Posts tagged So Money
Money Tips for every single day of 2022 with So Money’s Farnoosh Torabi
 

Treat yourself to the best grownup advice from podcast favorite Farnoosh Torabi. The So Money host and CNET Editor-at-Large joins Bobbi with a preview of her Page a Day Calendar for the new year- including some surprising advice from GirlBoss Sophia Amoruso.

Money Tips

  • Learn from your mistakes so you don’t repeat them

  • Rethink retirement

  • Envision your goals and be specific


 

 

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Full Transcript:


Bobbi Rebell:
I know the holidays are a time we're all supposed to get excited about, but sometimes it just feels like I can't celebrate until I get through my never ending to-do list. That includes gifts. It's exhausting. I love the smile on people's faces when I get them something that's going to be meaningful and that they love, but the truth is it's also really hard. I'm really getting tired of giving people the same old, same old. I feel like we're finally emerging from this pandemic and I just want something that will get them to smile.

Bobbi Rebell:
So, my team and I have been working really hard to up the ante over at Grownup Gear with some super fun new stuff. My personal favorite, the baby bibs and the onesies with phrases like, "I can't believe you're the grownup, either." And, new colors and designs of our top selling Generosity line. And for the holidays, if you spend just $50 on any of the items from our Generosity collection, we will gift you a $10 gift certificate that you can spend on something to be generous to, well, yourself. Just use code Holiday, H-O-L-I-D-A-Y. And, thanks again to everyone supporting Grownup Gear. Your business helps support projects like this podcast, which remain free for all of you. Happy holidays, guys.

Farnoosh Torabi:
Money advice is not just money advice. It's live advice and I think we need it now more than ever, to help us make big changing decisions around all the things.

Bobbi Rebell:
You're listening to Money Tips for Financial Grownups with me, Certified Financial Planner Bobbi Rebell, author of How to Be a Financial Grownup. And, you know what? When it comes to money, being a grownup is hard. But together, we've got this.

Bobbi Rebell:
Hey, grownup friends. Hard to believe we are in countdown mode to the year 2022. I hope everyone had a good year this part year. Probably better than 2020, right? Anyway, I want everyone to be set up for success and just a really good year. And, what better way than getting advice for each and every day?

Bobbi Rebell:
One of the things that I've been struggling with this past year has been all the damn screen time. I find myself just wanting to be away from all the glowing screens in my life. So, one thing I got recently was my friend Farnoosh Torabi's new page-a-day calendar. I have it right on my nightstand. It is paper, my friends. It is awesome. I do not have to charge it and it doesn't glow at night, it's just there. The added bonus for all of us is that I was able to get Farnoosh on the podcast, to give us all a proper sneak preview.

Bobbi Rebell:
So for the few of you who do not know who Farnoosh Torabi is, in addition to putting together this lovely little calendar that I'm looking at as I record this, Farnoosh is a longtime financial journalist, content creator, bestselling author. She is also the host of the So Money Podcast, which is literally one of the most successful money podcasts ever, with more than 18 million downloads. She recently licensed the podcast to CNET, where she is now the editor at large. With that, let's get to this interview. Here is Farnoosh Torabi.

Bobbi Rebell:
Farnoosh Torabi, welcome back to the podcast. You're a financial grownup.

Farnoosh Torabi:
Am I, Bobbi? Thank you. That means a lot, coming from you. That's official, I'm a grownup.

Bobbi Rebell:
It is official, in this year, two years I guess, we're losing count, where we're looking at screens so much. It can be so overwhelming. You are saving us all for the new year, because you have the ultimate product that we all need and that is a literal old school page-a-day calendar. It's called So Money: A year of managing your money, your life and your dreams. And, what I love most about this is that it is a physical product, which is something you haven't done before.

Farnoosh Torabi:
No. I've done books. I haven't done a book in forever. I have another one coming out in 2023. Yikes.

Farnoosh Torabi:
But in the meantime, I've got a couple calendars that you can play with. I have this one for 2022, and then I have one for 2023. This is an opportunity to bring what has been a very virtual experience for people, the podcast and then following me on social, in the form of something really tangible. And, that they can gift.

