some actionable tips. What do you use and is there is there something you can point people to out in the audience to research this.
2554 - 2678 ESI Money Yes so this is one of the things that you call it luck you call a fortune you call whatever but one of the things that happened by coincidence even early in my career that probably made one of the biggest differences in my life not just my jobs but in my personal life. So I took my first job out of graduate school. The company that I worked for then sent me to class. Now that time it was the day planner class and they taught us system for how to set priorities how to how to market them how to kind of break them down into actionable tasks and then how to have to do list to make sure that you achieve them within the timeframe that you had. There was a whole system. So if I use that not only and they are teaching it from a business standpoint I'm like This is a this is a great life thing. Got get a lot of stuff I want to do outside of work that I can apply these same principles to. So I for years carried around a day planner with me and I used their system for getting things done. And you know that morphed over the years from that you know where it was a analog journal too. I had a Palm Pilot You guys probably are so young you don't remember Palm Pilot But you know that was kind of the first you know version of like a to do list. And like a couple of things. Notepad and that sort of thing. More from that to a Blackberry and more from a BlackBerry. Now to a smartphone and I use a service call to doist right now which is basically kind of a list management system you can set goals. You can have a list that goes you know along with those and I use them for everything from blogging to you know the college application process that I'm working on with my daughter to home maintenance to exercise. And you know the goals I have for that. So like I said doesn't really matter what system. Getting things done is a popular one these days doesn't matter what system you have other than it works for you and you apply it. And if you do that you'll be much more effective at managing yourself and you'll then be able to over perform because you have a systematic way for to Ensure that you over perform.
blogger, career, college
2678 - 2692 Brad Barrett To doist. That's funny that you mentioned I todoist with has changed my entire life. It is the best thing that's happened to me productivity wise ever in my entire life it's ridiculous. I use it. I basically outsource my entire brain to doist. At this point right.
2692 - 2711 ESI Money You know that's one of the things they talked about in the class that I had was is that a short pencil is better than a long memory. So write everything down and then you don't have to remember it you know you don't have the clutter in your mind of like okay what I've got to remember to do that stuff. It's down there so you can write it down you can schedule it and then you can forget it.
2711 - 2722 Brad Barrett Yeah I agree completely. It's been life changing for exactly that reason. It's you know once it's out of your brain you just feel so much more mentally free and it's remarkable.
2722 - 2751 Jonathan Mendonsa That is crazy. You know Brad is the only other person I know that raves about to doist. And just because he raved about is so much a few weeks ago I actually went ahead and download it. Now I haven't done anything with it yet and I need to like go listen to the podcast that inspired him to try this because I feel like there's something I'm missing out on. And I have downloaded like six or seven of these things. I never end up using them for more than a month. But I feel like there's something that I'm missing so like you've convinced me Brad has convinced me I'm going to start building my entire life around this product.
2751 - 2789 ESI Money Yes. I mean I've used it in various forms this one is awesome because it's online it's on my phone it's easy to manage. You know once you put something down there so that one of the biggest values to this is once you put something down it frees your mind you're done with it you don't have to remember it. You know a lot of people I run into are like you I got to do three things a day and I can't remember two of them. I don't have that problem. I don't have at all. In fact my wife will say like What are you doing today and I'm like I don't know I got to check my phone because that has That's my brain right. It has my list of stuff on it and it frees you up and it also helps you develop a systematic way for accomlishing things.
2789 - 2791 Jonathan Mendonsa Yeah that sounds exactly like what Brad said.
2791 - 2840 Brad Barrett Yeah it's amazing to hear that it's almost verbatim what I described them. Yeah I mean it's it's basically your outsource brain is how I describe it to people. It's funny to hear you use those exact words and what I would say to everyone out there is give it a try. But don't do it just half way because you need to really rely on this thing that that's where the value comes when you're certain you're not forgetting anything. So anytime there's any kind of recurring task in my entire life it immediately goes into to do it. So aside from the normal day to day I have to go pick up X Y and Z or do such and so you know write an article choose of high or you know those go into to doist. But the more important items are the recurring tasks that happen once a month or even once a year once they're out of your brain and into todoist. It's freeing as you describe. So yeah this is this is a real game changer.
2840 - 2871 ESI Money And then to do this. So to have this system I mean back in the day like I said it was an analog thing. I used to joke to people that you know I would run it it looks like it was a book I had my whole life in a book that was my brain. I would run into a burning building to get that book if it was in there and you know to save it because it's that important and now that has just morphed from that to you know it's all electronic nowadays but it can make a huge impact not only in your career but your personal life I rubberstamp everything you said 100 percent.
