Showing posts with label advice. Show all posts
Showing posts with label advice. Show all posts

Wednesday, February 22, 2023

Wonderful advice! on The Kyle Phoenix Blog

 Wonderful advice!

In my basement apartment in Chicago, I squint through red eyes at my brush.

It is clogged with hair.

“Damn. My hair is falling out.”

I was 23 years old and six months into a demanding sales job at General Electric, and I was failing hard.

To get this job, I had to convince an executive to pull me off of a leadership program twelve months early.

I wanted to live in Chicago where my friends were and a position opened up. The only problem was that I was about to move to Atlanta for my third rotation. Impatient and ready to move up in my career, I made my play.

I went to the executive responsible for the Chicago territory and made my impassioned case. He had an open position, I was ready now and if he waited until I went to Atlanta, some other executive would get me and all of the great results I would deliver.

He agreed to make a case to pull me off the program and into a direct territory but did so with a warning.

“You will be treated like any other sales rep. If you can’t generate business, you will be replaced like anyone else. Are you sure you are ready?”

“Of course. Let’s go!”

I wasn’t ready.

It was a battle not to piss my pants while he was giving me that warning. I had no idea how to sell, had no customers to start with and only a rudimentary understanding of the technology I was selling.

But, I got what I wanted. I was the new sales rep in Chicago.

Determined to prove my manager smart for giving me the opportunity, I put in ridiculous hours.

I made lists of targets for hours. I wrote out cold call scripts. I practiced my elevator pitch. I read scores of sales books and like a college kid, wrote a book summary on every one.

I prepared all night and then called customers from 8AM to 5PM, just hoping to get someone live. I quickly learned that cold voice messages were a waste of time.

Then I learned that live people weren’t much better. I stuttered my way through calls, sounding like the inexperienced kid I was.

The nice ones said no and hung up. The rest chewed me out to make sure I didn’t ever call again.

I grew to like the angry people more. At least they weren’t patronizing and I actually kept them on the phone longer.

I wasn’t sleeping at all. I laid in bed thinking about getting fired. I thought about telling my parents that I got fired from the job they were so proud of me for getting in the first place.

I thought about how I would pay the rent. Even a shitty garden apartment in someone’s basement is expensive in Chicago and I wouldn’t make it four weeks without a paycheck. I thought about moving back home to live with mom and dad.

Mainly, I just thought about being a failure.

Every week, I jumped on a conference call hosted by my manager. I always went last because I was the rookie.

This meant that I had the pleasure of listening to 20 other sales reps talk about the deals they were chasing. Big deals, exciting deals, strategy. I listened to my manager’s voice get louder and more excited when a rep talked about a new opportunity to chase.

I wondered what it would be like to chase a big deal and close it. The call had camaraderie, with reps congratulating each other on big successes. They would give each other advice or mention they would call each other after the call to talk strategy.

What were they talking about? Were there secrets I didn’t know?

Then my manager would call out my name.

“Ian, what are you chasing this week?”

I would take my phone off mute and say the same thing every week.

“Uh, hey Bob. Nothing new to report this week.”

“OK. Keep hustling buddy.”

“You bet.”

I would hit mute and imagine what all the other sales reps were saying about me.

Did they feel bad for me because I sucked? Were they gloating that Bob should have hired a more experienced rep? Were the guys in Detroit making bets on how much longer I would last? What were my odds to make it until Christmas?

I responded by working longer hours but I was calling less customers all the time. I was paralyzed by the size of the challenge.

Every week, I thought about calling my boss and giving him my resignation along with an apology for letting him down. He was a great boss and patient, but I never wanted to let him know how I was feeling, especially after how confidently I pitched myself for the job.

This led to my hair starting to fall out in clumps. I was 23 and my hair was falling out because of stress. What the hell?

After one particularly embarrassing conference call where Bob asked me a few probing questions about prospects and got nothing as usual, I was despondent. I got off the phone and thought about how I would get fired. Would he call me or make me fly to his office in St. Louis?

My phone rang. It wasn’t my boss.

It was Don, our top sales rep in Kansas City.

I met Don when I was on the training program and spent two days traveling with him to visit customers. Don was 65 years old and one of the most genuine dudes I ever met.

He was polite, thoughtful, soft spoken and completely void of ego. He was the opposite of the stereotype of a typical sales person.