Farnoosh Torabi:
For fans of the show, occasionally they'll write to me and they'll say, "Are you selling a t-shirt or a mug, or something with the words So Money on it? We want to show and express our fandom." I don't have anything in that world. So then, this is it. This calendar is special and it's one of those things where I find that we often need all the inspiration and reinforcement, and this is something that can sit on your desktop, wherever you work, which is probably home now. Or, you can take it with you, gift it. It's handy. And every day, a new piece of wisdom, often derived from the show and the wonderful guests that we've had, or a lot of them are just my own life philosophies.

Bobbi Rebell:
Okay, so we can't go through all 365 days, but I wanted to give some people the highlights of the highlights. So we're going to play, I don't know, we could call it Calendar Roulette, but it's not really that. We're just going to flip through and we're going to have Farnoosh randomly pick a page.

Bobbi Rebell:
Okay, stop.

Farnoosh Torabi:
So, I just stopped, this is not going to be in order, obviously. June 29th, it's a Wednesday. By the way, this calendar will also let you know what day of the week it is, which I don't know, it's been pretty hard to-

Bobbi Rebell:
Oh, it blends. It definitely blends sometimes, in this work-from-home life that we have.

Farnoosh Torabi:
A short while ago, I had on the founder of Girlboss, Sophia Amoruso, who has become a friend. It's just funny how the podcast ... Do you ever become friends with your guests?

Bobbi Rebell:
Yes.

Farnoosh Torabi:
After they come on the show?

Bobbi Rebell:
Yes.

Farnoosh Torabi:
It's not a friend that I ever thought I would have, but when she first came out with the book, which became a New York Times bestseller, I was in awe of her and I tried to get her on the show. She was way too busy for me. And then, I don't know, I just caught her at a good time, she came on the show.

Farnoosh Torabi:
But at this point, she had experienced a lot of public failure, where-

Bobbi Rebell:
Wait. Isn't there a Netflix show? There was definitely some series about her life, which was awesome.

Farnoosh Torabi:
Yeah. It was Charlise Theron produced. Her story is phenomenal. I think she was a college dropout, she was dumpster diving for vintage clothing and all that. And, turned it into an eBay store and earned millions of dollars. And then, turned that into a clothing store called Nasty Gal, and then came up with this Girlboss movement.

Farnoosh Torabi:
Anyhow, Nasty Gal went bankrupt. This was after she was on the cover of Forbes, touted as one of the youngest potential multi-millionaires of our time, self made women. So we talked on the show a lot about that, the ups and the downs, and she was very candid.

Farnoosh Torabi:
So this date, Wednesday the 29th, the title of the wisdom is "Learn From Your Mistakes so That You Don't Repeat Them." It goes on to say that, "Sophia Amoruso is the poster child for a certain type of media backlash. When she started her first business, Nasty Gal, she was a darling of the financial press. Before long, she was routinely being called out for creating less-than-inclusive work environments."

Farnoosh Torabi:
This is true. She got a lot of heat, she almost got canceled.

Bobbi Rebell:
Which, a lot of female founders do get.

Farnoosh Torabi:
They get a disproportionate amount of that, for sure.

Farnoosh Torabi:
"The criticism hurt," she told me on my show. "But it was fair," and she took a lot away from it. "It's an important opportunity for everyone to learn," she said, "when they get negative feedback. It doesn't always feel constructive, but there are ways to make it constructive for yourself."

Farnoosh Torabi:
And, there's a lot to say to that. I think for me, what she's really saying there, at least how it's hitting for me, is that in life, there are going to be challenges and you shouldn't be afraid of the feedback. Look, if we were afraid of feedback, would we be doing what we're doing?

Farnoosh Torabi:
It was hard at first, when I was first starting out working in financial news and giving opinions. And of course, with the internet, it's very easy to give feedback. I was getting a lot of nasty feedback, for things that were not even in my control. People didn't like the way I looked, or the way that I sounded, or the fact that they thought I was not qualified. And my boss told me, he said, "Listen, for every negative comment about you that you receive, there's 100 positive comments that weren't created, that weren't reported because people tend to be more negative than positive."

