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If You Suddenly Came into More Than One Million Dollars and Have Exactly 10 Years Left to Live?

If You Suddenly Came into More Than One Million Dollars and Have Exactly 10 Years Left to Live?

“If you suddenly came into $20,000,000 and the same day you found out you have exactly 10 years left to live, how would you begin living your life?”

This is called the “20/10 question” and it’s one of my all-time favorites when working with clients.

Most people say things like “I’d quit my job and go traveling,” or “I would take my family around the world” and one very amusing response “I would buy my own cruise ship.”  Unfortunately for the last girl, we ran the numbers and found that $20 Million was NOT enough for her to enjoy a private cruise ship, though for the next ten years she could cruise almost non-stop and be okay.

What’s odd is what people who find themselves in this situation ACTUALLY do.

When someone gets this kind of money, they are far more likely to KEEP working than QUIT working.  The reason is quite simple: sitting around on vacation all the time is boring.  Very, VERY boring.

Sure, enjoying a drink on the beach for a couple of days is nice, but there’s only so much sun, swimming, and Anne Rice novels you can read.  After a while, you need something to DO.

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The second part of the question “10 years to live” provides a sense of urgency to the equation.  This helps us get rid of safe answers like “I’d invest in real estate/gold/tulips” or “pay off my house and put it away for retirement.”

If we know that our life is short, we choose to live a little more recklessly because we understand we can’t take that money with us.

Now, you may be wondering “Trent, what does this question actually DO for people?”

Why Should I Ask Myself This?

The answer is simple: it’s the way truly successful people approach life.

The vast majority of us will go to work with the plan to earn a steady pay check every week for the next forty years so we can retire and enjoy our grand-kids for the last 25 years we’re alive.  We might retire in Florida with other people in their “young 60s” and relax, but that’s usually the most exciting decision we’ve made in a long time.

We operate on the premise of “save now, play later.”

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This is a broken idea because it’s based on two flawed assumptions:

1) it is difficult to amass enough income early in our working years to enjoy ourselves without working constantly

2) we will have a “later” to enjoy

Let’s tackle the first assumption: earning enough income to enjoy your life early is difficult.  This isn’t really true, depending on what you consider a comfortable life.  Many times, we associate material possessions with happiness, so we work to buy “stuff.”

John goes to work at a job he doesn’t really like but which pays $70k/year.  With that money, he, his wife, and their three boys share a nice 3400 sq/ft brick home in a nice neighborhood.  He drives a nice car and his wife has the SUV.  After all the bills for said house, cars, kids, and other various bills add up, John can put back $7,000 year into investments for retirement (10%).

Does John sound like someone you know?  Maybe someone you see every day?  He should: he represents 60% of the American population.

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The problem with John is that there will never be enough money or “stuff” to provide the happiness he wants.  There will always be a new car or some nice addition to the house to purchase, which keeps him working at his less-than-satisfying-though-well-paying job.

The sad fact is, research has shown John would be just as happy living in a much cheaper 1800 sq/ft home with much cheaper vehicles.  People aren’t happier based on what they own; they are happier based on what they DO.

The second assumption: when we retire we will enjoy the benefits of a lifetime of hard work.

This is also false: depression is one of the major issues facing retirees.  When you’ve spent 30 years in a routine, even one you hate, finding yourself with nothing to do will leave you feeling useless.  No amount of Bridge can make up for a lack of purpose.  If you wait until retirement to enjoy the “fruits of your labor” you will miss out on life’s most enjoyable moments.

What’s the Solution to Life Enjoyment?

Do what successful people do: find something you would do for free and get so good at it people will pay you for it.

I have two friends which are stark examples of the effects of these philosophies.

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James is a very successful salesman.  He works for a company he doesn’t really like, dealing with issues he doesn’t really care about, and makes a very lucrative income doing it.  He diligently goes to work every day and his first thought is about when he will get to leave.  He has a very large house and nice cars, and his kids are taken care of.  He feels he’s “doing what he should.” If a company offers him better pay and benefits, he will probably take it to make some upgrades to his house and cars.