2871 - 2874 Brad Barrett Very cool. All right so we're up to number seven on your list. The final item.
2874 - 2956 ESI Money OK. So the last one is to market yourself and this this comes let me just say sometimes you do all these things you over perform you're likable you manage yourself you get you educate yourself and you still don't get rewarded for it. You know your boss says well you know the company is not doing well or I only have so much raises and I had to divy them out so I just gave him out equally or whatever the reason. So you don't get rewarded. So in those times you have a decision to make. You know do I gut it out and just kind of take it for the chance to have future rewards here or do I decide I want to change change jobs and do I want to you know go somewhere else and those are the times where you can really get huge pay bumps. I mean 15 20 25 percent jumps because you're going to take your talents somewhere else. So but to do that you need to know how to market yourself. It is a marketing activity to find a new job to find the opportunities and you get those through networking a lot of cases so goes back to networking how to contact potential employers you know what your how are you contact them any communication skills. And then to get into the real marketiong, you need to know how to write a resume how to interview how to negotiate from there if you know how to do all those things your pay is going to be higher than someone else who would also get the job will say but not have those skills simply because you know how to market yourself and they don't.
talentstack, travelrewards
2956 - 3014 Jonathan Mendonsa This is so cool. You know you got to think to yourself you know the person who is just passing through life which is what we just call you know average joe as opposed to the person that is intentional about every aspect of their life. And this is certainly a major component of that. They are just teeing themself up for success and we talked about the value of getting that initial bump right out the gate. We talked about the value of getting over the average pay raise increases over time. And you know we're only going to be in these working careers in a perfect world and I realize some of us have 25 30 year careers and that's a shortened career. But you know a lot of you are thinking how can I do this in 10 to 15 years. This is the key to that. This is what that looks like. You know we've talked about the financial component that over and ad nauseum we're trying to give you all those tools. But this is go to supercharges that path if you can take these and flesh these out by spending time on ESI money site if you flush these out and figure out what that looks like and apply that to the career component to that which is the primary earning vehicle that you have you're just going to crush this thing. So just really great ideas that you brought to the table. ESI.
3014 - 3034 ESI Money Great. Thank you. Appreciate that. All right ESI. Well thank you so much for taking the time to really go through that content with us. I think there's such value there and I can't wait to really get to dig into it even further with you and go through these line items. One of the time really go through the actionable steps that we can all implement. But now we're going to go on hop into our hotseat. You ready for this.
3034 - 3039 ESI Money I'm ready.
3039 - 3067 Speaker In a world drowning in debt and rampant consumption. Trapped by the chains of lifestyle inflation. These questions highlight the secrets of those who are broken free. Welcome to the choose F-I hot seat.
3067 - 3077 Jonathan Mendonsa Alright man And we're back now. Don't let these don't let the hot seat scare you. These questions are going to be relatively tame. All right. Brad you want to go and get this thing rolling with question number one.
3077 - 3080 Brad Barrett Yeah. Question number 1 your favorite blog. That is not your own.
3080 - 3122 ESI Money So I have two I can't answer probably any of these questions with just one one I've read for years. I love financial Samurai because he and I are probably we're similar in networth and kind of our life situation and you know Sam always picked some sort of very interesting spin on any topic so I loved that one for years. And the one I'm really liking now in theFI community is our next life. She's she's really a good writer and she comes across well she picks great topic and I think that I think that blog is going to be huge. You know they're in the process of retiring now. But once they do retire and have full time to do it I think it's going to be gigantic.
3122 - 3133 Jonathan Mendonsa You know I've actually had financial samurai's been on my radar for a while and I do love his stuff. I actually have not looked at our next life yet but someone else that we talked to recently just mentioned them as well so I'll definitely check them out.
3133 - 3134 ESI Money Yeah they're good.
3134 - 3144 Jonathan Mendonsa All right. Question number two your favorite article of all time. Now this can go either way you're more than welcome to use one of your own or if there's another article on the Internet sphere that you want to use that would be fine as well.
3144 - 3170 ESI Money Yeah. So you know probably one article is not going to make a whole lot of change for me. So the one the the one article that I have that I liked the best as my article it's simply called I retire and I like it for sentimental reasons and I look at it maybe once you know every other week or so because I just remember how happy I was when I was writing the article that I finally did it. I'm done. I'm moving on and I'm retired. So that's the one I always refer back to.
3170 - 3176 Jonathan Mendonsa Yeah I know that's awesome and I would imagine there would be a huge emotional attachment to the article as well. That is a game changer.
3176 - 3179 Brad Barrett All right. Number three your favorite life hack.
