Category: Increase Your Income

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Increase Your Income

Beware Of Lifestyle Creep

Lifestyle creep, also known as lifestyle inflation, refers to the tendency for individuals to gradually increase their spending as their income increases. This can occur over time as people receive pay raises or promotions, or as they receive windfalls such as bonuses or inheritances.

Beware Of Lifestyle Creep

Lifestyle creep can be a natural and inevitable part of financial planning, as people may want to upgrade their living standards as their income increases. However, it can also be a potential financial trap, as individuals may end up spending more than they can afford and accumulating debt as a result.

To avoid lifestyle creep, individuals can try to be mindful of their spending and make a conscious effort to save and invest a portion of their income, rather than simply spending it on higher-priced items or activities. Setting financial goals, creating a budget, and tracking spending can all be helpful tools for avoiding lifestyle creep and maintaining financial stability.

There are several strategies that individuals can use to avoid lifestyle creep and maintain financial stability as their income increases:

  1. Set financial goals: Identifying specific financial goals, such as saving for a down payment on a house or paying off debt, can help individuals stay focused on their financial priorities and resist the temptation to spend unnecessarily.
  2. Create a budget: Creating a budget can help individuals track their spending and identify areas where they may be able to cut back. By allocating a certain amount of money to different categories, such as housing, transportation, and entertainment, individuals can better understand their spending habits and make more informed financial decisions.
  3. Track spending: Keeping track of spending can help individuals identify patterns and areas where they may be overspending. This can be done manually by keeping receipts and recording expenses in a ledger, or through the use of budgeting apps or software.
  4. Save and invest: Rather than simply spending any extra income on higher-priced items or activities, individuals can make a conscious effort to save and invest a portion of their income. This can help them build financial security and achieve their long-term financial goals.
  5. Be mindful of advertising: Advertising can often create a sense of desire for products or services that individuals may not actually need. Being mindful of this and avoiding impulse purchases can help individuals avoid lifestyle creep.

By adopting these strategies, individuals can avoid lifestyle creep and maintain financial stability as their income increases. It is important to remember that everyone’s financial situation is unique, and it may be helpful to consult with a financial advisor to develop a personalized plan that meets individual financial needs and goals.

Setting Financial Goals

Setting financial goals can be an effective way to stay focused on your financial priorities and avoid lifestyle creep. Here are some steps to consider when setting financial goals:

  1. Identify your priorities: What is most important to you financially? Do you want to save for a down payment on a house, pay off debt, or save for retirement? Identifying your financial priorities can help you focus on what matters most to you.
  2. Determine your current financial situation: Take a detailed look at your current financial situation, including your income, expenses, debts, and assets. This can help you understand your financial starting point and identify any areas where you may be able to cut back or save more.
  3. Set specific, measurable, achievable, relevant, and time-bound (SMART) goals: To be effective, financial goals should be specific, measurable, achievable, relevant, and time-bound. For example, rather than setting a goal to “save more money,” a SMART goal might be “save $500 per month for a down payment on a house by the end of the year.”
  4. Create a plan: Once you have identified your financial goals and understand your current financial situation, create a plan to help you reach your goals. This may include setting a budget, creating a savings plan, and making a debt repayment plan.
  5. Monitor your progress: Regularly review your financial goals and progress to make sure you are on track. Make adjustments as needed to help you stay on track and achieve your goals.

By setting financial goals and creating a plan to achieve them, individuals can stay focused on their financial priorities and avoid lifestyle creep. It is important to remember that financial goals may change over time, and it may be helpful to revisit and update them as needed.

Create a budget

A budget is a financial plan that helps individuals track their income and expenses in order to manage their money more effectively. Here are some steps to consider when creating a budget:

  1. Determine your income: Start by identifying all sources of income, including salary, bonuses, investments, and any other sources of income.
  2. Identify your expenses: Next, identify all of your fixed expenses, such as rent or mortgage payments, insurance premiums, and loan payments. Then, list your variable expenses, such as groceries, entertainment, and transportation. Be as detailed as possible to get a complete picture of your spending.
  3. Track your spending: Use a budgeting app, spreadsheet, or pen and paper to track your spending for a month or two to get a better understanding of your spending habits. This will help you identify areas where you may be able to cut back.
  4. Set a budget: Based on your income and expenses, set a budget by allocating a certain amount of money to different categories, such as housing, transportation, and entertainment. Make sure to allow for some flexibility, as unexpected expenses may arise.
  5. Monitor and adjust your budget: Regularly review your budget to make sure you are staying on track. If you find that you are overspending in a particular category, consider cutting back or finding ways to save in that area.