Kevin is on the opposite end of the spectrum.  After graduating college, he couldn’t find a job easily.  He started building furniture and signs in his shop as a way to pass the time.  He sold a few to friends and neighbors, eventually deciding to create a business out of his hobby.  He wakes up every day with ideas on what he will make and goes to work with excitement.  His wife is a schoolteacher who loves her job as well.  They live in a modest house with their little dog.  They love cooking together and hanging out with friends.  They don’t have a lot of extra money, but they can afford to live comfortable and take vacations during the summer.

Who do you think is happier?  Who stays awake at night stressed about work and dreading the alarm clock?

Now, here’s the million-dollar-question: which one sounds more like you?

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Published on November 8, 2018

How to Answer the Tough Question: What are Your Salary Requirements?

How to Answer the Tough Question: What are Your Salary Requirements?

After a few months of hard work and dozens of phone calls later, you finally land a job opportunity.

But then, you’re asked about your salary requirements and your mind goes blank. So, you offer a lower salary believing this will increase your odds at getting hired.

Unfortunately, this is the wrong approach.

Your salary requirements can make or break your odds at getting hired. But only if you’re not prepared.

Ask for a salary too high with no room for negotiation and your potential employer will not be able to afford you. Aim too low and employers will perceive as you offering low value. The trick is to aim as high as possible while keeping both parties feel happy.

Of course, you can’t command a high price without bringing value.

The good news is that learning how to be a high-value employee is possible. You have to work on the right tasks to grow in the right areas. Here are a few tactics to negotiate your salary requirements with confidence.

1. Hack time to accomplish more than most

Do you want to get paid well for your hard work? Of course you do. I hate to break it to you, but so do most people.

With so much competition, this won’t be an easy task to achieve. That’s why you need to become a pro at time management.

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Do you know how much free time you have? Not the free time during your lunch break or after you’ve finished working at your day job. Rather, the free time when you’re looking at your phone or watching your favorite TV show.

Data from 2017 shows that Americans spend roughly 3 hours watching TV. This is time poorly spent if you’re not happy with your current lifestyle. Instead, focus on working on your goals whenever you have free time.

For example, if your commute to/from work is 1 hour, listen to an educational Podcast. If your lunch break is 30 minutes, read for 10 to 15 minutes. And if you have a busy life with only 30–60 minutes to spare after work, use this time to work on your personal goals.

Create a morning routine that will set you up for success every day. Start waking up 1 to 2 hours earlier to have more time to work on your most important tasks. Use tools like ATracker to break down which activities you’re spending the most time in.

It won’t be easy to analyze your entire day, so set boundaries. For example, if you have 4 hours of free time each day, spend at least 2 of these hours working on important tasks.

2. Set your own boundaries

Having a successful career isn’t always about the money. According to Gallup, about 70% of employees aren’t satisfied with their current jobs.[1]

Earning more money isn’t a bad thing, but choosing a higher salary over the traits that are the most important to you is. For example, if you enjoy spending time with your family, reject job offers requiring a lot of travel.

Here are some important traits to consider:

  • Work and life balance – The last thing you’d want is a job that forces you to work 60+ hours each week. Unless this is the type of environment you’d want. Understand how your potential employer emphasizes work/life balance.
  • Self-development opportunities – Having the option to grow within your company is important. Once you learn how to do your tasks well, you’ll start becoming less engaged. Choose a company that encourages employee growth.
  • Company culture – The stereotypical cubicle job where one feels miserable doesn’t have to be your fate. Not all companies are equal in culture. Take, for example, Google, who invests heavily in keeping their employees happy.[2]

These are some of the most important traits to look for in a company, but there are others. Make it your mission to rank which traits are important to you. This way you’ll stop applying to the wrong companies and stay focused on what matters to you more.

