Starting A Career – Episode 364

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[00:02] Today on the Prosperity Podcast, we’re going to be talking about high school and college graduates. Now, if you aren’t in that category, but you know someone is, or you have a child, you’re going to learn some applicable lessons. So you definitely want to hear what’s going to be shared on this episode today. Kim, this is something that’s fresh on your mind as well. It is. We have a niece that just graduated high school and a daughter that graduated about six months ago. And I love the college grad space. I mean, what cool people to help. You know, they’re really interesting what they’re going through right now. You know, like this is arguably, you know, some very high unemployment. There’s a lot of volatility.

[00:45] Some of these kids are just anxious to get going and be creative in this world. Absolutely. We have recently hired someone that was an associate degree grad. And I’ve been having so much fun just sharing various business things that we’re doing and saying, do you have to bring to the table about this? You know, what did you learn in school that could be applied to this situation to make it better? And well, we all know that there are certainly some courses in school that you wouldn’t want applied to business situations because they’re horribly out of date or really disconnected from the world or what have you. There are other situations. She happened to have some actual business owners that taught some of her courses and she had some fabulous ideas to share.

[01:34] So I’m always appreciative of the new person’s perspective. And I think to more addressing what you were talking about is the energy level and excitement of a college grad that is just ready to go to work. Yeah, exactly. I love that wanting to go to work. And so to me, at least a part of the conversation goes of understanding the ideology of how a lot of these graduates think. And it’s actually quite a bit different than the past. So previously with baby boomers or whomever that may be, it was go to school, get a degree, find a great company, and then stay with that company for 20, 30, 40 years. And now it’s very much that a person’s going to find something that they really enjoy. And they, in fact, may enjoy doing a part-time career

[02:29] and driving Uber in the evening and then walking dogs on Rover on the weekends. And that’s what they love. So it’s quite different than what it was in the past. And they’re more than willing two or three years from now to shift on to another role and or another company and do it again two or three years after that. I think the days of somebody looking at a resume and seeing the, quote, job hopper as a negative are gone. Today, a job hopper just means that they’re seeking out roles that they love so that they can apply all their passion to the role in addition to whatever else they’re passionate about. So certain economies have totally transitioned and flipped. And if we look at Shopify, Shopify is the world’s largest e-commerce platform, hundreds of employees.

[03:17] And what they’ve done is they have said, hey, we are now going to become a digital first company. So people that work there no longer have to go into the office. So it provides a lot more flexibility. How else are you seeing these recent graduates taking and disrupting the workforce or the work that they do? Well, you use the term digital first. I have a fun question to put you on the spot. Do you know what WFH stands for? Work from home. I had to look it up. Good for you. I saw under Good Money, which is a company that I’m following and so curious about, GoodMoney.com, I believe might be .io, this WFH moniker and I had to look it up. And I’m so grateful. I mean, we’ve been a WFH company literally since the internet began.

[04:12] And I think people now expect that. That’s what they’re looking for even. We have lots of graduates that we talk to. We also have a lot of stay-at-home moms that we talk to. And of course, stay-at-home dads as well. But it does tend to be more on the stay-at-home mom side. And they are looking for a place to apply their passion, their gifts, the good energy that they have to bring to the table. And it’s just a wonderful environment for people. In fact, we split a new employee’s work up to that that needed to be done in the general nine to five time frame and that she could happily and readily do after her kids went to bed at night. And she shouldn’t feel bad about it that her hours were paid the same.

[05:01] And these certain roles had to be done between nine and five. But all this other stuff you can do after eight p.m. if you’d like. And it was a perfect match. Well, then I’m going to push back. Why should you pay them the same if they’re not working that nine to five? For our situation, the role that is being played is able to be hourly such that if she checks email and gets everything done in a couple hours in the morning and again, a couple hours in the afternoon, she doesn’t need to feel tied to her computer from nine to five minus lunch. And so it’s a much more efficient environment. She can pop in there, get the stuff done in a couple hours, and then go do something else. And her day works well that way such that then when the children

[05:50] are available in the late afternoon, whether they’re home from summer camp or home from some type of school in the future or what have you, she can be with them and then she can apply herself in a focused manner for maybe another couple hours, say from eight to nine, 30 or 10. And the combination of those three, let’s just call it two hour segments, couple hours in the morning, couple hours in the afternoon, couple hours in the evening, are the six hours a day that she wanted to work because so many people just don’t want eight or nine hours a day, but they’re happy to give their all to a company. And by splitting their day up with that capability and capacity, and you don’t have to be worried about whether they’re actually sitting there at their desks or not because

[06:41] that’s irrelevant. What matters is did the emails get answered? Yes. So you’re actually flipping this and looking at it different. You’re saying instead of having just a warm body and a seat, you’re looking at the results. Correct. And I think entrepreneurial environments are much better at looking at the results and paying accordingly rather than paying by hour. And I think our current batch of graduates is looking for entrepreneurial companies where they get the benefit of those result oriented paychecks. Now that doesn’t always mean that there’s bonuses and things on top of their hourly pay, but it may. And one of the things that I was sharing with this gal is after the approximate six hours, and again, it has nothing to do with six hours. We just happen

