Online Investing Daily

We know we should never reveal what what our old salary was - it can be negotiation suicide if you do - but how can we avoid giving it away if asked?

It is a bad idea to discuss salary early in the hiring process. However if it comes up, do not get yourself caught in a lie.

Consider the following if you are pressured for your salary history when you aren’t comfortable with it:

1) Just let them know that your past salary is not all that related to the work you’re going to do in the new job. The terms and work conditions and responsibilities are different, and therefore your past salary should not factor into your new job compensation.

2) If pressed to disclose the previous salary, as is mentioned by other respondents, mention with the total value of your compensation package. Also, re-iterate that it is not the same company, and so your previous salary is not terribly pertinent. There are so many factors including work life balance, benefits, holidays, paid overtime, etc,etc, that factor in.

3) When you go in for an interview you should be armed with knowledge of the current market. You should know your level of skill and professionalism and knowing your local job market you should be able to command the price you expect. You need to do your research, and be realistic about whether you are superstar talent or just high performing.

4) You may had a valid reason in your past for working at a job where the pay wasn’t up to industry standards. No matter what, it does not explain the value you will add to the company in a new job. You should always state your case for earning at least fair market value for the job, and know that if you’re a top performer, that you should be at higher levels.

5) If you divulge your salary, restate that you expect to be paid the standard industry rate for the posting, and explain what you do understand about the industry at that time. Most employers will respect you for standing your ground on the matter. Just remember that in negotiating you should be firm in your stance but respectful in your demeanor.

Do not lie in your interview. The employer has ways to detect what you really earned, either through asking you to produce a pay stub, or asking if they can confirm it with your previous employer. Remember, the value you bring is the value you bring, and that is the bottom line if the employer wants to hire you.

It is not a good idea to discuss salary early in an interview. It can be too much information when trying to negotiate a new salary, but how can you dodge the question?

It is a bad idea to discuss salary early in the hiring process. However if it comes up, do not get yourself caught in a lie.

The best way to deal when pressed for your salary information is as follows:

1) The compensation you earned in the past is for similar work but the total compensation package is not related to the work and company your going to. Your past salary should not factor into your new job.

2) If the employer insists you mention your previous salary, mention with the total value of your salary package. Also, restate that it is not the same company you will be working for, and so your past salary is not related. There are so many factors including lifestyle, vacation, time in lieu of pay and other things that also factor in.

3) Be aware before going into the interview what the standard range is for that job, and know where your performance level would be within that range. Most people are not at the top end of the salary range, so unless you are a total star, don’t expect the absolute max unless you can justify it. Your clout will be confirmed by your reference checks it will be obvious if you are not in the highest percentiles.

4) Even if you were earning a low salary before, possibly even below the industry standards for that job, you should expect to be paid within that range when you go to your next job. You may have one of many reasons for taking an lower salary at your previous job. It does NOT explain your worth to the new employer, bottom line!

5) If you do talk about your salary history make sure to mention that you expect to be paid the current fair market rate for the job listing, and explain what you know about salaries in your field at the time. Many employers will respect you for standing up for what you deserve. Just remember negotiating is a professional situation and remember to be firm in your stance but respectful with the employer.

Do not lie in your interview. The employer has ways to detect what you really earned, either through asking you to produce a pay stub, or asking if they can confirm it with your previous employer. Remember, the value you bring is the value you bring, and that is the bottom line if the employer wants to hire you.

Changes in the real estate market create new niches and investment strategies. One must be able to work well with the changes as this is one area of investing that is constantly changing and updating. If you are new at real estate investing, you should begin working with a mentor and complete some transactions with a partner to reduce your financial and liability risk. A mentor will help you to avoid the common mistakes made by many real estate investors. Begin to educate yourself; do some research on the internet, attend seminars and join a real estate investing association.

How do you choose a real estate partner or mentor?

Meet as many people as you can; network with and learn from others who have been successful in real estate investing. As you get to know people, you will find someone who you will be able to work well with. Look for someone who shares your goals and interests, for example, if you’re very conservative, then you will not want to try working with someone who takes great risks. Remember, you are looking for a mentor as well as a partner. A lot of experienced real estate investors like to work with partners; many are looking for new investors to mentor.

