Personal Finance By The Book » Interviews

Unabashedly tooting my own horn: Check out my interview as “Best of the Best”

Joe Plemon — Thu, 19 Jan 2012 16:15:06 +0000

I want to thank Bill Hazelton, who runs Credit Card Assist, for including my site in his “Best of the Best Blogger Series“. If you want to learn all sorts of things about me and my site, give it a look. While you are at it, check out Bill’s site — it is one of the leading pro-consumer credit card comparison sites in the industry.

Thanks Bill!

Joe Gets Interviewed by a High School Student

Joe Plemon — Mon, 17 Oct 2011 10:00:02 +0000

Is appearance important for a job interview? This guy might be sabatoging his chances for that banking position.

The English teacher of our Community High School recently asked me if I would consider being interviewed by some of her High School students. Evidently, they read my weekly “Dollars and Sense” column in the local newspaper and wanted some relevant content for the school newspaper. I was honored to be asked, so I have included both the interview questions and my responses in this post.

I am sure that you, like me, will be impressed by these insightful questions. The answers? Well, that remains to be seen. But I do have a favor to ask: I would be very appreciative if you could share some insights I might have overlooked in my responses. Think of your input as a way to help these these high school students. Thanks!

Ready? Here we go!

What are the things you think are most important on a resume?

The purpose of a resume is NOT to get you a job, but to get an interview which will lead to a job. This being said, a resume is very important. To create an outstanding resume (one that isn’t boring), I think one should do more than simply write a chronology of his work/scholastic record. This practice could pigeon hole the candidate into a niche of what he has already been doing. One thought is to not only show work and scholastic history, but explain exactly how that history is essential in the candidate’s future. Doing so will better define exactly where the candidate wants to go instead of where he has been. One more thought: a resume should be unembellished. For example, a Wal-Mart greeter is NOT “a customer service coordinator for a Fortune 500 company”.

What key factors do you think should be considered when applying for a job?

The key factor, not only in applying for a job, but for seeking a career path, is choosing a course you are passionate about. I can’t emphasize this enough. Never choose a career because of what it pays, or even because you are good at it. A huge salary at a job which one isn’t in love with is a recipe for a frustrating life. Statistics show that 80% of college graduates, 10 years after graduation, do not work in the field they studied. Why is this true? Primarily because they did not love what they were doing. The thing about following one’s passion is that he/she will be so much in love with what he does that the money will eventually flow to him anyway. Life goes by quickly. Don’t waste precious years doing something you don’t love to do.

In your opinion, how does one make the best first impression?

One only gets one chance to make a first impression, so don’t waste that chance. One study showed that interviewers decide in the first 10 seconds whether they want the candidate or not. The interviewer is asking himself these questions: “Do I like this person? Do I trust this person? Is this a person who will be fun to be around?” The way to make a good first impression is to do the things you already know to do: Good eye contact, smile, and solid handshake. Body language is also critical: stand straight without being tense, sit up straight, lean forward slightly, be interested in what the interviewer says and does. All of this takes practice, so PRACTICE. Going to an interview without practicing will create nervousness. Practice will help the candidate relax.

In face to face meetings, do you think one’s appearance and not just how he or she presents his or herself plays a role in whether or not he or she will be hired?

Appearance is critical. Again, it is part of a first impression. Many potentially great employees have sabotaged their job chances by not dressing conservatively, not having a hair cut or not removing that metal that is stuck in his face. Dress appropriate for the company you are applying for. Neatness, cleanliness and deodorant (without strong smelling perfume or cologne) are just common sense respect. Anything else shows lack of respect.

What are the things you believe employers look for in a possible employee? And how can an aspiring worker embody these things?

First and foremost, employers are looking for people of character. The most valuable employees in any organization are those who are diligent, honest and have uncompromising integrity. Stated differently, who a person is will speak louder than what a person does. This being said, employers are looking for employees who will help their company succeed. I think many potential employees are so focused on presenting themselves that they overlook presenting exactly how they can be an asset to the company. Therefore, it is critical that the aspiring worker do his homework. He should learn everything possible about the company before he goes into the interview and he should be confident that he has something vital to offer that employer. This knowledge and confidence will set this potential employee apart from the crowd.

Finally, what advice can you give to upperclassmen as we enter the ‘real world’?