By creating and following a budget, individuals can gain a better understanding of their spending habits and make more informed financial decisions. It is important to be realistic and to allow for some flexibility in your budget, as unexpected expenses may arise. It may also be helpful to consult with a financial advisor to develop a budget that meets your individual needs and goals.

Track spending

Tracking spending is an important step in managing your money and avoiding lifestyle creep. Here are some ways to track your spending:

  1. Use a budgeting app or software: There are many budgeting apps and software programs available that can help you track your spending. These tools often allow you to connect your bank and credit card accounts, making it easy to see all of your spending in one place. Some popular budgeting apps include Mint, You Need a Budget (YNAB), and Personal Capital.
  2. Use a spreadsheet: You can also track your spending using a spreadsheet, such as Microsoft Excel or Google Sheets. Simply create a list of your expenses, including the amount and the category, and update it regularly.
  3. Use a ledger: If you prefer a more manual approach, you can track your spending using a ledger. Simply record your expenses in a notebook or on a piece of paper as you incur them, including the amount, the date, and the category.
  4. Use receipts: Keep all of your receipts and record your expenses in your budgeting app, spreadsheet, or ledger. This can help you get a more accurate picture of your spending.

By tracking your spending regularly, you can gain a better understanding of your spending habits and identify areas where you may be able to cut back. It is important to be consistent and to record all of your expenses, including small purchases, in order to get a complete picture of your spending.

Save and invest

Saving and investing can be an important way to build financial security and achieve long-term financial goals. Here are some steps to consider when saving and investing:

  1. Set financial goals: Identify your financial goals, such as saving for a down payment on a house or saving for retirement. This will help you determine how much you need to save and invest in order to achieve your goals.
  2. Determine your risk tolerance: Consider your risk tolerance, or the amount of risk you are willing to take on in your investments. This will help you determine the types of investments that are most appropriate for you.
  3. Create an emergency fund: Consider setting aside a portion of your income in an emergency fund to cover unexpected expenses. A good rule of thumb is to save three to six months’ worth of living expenses in a liquid, easily accessible account.
  4. Choose the right investment accounts: Choose the investment accounts that are most appropriate for your financial goals and risk tolerance. This may include a 401(k) or IRA for retirement savings, or a taxable brokerage account for more short-term goals.
  5. Diversify your portfolio: Diversify your portfolio by investing in a variety of asset classes, such as stocks, bonds, real estate and cash. This can help spread risk and potentially improve your chances of achieving your financial goals.
  6. Monitor and adjust your investments: Regularly review your investments to make sure they are aligned with your financial goals and risk tolerance. Make adjustments as needed to help you stay on track and achieve your goals.

By saving and investing a portion of your income, you can build financial security and achieve your long-term financial goals. It is important to be consistent and to consider your financial goals, risk tolerance, and investment choices carefully. It may also be helpful to consult with a financial advisor to develop a personalized investment plan that meets your individual needs and goals.

Be mindful of advertising

Advertising can often create a sense of desire for products or services that individuals may not actually need. Being mindful of advertising and avoiding impulse purchases can help individuals avoid lifestyle creep and maintain financial stability. Here are some strategies to consider:

  1. Be aware of advertising techniques: Advertisers use various techniques to try to persuade consumers to buy their products. Understanding these techniques can help you be more aware of the ways in which you are being marketed to and avoid falling victim to them.
  2. Don’t rush into purchases: Take the time to think about whether you really need or want a product or service before making a purchase. Consider whether the product or service will add value to your life and whether you have the financial resources to afford it.
  3. Shop around: Don’t be afraid to shop around and compare prices before making a purchase. This can help you get the best deal and avoid overspending.
  4. Don’t be swayed by emotional appeals: Advertisers often use emotional appeals to try to persuade consumers to buy their products. Be aware of this and try to make purchasing decisions based on logical, rather than emotional, considerations.

By being mindful of advertising and avoiding impulse purchases, individuals can avoid lifestyle creep and maintain financial stability.

Categories
Increase Your Income

Always Try To Get Some Equity Compensation

Equity compensation, which refers to the granting of stocks or stock options to employees as part of their pay, can have several advantages and disadvantages compared to salary compensation.

