Farnoosh Torabi is a writer who has been writing about money issues for 15 years and below is the best financial advice she has ever shared, according to Business Insider.
 Farnoosh Torabi – Photo: Personal Page Farnoosh Torabi |
In June 2006, Torabi was preparing for her second job interview, and also her last in her life, at TheStreet.com. The position she wanted to apply for was a video reporter.
Torabi wrote: “I had a strong feeling that at that meeting, we were going to talk about salaries. When going to the interview, I had an income of $45,000 a year at NY1 News with the position of producer and sometimes an on-air reporter. I know this sounds crazy, but I want to double my current salary.”
A seasoned editor at NY1, who Torabi confides in, advised her to aim high when talking: “The best way to make more money is to leave.” This is also the person who suggested to Torabi to double her current salary when looking for a new job. And so, Torabi decided to demand a salary of $100,000 per year when applying.
“In my head I know I’m crazy, but at the same time I know I’ve been underpaid working at NY1. I asked the human resources director there and got the answer that with my position, the usual salary is around $85,000,” Torabi shared. She had been working at NY1 for almost 3 years, doing more than what she had to do and receiving fairly consistent pay from year to year. “How long do I have to wait to receive a minimum of 50% pay increase?” She said.
Coming to TheStreet.com, Torabi knew they had a relatively good income and expenditure chart and they were eager to open a video channel as soon as possible. At that time, TheStreet.com did not have staff to write, produce, collect news, shoot and edit videos. Torabi was psychologically prepared to do all of these jobs, taking on the work of 3 people combined.
“I’ll pay you $75,000 a year,” the interviewer told Torabi. “Actually, I’m hoping I’ll be able to double my salary now. I want to receive $100,000,” Torabi said and felt nervous.
“So can we agree that you will receive $85,000 a year now, and after 6 months we will renegotiate to receive $100,000 a year?” the interviewer asked.
“So can we agree with the figure of $90,000 right now, and I won’t mention the salary increase in 6 months?” Torabi replied.
Right after that, the interviewer shook hands with Torabi and they left. In just one job interview, Torabi agreed to a 100% pay increase. 6 months later, she signed a 2-year contract and received an additional $10,000 a year, helping her own a 6-digit salary for the first time in her life.
Torabi concluded: “As I have written many times: You don’t get what you deserve. You get what you negotiate for.” This is the best financial advice from Tarobi, who went to an interview at TheStreet.com 9 years ago. Speaking up and asking for more has become much easier for Torabi after she successfully negotiated her salary.
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Frequently asked questions
The article offers a range of financial insights and advice from a seasoned financial expert with a 15-year career in the industry. Key takeaways include the importance of living below one’s means, investing wisely and regularly, and maintaining a good credit score. Additionally, the expert emphasizes the value of financial education, urging individuals to continuously learn about personal finance and investing to make informed decisions.
The article suggests several strategies for improving your financial well-being. These include creating a budget and sticking to it, which involves tracking expenses and cutting back on unnecessary spending. It also emphasizes the importance of paying off debt, especially high-interest credit card debt, and building an emergency fund to cover unexpected expenses. Additionally, the article encourages individuals to invest wisely, recommending a diverse portfolio that includes stocks, bonds, and real estate.
The financial expert emphasizes the importance of investing for the long term, suggesting that individuals should ‘think like a retirement investor.’ This involves starting to invest early, taking advantage of compound interest, and maintaining a diverse investment portfolio. It’s also recommended to invest regularly, treating it as a habit, and to avoid trying to time the market. Additionally, the expert advises against investing in individual stocks, favoring low-cost index funds or ETFs instead.
Maintaining a good credit score is crucial, according to the financial expert. This can be achieved by paying all your bills on time, including credit card bills, loans, and utilities. It’s also important to keep credit card balances low relative to the credit limit, as high utilization can negatively impact your score. Checking your credit report regularly for any discrepancies or errors is another recommended practice to ensure the accuracy of your credit history.
The expert strongly believes in the power of financial education, stating that it is a ‘game-changer’ when it comes to personal finance. By educating oneself about financial matters, individuals can make better decisions regarding their money. This includes understanding basic financial concepts, learning about investing and retirement planning, and knowing how to manage debt effectively. The expert encourages people to read, attend workshops, and seek reliable online resources to enhance their financial knowledge continuously.