Don’t be shocked here, but my advice is “Don’t put all your eggs in the ‘college diploma’ basket.” Allow me to quickly add that I strongly believe in the value of a college education. I myself am a Civil Engineer. My point is this: the diploma itself is not a magic wand that will guarantee a lifetime of success. At best, it will help get a foot into a door, but success in the “real world” is then based on how well you can help your company succeed. The key at this point and for the rest of your life is NOT the diploma, but the knowledge and the character of the individual. Whether one has a college degree or not, the traits as perseverance, hard work, innovative thinking and integrity are critical for doing well in the “real world”.

OK Readers. Now…jump in with a comment to further answer these great questions.

Interview With an Internet Entrepreneur

Joe Plemon — Tue, 01 Mar 2011 09:58:49 +0000

I have known Alan Hale for over 40 years and have never been quite sure what he did for a living. One reason for my ambiguity is the simple fact that we live in different cities and, in spite of the fact that Alan is married to my wife’s cousin, we haven’t been all that close. But a second reason is that Alan has done a lot of things.

In recent years, as we have annually shared a vacation house with other cousins and their spouses, I have enjoyed getting to know Alan better. He is one of those guys who seems to know quite a bit about anything and everything. Don’t get me wrong; he doesn’t toot his own horn or come across as a know-it-all. Quite the contrary; he is a great conversationalist whether we are discussing professional football, how to fly an airplane, city zoning ordinances or teachers’ unions.

It is this natural curiosity about life that not only makes him a fun person to be around, but has made him a successful entrepreneur. He has parlayed overall knowledge into savvy business practices.

I want to thank Alan for being a good sport with this interview. Hopefully, his successes will inspire others to stretch their wings.

Alan, tell me a bit about your work background.

I have been employed by: a Consulting Engineering Firm, two Architectural firms, a Design-Build Construction firm, a Performance Bonding Company, Municipal Government, a Midwest ISO (Insurance Service Office), and still do some contract consulting work for a small number of clients.
I have started four owner/operator business ventures. One, while successful, ended like a bad dream. Two were very successful, and I’m glad to have had the experience. One is still running, and is successful beyond my wildest dream.

What can you tell us about exactly what you do?

I buy, trade, and sell things on the internet. I also offer a menu of dedicated services to select clients. My offerings and methodology were developed through very hard work and innovation. I consider them my ‘trade secrets’ and not open for discussion.

What circumstances motivated you to seek out your current career?

For nine years I owned and operated a Pawn Shop. I did not want or have any employees, and by the end of the eighth year of operations, I was bored and ready to make a change. My plan was to move my entire business onto the internet, while continuing to operate the shop for a year. Those twelve months would allow my internet business time to “jell-up” and produce the desired income so I could close the shop. The plan worked as designed, so I closed the Pawn Shop. That was my introduction to making money in cyber space.

Would it be impertinent to ask how well you are doing? If yes, would you share anyway ? Six figures?

Yes, Yes, and Yes.

How many years did you struggle before reaching your current success level?

Let’s first apply the word struggle to the correct problem. Although my new form of business had ups and downs, at no time did I really struggle financially. However, I did struggle greatly for a couple of years in other ways. My overall knowledge and experience with ‘HTML’ was near zero, and I didn’t completely understand the finer technical details of “The Ways of the Web.” I struggled with a very steep learning curve and struggled with getting the small details worked out the way I wanted. I spent a lot of energy looking for answers.

What advice would you give to those who are considering an internet career?

Success on the internet is a moving target. It’s not a destination, it’s a continuous journey. If you’re not in it for the long haul, you are not in. The process of commerce on the internet is a major paradigm shift from what one understands as normal. Find the right mindset, do your homework, and follow through.

Any thoughts about all the “Get rich while working at home” solicitations we so often hear?

Most of these systems really did work at one time. (Heavy on the past tense) They no longer produce as advertised mainly due to saturation. See the destination/journey statement above.
Having said that, there are some solid systems out there that will get you started on the right track. Be careful, it’s hard to tell the good guys from the bad guys. Shop around and find something that fits your needs and keep an eye out for the on-going expenses. It is safe to say you are not going to get something for nothing.

Don’t quit your day job just yet.

Thanks again, Alan.

Interview with Doug Warshauer

Joe Plemon — Wed, 29 Sep 2010 10:09:57 +0000

Doug Warshauer, co-founder of Kessler Warshauer Ventures, not only invests in and manages businesses, but also writes a personal finance blog Doug Warshauer Blog and has recently released his book, “If I am So Smart, Where Did My Money Go?”

Having met Doug via blog commenting, I am proud to share this interview.