Farnoosh Torabi:
If you have a bad experience at a restaurant, you're going to write that review on Yelp. Versus a great experience, you might not. You might tell a friend, but you're not going to publicly put it on Yelp.

Bobbi Rebell:
Yeah. Okay, let's do another one.

Farnoosh Torabi:
Okay. Wednesday, September 28th.

Bobbi Rebell:
Okay.

Farnoosh Torabi:
"Rethink Retirement. The words we use matter."

Farnoosh Torabi:
In this tip I say, "Rather than saving for 'retirement,' which carries potentially negative connotations ... " And also, whose really retiring? Ron Lieber just wrote in the New York Times about the fact that we're all going to have to work longer, let's just face it. Face the music. Now's a good time to rethink your career, if you aren't happy.

Farnoosh Torabi:
So it says, "Rather than saving for retirement, which carries potentially negative connotations, consider saving for your freedom."

Bobbi Rebell:
I don't know, that's a little scary, too. But okay, go on.

Farnoosh Torabi:
The day in the future when I'll be able to actually call my own shots. This actually, I took this out of the page of NerdWallet's website. But this way, you're not putting away money for a hypothetical life stage you're not sure you'll ever reach. You're saving so that you have flexibility and security when you need it, and that's more enticing.

Farnoosh Torabi:
And if I hard more room, I would probably write that, as you're saving for retirement or whatever you want to call it, to really imagine yourself in that stage of your life. And, actually visualize yourself, what are you doing, what are you wearing, who are you with, where are you hanging out, what does your face look like. They have these studies now, Bobbi-

Bobbi Rebell:
Oh yeah, that app.

Farnoosh Torabi:
These simulations where they age you and then they did a test. People who saw their age progressed selves were more likely to save for retirement.

Bobbi Rebell:
All right, let's do one more.

Farnoosh Torabi:
All right, one more. Why don't we do ... What's your birthday?

Bobbi Rebell:
January 3rd.

Farnoosh Torabi:
Oh my gosh!

Bobbi Rebell:
Coming up.

Farnoosh Torabi:
Well, that takes us right to almost the beginning. Oh, this is good.

Bobbi Rebell:
Okay.

Farnoosh Torabi:
"Envision your goals and be specific. The more details an idea you have of what you want to accomplish this year, the better your chances of actually accomplishing it. Rather than aiming to save more, aim to save $5000 in a high yield savings account by year's end. This gives you a target that you can measure your progress against. And as I always say, goals carry price tags."

Farnoosh Torabi:
If you want to make that sentence even longer and say, "I'm going to save $5000 in a high yield savings account for my daughter's whatever, college," or even something closer, like her tennis camp. Gosh, I'm not there yet. I don't know what tennis camp costs. But, her braces, let's be more practical.

Farnoosh Torabi:
Just the point is, back to that visualization tip, the more you can make real what it is that you're after, one, the more excited you can get. And, the more motivated and consistently you'll save because it's actually this thing, this tangible thing in front of you, as opposed to this abstract, saving just for saving. Decide your why, and then go and try to achieve the goal.

Bobbi Rebell:
And, it has to be something that you want.

Bobbi Rebell:
I am excited for the next year, with having this physical calendar on my desk. Because like I said, I'm so excited to have something that's not on a screen, and it can inspire me and give me different things to think about. Even if they're just reminders of things I know I should already be thinking about, reminders are really good and they push you to think about what's important to you. So thank you for this calendar. And by the way, it's super affordable, if you are looking for last minute gifts for the holidays.

Farnoosh Torabi:
We have a discount right now, going on. If you go to workman.com and you use the code So Money, you can get 20% off. And, I have a very special offer for anyone who wants to buy multiple copies. Let's say you want to buy 25 or more for your office friends, for your clients, for your extended family. If you want to do that, get in touch with me, I'll get you even a bigger discount. And, I'll show up virtually, for 15, 20 minutes and chat with your book club, your office mates. I've been doing this, so far. It's been fun to make face time with people. But, I'm offering this only until the end of the year, so you've got to get those purchases in and then we can schedule something in the new year.

