How To Deal With A Micromanager Without Killing Yourself First

Your Micro Manager Donkey There’s probably nothing more annoying for an experienced person than to be micromanaged. I’m sure someone who is new to work finds being micromanaged just as annoying, but at least the boss has a good excuse. The novice could really mess things up without proper supervision.

Out of roughly 100 people I spoke to who were interested in leaving their jobs or had already left their jobs when conducting research for my book, roughly 70% of them said the main reason why they wanted to leave or did leave their jobs was because of a difficult boss. The boss was either unfair, unpleasant, uninspiring, or a micromanager.

When a boss micromanages an employee they effectively do three things:

1) Undermines

2) Demotivates

3) Creates self-doubt

In other words, micromanagers are horrendous bosses who will likely lose all of their employees over time.

One reader wrote in,

“Sam, I’m dying here! My firm recently hired this hotshot 30-year old MBA graduate who thinks he knows everything. He used to work in recruiting before getting his degree and this is his first job working for a tech firm. I’m 34 years old and have been working here for five years. Recently, he’s been on my ass about checking all my work, telling me how to do my work, and asking me every time I leave my desk for more than 30 minutes. I can’t even take a dump in peace out of fear he’ll start questioning my whereabouts! I’ve got way more experience than him, yet he gives me no respect. What do you recommend I do?!”

Meet him in the garage after work and deal with the situation like a man by kicking his ass! Was my initial thought. Anybody who shows no respect for their elders should be taught a lesson. But of course, we’re not living during the time of honor. We’re living in the time of “what have you done for me lately”.

I truly empathize with the reader because losing autonomy was one of the main reasons why I left my job. When you’ve got plenty of other means to make a living, working for a micromanager is NOT WORTH IT. But for those of you who have no way out yet, this post will discuss strategies on how to deal with micromanagers so you no longer have to feel miserable coming into work.

Should I Get An Electric Vehicle (EV)?

Tesla Model S

Tesla Model S

Two things happened recently that has spurred my interest in electric vehicles: 1) Watching a Netflix show on Elon Musk’s desire to reduce our fossil fuel consumption by starting Solar City and Tesla Motors, and 2) Getting into my new tennis buddy’s Tesla Model S P85+ and being absolutely amazed! My friend used to work with Elon at Paypal, and now runs an enormous internet company. Crazy how interconnected we all are.

14-year old Moose is a gas hog with an average mpg of around 15. But as I said in a previous post, anybody who doesn’t DESTROY their old car before buying even a hybrid is adding more pollution to the Earth. Now that electric cars are a reality and Moose is becoming a safety issue, I’m wondering whether going electric is the way to go.

Should I Continue Working As A Contractor Or Go Full-time?

Relaxing In HawaiiIt’s been over two months since I started consulting at a financial tech startup and I’ve now got to make a decision to lobby for a permanent spot, stay on as a consultant if they’ll have me, or return to the world of fluffy rabbits and afternoon siestas in the park.

I have learned a TON about marketing and analytics so far, and I plan to learn a ton more for the remaining time left. It really never occurred to me to promote anything with marketing dollars since Financial Samurai has been organically grown since the beginning.

But if you can spend $1 dollar on marketing and get $1.01 in return, you should continue spending until your marginal revenue meets your marginal cost. Figuring out how to maximize one’s marketing dollars is the fun part.

The only thing I have to sell on my site is my book. Based on what I’ve learned, I plan to do some promotional tests and see how things go. The book’s monthly revenue is a tiny portion of my total monthly revenue even though it’s the only thing I sell here. Pretty neat huh? If I focus, perhaps I can grow my book’s revenue to 10-20% of total revenue. We shall see.

I think this post will be insightful for anybody who has ever had to make a decision between money, time, experience, freedom, joy, and responsibility. Let me first share five positives for continuing to work either as a contractor or as a full-time employee. I’ll then share the main negative and wrap the post up with some final thoughts. 

Use The Jeans Strategy To Save More For Retirement And Stay In Better Shape

The Jeans StrategyWho doesn’t like a pair of nice fitting jeans? For the first time in 14 years I bought myself a new pair. My old boot cut jeans were purchased back at the Diesel flagship store in Manhattan a month after I got my first bonus in 1999. I’m surprised they’ve lasted this long. There’s nothing wrong with them, it’s just that the bottoms have started to fray and the color has faded.

I’m a pretty minimalistic guy when it comes to clothing. I enjoy wearing the same outfits over and over again probably because I’m lazy when it comes to fashion. Jeans and a t-shirt or jeans with a long sleeve collared shirt and a blazer are the cleanest looks in my opinion. I also enjoy using things until the max. My 2000 Land Rover is a perfect example of “if it works, no need to change” attitude. Shopping for clothes on a constant basis brings little joy. I’d much rather spend my money traveling. 

The Benefits Of A Backdoor Roth IRA

Backdoor Roth IRA - Horseback ridingIs A Backdoor Roth IRA A Good Move?” on Daily Capital is probably the best post on the internet that explains who should do a backdoor Roth IRA, how to do a backdoor Roth IRA, who is allowed to do a backdoor Roth IRA, the risks of a backdoor Roth IRA, and who doesn’t need to do a backdoor Roth IRA. Have a read and I’m sure you’ll agree.

Long time readers know that I’m one of the biggest detractors of the Roth IRA program. The main reality is: most people will make less in retirement than during their working years. Therefore, taxes should be lower, all things being equal. I present many more arguments as to why a Roth IRA is suboptimal.

But after spending some time editing the Daily Capital post, I’ve come around to the idea that for some people, a backdoor Roth IRA is a good move. Here are three main reasons why a backdoor Roth IRA should be considered.

The 401(k) Participation Rate Is Shocking

Just Out Of ReachAccording to the Bureau of Labor Statistics, only about 55% of the American workforce has access to a 401(k) and only about 38% of the total workforce participate. Doing some low level math, that means roughly 31% of those who have access to a 401(k) are not participating. What are people doing with their money? FOMOing?

At a 38% total workforce 401(k) participation rate, no wonder why everybody is worried about retirement. With 31% of workers with access to a 401(k) not participating, this looks a whole lot like self-inflicted pain, which is one reason why the wealth gap continues to increase. Even though I recently wrote about the average 401(k) balance finally breaching $100,000, we’ve still got a long way to go.

The reason why I’ve been such an avid 401(k) contributor my entire career is because I knew I didn’t want to get in at 5:30am in the morning and leave after 7:30pm for the rest of my life. The only way to extricate myself from a tiring life was to save and save some more. Besides, once your 401(k) is set up, saving becomes easy due to automatic deductions.

Now that I’m out of the work force, I think it’s a duty to expound upon the reasons why everybody with access to a tax-advantaged retirement plan should contribute. Once we get the participation rate up, then we can work on increasing the savings amounts. Let’s begin.