Always Try To Get Some Equity Compensation

Pros And Cons Of Equity Compensation

Pros of equity compensation:

  1. Potential for significant financial gain: If the company’s stock price increases significantly, equity compensation can be worth much more than the employee’s salary.
  2. Alignment of interests: Equity compensation can align the interests of employees with those of the company and its shareholders, as employees will benefit from the company’s success.
  3. Retention tool: Equity compensation can be a valuable retention tool, as employees may be less likely to leave a company if they have a stake in its success.

Cons of equity compensation:

  1. Risk of loss: If the company’s stock price decreases or the company goes bankrupt, the value of the equity compensation may be lost.
  2. Complexity: Equity compensation can be complex and may require the assistance of a financial advisor to fully understand and manage.
  3. Limited liquidity: Employees may not be able to sell their equity immediately and may have to wait for certain vesting periods or meet other requirements before they can access their equity.

Overall, equity compensation can be a useful tool for attracting and retaining talent, but it is important for employees to carefully consider the potential risks and rewards before accepting it as part of their pay.

Because of the risks of equity compensation, it is wise to not sacrifice salary beyond what you need for your day to day expenses.

Nonetheless because of the strong potential upside it is often a good idea to integrate some equity compensation when possible, especially if you think the company your work for is well run and has a great future in front of it. In fact most of the investing dry powder Mr. Honu was able to accumulate did come from equity compensation from a well established publicly traded company.

Assess Company Viability

There are several factors that employees can consider when assessing a company’s viability and determining whether equity compensation is worth it:

  1. Financial health: Employees can review the company’s financial statements, such as its income statement, balance sheet, and cash flow statement, to get a sense of the company’s financial health. Key indicators to look for include profitability, cash flow, and debt levels.
  2. Market conditions: Employees should consider the market conditions in which the company operates, including industry trends and the overall state of the economy. A company that is well-positioned in a growing market may be more attractive than one that is struggling in a declining market.
  3. Management team: The management team’s experience and track record can be an important factor in the company’s viability. Employees should consider whether the management team has a history of successfully navigating challenges and achieving growth.
  4. Competition: Employees should consider the company’s competitive landscape, including the number and strength of its competitors. A company with a strong market position and a differentiated product or service may be more attractive than one that is struggling to compete.
  5. Potential for growth: Employees should consider the company’s potential for growth and its plans for the future. A company with a strong growth strategy and a clear vision for the future may be more attractive than one that is struggling to find its footing.

Ultimately, it is important for employees to carefully weigh the potential risks and rewards of equity compensation and to consult with a financial advisor if necessary.

If you assess that the company you work for may not be suited for equity compensation or does not offer equity compensation, you really want to start thinking if your time is worth working for such company. It may be time to look around for stronger companies to work for that would give you better opportunities.

The most common type of equity compensation

RSUs, stock options, and SARs are all forms of equity compensation that can be granted to employees as part of their pay. They are the most common type of equity compensation and here is a brief overview of each:

  1. RSUs (Restricted Stock Units): RSUs are a form of equity compensation that give employees the right to receive a specified number of company stocks at a future date, subject to certain vesting requirements. The employee does not receive the actual stocks until the vesting period has been completed, and the value of the RSUs is based on the company’s stock price at the time of vesting.
  2. Stock options: Stock options are the right to buy a specified number of company stocks at a predetermined price (the “strike price”) within a certain time period. There are two types of stock options: “incentive stock options” (ISOs) and “non-qualified stock options” (NSOs). ISOs have certain tax advantages, but they are only available to employees and can only be exercised after a vesting period. NSOs can be granted to anyone, including contractors and consultants, and can be exercised immediately.
  3. SARs (Stock Appreciation Rights): SARs are a form of equity compensation that allow employees to receive a payment based on the appreciation in the value of a specified number of company stocks. Like stock options, SARs have a vesting period and an expiration date. However, unlike stock options, which require the employee to purchase the stocks at the strike price, SARs allow the employee to receive a payment in cash or additional shares of stock based on the difference between the strike price and the current market price of the stocks.

It is important for employees to carefully understand the terms and conditions of any equity compensation they receive, as they can have significant tax implications and other consequences.