Farnoosh Torabi:
But, if you're interested in that bulk purchase and having me show up, and talk my mouth off in front of your group, it's farnoosh@somoneypodcast.com.

Bobbi Rebell:
You made some very big changes in your professional direction in the year 2021. Tell us your latest news and what you're up to for 2022. Oh my gosh, 2022.

Farnoosh Torabi:
Yeah. Oh my gosh. So much has changed, I'm very excited. I've gone back to my roots of journalism and working in the media biz. And I've joined CNET as editor at large, and will be helping them launch and grow their money vertical. That means writing for them, doing a lot of media for them. We started a YouTube channel, so you go check out YouTube.com/CNETMoney. A newsletter, and the podcast, they're licensing the podcast which means they're helping me grow that, and we'll be integrating some more CNET content into the show.

Farnoosh Torabi:
But, it's an opportunity for me to grow. I don't know about you, but the last 20 months, career wise, was a tremendous inflection point, for I think me and millions of Americans. I personally wanted to work with a team again and feel like I could make more of an impact. And of course, the show, as I mentioned at the top, I'm so blessed. The people just keep coming, it's millions of downloads. But, it's been a weird time and I feel like money advice is not just money advice. It's live advice and I think we need it now, more than ever, to help us make big changing decisions around all the things.

Farnoosh Torabi:
CNET's got an incredibly big, engaged audience so it was just a great partnership. And, they're giving me a lot of freedom to grow and try things, things that I would really do on my own. I tried to start a YouTube channel on my own in the pandemic, didn't work. Who knew you couldn't start a YouTube channel, on top of everything else? Raising your kids, teaching them school, going to work, in the same place, 24 hours a day.

Farnoosh Torabi:
I'm also writing a book, that has nothing and everything to do with money. But, it's really a memoir, big idea, memoir-ish kind of book. Which is a little different for me, because I'm very used to technical writing but it's really making me think and write creatively, about the fears that I grew up with. And, why I don't think that was always such a bad thing. I'm still a very frightened woman, who's very skeptical of a lot of things, but I get stuff done. And, I have to think that there's a connection there, that my fears have actually come out to work in my favor. But at the same time, I think there's also just panic and that's not what we want to have.

Farnoosh Torabi:
So the book is really about how to be smart and emotionally intelligent about the fears that you experience, and recognizing what ones are worth paying attention to and what ones we need to kick to the curb. But, this idea that we need to ignore our fears or run away from our fears, I have a different philosophy. I feel like we should really embrace them in some ways, because I think it can help us to get closer to what we define as success and that's different for everybody.

Farnoosh Torabi:
But, looking forward to finishing that. As you know, it's hellish when you're in the midst of ... I always like having written and I like going to book parties, but this process is like pulling teeth a little bit. But, it's good for me.

Bobbi Rebell:
Well, I can't wait to read it. You're such an inspiration. Thank you so much.

Farnoosh Torabi:
Thanks, Bobbi.

Bobbi Rebell:
Okay, friends, I hope you guys enjoyed that interview as much as I did. Farnoosh really is the best. Such a generous, lovely person, I love having her on. We barely got into all of the incredible nuggets of wisdom in her calendar, but I am really into it.

Bobbi Rebell:
By the way, she is doing another one for 2023, so it's going to keep going on. The great thing is, like I said, paper, no screen. By the way, it's recycled paper so it is eco-friendly, all the good stuff.

Bobbi Rebell:
Do not forget to get that discount code that Farnoosh so generously gave us. It's So Money, when you order it on the Workman Publishing Page. You can also, by the way, get that info on my website, in the show notes. It's just my name, bobbirebell.com. Where like I said, you've got show notes, summarizing every episode. Also, full transcripts all there, just for you.

Bobbi Rebell:
And by the way, big almost end of year thank you to Ashley Wall, our producer who puts that together, all of the show notes, so well. She also puts the quote boards that we use on social media into the show notes, so you can see highlights of the interviews from all of our guests.