He didn’t need to work but just loved the job. As a sales rep, he was money in the bank. He led the company every year and hustled like he was at the bottom. He was worried about me.

“Hey Ian, are you OK?”

I didn’t attempt to lie.

“No, Don. I don’t think I can do this.”

“Why?”

“I look at everything you have going and I am so far away. I can’t even get one order and I need hundreds.”

“Well, do you think I started with hundreds of orders?”

“No.”

“It started with one customer saying yes. Actually, it started with hundreds of customers saying no. I wouldn’t be here if I had a plan to get to hundreds of customers. My plan was to get one.”

“OK. How do I get one?”

Work backwards. How many calls does it take you to get one appointment? How many appointments for one sale? For me, I need 20 calls to get an appointment and 10 appointments to get one new customer. Maybe you should estimate double. Start making that many calls every day. Think small and it won’t be so overwhelming.

“Think small?”

“Yes, you are overwhelmed with the size of the challenge but you can’t do it all tomorrow. Focus on having one great day. Then focus on having two great days in a row. Stack them and soon enough, you will see results.

I am still grateful for that phone call. It meant everything to me that someone at the top took time to reach out and help.

Kindness knocked me out of my funk and my resilience strengthened. I took his advice seriously.

I focused on having one great day at a time. Five great days turned into two great weeks and my first great month. I started to land more appointments after two months of this approach.

Then, my first customer said yes. I had my first order!

Who did I call first?

My mom, of course.

But, then I called Don. I still remember how proud he was on the other end of that phone. I thanked him for his greatest sale, giving me confidence.

That order led to more confidence and I could tell other prospects about my customer. That social proof and confidence led to more sales and I kept focusing on one good day at a time.

Two years later, I was pushing Don for top sales though he never gave up that title. More importantly, I was sleeping and my hair stopped falling out.

If you are struggling with resilience, focus on the smallest step you can take. Even a small step takes you closer to your goal.

If you want to lose weight, start with one great day. Do you want to quit smoking? Make it through one day. Do you need to pay off debt? Tighten up your spending tomorrow first. If you want to have a great year at work, start with one great day.

If that doesn’t work, find a Don. You need someone who has been there, can see if you are on the right path and give you the confidence that the road you are on leads somewhere worth following.

My stress and lack of resilience was never about the work. It was about my misunderstanding that the work would never lead to a result.

If you see some struggling in your office, take a minute and offer your help.

Be good to each other.

Be a Don.


Saturday, November 23, 2019

I asked 100 millionaires about the books that helped them build wealth, and 7 books kept coming up On The #KylePhoenix Blog



I ASKED 100 MILLIONAIRES ABOUT THE BOOKS THAT HELPED THEM BUILD WEALTH, AND 7 BOOKS KEPT COMING UP

Charlie Crowhurst/Getty Images for Ascot Racecourse

·         John, who runs personal finance blog ESI Money and doesn't share his last name online, has spent the past few years interviewing millionaires.
·         John was a business executive for 28 years before he retired at age 52 with a $3 million net worth, and has previously shared his own spending with Business Insider.
·         He asked those 100 millionaires about their favorite books, and found the seven titles that came up repeatedly included classics like "The Millionaire Next Door" and "Your Money or Your Life."
Today we continue reviewing information from my first 100 millionaire interviews.
We're going to add to these by discussing books that have had the most impact on millionaires.
To reiterate from past posts, this is NOT a scientific survey of what millionaires read and I'm not pretending it is. It's a summary from millionaires I've interviewed.
It's no surprise that millionaires read a lot. If our own interviews were not enough to confirm this, a quick trip around the web confirms it.
Since reading seems to be a (vital?) part of their success, wouldn't it be great to know the money books they like best?
I certainly think so.
There's only one problem: I didn't ask my first 100 millionaires what books they love (something I'm rectifying in future interviews). I know. Ugh.
That said, starting with interview #38 I inserted the following question that did generate some book mentions:
How did you learn about finances and at what age did it 'click'? Was it from family, books, forced to learn as wealth grew, etc.?
In addition, many millionaires volunteered books they liked as they told their stories.
But this was still not enough information. So what did I do? I sent the millionaires an email, asking for the top three money books that made a difference in their life, and how. If there weren't any books, I wanted to know that, too.
And I received a lot of great responses!
So between the emails and the original interviews, I now have a wealth of information (pun intended) on what millionaires read.
Before we get into the books themselves, let me state that there were many comments like "I read Dave Ramsey books" or "I like books from the Rich Dad series."
Unless a book was mentioned by name, I did not count these in the results below. They were just too vague. I only included responses where a specific book was named.
I also want to note that while I might simply say "books" below, we are talking about money books specifically. I'm not really interested if they read Jane Eyre or Batman novels.
Here are the findings …
1. Millionaires have wide-ranging tastes in what they read
Overall, there were 56 different books mentioned by the group.
The grand total mentions was 114 (not all responded, but those who did often mentioned several books, many of which over-lapped.)
It's no surprise that they read broadly and have various interests. Their stories illustrate different paths to a million dollars. The same diversity is realized in their favorite money books.
2. Millionaires love certain books disproportionately
While there's a wide range of books listed, seven of the books received over half the mentions.

