From the Northeastern Section of the ACS, focusing on career management and development

July 2015
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Watch-outs 85. Mentoring thoughts
Filed under: Mentoring
Posted by: site admin @ 1:23 pm

Drafted this a while ago and still think there is value for
some readers…

Bob Sullivan, author of the new book
Stop Getting Ripped Off: Why
Consumers Get Screwed
and How You Can Always Get a Fair Deal.

Look for service providers — such as fee-only financial
planners– who don’t have a commission incentive to
steer you into particular products.  “Know what someone’s
financial bias is.

If you find yourself in a high-pressure situation where you
have to say no, twice, consider yourself in the danger zone,
Sullivan says.  Three times and you should hightail it out of
there.  Walk into a sales situation with and escape plan, i.e.,
“I am expecting a call from work, and may have to leave at
any time.”

“People let their cars go until it’s absolutely time to buy
a new one– and urgency is one thing you can not overcome
when you are at a car dealership,” says Sullivan.  “You have
to be able to wait them out.  Walk out, come back next week.”
No one can plan around a breakdown, but it is not a bad
idea to do some casual car shopping before your vehicle
hits the end of its warranty.

When someone is making money off you in a business
transaction, at that moment he is not really your friend.
Call three professionals, get a price, and never see them
again when the deal is done.  That is the best way to do

Keep your financial head in the game with questions like:
How much cash is in my primary checking account right
now?  How much did I spend last month?  What is the
rate on my credit cards?

Spend as much time shopping for your mortgage as
you spend shopping for your house.

Sullivan argues that it is easier to set up two accounts–
a “staging” account where your paycheck is deposited,
and a “workaday” account for all those little debits and
ATM withdrawals.  then, shift a pre-determined amount
of cash into the second account for the dozens of minor
transactions.  Use your staging account for the regular
monthly stiff, rent or mortgage, utilities, auto loan and
cell phone.

If you are paid bimonthly, call service providers and
group expenses evenly into the first and second halves
of the month.  Choose a free account with no minimums
and no overdraft protection.  (An alternative is PNC
Bank’s Virtual Wallet, which offers spending and
savings components in one account.)

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