Coronavirus: America’s Wake Up Call

March 21, 2020 ~ Ting Li ~ Leave a comment

sorry we re closed but still awesome tag — Photo by Tim Mossholder on Pexels.com

The past couple of weeks have been nasty and disruptive. Who knew a virus could single-handedly wreck the stock market, day to day life, and our access to basic necessities? It sounds like a crazy dream, but we are all living this nightmare in real life. And we never saw it coming.

Everyone’s situation is different. I see employees adjusting to the new work of home life on LinkedIn, I read stories about people losing their jobs on Reddit, and I hear those still partying on the beach as if nothing is happening on the national news. I am beyond lucky to have a job that allows me to work from home – starting this week in fact – in a profession that I love. I work with a landscape architecture team that focuses on large-scale projects (park design, residential development, and commercial landscapes) and we are able to continue working on projects remotely because our client contracts were secured months prior. And luckily, most of our work is done using the AutoCAD program and on the computer about 85% of the time. I have never worked from home before in my line of work of 5 years, but this abrupt change has been both interesting and enlightening in a couple of ways.

The new quarantine and work from home life has been a blessing in disguise for me. I admit I am a homebody and I love being in the comfort of my childhood home. So far, I have been enjoying working in my pajamas and eating non-microwavable food for lunch. I do not need to put on make-up or eye contacts. I can go to the bathroom as loudly as I please without needing to be as discreet as possible in the women’s public restroom. From having to commute round-trip to work for 3 hours to 1 and half hour to 40 minutes to no commute at all, it has been nice and stress-free to just walk to my own desk and get to work. I also get to see my neighbors (and their furry companions) from a safe distance when I got out for my daily lunch walks.

I seem to be more focused, without being disturbed or leered into random conversations, and I do not feel a sense of loneliness as I have been building up my independence for a long time. I am also incredibly grateful that the home I live in is built for working remotely (my other family members do this regularly), has a working heating and cooling unit, and enough private space for three adults to work remotely at the same time. It is Day 4 and I have definitely adjusted to the new work from home life. I can’t imagine going back to working full time now. The only first-world problem is that I do not have enough pajamas to go through and will have to wash my only three pairs often and regularly.

Also, the timing has never been more perfect to invest in stocks or funds (index or mutual, depending on whichever butters your bread) in a down stock market. For a gal who loves a good discount, this is the silver lining I have been waiting for the past 12 years. I have slowly been building a small nest of funds, emergency and otherwise, and have been watching the bear market like a hungry wolf. The moment to strike is now, oddly caused by something that was totally abnormal and outside from the typical world of economics. Even with the many lessons learned from previous downturns, new techniques set in place, and a seemingly strong economy, the stock market is not immune to volatility and disturbances. And us humans will always feel the effects of it, in both the good and bad times.

I know it is luxury to still have a job, to have the resources to work remotely, and to even have toilet paper (one bulk set of 16, nothing more or less). I know others are not so lucky and living in a much tougher and difficult reality. But the truth is that you can be in my shoes one day – probably sooner than you think – and be able to have the ability to ride this massive wave the next time an unexpected high tide comes. The stock market will be a never-ending roller coaster and life will keep throwing lemons at you, but you can learn to be self-sufficient and find ways to overcome worst-case scenarios. You can survive this and come out stronger if you keep calm and focused. Know that you have options and others have succeeded with far less and in worse situations than yours.

If you are still in panic mode and still don’t believe me, I highly recommend reading the book, “How to Stop Worrying and Start Living” by Dale Carnegie. He talks about people from leading businessmen to prominent leaders to ordinary people who suffered from constant worry and overcame this by changing their mindset and finally saw life through a different lens. He tells stories of people in the worst of situations. One such story is an American manager for a life insurance company who happened to be in China when the Japanese army invaded Shanghai in 1942. He had no choice but to work under a Japanese admiral and liquidate the company’s assets for him. He did not tell the admiral about one of their securities, but this was soon discovered by the Japanese army. He was told he would be sent to a torture chamber for being a traitor. Nobody ever came out alive from there. How did this same life insurance manager and guy with an incoming death sentence later become one of the most successful American businessman in the Far East? I will reveal this later as you continue reading.