Here are the top seven books listed in order, along with my thoughts and quotes from millionaires:
While their votes demonstrate this, their comments add even more love.
Here's one that summarizes many others I received:
Like many others, the Millionaire Next Door would be by far number 1 and have re-read it multiple times throughout the years. It reinforced that there were multiple ways to accumulate wealth, to always live below your means, that you didn't necessarily have make a high income to be a millionaire and that many millionaires were "hidden" living middle class lifestyles. I think your blog is the current version on the Millionaire Next Door and one of the reasons I was open to sharing my family's story.
How kind. It's hard to imagine being put in the same group with such a book.

Here's another one:
I didn't read The Millionaire NextDoor until I was solidly on the path to financial independence. However, before I read this, I considered us to be the cheap people in our neighborhood. This book helped me to understand that the folks who are buying all the fancy stuff are usually the folks that really don't have any money. The wealthy are generally the folks living frugally and not worrying about trying to keep up with the Joneses and just show off their material crap. It actually gave me comfort to understand that we're on the right path and doing things the right way.

And a similar comment:
The Millionaire Next Door is a very fundamentally important book. It displaces so many untrue but commonly held beliefs that surround how wealth is created. I think it's message is incredibly empowering. It shows you that mostly everyone can achieve significant wealth if you are willing to make basis, smart decisions. I have actually read this cover to cover twice about 15 years apart.
Finally, here is a thought about the book being the granddaddy of the financial independence movement:
The Millionaire Next Door This is a classic. I read it when I was in high school and it really opened my eyes. It is not about how much you spent but how much you saved. This book set me on the "FI" path before I knew what FI was.
This was my personal experience as well. I read it when the book first came out and tell people, "I did what it advises and I became wealthy as a result." Pretty simple really.

This one offers a bit more detail:
The fundamental message in this book is so profound. Some of the sections come across a bit "hippy" but the message is so deep. Whether you realize it or not, you are trading your life energy every day. You need to do so mindfully or you will get to the end of this wonderful life disappointed.
And another:
I loved the mindset change this book gave me. The idea that my time was too precious to waste on anything but things that made me feel happy and uplifted was liberating. It helped me focus more on what I was running to vs. what I was running from.
One more:
It gave me a great perspective on how to measure success in my life, and not just net worth.
You get the point. The book does an awesome job of relating time and money and showing that you spend your life (time) on so many worthless things. It's a great perspective-builder!


This one was a surprise for me.
I've read it (of course) but it didn't really do much for me (and thus didn't make my top five list).
In addition, there's been a lot of less-than-positive chatter from money bloggers about the book — is it a real story or made up, is the author legitimate or just a great salesman, etc.

One millionaire addressed these issues head on:
You can put down Robert Kiyosaki and say that he's a fraud or that he makes more money from his seminars than his real estate. However, this was the book that was the light bulb for me. This was the book that made me realize that it's possible for the everyday person to attain wealth. Although this was more of a motivational book than a step-by-step guide, it became the inspiration for me to get off my butt and try different things to get out of the rat race like real estate and starting my own businesses.
There's no doubt this book has more of a focus on the accumulation of assets than many other money books.