3179 - 3256 ESI Money So we already talked about to do lists and a system for getting things done so we'll leave that off the side on a financial standpoint. I think my favorite 1 and a key part in helping me achieve financial independence was we lived in low cost cities through my entire career and I know you guys have talked about this before too. You talked about you know the cost of New York City versus the cost of Richmond and you know there's a huge difference there are few if you have to pay 20 30 40 50 percent more for just stuff that you get you know for half price somewhere else that's going to that's an anchor that you're going to drag around as you're trying to get to financial independence. I mean there's everything it's housing it's associated costs with housing it's taxes it's food it's transportation it's everything. And we lived you know we lived in great cities. We loved. You know they weren't metropolitan cities. that a lot of people talk about but they had everything we needed they were great for raising families and they were low cost and we saved a bundle and I would suggest to people out there thinking about you know especially wanting to reach financial independence quickly is considering moving to a low cost of living city because it can save you a ton of money.
career, families, housing, tax
3256 - 3258 Jonathan Mendonsa And would you qualify. Colorado is one of those.
3258 - 3272 ESI Money So I live in Colorado Springs so it's not as expensive as Denver. So that's the other thing is that there are states that are more expensive but then there are cities within the states that are less expensive. So I think Colorado Springs where I live is roughly about average.
3272 - 3272 Jonathan Mendonsa OK.
3272 - 3275 ESI Money And we're at the point now that it doesn't really matter.
3275 - 3275 Jonathan Mendonsa Right.
3275 - 3302 ESI Money Well when we were growing you know we spent most of our time we lived and we lived in cities like Nashville or Nashville's probably might be more expensive now but back when we lived there it wasn't. We lived in Grand Rapids Michigan which was an awesome community it's where our rental properties still are. When we're in Colorado and our rental properties are in Michigan and we lived in Pittsburgh Pennsylvania and all those you know are low cost of living in cities compared to a lot of others and they still have tons of things to do.
3302 - 3310 Jonathan Mendonsa I thought what you said was very astute. You know taxes and cost of living can just be an anchor that you're dragging behind you that painted a really cool picture.
3310 - 3313 Brad Barrett All right. Number four your biggest financial mistake you've ever made.
3313 - 3378 ESI Money OK. Well I love this question because a lot of times people assume that those have reached financial independence. You know they did it because they did everything right. And I can't do it because I haven't done everything right. And that is definitely not the case. Everybody that's reached F-I has done something or some things by a lot of things incorrect so I had a lot to choose from. Unfortunately on this one one fun one. This was when I was in college I worked in high all the way through high school at a grocery store earning three dollars and thirty five cents an hour so just put that you know away for how awesome that job was and I saved about $3000 and had it in the bank and the bank was not insured and the bank went bankrupt. So I remember getting the call in college from my mom going hey they just close the bank and I was like what. Well how does that happen. So it turned out OK. It took two years or so. We got 90 percent of our money back but it was just like that was that could have been you know 3000 dollars to me back then was a lot of money.
banking, college
3378 - 3381 Jonathan Mendonsa A lot of money to me now.
3381 - 3424 ESI Money So. So that was that was back then. But probably The worst mistake I've ever made. Excuse me. Was I waited to start investing until I was married. Took me a few years to grow up after I got to grad school. I got married and that's why I started investing. And even then I put part of my money in index funds and I put the other part of my money. I bought individual stocks which is you know just a losers game. So I've probably lost you know five to seven years of compounded returns which you know the amount that I have now had an extra five or seven years on top of that that would be a huge amount of money. So that was by far the biggest mistake that I made was waiting to save and invest.
hotseat-mistake, indexfunds, stocks
3424 - 3429 Brad Barrett Yeah five to seven years could theoretically have doubled it almost right depending on the returns. That's incredible.
3429 - 3433 Jonathan Mendonsa Question number five the advice you would give your younger self.
3433 - 3472 ESI Money So that goes along with my biggest mistake would be to save and invest as much as you can as early as you can and I actually have a two part Post series on my site where I went back and said OK let's say I'm Let's go back to the beginning of high school because I would consider your freshman year in high school kind of where you start your career. Let's let's go back to then and let's say I'm back there at 14 years old and I know what I know now what would I do differently and how would that affect my net worth. And I got to go through the process of i'd make this different that different. But one of the biggest changes I would make would be to save and invest earlier. And for a longer period of time as a result.
