Communications expert and Someone Else’s Dad podcast host releases a must-read for 20-somethings new to the workplace.
Peter Yawitz founded Clear Communication in 1991. He specializes in communication and marketing strategy, training, and one-on-one coaching for global organizations in a variety of disciplines, including financial services, manufacturing, economics research, technology, consumer products, and marketing. He helps people understand different audiences, break down barriers, and communicate effectively and clearly. He conducts seminars on effective communication around the world. The questions he has received from global participants of all ages and levels became fodder for Advice From Someone Else’s Dad, this book, and all the information at his website www.peteryawitz.com.
Born and raised in Manhattan, where he still lives, he received an undergraduate degree from Princeton University and an MBA from the Wharton School of the University of Pennsylvania.
-Millennials in the workplace
-Workplace dos and don’ts
-Resume and interviewing tips
-Multi-generational communication in the workplace
-And of course, …hilarious dad jokes
Upcoming book Flip-Flops and Microwaved Fish available everywhere on now.
This is a story about a dude named Lane he moved to the mainland and bought one place to stay. And then one day he went try to rent them out. And then he became one real investor May.
Hello simple passive cash flow listeners today we have Peter yachts who is the writer of flip flops and microwaved fish available on amazon.com It’s, um, it’s, I think it’s on like the top shelf, right? The virtual shelf. Almost
one of the things on your top shelf, it’s on my top shelf. Actually.
I don’t I try not to get crazy. I have a lot of friends who are authors and when their books come out, they start to check the ranking daily and I that would only make me crazy. So I really don’t look at it too much. It’s like googling yourself. I don’t want to do that.
So I’m not. So Peter is also a podcaster. He has his podcast is called somewhere His dad. And we, we kind of started this we’re talking off air and Peter’s like, what the heck do you want to talk about on your investing show? And here’s where I’m coming from. For the folks who are listening. We’re not gonna talk too much about real estate investing, per se, but
stay tuned anyway,
right. So if you only want to hear about turnkey rentals, or how to analyze syndication deals, or something of that sort, you could probably skip this. But a lot of people that listen to simple passive cash flow or higher net worth, and we have a wide range of folks here, and you know, we have a lot of firstworldproblems and don’t want to sound too whiny. But things like whatever, what is our kids going to do, what kind of legacy we’re going to leave behind? So Peter is an expert in navigating the do’s and don’ts of workplace culture. And it gets Peter wants to kind of go over your your background, your formal background a little bit so people have some contexts and
you know, where we’re coming from.
Sure be happy to. I’m a native New Yorker. That’s I think that defines me in many ways. I don’t know what that means. But it just defines me that I’m a native New Yorker. Sometimes people say to me, wow, you’re one of the few who actually grew up in Manhattan. And I and I want to say, Well, I bet there were more people who grew up in my hometown in your hometown. It’s just that people come to New York, and they don’t meet a lot of natives. They meet people who come from different places. So that I don’t know that just informs me, that’s who I am. I spent I’ve spent most of my career working with financial services, people, helping people ident and groups identify their messages and who their audiences are and how to make that match. So that’s, that’s pretty much the background. And I wrote the book, which just came out in January, because I just find we’re in an interesting time. We’ve got four generations of workers in the workplace. And people my generation, I’m a baby boomer, we always had those millennials, those news kids all you know, they’re so entitled they want this they want that, and we were never like that. Of course we were like that at some point. So I in and then I work with the millennials, and they Yes, they they kind of know what they want. I mean, they want to have a good work life balance. But a lot of it, they don’t know how to communicate effectively. They don’t know the basics, because they spent a lot of time texting, let’s say, and they don’t know how to approach people. I mean, one of the things that scares them to death is small talk. Oh my gosh, have you ever? You know, I go into an office building. And if you sit in an elevator, everybody is there looking at their phones, not that you have to have a big conversation on the elevator, but no one wants to talk. No one wants to make eye contact. You just want to check your own thing. Leave me alone. So I’d have some fun exercises that I do in these seminars with these kids to keep them engaged and give them tips on on small talk, among other things.