RSUs

Restricted Stock Units (RSUs) are a form of equity compensation that give employees the right to receive a specified number of company stocks at a future date, subject to certain vesting requirements. In this article, we will explore how RSUs work and the key features and considerations that employees should be aware of when receiving RSUs as part of their pay.

How RSUs work:

  1. Grant: The company grants a certain number of RSUs to an employee as part of their pay. The grant may be subject to certain vesting requirements, which specify the length of time the employee must work for the company before they are entitled to receive the RSUs.
  2. Vesting: The vesting period is the time during which the employee must meet certain requirements in order to receive the RSUs. This may include staying with the company for a certain period of time or meeting certain performance goals.
  3. Settlement: Once the vesting period has been completed, the employee becomes entitled to receive the RSUs. This is known as “settlement.” The number of RSUs that the employee receives is based on the company’s stock price at the time of settlement.
  4. Taxes: RSUs are considered taxable income and are subject to federal and state income taxes. The employee may also be subject to payroll taxes on the value of the RSUs.

Key features of RSUs:

  1. Value: The value of RSUs is based on the company’s stock price at the time of settlement. If the stock price increases between the time the RSUs are granted and the time they vest, the value of the RSUs will also increase.
  2. Dividends: Some RSUs may be eligible to receive dividends, which are payments made by the company to its shareholders. The terms of the RSUs will specify whether the employee is entitled to receive dividends on their RSUs.
  3. Transferability: RSUs may be transferable or non-transferable. Non-transferable RSUs can only be exercised by the employee who received them, while transferable RSUs can be transferred to another person or entity.

Considerations for employees:

  1. Tax implications: As mentioned above, RSUs are taxable income and are subject to federal and state income taxes. It is important for employees to carefully consider the tax implications of receiving RSUs and to consult with a financial advisor if necessary.
  2. Vesting schedule: The vesting schedule for RSUs will specify the length of time the employee must work for the company before they are entitled to receive the RSUs. Employees should carefully review the vesting schedule to understand their rights and obligations under the RSUs.
  3. Company performance: The value of RSUs is tied to the performance of the company’s stock. If the stock price decreases, the value of the RSUs will also decrease. Employees should consider the company’s financial performance and potential risks before accepting RSUs as part of their pay.

In summary, RSUs are a form of equity compensation that give employees the right to receive a specified number of company stocks at a future date, subject to certain vesting requirements. They can be a valuable form of pay, but it is important for employees to carefully consider the terms and conditions of the RSUs and to understand the potential risks and rewards.

Stock Options

Stock options are a form of equity compensation that give employees the right to buy a specified number of company stocks at a predetermined price (the “strike price”) within a certain time period. In this article, we will explore how stock options work and the key features and considerations that employees should be aware of when receiving stock options as part of their pay.

How stock options work:

  1. Grant: The company grants a certain number of stock options to an employee as part of their pay. The grant may be subject to certain vesting requirements, which specify the length of time the employee must work for the company before they are entitled to exercise their stock options.
  2. Vesting: The vesting period is the time during which the employee must meet certain requirements in order to exercise their stock options. This may include staying with the company for a certain period of time or meeting certain performance goals.
  3. Exercise: Once the vesting period has been completed, the employee may choose to exercise their stock options. This means that they will buy the specified number of company stocks at the strike price.
  4. Taxes: The employee may have to pay taxes on the difference between the strike price and the market price of the stocks at the time they are exercised (this difference is known as the “spread”). The employee may also be subject to payroll taxes on the value of the stocks.

Key features of stock options:

  1. Strike price: The strike price is the price at which the employee can buy the company’s stocks as part of the stock options. The strike price is typically set at the market price of the stocks at the time the options are granted.
  2. Expiration date: Stock options have an expiration date, which is the last day on which the employee can exercise their options. If the employee does not exercise their options by the expiration date, they will expire and the employee will lose the right to buy the stocks at the strike price.
  3. Two types: There are two types of stock options: “incentive stock options” (ISOs) and “non-qualified stock options” (NSOs). ISOs have certain tax advantages, but they are only available to employees and can only be exercised after a vesting period. NSOs can be granted to anyone, including contractors and consultants, and can be exercised immediately.

