The Millennial Game Plan: Career and Money and Secrets To Succeed

 

 

Last night’s #MillennialTalk Twitter Chat with @LauraShin was full of PRICELESS information. So we had to create a blog highlighting her biggest and best advice from her book,  The Millennial Game Plan: Career and Money and Secrets To Succeed on Amazon. http://amzn.to/1hzB3Sf

Q1 You say, “Don’t let the economy spoil your goals.” How can we look at todays economy with the mindset the glass is half-full.

A1 Attitude = everything. Opportunities arise daily. Someone will take advantage. Why not you? Don’t focus on the bad economy. Focus on possibilities & opportunities will open for you. #MillennialTalk

A1 Cultivate a positive attitude w “add vantage” technique: one situation —> many perspectives. http://onforb.es/IPH9D7 #MillennialTalk

– For instance: I’m stressed out —> My career is really flourishing, I’m in demand. http://onforb.es/IPH9D7 #MillennialTalk

– I can’t find a job —> I have to get through these rejections before I find the right fit. http://onforb.es/IPH9D7 #MillennialTalk

– I hate this crappy job —> This job is motivating me to find another I’ll really love.#MillennialTalk

A1 Yale Med School found med students who went to a museum were more likely to see helpful details for diagnosis Now, an art museum visit is part of curriculum at more than 20 med schools.

Q2 It is a fierce job market out there. What tips do you have for jobseekers in today’s economy?

A2 To find a job, improve your skills, get creative, leverage connections. #MillennialTalk

A2 For skills: ask others in the industry most important skill to cultivate, what will get you ahead. Cultivate skills rare and valuable for your industry. It will put you in high demand. #MillennialTalk

A2 Someone I mention in the book created a catchy billboard asking for a job. Fittingly, he got a job in marketing. One woman built a following on Instagram. Then she could charge higher rates & got press. #MillennialTalk

A2 Use LinkedIn to snoop & see who you want to connect with, but then ask someone to make an in-person connection #MillennialTalk

Q3 Do you have any resume/interview tips that can help us stand out from the rest?

A3 Use LinkedIn to ask for tips from former employees where you have a job invite. Use LinkedIn to see if friends of friends work at the company and can give you insider tips or put in a good word #MillennialTalk

A3 In your cover letter, address every point of what the ad says they’re looking for. Tailor your resume to address every listed job requirement, to show that you have experience or related skills. Make your cover letter, resume, interview about what you can do for them! Not what they can do for you.#MillennialTalk

A3 Know your direct manager’s goals are in hiring you, and tailor your responses accordingly during the interview. #MillennialTalk

A3 @ramit uses what he calls the briefcase technique to wow during the interview process http://bit.ly/Sfuui1 #MillennialTalk

A3 If they ask you your salary requirements, say you just want to see if you’re a fit first.If they want you, negotiate! Asking for an extra 5%, 10% or 15% will probably not kill deal. #MillennialTalk

Q4 How can we be “So good at work that they can’t ignore you?” Is it more then getting in early and staying late?

A4 This may surprise people, but don’t think, “What am I passionate about?” That “passion mindset” leads you to think more like, “What can this job do for me?” Instead, think about what you can offer the world.

A4 To take “craftsman mindset,” cultivate skills that are rare and valuable in your field. Practice. Actively try to get better at that skill, like you would w a sport or music. Most people don’t practice, for ex, giving a presentation, but improve your work skills. #MillennialTalk

A4 Ask for feedback from your boss. Or practice in front of a friend & ask him/her. http://onforb.es/1sQUmMg #MillennialTalk

A4 Set yourself stretch goals so you can continually improve, like working out at the gym. Be consistent & persistent. It will take time to get to your ultimate goal. #MillennialTalk

Q5 Is it possible to earn more money or ask for more money in today’s economy?

A5 Absolutely! If you’re good enough. It’s not about the economy. It’s about how good you are. Especially in this economy, businesses want to get ahead! If you’re the best, they’ll pay for it. But don’t act entitled to more $. Prove it to them, with numbers. Numbers talk. Show how much you’ve boosted sales, point to a big new client you brought in, calculate how much you’ve saved the co. #MillennialTalk

A5 To ask for raise, create plan w your manager of goals needed for raise; then exceed them. To negotiate salary at new job, give them a plan of what you’ll deliver, get them excited. #MillennialTalk

Q6 How do you feel about having a full time job but taking on a freelance job to earn money on the side?

A6 To make money on the side, be smart about how you spend your time. If you freelance, you can command professional rates. But there are also other ways to earn $ outside your main work, like mystery shopping, tutoring, selling on Etsy. #MillennialTalk

A6 Remember opportunity costs. If I spend time on this now, am I losing potential to sow seeds for bigger rewards? It could make more financial sense to try to land a new position or get promoted for much higher salary. #MillennialTalk

Q7 What secrets do you have that can help us fund new entrepreneurial ventures?