Yes, that’s what I call like a binary skill set. Right? Like I think that’s what’s kind of helped is Are
you insulting me Lane?
I call it a
like so engineers are usually horrible with people, right but a lot of my investor base that are in engineers that make over 100 200 grand a year. You know, you call salaries, your high performers. They are analytical people, yet they are good shooting people. And they’re more on the sales side as opposed to the technical side. So if you can be good at things that people aren’t such as a seven foot basketball player that can drain threes, you know, you are going to rise above your competition, as you kind of mentioned.
Well, I, you know, I guess that’s why I’ve developed a niche for myself that’s been successful is that I recognize that there. There is that need. And you know, I work with anybody who’s technical. It could be engineers, it could be economists. It could be financial people. There are even people in technology. They are technical experts. And it’s interesting when they have to talk outside of their comfort zone or not, not technology people, not economists. And what I say to a lot of people when they’re on working with them on making a big presentation is remember This audience is not studying for the test. They don’t have to know all the nitty gritty. That’s when, even when they’re writing, I joke around they say that’s why God invented attachments, you know, save all the nitty gritty for attachments and make sure that when you’re writing something in an email to me, it just just the fact just the basic stuff, what do I need to do? Well, I hadn’t Why is this going to benefit me? So I really tried to inform people and, and challenge people to think about what their real messages are and who their real audiences are, and how to match that appropriately.
Yeah, one of the last couple of years when I was working in corporate America, we did this colors training, and it sounds Oh, yeah. But I realized that my green person which like I’m like, Don’t give me any fluff, just tell me what it what needs to be done or whatever. But you know, the takeaway is you you learn that other people are different colors, and you may need to talk about what you that’s all there is to
right. Yeah, exactly. Well, there are a lot of those those tests and I think they’re interesting, but it’s really, to me, that’s the moral of the story. For those tests, there is your green or your blue or red, it doesn’t really mean anything. It just means how you prefer to work with people and recognize that people are different and people have different styles. I do a take off on that in my book. I call it the sea creature assessment test, or scat. And I don’t really have a test but I but I bring them down. Are you a minnow? Are you a shark? Are you a bloated whale? And just the point is, you can label your stuff, whatever, but the dangers of those tests are one that you label yourself and you say I’m sorry, I can’t do that. I’m not that type of person because I’m a green I’m not a red and greens don’t do that. And that’s just not right. And the other thing is, if you just label four types of colors, you know green, yellow, red, blue, let’s say there are gray areas to use in a color. There are some people are greenish blue, and also then in different different tasks or different environments at home. You might you might be a green at work, but you might be Be a total red at home. And I’m not even talking about what those things mean. I’m just, you know, pretending I know what those colors mean. So and the other thing that I found is that, you know, I did an MBTI, the Myers Briggs a long, long time ago, and I defined myself I Mo, whatever. And then I did a little short test. And I came out completely different. And I was I so something’s wrong with the test, something’s wrong with the test. I don’t either. They changed it. And the
point is that I’ve changed,
I’ve changed, I might approach things differently. Or maybe the examples I was thinking about when I was answering the questions are different in terms of how I respond or how I deal with people today. So I, you know, I think those tests are valid, but I think you are absolutely right, that the moral of the story is that we’re all different. And to be an effective communicator, you have to recognize that there are differences and flex your style a little bit to deal with those people who are different.
And so we got quite a range of investors listening and you know, some are older with kids. What are some of those? What are some of the takeaways that you can Kind of impart on you know, parents who the other million few million dollar net worth get their dang kid is just screwing around in high school and college what what is some things that they can do to make sure their kid just doesn’t become another Trust Fund kid and squander all their money and?