Bobbi Rebell:
And by the way, if you're wondering what I'm talking about, I post them also, sometimes on Instagram, but pretty much always on Twitter. I'm going to do more Instagram in the new year, so follow me on Instagram. That is Bobbi Rebell and the number one. And also, on Twitter, that's just my name. It's easier, just Bobbi Rebell. B-O-B-B-I-R-E-B-E-L-L. Even though I definitely get tired of the screen time, I am going to be on social media much more in the new year, with a lot of great stuff. DM me if you follow me on either platform, so that I know to follow you back and I know your part of our Grownup community.

Bobbi Rebell:
In the meantime, get yourself set up for the new year with the So Money page-a-day calendar. You're going to be really happy you did. It's just really calming and I feel like it's a nice thing to wake up to something inspirational in the morning. So big thanks to my friend, Farnoosh Torabi, for helping us all be financial grownups.

Bobbi Rebell:
Money Tips for Financial Grownups is a production of BRK Media, LLC. Editing and production by Steve Steward. Guest coordination, content creation, social media support and show notes by Ashley Wall. You can find the podcast show notes, which include links to resources mentioned in the show as well as show transcripts, by going to my website, bobbirebell.com. You can also find an incredible library of hundreds of previous episodes, to help you on your journey as a financial grownup.

Bobbi Rebell:
The podcast and tons of complimentary resources associated with the podcast is brought to you for free, but I need to have your support in return. Here's how you can do that. First, connect with me on social media at BobbiRebell1 on Instagram, and BobbiRebell on both Twitter and on Clubhouse, where you can join my Money Tips for Grownups Club. Second, share this podcast on social media and tag me so I can thank you. You can also leave a review on Apple Podcasts. Reading each one means the world to me. And you know what, it really motivates others to subscribe. You can also support our merch shop, grownupgear.com, by picking up fun gifts for your grownup friends and treating yourself as well. And most of all, help your friends on their journey to being financial grownups by encouraging them to subscribe to the podcast. Together, we got this.

Bobbi Rebell:
Thank you for your time and for the kind words so many of you send my way. See you next time, and thank you for supporting Money Tips for Financial Grownups.

 
So Money's Farnoosh Torabi doubled her salary and tells us how we can too
Farnoosh Torabi Instagram with white frame.png

 

Farnoosh Torabi was underpaid and overworked as a young journalist. But a key piece of information put her on the road- albeit a rocky road- to doubling her pay.  

In Farnoosh’s story you will learn:

-What to ask your HR department to find out if you are underpaid

-Strategies to use if your pay is at the low end of the salary range for your job

-When to know it is time to look for a job outside your current company

-How to handle the big question “How much do you want to make” during job interviews

-How to turn an employers promise of a future raise, into an immediate salary bump

In Farnoosh’s lesson you will learn:

-How to most effectively advocate for yourself

-How Farnoosh was able to persevere even when she faced pushback about her compensation

-The importance of getting the information in advance of negotiations

In Farnoosh’s money tip you will learn:

-Why she advocates checking your numbers every day

-What weight and wealth management have in common

-How she uses Mint

-How checking your finances can help catch financial fraud or hackers

In My Take you will learn:

-My mothers suprising negotiating technique

-How I got a salary above my ‘reach’  range by using it

-My dad’s philosophy on how companies show appreciation

-How to handle being offered a higher title and more responsibility- without a pay bump

Episode Links:

Find out more about Farnoosh’s course “Personal Finance for Grads” on Investopedia.com by going to academy.investopedia.com and look for Personal Finance for Grads. 

Be sure to use the code FARNOOSH20 to get 20% off the $99 course lifetime access. 

Farnoosh also mentions Mint, where you can also check out her columns.

You can learn more about Farnoosh Torabi on her website http://farnoosh.tv/

 

Follower her on social media:

Twitter: @FARNOOSH

Instagram @farnooshtorabi

Facebook: www.facebook.com/FarnooshTorabi

Listen to the So Money podcast on itunes

And check out  my episode from when How to be a Financial Grownup came out!