One millionaire noted this:
This book really taught me the importance of accumulating income-producing assets. I never did get into real estate but I did get into the stock market. In my mind, a stock paying a dividend is a lot less work than an apartment-paying dividend. I read this in high school as well. Because of this book in addition to others, I opened a Roth IRA at the ripe old age of 16.

Here's one with a different takeaway:

Rich Dad, Poor Dad was one of the 1st books that I read when I started to get really serious about personal finance. I think that fundamental message that I took away from this work is how important it is to work smarter than harder. Working hard is important and fundamental but if you do not work wisely you are making it very challenging to succeed. You need to make sacrifices so that your money can work hard for you. It the 1st personal finance book that I had my oldest son read while in college.

Again, a surprise for me but there's no doubt this book has had a major impact on millionaires.
This book didn't make my top five list but made the honorable mentions.
My main issue with this one is that it can be summarized in one sentence — so why do we need a whole book?

But millionaires disagreed and found tons of value — many loving its simple yet powerful message.

Here's a comment that encapsulates the general sentiment:
This one was a surprise for me as well.
Not because it's a bad book — it's a very good book, in fact.
But it's so new compared to the others. They have had many decades to become well-known and popular while this book was published only a few years ago.
My guess is that this book will become the standard investing book for the FIRE community and replace the popularity of The Bogleheads' Guide to Investing oneday.
For millionaires, looks like that day has already come.

And another:
Just positive messages to influence and grow your abilities and riches will come.
I remember it being just what they said — positive and inspirational.
I'm not going to comment on every book millionaires listed (or else this post would be the size of a book!) but I will list them all.
This section includes all the books that were mentioned more than once, but not as many times as the top seven:

3. Not all millionaires are readers
When asked what books influenced them, several millionaires said "none."
In fact, this was the third most popular answer after The Millionaire Next Door and Your Money or Your Life.

Here's one millionaire's response:
None. I've read a lot of investing books, but none of them really made a difference in my life.
While all of them have had some good information, so many have been either so basic or so technical that I either lose interest or struggle to find applicability to my life. As an example, I'm reading Chris Hogan's "Retire Inspired" and just finished a section "What is a 401k."
I think it's a great book for someone with limited financial exposure, but was looking for something that actually was a little deeper and geared more towards the advanced/expert level.
For me personally, the material that I am reading that is making a difference are blogs from people such as yourself. It's much easier to read a section, ruminate on what I read, do research and ask questions verses slogging through page after page of entry level topics as I have to do in books. There are always those nuggets found in books, but I can't trudge through 400 pages looking for it.

Here's another one — a very interesting perspective:
There were no money books that I found in time. That said, who knows what books the people I learned from read? I bet they were good ones!
Well said!

Millionaires and money books
So, what have we learned in this review? My thoughts:
·         Most wealthy people are readers. This reading, in turn, probably helps them learn and grow which then makes them better money mangers. Or maybe it's just a coincidence that the wealthy read a lot.
·         They like a wide variety of money books. Much wider than I would have guessed, in fact. I found some books I need to read!

·         There are seven books that seem particularly impactful. If you are strapped for time and can only read a few money books, the top seven is probably a great place to begin.

·         Millionaires and money bloggers seem to be on the same page. Just look how similar the millionaires were to what money bloggers said were their favorite books.

That's the list. I'm sure there will be some discussion on which ones are "best," so let's get to it!
Read the original article on ESI Money. Copyright 2019. Follow ESI Money on Twitter.

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Kyle Phoenix is a teacher, certified adult educator, sexologist, sex coach and sexuality educator with over two decades of intensive experience. He studied at the University at Buffalo, SUNY, New York University, and Columbia University. He has worked, consulted and taught individuals and focused professional developments for the CDC, Department of Education, Gay Men's Health Crisis, New York City Department of Health, non-profits, Fortune 500 companies and unions. He began his career facilitating on-campus workshops addressing a wide range of sexuality and sexual health issues and then moved on to teaching at universities, non-profits, private groups and clients, hosting The Kyle Phoenix Show on television and multiple online webinars, including YouTube and Sclipo and writing extensively through his blog, Special Reports, articles and other print and E books in the Kyle Phoenix Series on relationships, finance, education, spirituality and culture. He lives in New York with his family.

www.kylephoenix.com

Smile, Kyle
KylePhoenixShow@Gmail.com
#KylePhoenix
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