Well, as a parent of older kids than than teenagers, and I’ve gone through that, but believe me when I my kids were not trust fund kids, I think, you know, parents have a responsibility to instill basic values. And I think that that’s the important thing when I you know, I’m just a data point here, but when I hear how my kids reacted to different people, or how they responded in a very tough situation, and I hear that that makes me proud more than anything else. So I think that you can nag your kid to do whatever you feel you want them to do, but you know what, the kids are going to make their own decisions, and don’t hold the money. say if you do this, then you’ll get To get your trust when they’re going to the kids are going to come out. Okay, I just think it’s important for you to instill decent values in the children. The other thing that I see when I talk to companies and certainly I see this in more in colleges where I did not exist when I was in college is that parents are more involved. And at school, they make allowances for that for in colleges for them to be able to find out what’s going on or talk to a counselor. But in the real world, I’ve heard stories where parents want to come to their their children’s performance reviews, or they want to be their advocate for raises and I think you got to step away, back off. That’s a term that my wife has used probably more than any other term to me. And I know what she means by that. Yeah,
that’s a helicopter
pilot, right that once you can go look at their car. Yeah. When
I we were not we were not helicopter parents at all. But I certainly if the back off is when you go a little bit too far and say things that that you shouldn’t say. So I think that let kids make that mistakes that i think that’s that’s another piece of advice. And you know what if they buy my book, if they buy my book or you buy my book for them, I think that they might get some tips on how to manage life at work, we’re all going to mess up at some point in your first job, but usually it’s not going to be a terrible mistake. It’s just a process of learning. You know, parenting styles are different, but but to me, I’m always impressed when I meet young folks who are polite, and I don’t have a sense of themselves and have a sense of what what good values are, means a lot to me. They don’t really listen to me, I’m just someone else’s dad.
I mean, I think the advice that I like to impart and when we talked about in the past investor accelerator a lot is like, Look, we don’t trust these kids are going to create the trust with different payment amounts, you get 25% at 25 50% at 65. With pending drug tests approval.
True Okay, so that’s the carrot is like
a drug free. That’s the carrot.
What’s the other care but what’s the other carrot? You know, if you’re a traitor One kid, maybe the carrot is not something just not being on drugs, maybe the carrot is well, what have you done for humanity at age 25? Or what steps have you put in place to do something good for other people? And then I’ll release the money if I see that you’re doing something? Well, right, right.
But the chocolate trouble is like, you know, once you’re gone away from the world, and you have this document, that archaic document, it’s, you know, it’s it’s hard, unless you have a trustee that’s still alive to administer the document for you, you have to go binary things. Is it a positive or negative drug tests? You know, have you have your child created X amount of net worth or X amount of cash flow, you know, created wealth the right way, you know, just building up assets with a lot more liability, just like how most people are, but I don’t I’m not an expert. I’m
just kind of just I’m not an I’m not an expert either. I’m not an expert either on how to manage your trust fund. And I have to say that I don’t have a large client, well maybe have client base, but I don’t talk to them about that about how they’re managing their kids. But I have heard many stories of, you know, friends of friends who have trust fund babies who did not do well, because they never really had responsibility. But I don’t want to I don’t want to pass judgment on that because, again, I’m just talking to a couple of data points.
A lot of my clientele are first generation wealth. So they’ve kind of built both the wealth up themselves, they don’t want to see it go away. And at the end of the day, their biggest goal is they just don’t want their kids to have to work for money like how they did have to go to interestingly $80,000 a year job because they had to had to go work for a big four accounting company and sell their soul and get coffee for everybody else for a couple of years. They want the they want the kid to struggle and to build skill sets. And maybe getting coffee is one of those skill sets amongst the other things that they make you do in the beginning as the new guy at work, but they They want the individual to kind of not really have to work for money and to do something that they’re passionate about, like you said that benefits humanity. But it’s it’s hard, right? I mean, there’s a fine line between working for the benefit of, of the world not having to work for money and not doing anything.