[07:32] to know that that’s about how long it takes. If there is more work that you want to do, here are three things that you could spend some time on and time will just tell if she chooses to apply herself herself to those three things, then that will make her a more valuable employee when there might be opportunity for results based pay. Dan Sullivan has a line item that I just feel is so valuable. On the left side of the line is the time and effort society. And it’s a very clear hourly paycheck. And for a person that really doesn’t want to think about their role and their job outside of those hours. And on the other side of this very stark line is a results based paycheck that is not paid on time and

[08:21] effort. In fact, if it takes you 50 hours this week to get the results and you are hoping for 30, that’s just the way it goes. It’s 50 hours because it’s the results that you’re getting paid for, not the hours. And I think if people can clarify for themselves which type of economy, if you will, the time and effort economy versus the results economy, again, those are Dan Sullivan’s words, which kind of economy they’re interested in being a part of. Then they can find a job that matches that accordingly and they won’t be resentful. They won’t be resentful on the short end or the long end. If we look in actual wealth and we see just collectively think about the people that you know that are extremely wealthy, I don’t see a lot of the extremely wealthy people that

[09:12] have invested solely in the time effort category. Very true. I see it in the results. So if you happen to be a medical professional or maybe you’re a dentist or some other type of profession, at that point you will hit a certain ceiling and there’s no more that you can cross. And that’s where you have to have other people that are going to be helping you. Could be alternative investments and different strategies, owning interest in a business or whatever that may be, correct? Yes. And it’s so exciting that really anybody in today’s world can cross over that line, can have the best of both if they want. And as we know, I mean, just the role of a physician, to use your example, has changed drastically in the last few years.

[10:03] And some of them are opting out. They’re getting into concierge medicine. They’re completely shifting their practices so that they don’t get pulled or sucked into that insurance-oriented time and effort society, but that they’re able to stay on the results side of things. Yes. You know, in fact, oftentimes when the markets get disrupted, which we’ve just gone through how people had to stay at home, there was one great thing that came from that, which was telemedicine. It wasn’t something that was accepted in all 50 states. Now it is. I love it. I agree. And I think it’s so critical that we look at those strides as positive, even though, yeah, maybe they got messy. Yes, maybe they created some unintended

[10:49] consequences, but all of those things will be solved. Human ingenuity is an amazing thing. And we can do so much good to help ourselves and our communities if we will be staying focused on the good that’s coming out of the changes that are occurring technologically and mentally and sometimes even physically and emotionally with what’s going on in our world, connected to what’s going on in our companies, connected to what’s going on in our own lives and our families and ourselves. You know, I think for our listeners, oftentimes, depending on where you are, if you’re, you know, someone that’s younger, that’s listening to this podcast and you’re trying to get a grasp of finances, it’s often misleading to think that you have

[11:37] to go into a career with what your degree is. I don’t see it that way anymore. I see that, you know, you take what skills you have and then apply it to the marketplace. And if you have to go to lambda school and learn how to code and start a new career, do that. But I see right here, what it really comes down to is providing value in the marketplace and then getting feedback from that value. That’s so true. I have an English degree and it has never mattered as I literally from day one have worked in some form of money. I was at a bank and then I was at a brokerage house and now with my own firm. I’ll admit that maybe now 30 years later, my degree is helping me because I do some writing, but as we all know, what I learned in as an English major

[12:32] is not contributing to my writing ability today at all. Now it’s copywriting, marketing writing, you know, readership level at supposedly eighth grade is how you should write books for the public because that enables you to have the largest amount of, you know, readers that can access your information, et cetera. So I don’t really think that my English degree has anything to do with anything at all. Yes, but your innovativeness does and your hard work and your discipline and all those other wonderful things. And I think we didn’t mention, but when I’m hiring new employees, I’m always looking at their attitude. If it’s a bad attitude, I don’t care what school you went to or what accolades you have. If it’s a bad attitude, it’s not going to be a fit.

[13:16] So I’ll share with you my question that I came up with that I really have to give God credit for it because it literally just popped into my head as we were doing our last interviewing series. And it wasn’t really a question. It was a statement. Prove to me that you have a positive mindset. And then I just sat there. And of course, we were on Zoom. And of course, the person that we hired did a fabulous job of it. That’s good. That’s one of those like, put it on a picture frame and like sit and think about it for a while. Yes. You know, that’s wonderful. I think for any of our college grads and high school grads, or I’m going to touch one of the piece, anyone that’s making a career change right now is the greatest opportunity that we have. We have the ability to contact

[14:10] anyone in the world. You can do that through social media. And in many cases, you’re going to get a response. We have unlimited resources. We have podcasts of things that we can learn about. And on top of that, we have unlimited support, meaning we’re doing this podcast because we care about the listeners and the community. You know, on a Monday afternoon, as we record this right now, there are other things that we could be doing. But because we care about the audience, and we’re providing insights and having a conversation, it just goes to show how much opportunity there is in this world. Well said, Spencer. Thank you. Thank you. Thank you for listening to the Prosperity Podcast. To take control of your money

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