A7 Two new ways to fund entrepreneurial venires aside from VC, biz loans, etc. are crowd funding and self-IPOs. You probably know crowd funding but self-IPO is taking upfront investment for portion of future earnings. #MillennialTalk

A7 Self-IPO is very new, just a few hundred people have done it on @Pave and @Upstart. http://onforb.es/1gVYpC5 For self-IPO: remember this is expensive capital. If you succeed, you’ll pay out a lot more than you got. But self-IPO could bring great leads. Your backers have $ stake in your success; they can make introductions. #MillennialTalk

A7 If you do crowd funding, remember it brings other obligations: staying in touch with backers, sending rewards. Put your all into campaign — slick video, get family/friends to pledge immediately to campaign to start momentum. Crowd funding campaigns that reach 30% of their goal in the first week are more likely to succeed. To create crowd funding budget, factor in taxes, cost of rewards + postage, etc. #MillennialTalk

A7 After getting #crowd funding, don’t forget your backers. Stay in touch with them. http://amzn.to/1hzB3Sf #MillennialTalk

Q8 There are so many things going on at once today. What is your best advice to avoid distraction and be more productive?

A8 Log your time. See how to spend it better, what to cut. Great advice by @lvanderkam

A8 Learn to say no — to inessential job duties & emails, to tasks you could delegate, to multitasking. http://onforb.es/1s9T3I0 #MillennialTalk

A8 Don’t check your email first thing, prioritize first thing. Don’t check email during meetings. Switching gears takes energy; you’ll do less overall. http://onforb.es/1qRQRte #MillennialTalk

A8 Don’t multitask. Switching gears wastes time & energy. Faster to do 1 thing, then another. #MillennialTalk

A8 Give yourself a head start & mental boost by making a to-do list w already completed items. #MillennialTalk

A8 Think about meaning behind stress. Changing mindset on stress produces 23% fewer stress symptoms. Eat well, sleep, spend time w loved ones, exercise, express gratitude, meditate. This WILL boost productivity! #MillennialTalk

Q9 This is a big Question up for debate -How do you decide whether or not to go to grad school?

A9 Deciding on grad school is part numbers – cost benefit analysis – and part feeling. Calculate how much more you’d earn w grad degree & subtract costs include debt interest. If you’ll earn more, even include cost of debt, not earning/moving up ladder for few years, could make sense to go. If numbers are close & you need grad degree in your field or want connections, grad school could still make sense. #MillennialTalk

A9 If you won’t earn more but wanna go, do public service loan forgiveness  http://1.usa.gov/1jlHIiy #MillennialTalk

A9 Don’t take out loans (college + grad) more than 1st year expected salary.

A9 For grad school, look for fellowships, which are especially available for STEM fields.

A9 Look into employer tuition assistance, especially for MBAs – they pay for work commitment. #MillennialTalk

A9 If you take out student loans, do federal over private. If you have to go private, max out federal loans first. #MillennialTalk

Q10 What are your three money principles?

A10 My 3 money principles: Spend less than you earn. Earn more. Invest early. http://onforb.es/1kRl7Ma #MillennialTalk

A10 Spending less than you earn will allow you to save, and that’s how you’ll build wealth. Spending less than you earn is how the rich got rich & how the not rich will get rich. #MillennialTalk

A10 Earning more solves multiple money problems at once. Scrimping only goes so far.

A10 Investing early makes it MUCH easier to reach your retirement goal. http://onforb.es/1kRl7Ma . Someone who invests $75k from 25 to 40 will have $150k more at 65 than someone who saves $125k from 40-65. But don’t try to time the market or go with risky investments. You’ll underperform market. Go with index funds, ETFs, cheap investments and invest regularly. Then your $ will grow w market. #millennialtalk

A10 You’ll outperform other investors simply because it’s too hard to time in & out and bc you’ll save on fees. If you try to time market, you have to be right twice — when to buy and when to sell. 25% chance you’ll do both right #millennialtalk

Q11 What do you think Millennials should focus more on and less on today in order to reach success?

A11 Focus less on the negative and less on the news and more on your possibilities, improvement, positivity. Don’t focus on what you may now see as failures. You may see them positively in the future, as necessary lessons. Don’t let seemingly bad things get you down. Whether something good or something bad has happened to you, keep going #MillennialTalk

A11 Feel free to experiment, try new things, brainstorm, and fail. Don’t be afraid to fail! Focus on developing skills, on what you can offer to the person who will pay for it. Find a problem in the world and come up with a solution. What do you find yourself wondering about? Find a career opportunity in what engages your mind. #MillennialTalk

A11 Most of all, don’t be hard on yourself. Accept yourself no matter where you are. Life can be hard. Don’t make it harder! Remember you are a human being not a robot, so really do eat well, sleep, etc. & don’t beat yourself up about career, and money. Just be calm and persistent. Don’t give up. Treat your success like a job. Every day, take one more step toward it #millennialtalk