Doug, what motivated you to write this book?

I began researching the book in September 2008, when the financial crisis hit. It struck me that financial crisis was caused, at the deepest level, by a collection of terrible individual decisions. Millions of people bought homes that they could not afford or ran up credit card debt that they had little hope of ever repaying. I thought I might be able to develop a way to help people make better decisions.

Doug, tell us a bit about yourself. Have you been writing about personal finance for a long time?

No, writing a book was a real transition for me, because before that point I’d been entirely focused on running my private equity investment business. That turned out to be a lucky break, because I had developed an expertise in building financial models to project the cash flows of businesses. When I began to research this topic, it stuck me that I could use the tools that I normally use to evaluate a business and apply them to modeling a family’s financial life.

This proved enormously fruitful. Using these tools, I can show people how to calculate, for example, exactly what percent of their net income they need to devote each year to college savings and retirement savings.

With all of the financial advice, blogs and books available today, what makes “If I’m So Smart…Where did All My Money Go?” unique?

Most personal finance literature focuses on teaching concepts. The idea is that, if you educate people about how they should manage their money, they will take those concepts, apply them to their personal situation, and make good decisions. So we tell people to spend less than they earn, stay out of debt, minimize the use of high interest credit cards, pay off your mortgage, save for college, save for retirement, etc.

Unfortunately, it doesn’t work well for a lot of people.

Why doesn’t it work better? Because people already know the concepts. The problem isn’t that the ideas are complex and hard to understand. The problem is that they are hard to execute because they conflict with each other. It’s hard to do all the things you’re supposed to do at once.

My book helps teach people to solve the underlying problem, which is the conflict between each of their objectives. It shows people how they can address their problems one at a time, and how to figure out exactly how much money they need to devote to each of their objectives. A reader’s ability to apply the guidance specifically to his or her own situation makes this book something that people can really use to improve their lives.

Your book uses stories of ten fictional characters to help the reader relate to real money issues real people struggle with. What can we expect to learn from these stories?

I thought the stories would be much more interesting to read than straight nonfiction. Finance can be a dry subject, and if it’s dry and boring, people will give up on it.

Plus, the characters in the story gave me a perfect vehicle for demonstrating how to use the techniques I’m teaching through examples. There is a character in the story named Mitchell, who is 55 years old and has two boys getting ready to go to college. In the book we go through his finances in detail, and he learns how to determine how much he needs to save each year to pay for his sons’ college education. He also learns to determine how much, and when, he should save for retirement. By seeing how this program works for the characters in the story, the readers can learn how to apply it to themselves.

What is the personal side of this book for you? For example, have you experienced a time in your life when you wondered where your money went?

I have. I think we all have. That’s why the title seems to resonate so well with people. There are so many areas of modern American life that seem to suck our money from us. It’s very stressful. Until you know how to set aside an appropriate amount of your resources for each of the things you want to do, you worry that you won’t be able to do them all. But the good news is, once I went through the process I teach in the book, I found that I actually could do all those things, and the stress really melted away.

Thanks Doug, for a great interview. Here’s hoping your new book will help lots of people!

This Family Paid Cash For Their Car; You Can Too!

Joe Plemon — Wed, 21 Jul 2010 09:34:33 +0000

My friends John and Lisa recently shared some exciting news with me: for the very first time in their lives they paid cash for a car – a sweet 2 year old Toyota Prius with only 29,000 miles on it. They saved up the $17,000 purchase price (new price was $31,000), did some shopping and drove off in a vehicle that will last them for years and will never require a single payment. As we talked, I learned that this family has been doing all the things I like to write about: they have zero debt and a paid for house.

Naturally, I assumed you would want to know more of their story, so I asked if they would agree to an interview. Good sports that they are, they agreed. Thank you John and Lisa! Here is their story:

When did you get serious about getting your finances under control?

Our finances have never really been out of control, but after listening to the Financial Peace seminar it became obvious we needed to get out of debt. We found paying interest for “stuff” to financial institutions was making us have to work harder and enjoy our family less.

How did the car purchase itself go?

Quickly. haha The oddest part was writing a check out of our personal account and driving away with only a receipt.

Did you struggle with the decision to pay cash?

Not at all.

How do you feel about it now?

Great and in control.

How have your lives changed since you decided to get rid of your debt?

We feel more secure and stable. We know that no matter what happens, we will have our basic necessities protected. It makes not following the Jones’ much easier. We are no longer enslaved by the atmosphere of consumerism.