 

 

 
Farnoosh Torabi was underpaid and overworked as a young journalist. But a key piece of information put her on the road- albeit a rocky road- to doubling her pay. Listen to this Financial Grownup podcast to learn how she doubled her salary and how yo…

Farnoosh Torabi was underpaid and overworked as a young journalist. But a key piece of information put her on the road- albeit a rocky road- to doubling her pay. Listen to this Financial Grownup podcast to learn how she doubled her salary and how you can too. #Salary #SalaryIncrease

 

Transcription

Farnoosh Torabi:
I was in my mid 20s, wanting to get a raise at my job, kept asking over and over again to no avail. Finally, my father clued me in to this term that was really ground-breaking for me.

Bobbi Rebell:
You're listening to Financial Grownup. With me, certified financial planner, Bobbi Rebell, author of How to be a Financial Grownup. You know what? Being a grownup is really hard, especially when it comes to money. But it's okay. We're going to get there together. I'm going to bring you one money story from a financial grownup, one lesson, and then my take on how you can make it your own. We got this.

Bobbi Rebell:
So, what were the magic words my guest's father told her about? And no, they were not, "I quit," or anything like that. But I do promise you, friends, you will learn a lot about the harsh reality of trying to pry more money out of a current employer, emphasis on current.

Bobbi Rebell:
You're also going to learn a whole lot about the power of information. My guest is Farnoosh Torabi. She is a big name in the personal finance space. You probably know her as the host of the So Money podcast. She's also the author of a growing list of best-selling books, which began with the, You're So Money; Live Rich Even when You're Not, published in 2008, and her most recent, When She Makes More. She also has a red hot course on Investopedia on personal finance. What else? I'm going to ask her about it. Here is Farnoosh Torabi.

Bobbi Rebell:
Farnoosh Torabi, you are a financial grownup, and I am so excited to be chatting with you today.

Farnoosh Torabi:
I'm so glad that I earned this designation. Financial grownup, how great. Thank you for having me.

Bobbi Rebell:
I'm so happy you're here, and you're definitely a grownup, and by the way, I have you to thank for inspiring me to do this podcast. It was something that I was thinking about for a while, and we had a little conversation in the green room at the 92nd Street Y before a conference, and that was kind of the final push that I needed. So, I am forever grateful, so thank you.

Farnoosh Torabi:
Oh my gosh. Well, I'm glad to help. I'm happy to serve. I'm in. So wonderful that you're doing this. It makes a hundred thousand percent sense.

Bobbi Rebell:
Women podcasting about personal finance is a category that we want to grow, so we're all in this together. Speaking of growing, you are moving into courses. You have a really cool new thing happening with one of my favorite websites, Investopedia.

Farnoosh Torabi:
Investopedia.com basically brought my dreams to life. I've always wanted to do a money course, but as you know, as people listening know, a course is a big project. It's not just the teaching of the course, but it's the marketing, the infrastructure, the sales, the production, and frankly, all that just made me get dizzy and not feel like at all interested. I just wanted to show up and teach.

Bobbi Rebell:
But this is where you say, "It was worth it, though."

Farnoosh Torabi:
It was worth it. Well, they came to me and they're like, "We'll do all the back end stuff if you can just show up and teach," and that was music to my ears. So, together in collaboration, we created a nine-module money course, catered to graduates, people who are just recently out of college, young adults. They're getting their first paycheck, their first real paycheck, and they want to learn how to maximize it, how to make the most of that weekly/monthly paycheck.

Farnoosh Torabi:
So, you're going to learn about how to budget, how to save, how to invest properly, how to earn more, as salaries have been stagnant for a long time, so really excited about that.

Farnoosh Torabi:
If you go to academy.investopedia.com, and you look for Personal Finance for Grads, that's the new name of the course. We ended up switching it, because we wanted it to be really specific about who we were targeting. Personal Finance for Grads. And if you use the code, FARNOOSH20, you'll get 20% off. It's just 99 bucks, but you'll get another 20 bucks off with that code, FARNOOSH20.