Of course you’re looking for a partnership with someone who can be trusted and one who is successful. But there is so much more to real estate investing than just knowing the investors. There are many people you need to know, including investors, realtors, brokers, builders, property managers, home inspectors, title companies, lenders and insurance providers. A successful investor already has these resources in place.

A partner or mentor with years of active experience will know how to structure each individual deal. He should be able to show you previous deals he has worked where he consistently showed profits. He should be able to show his experience using different exit strategies, for example, short term transactions, like wholesaling; and long term transactions, like land contracts and lease purchases. He will be one who knows where we stand in today’s real estate market and how to take advantage of the current market conditions.

What do you expect out of a real estate partnership?

When you find your mentor, a real estate partnership will naturally form. Mentors like to work partnership deals while they show you the ropes; there’s no training like hands-on training. Do you know what you are looking for in a real estate partnership? How much involvement do you want in the financial investment and management responsibilities? Are you looking to be a very active partner or one who stays behind the scenes? Are you interested in commercial or residential real estate? Are you looking to invest in rural, urban or suburban areas? What type of real estate deals are you the most interested in; wholesaling, holding for cash flow, or is there another niche in today’s market, like short sales, that interest you?

You are no-doubt thinking about financial gain; you must make a good profit form the partnership, no matter what type of transactions you’re working or what your degree of involvement is. Does the anticipated profit match the degree of risk in the deal? How safe is the investment?

Another issue is liability exposure. You will want to be sure your personal assets are protected. How will you set up your partnership? These are important issues to address when forming your real estate partnership.

A good mentor will make sure you understand all the important issues before you begin investing. He will explain how the partnership will be set up, what your financial investment will be and your degree of involvement. He will also cover the profit split and explain the financial risks and liability risk of each deal.

To the average person, real estate is a shaky market and one should think twice about investing in property now. The experienced real estate investor sees things in a much more positive light. There is a very high supply of bank-owned real estate, known as REO property, foreclosed homes, pre-foreclosed homes, motivated sellers and much more. The demand for these homes is relatively very low; therefore, real estate values are down and houses can be bought cheap. According to simple economics, the laws of supply and demand, this is a great time to begin investing in real estate.

Join a real estate investors association or a landlords’ club. Attend seminars and meetings; surround yourself with other people in the real estate investing field, discover who is successful and begin to model your program after them. Develop a relationship with someone who will make a great real estate partner and mentor and you will be off to a great start in real estate investing.

Often times in salary negotiation the question about your salary history will come up. It is not a good idea to discuss your salary history if you can avoid it, as it can give the employer a hand up in negotiation.

It is a bad idea to discuss salary early in the hiring process. However if it comes up, do not get yourself caught in a lie.

The best way to deal when pressed for your salary information is as follows:

1) Just let them know that your past salary is not all that related to the work you’re going to do in the new job. The terms and work conditions and responsibilities are different, and therefore your past salary should not factor into your new job compensation.

2) If the employer insists you mention your previous salary, mention with the total value of your salary package. Also, restate that it is not the same company you will be working for, and so your past salary is not related. There are so many factors including balanced lifestyle, annual vacation, rewarded overtime that also factor in.

3) You have to know where you stand in terms of the market. Know the going salary range for the job you are in and the skill level and experience you have for your region. You should know what level you can ask for and expect to get by doing your research.

4) You may had a valid reason in your past for working at a job where the pay wasn’t up to industry standards. No matter what, it does not explain the value you will add to the company in a new job. You should always state your case for earning at least fair market value for the job, and know that if you’re a top performer, that you should be at higher levels.

5) If you divulge your salary, restate that you expect to be paid the standard industry rate for the posting, and explain what you do understand about the industry at that time. Most employers will respect you for standing your ground on the matter. Just remember that in negotiating you should be firm in your stance but respectful in your demeanor.

Do not lie in your interview. The employer has ways to detect what you really earned, either through asking you to produce a pay stub, or asking if they can confirm it with your previous employer. Remember, the value you bring is the value you bring, and that is the bottom line if the employer wants to hire you.