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3. Continuously invest in yourself

Investing in yourself is the best investment you can make. Cliche I know, but true nonetheless.

You’ll grow as a person and gain confidence with the value you’ll be able to bring to others. Investing in yourself doesn’t have to be expensive. For example, you can read books to expand your knowledge in different fields.

Don’t get stuck into the habit of reading without a purpose. Instead, choose books that will help you expand in a field you’re looking to grow. At the same time, don’t limit yourself to reading books in one subject–create a healthy balance.

Podcasts are also a great medium to learn new subjects from experts in different fields. The best part is they’re free and you can consume them on your commute to/from work.

Paid education makes sense if you have little to no debt. If you decide to go back to school, be sure to apply for scholarships and grants to have the least amount of debt. Regardless of which route you take to make it a habit to grow every day.

It won’t be easy, but this will work to your advantage. Most people won’t spend most of their free time investing in themselves. This will allow you to grow faster than most, and stand out from your competition.

4. Document the value you bring

Resumes are a common way companies filter employees through the hiring process. Here’s the big secret: It’s not the only way you can showcase your skills.

To request for a higher salary than most, you have to do what most are unwilling to do. Since you’re already investing in yourself, make it a habit to showcase your skills online.

A great way to do this is to create your own website. Pick your first and last name as your domain name. If this domain is already taken, get creative and choose one that makes sense.

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Here are some ideas:

  • joesmith.com
  • joeasmith.com
  • joesmithprojects.com

Nowadays, building a website is easy. Once you have your website setup, begin producing content. For example, if you a developer you can post the applications you’re building.

During your interviews, you’ll have an online reference to showcase your accomplishments. You can use your accomplishments to justify your salary requirements. Since most people don’t do this, you’ll have a higher chance of employers accepting your offer

5. Hide your salary requirements

Avoid giving you salary requirements early in the interview process.

But if you get asked early, deflect this question in a non-defensive manner. Explain to the employer that you’d like to understand your role better first. They’ll most likely agree with you; but if they don’t, give them a range.

The truth is great employers are more concerned about your skills and the value you bring to the company. They understand that a great employee is an investment, able to earn them more than their salary.

Remember that a job interview isn’t only for the employer, it’s also for you. If the employer is more interested in your salary requirements, this may not be a good sign. Use this question to gauge if the company you’re interviewing is worth working for.

6. Do just enough research

Research average salary compensation in your industry, then wing it.

Use tools like Glassdoor to research the average salary compensation for your industry. Then leverage LinkedIn’s company data that’s provided with its Pro membership. You can view a company’s employee growth and the total number of job openings.

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Use this information to make informed decisions when deciding on your salary requirements. But don’t limit yourself to the average salary range. Companies will usually pay you more for the value you have.

Big companies will often pay more than smaller ones.[3] Whatever your desired salary amount is, always ask for a higher amount. Employers will often reject your initial offer. In fact, offer a salary range that’ll give you and your employer enough room to negotiate.

7. Get compensated by your value

Asking for the salary you deserve is an art. On one end, you have to constantly invest in yourself to offer massive value. But this isn’t enough. You also have to become a great negotiator.

Imagine requesting a high salary and because you bring a lot of value, employers are willing to pay you this. Wouldn’t this be amazing?

Most settle for average because they’re not confident with what they have to offer. Most don’t invest in themselves because they’re not dedicated enough. But not you.

You know you deserve to get paid well, and you’re willing to put in the work. Yet, you won’t sacrifice your most important values over a higher salary.

The bottom line

You’ve got what it takes to succeed in your career. Invest in yourself, learn how to negotiate, and do research. The next time you’re asked about your salary requirements, you won’t fumble.

You’ll showcase your skills with confidence and get the salary you deserve. What’s holding you back now?

Featured photo credit: LinkedIn Sales Navigator via unsplash.com

Reference

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