How One Company Is Trying To Screw Over A Loyal Employee

No Freedom

No Escape by Horizon

For 10 years, Rachel dedicated her life to working for Up Yours Inc. She rose through the ranks from analyst to senior manager. But her path wasn’t smooth. I told her to find another job many times before because they weren’t treating her well. When it was time for her to get a promotion two years ago, she was passed over for another male colleague. The guy was qualified, but she was more qualified. Unfortunately, she had to wait another 6 months before being considered again.

The great kick in the pants is that the guy who got promoted quit six months later to take some other job. For managers out there, this is your worst nightmare because those employees who you didn’t promote will not only secretly laugh at your poor managerial decision, they will also make you regret your choice as well.

Two months after being passed over, Rachel walked into her manager’s office and demanded not only the promotion she should have gotten earlier, but an even higher raise than she should have received.

“If you don’t like my term, unfortunately it’s time for us to say good-bye,” she told her boss firmly.

Her boss was taken aback by quiet, little, loyal Rachel. He apologized about the situation and promised her a promotion during mid-year. Rachel not only got that promotion, but also a retroactive raise as well.  It’s unfortunate meritocracy doesn’t work on its own. 

Five Sure Signs It’s Time To Move On From Your Job

move-on

Grey Skies On The Horizon

At some point or another, you will be passed over for a raise or promotion. The goal is to actually start strategizing about your future BEFORE this unfortunate event occurs.

Perhaps part of the reason why some men make more than some women is because men are more aggressive in having the compensation talk with management. Back when I was working on Wall Street, I made sure I had a very serious heart-to-heart talk every two years with my bosses about compensation and promotion. I very clearly laid out my goals about when I wanted to get promoted, and how much I was looking to make, in a respectful way of course.

Before each sit down, I made sure my performance to date was solid. I included a short five-to-eight page powerpoint presentation to demonstrate the progress of the business under my leadership. The goal was to make it easy for them to pay and promote me, and it worked. By 27 I was promoted to VP and then to Director by 31 where I stayed for three years until I left to focus on writing.

Towards the end of my career I knew that I would never reach Managing Director. I would have needed to relocate to Hong Kong or New York, and then prove myself for another three years before getting the nod. My manager was at least five years older than me based in NY and wasn’t even an MD. How the heck was I ever going to get ahead? I wasn’t. Once we realize our limitations, we must be happy with what we have or do something. I always like taking action, so I negotiated a severance.

Free Uber Rides! Changing Lives By Disrupting The Rules

Uber App Dashboard

Uber App Dashboard

For the past several years, I’ve seen Uber grow from a scrappy startup to an enormous success based right here in San Francisco. In the Fall of 2013, the company was “only” valued at $3.5 billion. A year later, the latest round of fund-raising puts the company’s value at $18 billion! Instead of driving for them, the best way to get rich would have been to work for Uber when it first started in March 2009.

Jabir, the “richest poorest person I know” actually became an Uber driver a couple years ago. He was unemployed for almost three years with a wife and daughter to support. It didn’t matter what time of day it was, he was always available to play tennis. We’d also drive all around the Bay Area to watch struggling professional players battle up the ATP points ladder for eight hours a day sometimes. As tennis junkies, we were in heaven!

Then one day Jabir stopped being available. No longer could he play pick-up tennis at Golden Gate Park at 2pm. No longer could he be my pal when everybody else had to work, so I had to find a new friend to pass the time after my morning writing was done. When I asked him what was up, he responded that he decided to drive for Uber.

For the next 12 months, I didn’t see Jabir at all. He drove ~10 hours a day for six days a week like a mad man. It was as if he was making up for lost time. When I asked him how much he was pulling in, he said well over $7,000 a month. Not bad coming from $0.

Uber allowed my friend and many other unemployed or underemployed people to find a way to earn some money and improve the inefficient taxi system in San Francisco. The disruption has been huge. I was even considering driving for them during my spare time, but Moose was too old as a 2000 Land Rover Discovery.

Starting in early 2014, Jabir began to come out and play again. When I asked him how were things going, he said that he was no longer driving for Uber, but driving a black SUV for a specific hotel instead. “Sam, I was getting too tired driving all those hours. Hotel driving is so much easier. Also, Uber kept cutting its prices so I was only making like $3,500 a month. It wasn’t worth it to me anymore.”

Jabir actually started outsourcing his car to his brother to drive for Uber so he could start collecting a percentage of his earnings and free up time for him to drive for the hotel. Smart man. There’s passive income opportunities everywhere!

Is An MBA A Big Waste Of Time And Money?

UC Berkeley Haas School of Business MBADuring the summer of 2014, Personal Capital had the luxury of hosting three MBA interns in the marketing department where I consult part-time. One was actually a Harvard JD/MBA, which is darn impressive because she has to get into both schools separately. The other two were from Stanford. They did a great job brainstorming and executing fantastic ideas.

In addition to our summer MBA interns, our head of business development (Stanford), our head of client engagement (Stanford), our digital marketing executive (Michigan), our CMO (Cornell), and our CEO (Harvard) also have MBAs . Then there’s me, a Berkeley MBA grad. In other words, the marketing department is a majority MBAs. But having an MBA isn’t a requirement for joining. Relevant experience is much more important.

Most MBA graduates will probably say that an MBA is money and time well spent. It’s kind of like spending big bucks on a fancy dinner. To justify the extravagant expense, of course you’re going to tell yourself and all your friends, how incredibly amazing the dinner was. But we all know that spending $250 per person at Jean Georges isn’t worth 100X more than a tasty In N’ Out cheeseburger for $2.5.

For similar reasons why going to private university without a scholarship is probably not the best use of your money unless you have plenty of it, getting an MBA is also becoming a tougher choice today.

For those of you with MBAs, be forewarned. This is not a cuddly, feel-good post on why getting an MBA is a no-brainer. There are a lot of hard truths from what I witnessed as a manager who consistently interviewed MBAs during multiple bull and bear markets. I’m also providing the perspective as an MBA eight years after graduating. Readers trust me to speak candidly, so that is what I will do. 

Are Personal Finance Bloggers Some Of The Sexiest People On Earth?

Personal Finance Bloggers Are SexyI was eating dinner at my local Indian joint when a late 20s couple sat at the table right next to me. The guy, a new pharmacy graduate from UCSF was with a female pharmacy student. He was buttering her up with praise about how she’s so popular now that her research report got published in some pharmacy journal. She blushed with pride.

I tuned out their entire conversation for 20 minutes as I stuffed my face with chicken tikka masala until I couldn’t help but overhear one phrase. He awkwardly said, “I think I’ve gotta build myself an emergency fund, you know? I hear it’s a good idea to build this emergency fund so I don’t go into high interest credit card debt.”

Wahoo! Music to my ears and music to his date’s ears as well. As soon as he started talking about securing his financial future, the female pharmacist started leaning into the table all excited. “Tell me more,” she said with a sultry, but incredibly nasally voice. I’m pretty observant – like CIA observant – where I can tell you what color your shoelaces are and point out the stain on the lower side of your shirt 30 minutes after our meeting is over if questioned.

It’s pretty clear to me they’re both getting lucky tonight all thanks to some personal finance dialogue.

So I got to wondering: Are personal finance bloggers (and readers) just abnormal because we talk about money all the time? Or are we simply some of the sexiest people on Earth?

Let’s discuss!