Birth of a Salesmen

There’s not a day that goes by when I don’t see a need to assert myself in some way or another.  Either in my personal relationships or business relationships or both.  As the introvert that I am, I still continue to struggle with reaching out and establishing connections.  It is these connections, however, that can result in long term positive and sustainable relationships.  Many times these connections and relationships can be financially beneficial.

So here we are.  The economy is supposedly booming.  The unemployment rate is declining.  For the first time in years we are finally hearing about the prospects of wage recovery.  By wage recovery, I mean increasing real wages.  This could be a key time.  Combined with a solid emphasis on continual self-reinvention, this timing could potentially result in long term wealth accumulation.

As Paula Cashflow celebrated her one year anniversary this month, I chose to do a refresh on self-reinvention.  Here’s the refresh:

Your wealth accumulation strategy should include a component for continually embracing self-reinvention.    Self-reinvention has saved my butt on many an occasion over my career.  By being flexible and willing to take on the unfamiliar, I have seized opportunities outside my comfort zone…and my area of expertise.  My next step is to re-beef up my “sales skills”.  In all honesty, I can’t sell the Florida sun, sand and surf to a Canadian in January if my life depended on it, but I damn well better learn how, and soon.

Engineer, physician, rocket scientist, accountant, blogger, etc.  We all need to be a salesperson in some way or another at many points in our lives.

Why not try some of these actions and just see what may happen:

Cold calling

I once heard that “you don’t have to like cold calling.  You just have to do it.”  So go and do it.  Whether it’s job hunting or making connections, pick up the phone and reach out to a prospective contact or hike your butt into a place of business and establish a connection.  For example, I recently met a commercial real estate investor who acquires distressed commercial buildings.  Once the buildings are rehabbed, he then hits the streets looking for tenants.  He doesn’t hang out a “For Rent” sign, he gets in his car and goes to businesses and pitches his product.  Door-to-door.

Paula Cashflow tip:  set out to make at least one cold call per week.

Warm calling

Okay, so you’re not a cold calling person.  Warm calling refers to a connection based upon a referral from another contact.   For example, my friend Joe says that ABC company needs an accountant.  Joe passes along the contact name to me and I follow up with a phone call referencing our common acquaintance Joe.

Paula Cashflow tip:  this is easier than cold calling, so establish a goal of 1-2 contacts per week.  LinkedIn is a great starting point.

Elevator speech

This is a salesmens’ greatest asset.  But it does take practice.  Get started by writing it down and then practicing it.  Keep it to around 30 to 45 seconds.  No longer.  Practice on your friends and family.  This is great entertainment.

Paula Cashflow tip:  Attend at least one networking event per week and plan on presenting your speech a half dozen times.  You’ll get good at it real quickly.

Public speaking

Read my blog Toastmasters 101 and other ways to reinvent thyself.

Paula Cashflow tip:  plan to give at least one presentation a month.  This will keep your skills current and your nerves in check.  Rotary clubs, non-profits, etc are always looking for speakers on relevant topics.

If the economic momentum doesn’t stall, now could be a good time to build upon your strategy of self-reinvention.  Being good at self-reinvention can translate into better career opportunities, increased compensation and a more diversified career base, not to mention the cashflow benefits to your bottom line.

Good luck!  Because it’s about life and how you live it.

In the spirit of financial well-being,

Paula Cashflow

 

 

 

Christmas without Credit Cards?

#debtfreexmas

You betcha!!  We can do this and forever change Christmas and give new meaning to Happy New Year.  It’s March and it’s time.

I did something last week that I’ve never done previously.  I opened up a Christmas savings account at a local Credit Union (CU). I’m earning 2% on my deposits (maximum deposit of $4k) up until November of this year.  In November, the CU will close the account and send me a check for the balance in the account and cha ching, my Christmas spending has been financed with all equity (in this case cash), instead of all debt.  That’s corporate finance lingo for raising the capital to fund a project.  The “project” is Christmas. Continue reading

My Night at the Oscars

Is it safe to say that winning an Oscar is the equivalent or better of your boss giving you an “exceeds expectations” on your annual performance review?

Well, I would hope so.  But that’s not to say that not winning an Oscar means that your performance review would indicate that you only “met expectations”.  After-all, Bradley Cooper is getting closer to the big guy each year.

But here’s what winning an Oscar does give you?  The big stage.  A platform.  An audience.  A learning opportunity.  And, a wealth building opportunity. Continue reading

Avoid these Financial Pitfalls

Paying attention to the details

Attention to Detail has been part of my playbook for many years. In addition to benefitting my career, I have found that Attention to Detail can benefit your finances too. Oftentimes, our past ways of handling major financial decisions has involved overlooking some of the finer details, resulting in a loss of cashflow or net worth. In fact, I know from personal experience that many companies use Attention to Detail as a benchmark to determine who they will hire. Why not use Attention to Detail when making big financial decisions? See if any of the following examples ring familiar. In the spirit of your future financial well-being, read on and let me know your thoughts. Continue reading

Five C’s of Credit

The Five C’s of Credit

My career has spanned both personal finance and corporate finance.  It even included a six year stint in banking.  If you’ve been following Paula Cashflow’s journey, then you already know I’m big on takeaways.  A takeaway is something that you learn from a particular situation, person or experience that could create future value in your life. Continue reading

Building Wealth using Baby Steps

Building Wealth using Baby Steps

The Power of Compounding

If you’ve ever taken a Pilates class, you know that Pilates is all about working your core.  I’m always amazed when the Pilates instructor says that strengthening your core is done with small and steady poses or movements using your core. The core can be described as the area from the bottom of the rib cage to a line across the hip joints in the front and to the base of the buttocks in the back. Continue reading

What to do with your raise in 2015

When it’s not possible to live beneath your means, choosing the next best thing like living within your means is a good thing.  It took me years to have a surplus at the end of the day.  But it is achievable.  In the meantime, there are some valuable things you can do to move up from living within your means to living beneath your means.  The New Year is the best time to get started. Continue reading

Feeling good about stock market lows?

Never have I spent more time on a blog, then I have this week.  I generally start writing each week’s blog on Sunday.  That way I can provide my readers with current information followed up by guidance on the latest financial news. This week has been somewhat bipolar.  I intended on writing about the stock market lows that started a week ago.  Until now. Continue reading