Bobbi Rebell:
And also, maybe a good graduation present. Just a couple of months from now, people will be graduating. It's a really good thing, even if you're not a graduate, to think about gifting to someone.

Farnoosh Torabi:
Great idea. Yeah, thank you. Thank you for that plug. It's lifetime access, so whether you buy it now, or in six months, or today, you'll have it forever.

Bobbi Rebell:
Good stuff, and by the way, when I was studying for my CFP, Investopedia was my go-to destination when you're looking for some arcane financial term, they have it all there, so that's my nod to Investopedia.

Farnoosh Torabi:
Well, they're the largest resource for financial information, so makes sense that you were able to bank on their definitions.

Bobbi Rebell:
Right, no one would have some of these terms, but they have everything there, so they're a good place to check out, and get your course.

Bobbi Rebell:
But I also want to talk to you about the money story that you have brought today, because it has something that I would love to do, which is that it doubled your salary. So, tell me. How exactly did you double your salary?

Farnoosh Torabi:
I was in my mid 20s, wanting to get a raise at my job, kept asking, over and over again, to no avail. Finally, my father clued me in to this term that was really ground-breaking for me. It was what's known as your salary range or your salary band. It's information that human resources typically has at the ready to give you. They're not going to voluntarily give this to you, but it is your right to know.

Farnoosh Torabi:
So, I went to HR, because what this salary band essentially tells you, is what your employer has budgeted for your job, for your post. At the time, I was a producer. I discovered through HR that the salary band for my job at this particular new station, was anywhere from $44,000 up to $85,000/$90,000.

Bobbi Rebell:
That's a big range.

Farnoosh Torabi:
That's a big range, and guess what? I was on the very low end of that range, despite having been there going on three years, doing multiple jobs that were above and beyond my original job requirements-

Bobbi Rebell:
And they didn't just come to you and say, "You're working really hard. Let's just give you [crosstalk 00:06:09]-

Farnoosh Torabi:
No.

Bobbi Rebell:
No, really? That's shocking.

Farnoosh Torabi:
When did that ever happen? So, I was taking all the right steps, but this was gold, you know, learning actually what my company at the most, valued me at, was gold. Now, I will say that I used that in my next meeting with my boss, "Since I have some updates, I discovered that I actually can make up to, you know, $90,000 in this role. I've been here for three years. I'm still at the very low end. I'm like in the fifth percentile of this range, so I'm not saying I want to make $90,000, but I do think we could bump me up like five or ten K." And it was, "Okay, maybe when we review budgets." It wasn't like a done deal.

Farnoosh Torabi:
So, then I started to really see the handwriting on the wall, started to look outside for a new job. When I got interviews, I never forgot that salary range, and when I finally got close to a deal at this new employer, and they were talking money, they said, "How much do you want to make?" And I remembered that range, because that range was not ... Look, remember that's not just a range probably for your employer, but it's industry norms.

Bobbi Rebell:
Right, companies know what's going on in their sector.

Farnoosh Torabi:
They know what's going on, and this new job that I was interviewing for, was a step up for me, and it was a more senior position, so that range was probably not even valid, but I used it as a baseline. So I said, "I would like to make $100,000." They said, "Well, we don't have a hundred, but we can give you 80."

Bobbi Rebell:
That sounds good.

Farnoosh Torabi:
I said, "Okay, well, you know what? I really, really want a hundred," and they said, "Well, why don't we start at 80, and then in six months we'll review where you're at, and we'll discuss maybe giving you a hundred at that point."

Farnoosh Torabi:
And I'm like, "Okay. This is the time to take all the money you can." When you're in negotiations. In six months, they're not even going to remember what they said about some meeting they wanted to have with you.

Farnoosh Torabi:
So, I said, "Look, can I have 90, and then I won't bother you in six months."

Bobbi Rebell:
I like that.

Farnoosh Torabi:
And they said, "Sure," nice and clean. And you know, so effectively, I doubled my salary. I went from 45 to 90, and I owe credit to knowing that salary range.

Bobbi Rebell:
So, Farnoosh, what is the lesson from your Financial Grownup money story?