Carnegie also talks strategies and mentions a ton of inspirational quotes throughout the book. Though, I find reading the stories of people who overcame worries and eventually became rich – either financially or in life or both – has made the book relatable and gives me hope that I can achieve the same feat. He writes in a way as if he was talking to you in person, where it feels like you are having a coffee chat with a very supportive, restorative friend. It is also eerie and impressive at how he easily predicts your skepticism too. For a worrywart like me, this book is probably the best $10 I have spent to date and a way cheaper alternative than going to see an expensive therapist. By the way, the book is not sponsored and I am merely echoing similar praises from over 2,500 5-star reviews on Amazon.

If you are not in panic mode, it is time to wake-up and make lemonade. Stop reading the news, stop listening to your friends about the news, and stop talking about the news. Knowing and spreading this sort of information will not change your situation. You could be doing something more productive with your time, especially with all this extra time being stuck at home. This crisis has shown us the true nature of people. We find out things like American senators selling stock before the market slowdown, people exploiting consumer goods, and corporations laying off thousands to save their own companies. Whether these are true or not, there will always be people one step ahead of you and trying to get ahead of everyone else. Be one of those people – legally and logically of course.

We cannot rely on the current system because it remains unfair, unreliable, and unstable for those struggling to build wealth. The system has been working for those who have already made it to the top and have catered to their best interests all along, not yours, no matter how much it appears like it. So, it is time to stop beating around the bush and beat the system. To do so, you need to figure out your finances and this all just comes down to basic math. It does not take a mathematician to figure out how much debt you have, how much income you have, and how much you spend on a regular basis. Write this down on a piece of paper or an excel sheet. Once everything is laid out, find out expenses you can cut for the time being, perhaps Netflix or even the 401k contribution if you still have a job and need the extra money now. Maybe also start thinking about selling things you do not need and get a cheaper alternative, like a $500 car baby seat for a baby that is still due in months. Do not spend things you cannot afford.

If you have debt, figure out a game plan on how to tackle this first. And not just tackle it, but tackle it aggressively, so interests won’t continue to pile up. Perhaps in our current state of emergency, interest rates will not budge for now, but it will start again in the future. Do not think your debts will go away because they will not and you will need to address them sooner or later. If you do not have income anymore to pay your debts, figure out a way on how to generate more income. For the time being, you can be a Lyft driver, an Amazon delivery person, or even an online freelance gig – anything that could give you income. Take all three jobs if you have to. Remember, all this is only temporary until you get back on your feet and while you may have friends and family who laugh at you now, you can laugh back at them once you have no debt, no financial worry, and more than six zeros in your bank account.

It will not be easy at first. It will be excruciating, tiring, and sometimes you will feel like giving up. Though, hard work, perseverance, and discipline will get you farther than anything else. There is a helpful quote of Military origin (based on a quick Google search) that states, “Slow is smooth. Smooth is fast.” A good analogy of this is the children’s story about the tortoise and the hare. The tortoise still won by making gradual steps forwards instead of the hare being lazy and taking a nap. You can still win by being slow and steady. Little changes could make a big difference over time. And this doesn’t have to be a children’s story, it could be yours. Once you become debt-free, then you can start building wealth from then on, including your emergency fund. You will have a better peace of mind and can live a lifestyle you have always dreamed of. And when life throws lemons again, you will still be ok and not be financially affected because you will then be one step forward than half of the U.S. population.

Remember the American manager who was on the brink of death by the Japanese admiral? He had one day to think of a game plan, so he thought about his options for hours before writing the top four down and their consequences. His first three options were to either give the admiral an explanation, try to escape, or not go into the office the next morning, but all might lead to inevitable death. So, he decided to go with his fourth option, which was to pretend nothing had happened and the admiral would be too busy to remember the exposed discovery. The next morning, he went to the office as usual and, fortunately, nothing more came from this. The admiral returned to Tokyo six weeks after. The time spent to figure out all options and writing down the “what ifs” literally saved his life. So yes, I am a strong proponent in spending time to think and writing about the top possible options (and their outcomes) to really figure out your strategy for any of your worries. This will really prepare you in the long run.