career, networth
3472 - 3530 Jonathan Mendonsa You know I think there's real value in fleshing that picture out. I love that you're starting the story at 14. You know this idea that I have with second generation fire and taking all the ideas that I learned from these different people and just figuring out how can I give my son one choice. You know one choice. And he's going to learn. They get to benefit from all these different things that we've learned from other people. And I love the idea that you know it doesn't start when you're 30 right whereas most of first generation fire that's where we say we kind of started and occasionally we did something right a few years sooner and then the people that got the head start maybe did it in their early 20s. You know how cool is that that that starts at 14 or it starts at 10 or whatever. And this is what I would do differently starting from. And now we have this you know this right now it's I would say it's probably close to somewhere between 15 to 20000 people that are listening to this show and they're thinking about this for their kids and they actually have now real applicable information they can give to their kids and help mentor them through that period in their life. Second generation fire is teed up for greatness.
3530 - 3550 ESI Money Right. Yes. And for me I put it at 14 because there are things that you can do in high school that will get you into a better college will allow you to pay less for college and will set you up for your career which we've spent time talking about. If you start working on that intentionally at 14 you are just going to blow it out of the water by the time you're 25.
career, college
3550 - 3558 Jonathan Mendonsa So I think that's the story now we did have a bonus question that we wanted to throw out at you what was the favorite purchase that you made on Amazon last year.
3558 - 3613 ESI Money Yeah this was a hard one because I buy a lot of stuff from Amazon so I get a wide range for you of choices so you can pick which you might like. I'm a I'm you know now that I'm retired I have more time so I play more video games so I just finished Horizon's 0 dawn so if anybody has a video gamer out there loved that video game it's new and I love those sort of thing. I got that from Amazon. I also got some airtight storage containers that have worked really well for me for coffee. So you know you want to keep your coffee you might keep air out of your coffee when you store it. So I've got these ones called evac E.V.A.K. they're glass and they're airtight it's not like a Tupperware thing where you pop it it's where you actually push down on it and it takes all the air out so you eliminate the air that's getting into your beans before you actually need to grind them. I've got three of those in various sizes right now.
3613 - 3616 Jonathan Mendonsa Now I'm passionate about coffee but isn't aren't beans sensitive to light.
3616 - 3631 ESI Money Yes. That's the one thing so I keep them in. I keep them in a in a cupboard until I drying them. So I wish it was I wish it was kind of. It is clear so it's clear glass. I wish it was you know it was like a darker glass because that's the one thing that I'm thinking.
3631 - 3670 Jonathan Mendonsa Maybe we should work together to build a product and sell it as a as a project down the road and we can just we can do that instead. We'll get it we'll get to sit out to Ali Baba and then get it sent out. All right cool. Well you know I think this will be a lot of fun. ESI I think maybe you know if you wanted to come back in a few months or so maybe we should talk about fleshing it out for that 14 year old that parent that's wanting to mentor their child through those critical decisions early on talk that through and then just go kind of step by step what that might actually look like and I'm sure I know you have kids. I'm sure those are conversations that you're having with your kids and I'm sure there's many parents out there that would love to know how they should be mentoring their child to really set them up for success down the road.
3670 - 3688 ESI Money Yeah I'd love to come back. Awesome. Well you've got the open invitation. I know we have a lot of people that maybe they were somewhat familiar with your material but they're going to want to connect with you they're going to want to find out about the work that you're doing. And also I think they're probably going be very interested. I know you have an e-book that you created on your site. I'm sure they're going to want to check that out as well. How can they connect to your community.
3688 - 3701 ESI Money Thank you. The best place to visit me at E-S I money and E.S.I stands for earn save and invest so earn save and invest money dotcom on Twitter. at ESImoneyblog and on Facebook at E.S. I money blog as well.
3701 - 3703 Jonathan Mendonsa Again thanks so much for coming on the show today.
3703 - 3706 ESI Money Thanks for having me guys it's been a it's been great.
3706 - 3759 Jonathan Mendonsa All right guys. Well that's going to bring us to the end of this episode. You know as I said at the beginning this was a conversation. As soon as I talked to ESI for the first time about doing this I knew we needed to have him nobody's talking about it. You know in the community we tend to overlook or downplay the value of your current income. It's just inevitable we're running to the future we're running to our passions in a lot of times in the process. The value of your career gets marginalized but it is the number one earning vehicle that you have. It is the train that's going to push this thing toward its natural conclusion. And the reason the FI is a function of the math is because you have an income and you have an income because your job. And so I think ESI is the guy to coach us through this and give us the behind the scenes look at the small things that you can do that add up over time as you supercharge your path to fi and you know the fire is spreading my friends so we'll see you next time as we continue to go down the road less traveled.
Jonathan_Catchphrases, career

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