Farnoosh Torabi:
The lesson is, you have to be your biggest advocate. You have to continually be curious about what it is you're after. So, I was not going to take "No," for an answer from my boss, and I just kept exploring, and digging, and questioning, "How can I make more money?"

Farnoosh Torabi:
And I talked to my family about it. It ended up my dad was the one who told me about this salary band thing, which I had no idea about. If I hadn't told him about it, I probably wouldn't have walked into HR, and asked them for the number, so don't give up. You know, a "No," is one step closer to a "Yes." As long as you stay curious, and determined.

Bobbi Rebell:
So, let me ask you. Do you have a day-to-day money tip, an everyday thing that you can recommend to people that they can implement right away?

Farnoosh Torabi:
Implement right away. I would say check your numbers every day. Look, I don't do this all the time, but I do step on a scale quite frequently, because I want to make sure that, you know, if I had a pretty crazy weekend of eating, I can check in with myself. I keep myself accountable. Like I'm, "Okay, I've gained a few pounds. I need to be mindful of what I'm putting in my mouth this week."

Farnoosh Torabi:
Your money's the same thing. Like you might have a week or a month where you overspend. It's important to know where you're at at all times, so that you can adjust. You can continually readjust and adjust and fine-tune your finances, but you're never going to be able to do that unless you have the knowledge of where you are financially.

Farnoosh Torabi:
So, on my phone, I am constantly checking my bank balance, my credit card balance. I check my Mint app, just to see am I over-spending, under-spending? I set budget limits for myself. This maybe isn't an every-hour or an every-day thing, but it certainly should be a regular, maybe twice to five times a week kind of thing.

Bobbi Rebell:
Well, it's also smart to check in because there's so much hacking and fraud, that this way you spot it.

Farnoosh Torabi:
Absolutely, right. For that reason alone, you should be checking your bank account.

Bobbi Rebell:
Awesome. Thank you for all the amazing advice, and thank you for being part of this new program. We really appreciate it.

Farnoosh Torabi:
My pleasure. Thank you.

Bobbi Rebell:
Here's my take, guys. Part of being a financial grownup is taking advice from your parents. I'm not always the best negotiator. I'm going to toss this one to my parents, and share some advice that they have given me over the years.

Bobbi Rebell:
Financial Grownup negotiating strategy number one, courtesy of Adele Rebell, the Just Keep Your Mouth Shut technique, meaning let the other person say the first number.

Bobbi Rebell:
True story, I once had a number in mind as a reach for a job. I didn't think I was going to get anywhere near that kind of money, but I kept my mouth shut, let them make the first move, and the offer came in $10,000 higher than that reach number.

Bobbi Rebell:
Then, I sat there. I was calm, cool, collected, pretended it wasn't enough money, asked for more, and you know what? I got another $5,000.

Bobbi Rebell:
Bonus tip, by the way, from my mother, the Keep Your Mouth Shut strategy can also work for losing weight. I'm a CFP, not a nutritionist, but guys, it does work, because of course you eat less food.

Bobbi Rebell:
Okay, back to our focus on money. Financial Grownup strategy number two, comes from my father, Arthur Rebell. Companies show love and appreciation with money. Companies may try to distract you with a fancy new title and lots of new responsibilities, but then they don't give you a meaningful raise.

Bobbi Rebell:
Imagine if you tried to pay your Visa bill by saying, "Well, my budget's tight, but I'm going to call you my Senior Global Credit Card. Yeah, not so much. Take the higher title, and say "Yes," to moving up in terms of responsibilities. That's all good, but just know, it is not the same as a raise. Companies show love through compensation, aka money. So try to keep the focus on the money.

Bobbi Rebell:
Thank you all for the amazing feedback that we have already been getting on the program. It is truly appreciated. Please subscribe, download, share, review, rate, all that good stuff. We need it. We are a brand new podcast. All of your support means the world to us.

Bobbi Rebell:
I hope everyone enjoyed the show, and that we all got one step closer to being financial grownups.

Bobbi Rebell:
Financial Grownup with Bobbi Rebell is edited and produced by Steve Stewart and is a BRK Media Production.