The coronavirus should be a wake-up call to all Americans. If a virus can financially affect you this badly, then what you have been doing so far has not been working and probably has not been working for a while. Don’t feel bad, feel good that you are acknowledging this. Because once you do, you can either figure out how to build an emergency fund or a strategy to pay your debts or a second or third income to keep a roof over your head. Remember there are options, you just need some time to figure them out. Start today, not tomorrow or the day after. Time is non-renewable and the longer you wait this out without a course of action, the harder it will be to overcome your problems. Your future self will thank you for it.

Final Note: It has been a devastating pandemic and the world has seen the both the ugly and good sides of humanity during these uncertain times. My hearts go out to everyone to be safe, healthy, and responsible because we are all in this together. Remain calm and buy necessities in the amount you absolutely need. We have never faced a crisis like this before in modern day history, so I believe most of us are learning as we go. Sometimes protocols are unexpected and may continue to be for a little longer, but know that you are not alone in this. You can get through this and the rest of the world will too.

How to Negotiate Your Salary and Beyond

March 8, 2020March 8, 2020 ~ Ting Li ~ Leave a comment

Mongkok Ladies’ Market / September 2015

My earliest memory of bargaining was when I was 13 years old. I was with my mom at the Mongkok Ladies’ Market in Hong Kong, sweating and sticky under the hot mid-afternoon sun in July. I wanted to buy a couple of souvenirs for my school friends and my mom was determined to get the best deal from an older female shop owner. My mom was firm in the lowered price she wanted to pay, but the owner was reluctant. My mom and I then tactfully walked away, but not too far because the owner later shouted for us to come back and accepted my mom’s price. My mom smiled and we returned to the shop to pay for the souvenirs. We did this several more times at the market. By the end of day, our red plastic bags were full of items my mom happily bargained for.

Bargaining is a cultural norm and a skill kids growing up under a traditional Chinese household learn and try to excel at as much as academics. The ability to convince a complete stranger for the price you want is a concept I learned early in my childhood and one that carried on into my adulthood. I eventually became very good at bargaining in local street markets whenever I was traveling overseas. It felt really good to purchase something for much less than the original price and having the final say was highly rewarding. Jessica Huang from ABC’s Fresh off the Boat series would have been incredibly proud.

Bargaining is daring and thrilling, but negotiating is scary. Perhaps the fact that the word itself starts with the latin neg– meaning no connotes negativity already. Yet, bargaining and negotiating mean pretty much the same thing since both involve discussion and agreement on something. The difference is that bargaining is often associated with price and negotiation applies to more broader terms and guarantees, sometimes not involving price in the first place.

While I knew how to bargain, I was terrified of negotiation. So much so that in all the miscellaneous jobs I held for the past ten years, I have never once negotiated my salary. I accepted the pay offer as it was and I did the same when there were annual pay increases after yearly performance reviews. I never questioned my previous employers’ decisions because I was always thinking they were getting what they were paying for. This does not mean I was satisfied with the outcome (if anything, it was far from it), but my desire to not disrupt my relationship with my employers or change the status quo outweighed my own happiness, every single time.

And I was not alone in this. I know of a senior technical recruiter who did not ask for a raise after three years with the company, despite a few years of industry experience before this role. I know of a high-level HR manager who did not ask for a raise in five years even after having accumulated job responsibilities over time. I know of a sales marketing engineer who agreed to the same salary at a new employment opportunity even with a couple years of experience, a college degree, and certification in the field. They, including myself, are serial bargain hunters when it comes to shopping, but none of them had the courage to bring up to their supervisor about a raise or salary adjustment in their professional lives.

All of them are successful and smart Asian-American women in their respective fields. Perhaps being raised under a traditional Asian household we all learned to regard money with uncertainty and insecurity. While bargaining was a strategy to get the cheapest deal as possible, it was done so we could save money and maintain a stable nest egg. I myself learned all the aspects of coupon clipping, finding cheap deals, and bargaining whenever possible, so I could remain financially secure. For a long time, I thought money was meant to be preserved and sustained, so I was always so focused on never losing less. I never thought to make more.

Last year, I had a defining moment to make a change. In my fourth annual performance review with my previous employer, I was given a small pay bump of a $1 increase to my current hourly pay. In the previous three years, I was given either $1.5 or up to $3 increase to my hourly pay every year, so hearing this was a major blow to my ego and self-esteem as a hard-working professional. I was also carrying more responsibilities and workload, but not getting paid substantially for it. It was then I realized they were not getting what they were paying for anymore and, instead, they were getting what they wanted for at a bargained price. I was the older female shop owner at the Ladies’ Market from 18 years ago.