Considerations for employees:

  1. Tax implications: The tax implications of exercising stock options can be complex and will depend on the type of options and the spread between the strike price and the market price at the time they are exercised. It is important for employees to carefully consider the tax implications of exercising their stock options and to consult with a financial advisor if necessary.
  2. Vesting schedule: The vesting schedule for stock options will specify the length of time the employee must work for the company before they are entitled to exercise their options. Employees should carefully review the vesting schedule to understand their rights and obligations under the stock options.
  3. Market conditions: The value of the stocks underlying the options will depend on market conditions. If the market price of the stocks is below the strike price at the time the options are exercised, the employee may lose money on the transaction. Employees should consider the market conditions and the potential risks before exercising their stock options.

In summary, stock options are a form of equity compensation that give employees the right to buy a specified number of company stocks at a predetermined price within a certain time period. They can be a valuable form of pay, but it is important for employees to carefully consider the terms and conditions of the stock options and to understand the potential risks and rewards.

SARs

Stock Appreciation Rights (SARs) are a form of equity compensation that allow employees to receive a payment based on the appreciation in the value of a specified number of company stocks. In this article, we will explore how SARs work and the key features and considerations that employees should be aware of when receiving SARs as part of their pay.

How SARs work:

  1. Grant: The company grants a certain number of SARs to an employee as part of their pay. The grant may be subject to certain vesting requirements, which specify the length of time the employee must work for the company before they are entitled to receive the SARs.
  2. Vesting: The vesting period is the time during which the employee must meet certain requirements in order to receive the SARs. This may include staying with the company for a certain period of time or meeting certain performance goals.
  3. Exercise: Once the vesting period has been completed, the employee may choose to exercise their SARs. This means that they will receive a payment in cash or additional shares of stock based on the difference between the strike price (the price at which the SARs were granted) and the current market price of the stocks.
  4. Taxes: The employee may have to pay taxes on the value of the SARs at the time they are exercised. The employee may also be subject to payroll taxes on the value of the payment.

Key features of SARs:

  1. Strike price: The strike price is the price at which the SARs were granted and is used to determine the amount of the payment when the SARs are exercised.
  2. Payment: When the SARs are exercised, the employee will receive a payment in cash or additional shares of stock based on the difference between the strike price and the current market price of the stocks.
  3. Expiration date: SARs have an expiration date, which is the last day on which the employee can exercise their SARs. If the employee does not exercise their SARs by the expiration date, they will expire and the employee will lose the right to receive the payment.

Considerations for employees:

  1. Tax implications: The tax implications of exercising SARs will depend on the value of the payment and the employee’s tax bracket. It is important for employees to carefully consider the tax implications of exercising their SARs and to consult with a financial advisor if necessary.
  2. Vesting schedule: The vesting schedule for SARs will specify the length of time the employee must work for the company before they are entitled to exercise their SARs. Employees should carefully review the vesting schedule to understand their rights and obligations under the SARs.
  3. Market conditions: The value of the payment from SARs will depend on market conditions. If the market price of the stocks is below the strike price at the time the SARs are exercised, the employee may receive a smaller payment or no payment at all. Employees should consider the market conditions and the potential risks before exercising their SARs.

In summary, SARs are a form of equity compensation that allow employees to receive a payment based on the appreciation in the value of a specified number of company stocks. They can be a valuable form of pay, but it is important for employees to carefully consider the terms and conditions of the SARs and to understand the potential risks and rewards.

 

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Increase Your Income

Increase Your Income From Your Day Job: Ask For A Raise!

In most companies, most decently run companies anyways, it’s usual to have a yearly performance review where the compensation is adjusted.

Asking for a raise

Getting a raise is the most common way to increase the income from your day job. It’s usually the easiest as it does not involve looking for a new job, you also usually have a good insight about the company and the opportunities.

Be prepared!

Before asking for a raise, you must be prepared. Keep in mind that it is not about what you think you deserve, but about building logically the evidence:

  • Compile what you came in to do, it is usually in your job description and compare that to what you are doing day to day. Look everywhere where you took on additional responsibilities beyond the scope of your role.
  • Look what the industry is usually paying for a position similar to yours. Popular websites such as payscale.com, salary.com or glassdoor.com can give good analysis for your position based on the number of years of experiences, the job, the state and so on. It is always good to regularly check what the market is paying for the job you provide and if you notice that your pay is well below the market, you’ll want to have a productive discussion with your manager to try to find out what it is possible to get.
  • You should be able to name a number, based on your analysis. Keep realistic expectations for the role: if you’re already paid well above the median compensation for your role (taking into account new responsibilities), it will be hard to justify a raise.
  • Try to assess how much value you are bringing to the company as you cannot be paid more than what you make the company earn.
  • If you’re lucky enough to have job where you can be compensated with equity, via RSUs (Restricted Stock Unit), SARs (Stock Appreciation Rights) or stock options, try to optimize for equity compensation over salary. Especially if you believe in the company you work for. After all you probably chose to work for such company for a reason. Because the equity can grow exponentially over time, particularly if the company is doing well, while the salary only put a floor as to how much you earn while employed, but there’s only limited upside.