How much debt have you paid off in the past few years?

We have paid off $130K (including the home) since starting. We also have paid cash for all needs since deciding to not take on debt. It has been 3 or 4 years.

What has been the most difficult part of this journey?

Weekly budgeting and controlling daily spending. We still haven’t mastered this yet.

Have the two of you been on the same page throughout the process?

Yes, both of our families discouraged borrowing. So we were raised with the same similar mindset toward family finances.

How have you differed?

Not much. We have had to redirect each other at times, but it wasn’t a struggle.

What has been the key in working together?

Having the same goal and desired outcome. We want to play with our kids more. We work so we can live, not live so we can work.

I know you have one daughter who has graduated from college and two preteen daughters at home. How has this focus on your finances affected them?

We are fortunate to have healthy incomes, so the burden has not been too great for them. But they are getting an education along the way. They are also not kids that place a lot of value on “stuff”.

Do you think your journey has been a good influence on them?

Absolutely and for Kathe too. She had to struggle through college and manage her finances well. She did not take on school loans or credit card debt for her bachelors degree. She worked throughout college and finished in 4 years. She drove the same car she had in high school. She lived on campus and worked campus jobs. She aggressively pursued opportunities for stipends, grants or other positive financial assistance programs.

What is your biggest financial challenge going forward?

Staying comfortable in the stock market with investment strategies. Lost $7200 over the last 3 months in my 401k. Wisest investment for us to date has been property.

Do you believe you will stay debt free for the rest of your lives?

ABSOLUTELY!! We are even looking to downsize our housing to a more modest and realistic size.

Anything else you would like to add?

We think the work you are doing is very helpful for people and we are thankful for our experience with you.

Concluding thoughts

You have just read a real life story of a family who is debt free (having paid off $130,000 in debt) and committed to staying that way. John and Lisa are passing this legacy on to their children; their daughter worked and sacrificed to make it through college with no credit card or student loan debt. My hunch is that their two younger daughters will do the same. My congratulations to John and Lisa: you are doing it right!

How about you? Do you pay cash for your cars? Are you debt free? Are you working toward becoming debt free? How are you progressing?

photo credit: quaziefoto

Interview With Craig Ford

Joe Plemon — Mon, 10 May 2010 09:37:57 +0000

For today’s post, I am privileged to interview Craig Ford, a man I greatly admire not only for his prolific writing but for his mission work, his family values and his great sense of humor.

This month Craig celebrates 10 years of marriage and four years of missionary work in Papua New Guinea. The Ford house is an active place with three kids four and under. Craig blogs at Money Help For Christians where he posts on topics related to the Bible and money as well as investigative posts like his recent search for the top personal finance software. Get his latest free Bible and money eBook – The Bible and 21st Century Finances.

“Craig, you write every week day for your own blog and also write staff posts for Christian PF, Bible Money Matters, and Moolanomy. You are also a full time missionary, a husband and father of three young children. My question is this: what motivates you to do so much? How does your writing (blogging) dovetail with your overall life mission?”

My wife and I have always tried to chase after what we feel called to do and what we are passionate about. We’ve never made a lot of money, but life has been extremely satisfying. I’ve found that writing is something that I’m passionate about. When I started to learn about the monetary potential of blogging, I was attracted to blogging because my wife and I have always felt passionate about working in smaller church contexts. Unfortunately, many smaller churches cannot provide a full salary to a church worker. As a result, I decided to follow the pathway of Paul to see if it was possible to make my own salary independent of the church in order to be a blessing to smaller churches.

When I started blogging, we committed to spending up to two years making some intentional sacrifices to see where God would take us. In the future, I feel like writing and speaking on the topic of the Bible and money will play an increasing role. But, that is God’s decision.

At one point, I was writing for two of my own blogs plus staff writing on four other blogs. That was too much. With the help of my wife, we recognized it and made the necessary adjustments.

Over the last 3 months, I’ve slowly been cutting back on some of my staff writing commitments. Like anything, you sometimes need to push hard at the start so that once you have some momentum you can back off. I’m at the point now where I’m backing off, but the momentum continues.

How far ahead do you plan each post? How do you stay on your writing schedule when unexpected life occurrences draw you away from your writing?

I typically have a reserve of about 30 articles. I just counted and I have 25 completed articles listed in my blogging book. When it seems to be the right time to pull out a dusty article, I do a final touch up and send it to my wife for a final edit. This cushion really helps during busy times. A couple of weeks ago I was sick for about four days and didn’t do much. I was really enjoying being lazy and hanging out with my wife, so I took off another week of writing. The article reserve lets me take a break when I don’t feel like writing or blogging.