At the time, I did not challenge the pay increase and just accepted it for the time being because I knew from then on I was going to work harder to get the pay I wanted at another firm. I was thinking about leaving anyway and find a company that better fit with my career goals and project types. I set out a mission to update my portfolio and resume, as well as take freelance work on top of my full-time work to gain outside experience. I was also planning my own wedding too, but my willpower to earn more money and showing my professional skills and potential was equally important, if not more. There was never going to be a better time than at that moment to do so.

I did a schedule send email on a Monday morning of my application to only one firm, hoped for the best, and did not think to hear back from them for months. I heard back from the HR manager within 2 hours in an email, stating they wanted to schedule an interview with me in the same week. Emotions of surprise, panic, and relief came all at once after reading the email, but it was mostly a sense of reward that I felt. Hard work really does pay off.

I did well in the interview and was offered a job the day after. The compensation offered was what I put down in my application, which was a bad mistake I later found out. I learned from my recruiter friend to never write down the compensation amount and write either ‘N/A’ or ‘Negotiable’ instead, so there will be some flexibility to actually negotiate the salary once there is a job offer. My initial reasoning to put down a slight salary increase was that so they would be more willing to hire me, but she told me my logic was wrong and leaves no room for negotiation down the road. She explained not indicating a specific salary amount works better in the candidate’s favor and reassured this will not deter a company from hiring someone. Many applicants do this anyway and I should have done the same.

I did not want all my hard work to go to waste for a slight increase in pay. Since this was the only opportunity to negotiate my compensation, I asked for the pay I actually wanted, which was about a 20% increase from my current salary. I briefly explained after reviewing the job description and pairing this with my skills and experience that I believe this new compensation would be fair. I reread my email about 100 times before I sent it. Deep down inside, I was absolutely nervous and afraid of what they would say. Many questions consumed my thoughts. What if they retract the job offer entirely? What do I do if they came back with a counter offer? What if they never get back to me?

None of my concerns actually happened. After a few days, they accepted my new compensation and sent over the revised job offer. It worked! I was mind-blown because it was my first negotiation ever and it was successful beyond my expectation. Of course I have to prove myself at my new job, but this was something I can do, since I have been building skills, experience, and knowledge in the industry for a long time. I was beyond excited to finally get the compensation I wanted with a job position I have been longing for.

Today, I no longer see negotiation as terrifying. I view it as a normal business transaction and actually quite empowering. Even if there was a counter offer or they stuck with my original compensation, I could have also negotiated for things other than salary, such as more paid time-off or mandatory yearly increase in pay. It is not the end of the world if the initial negotiation does not work, just try to negotiate other terms since it is your only opportunity to do so before signing the offer contract. The employer rarely retracts a job offer just because of your willingness to negotiate.

Now that I feel like a superwoman who can do anything, I am also shifting my focus to find ways to earn more money rather than focusing on trying not to lose less. It is interesting how I, along with my Asian girl friends, grew up to think about money as something that needed to be saved, bargained for, and protected. Our male counterparts often grow up learning otherwise and see money as power, investing, and strength. I find this dichotomy unfair but I understand this is something that is inherited culturally, socially, and historically. While I cannot go back in time to change my past, I have the ability to control my future. This year, I am slowly starting to invest and build my net worth because nothing is sexier than compound interest from savings and having varied investments for a bargain hunter like me.

Ladies, negotiate, negotiate, negotiate. Breathe it, chant it, and repeat it. Negotiation is not as scary as you think it is and once you do it, you will be amazed at the new wave of opportunities that come with it and wonder why you did not do this earlier. If your professional experience and potential matches with the salary you would like to negotiate for, then go for it. It does not hurt to ask for more. I know of another Asian girl friend who was able to successfully negotiate a salary compensation of $50,000 more and they accepted her offer! Do not settle for less, settle for more.

This post is in honor of Women’s History Month and International Women’s Day. Thank you to all the women for their achievements, contributions, and influence. Let’s continue to move forward and bring positive change. We can do it.