When to ask for a raise?

Asking before the often traditional annual performance review is usually a good time.

After accomplishing a major milestone you played a significant role in is also a good time to ask for a raise.

Avoid asking for a raise when the company or your management is under pressure or when the company has financial troubles. It will be very unlikely under these circumstances.

How to ask for a raise?

Be confident, be enthusiastic, be clear and go through your analysis logically.

If your request is denied, stay positive and ask what would merit a raise, so you can better prepare your case for the next time around.

Looking for another job

Now if the company you’re working for is not willing or able to compensate you at the level you think is right, it’s probably time to look around for a another job.

There may be several reasons to look for another job from looking for a different work culture, to the company going under, or looking for a career change.

However a good rule of thumb coined by former engineer and venture capital investor Garry Tan: Learn, Earn or Quit! Which in essence says that you want to stay at your current job as long as you learn and/or earn. But if you don’t, it’s probably time to quit.

If you’re looking for opportunities keep an eye on positions inside your company, especially in bigger companies where there can be a significant upside between different departments. You’ll generally have an edge as you know the company.

If you’re employed, be discreet when looking for another job, avoid advertising it publicly as it may be sent to your current employer. Only use your personal device, never your employer’s device when looking for a job. On social media, such as linkedin.com, favor personal messages.

If you’re serious about going for a change, make time for the search.

As you’re getting information for new positions, try to understand the role for the new jobs you’re looking at so you can make an educated guess regarding the opportunity and the potential growth in the new role. Also if there are things you found you particularly dislike about your current job, try to find more information as to not end up in a similar place.

Circling back about getting a raise and if it was the main reason you looked for another job, if you’re valuable to your company and you have a competitive offer, it will more often than not open a compensation discussion quickly as it’s often cheaper for the employer to match or raise the offer, rather than trying to find somebody else to hire and train.

Finally if you have the choice between several offers, favor companies that have a liquid equity compensation. Equity compensation at early startups probably deserve their own post.

How often should one change jobs

If the growth and opportunities for a higher pay are limited at your current job, changing job can be the right move. It is often recommended to stay at least 2-3 years at a company as changing jobs too often may be a red flags to many employers.

References:

How to ask for a raise?

Learn, Earn or Quit

Good reasons to start looking for a new job

How to find a new job while you’re still employed

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Increase Your Income

Target Higher Paying Jobs

If you have a passion and you see yourself doing it for the rest of your life, go for it. No amount of money will bring you more joy than doing what your truly love. That said not everyone has a passion or it may take time for someone to find its true calling or it’s just not your personality and you’d rather do something for while and then move on to something completely different. If that’s you, you’re not alone and that’s OK. So if you see yourself being able to different things, it may be worth looking at the potential paycheck for each of these things.

After all if you’re equally excited by a few opportunities, you might as well go for the one that pays the most.

If you’re lucky enough to be about to go to college or are in college and you’re not sure in which area you should study, take a bit of time looking at the average salary for the industry people from a given major go to.

For the U.S. job market you can check the website of the Bureau Of Labor Statistics.

Glassdoor.com and salary.com are also good sources. For tech jobs, levels.fyi is a pretty good source.

If you’re completely undecided, just have a look at the highest paying jobs and check if there’s a job that may seem appealing to you.

If college is not for you, becoming a real estate agent or a realtor can be a good move, especially if you expect to eventually earn some passive income through real estate investing.

You can also try summer sales, where you will get some mentorship and the opportunity the make money along the way, if you can handle rejection or want to explore developing this skill. Learning to sale is an invaluable life skill and spending a summer learning the rope is definitely some time well spent. Because let’s face it everything in life is about sales: if you have a day job, you need to learn to sell yourself, if you start a company you need to understand how to sell a product or a service for the company to be profitable. If you invest, it’s likely that at some point you’ll need to sell some of investments to buy others and learning how to sell right is important.