Many men (myself included) have trouble thinking of more than one thing at a time. Do you have any tips on how to be a better multi-tasker?

I’m terribly one track minded. For anyone who has that burden/blessing, I recommend the book The Dark Side of Leadership. It basically says that whatever is the key ingredient to making you successful is also the same ingredient that is most likely to lead to your downfall. My focus is my strength, and my focus is also my weakness.

In our case, we get away from the computer. That is why we love to walk outside in our yard once the kids are in bed. We get exercise and time together. Another good bonding time is when we do dishes – by hand!

How do you balance your mission work, your writing and your family time? Do you ever just kick back and goof off?

I strongly believe that I could not do what I do if I lived in North America. The pace of life here in PNG is very slow. I’m in the house five nights a week. That gives me ample time in the evenings to eat and spend time with the kids, go for a walk with my wife, and then head to bed early. With so many other commitments and activities in North America, I would not be able to write so much.

Also, my ministry provides me with a lot of flexibility. For example, yesterday I was out visiting three different churches and didn’t get home until 6:30 p.m., so today I went out for a long lunch with my wife and then finished up an hour early with my church work so I could write this post.

Even though I’m doing the blogging and full time ministry, I still eat breakfast, lunch, and dinner with my family nearly every day. Every Friday is our family day which means I don’t do any church work and I keep my blogging to less than an hour or two (typically, I’ll wake up and work before my wife and kids get up, and then the rest of the day we do some fun family activities).

Five mornings a week I’m up at 5:00 a.m. to do some writing before breakfast with the family. I start my ‘missionary day’ at 8 a.m. Saturday is my writing day, and I try to write everything for the week on that one day.

My ministry work and blogging work is so different that they both provide a nice ‘distraction’ from the other. My missionary work is spent visiting people in their homes, having bible studies, and participating in other church activities. My blogging is spent typing away at a keyboard and really engaging in some critical thinking.

Do you think burnout could be an issue for you? What tips would you give to others for coping with possible burnout?

Fatigue is a greater danger for me than burnout. I love what I do, but sometimes I just run out of steam. When that happens, I step back and try to get some extra rest. My family is taking an eight night family vacation to Sydney next month (paid for with our blogging income), and I plan to cut back during that time. My wife and I have always been fans of working hard and playing hard.

I could not do what I do without the constant support of my wife. First of all, she watches the kids on Saturday while I write. Second, she proof reads everything I print. My writing is terrible, and nothing gets published without her approval. Third, she co-authored a book with me – The Short Term Missions Handbook. Finally, she co-writes Help Me Travel Cheap, a frugal family travel blog that we both write together. She is an extremely supportive wife. I would have quit months ago if it were not for her.

Craig, I can’t finish this interview without asking the obvious: what tips can you give fellow bloggers who are trying to keep their lives in balance?

1. Do everything with the consent and agreement of your wife. If she feels uncomfortable with your blogging schedule, adjust it. The support of your spouse is essential.

2. Stay up late or get up early – maximize on the time with your kids. Do your best not to push your kids to the side in order to blog.

3. Spend time with your wife every evening – no matter how much you have to do. Mondays are my busy day, but when I get home at 9 p.m., my wife and I always go for a walk around our yard. We need to touch base every day. After we walk, I finish up a few blog things before going to bed.

4. Force yourself to write – even when you don’t have to so that later you can take a break when you feel tired. Having a reserve of articles is an important way to be lazy if you feel lazy.

5. Write about what inspires you. Often, I write because I’m interested in a topic. Sometimes I write articles just to pay the bills, but I try to have a healthy amount of articles I enjoy.

6. Be willing to give some things up to blog. When I started blogging I was training for a half marathon and I knew a lot of training and blogging wouldn’t work. As a result, I cut all but two days a week of exercise out of my schedule. Just last week I packed up all my DVD box sets because after a long day of work I felt like I ‘deserved’ to watch something. That meant an even later night and less focus and attention to my family.

7. Identify the most productive activities and focus your time there. There are so many distractions to blogging. Find out what is most important – do those things – the rest is gravy.

Speaking for myself and my readers, I say, “Thank you Craig!”

Readers: How do you balance career, faith and family? What tips from Craig were helpful? Where do you struggle most in trying to keep this balance?