One thing to work for anything. So I’ll say another thing. And let me say another thing here about that. And again, I’m just throwing data points out as part of my podcast, which is you can find it my website, someone else’s dad calm, and webchat is someone else’s dead calm slash podcast is that I answer questions along with a co host about workplace issues. And we have a lot of fun doing that we talk about some issues in the workplace. And then I also interview what I call an exciting young CEO, someone who’s maybe under 35, who has started a business or starting a business from scratch and has developed his or her his or her own culture, because they wanted to find a good workplace. For people that want to want to be part of it and be part of this excitement, and I’ve had the experience of talking to a couple of young people who have started nonprofits or NGOs, and I think they’re, you know, there are a lot of young people that I know who of course have to pay the bills, and they, they want to get jobs to, let’s say, repay their loans. But at some point, they do want to work for a nonprofit or feel they’re doing something good with their life, you know, the old existential crisis, and one guy particular set. And so they said, Oh, but I’m wasting my time working at this consulting firm or working at this bank or working even as you said, in one of the big four accounting firms. And this guy said, all those skills that you develop in the early parts of your career, you think, okay, it’s a two year investment banking program, whatever, you will develop skills that are absolutely valuable to people later on in your career. If you want to go into nonprofits, because people who go directly into nonprofits just don’t don’t necessarily have that training. They go in and the first thing they have to do is try to raise funds and then they try to if you know follow what everyone is doing and, and without a lot of training. I know that again, I’m not contradicting anybody here but I think in my experience the people who want to do something good for the world certainly need some basis basic skills to and they get through university or you can get it through an internship but it’s really helpful to get some kind of management training verse or deep technical skills training before you go out to try to save the world.
I totally agree. I mean, my my first five, six years working was for a heartless company that had the acronym better not start a family and I learned a whole bunch of stuff like managing crews are twice, triple times my age and right how to compose emails where I’m trying to cover my butt. For our last discussion, Peter, you said this valuable things that have helped me out today, and luckily, I got out of that stuff as quickly as possible, but this
Yeah, Case in point too, right? Yeah, exactly. I have that same type of history and Now I get to be an outsider. And I certainly don’t go back and say, Well, when I had this job back in 1987, because that dates me, but also it doesn’t really help anybody because things have changed so much. But I’m embedded in many companies and I see how people work. And I see what’s effective and what’s not effective. And, you know, one of the things I really have to do as a consultant in any consultant really hit you have to listen well, and understand what a client’s issues are before you can go in and say, Well, this is what you have to do because every situation is a little bit different.
So the someone else’s dad podcast is some of that come about because you know, he never really listened to your own parents and it’s got to come from somebody else or is that just by coincidence?
Are you talking about my parents? Are you talking about anymore? My kids not listening to their dad? Listen, I think I just thought it was a funny title. And, and it really came about because I do so many young people, trainings, scanning sessions. I’ve I’ve been very lucky with with very big global clients and drink In the summertime or in the fall, when they have their big new hire orientation, I am asked to come in to talk about communicating at work or Welcome to the world of work, even if it’s just sold as something like, how to Peter’s gonna talk about good email etiquette in business, it could be anything. But during the seminar, I try to give them a lot of information. But I also have a little couple of side talks about what does this really mean? You know, when I see somebody coming in late, what might I think about that person? And a lot of people will say, well, you might think that you Hello, well, you might think that they’re not they don’t take you seriously or they’d have bad time management skills. And I could say that’s absolutely right. That’s my first impression and I don’t even know you. So what are you going to do to combat that if you do show up late? So I just take a lot of questions and because I’m older than they are and I I take this persona of dad and that’s really came out with a title advice from someone else’s dad. So the the website came first and the dear dad column and then there are some fun videos on there which I have done several and I’m actually starting up again, because they were very popular, where I just come in to a situation where young people are trying to manage a situation. And dad comes in to give them advice. So I have that and then the podcast and then the book came next and then the podcasts came after that. So trying to do a whole multimedia multimedia dad project
switching over from the older crowd with the kids. I’ll have a lot of investors that are I call like the new Volvo rich. Amazon will pay these guys 200 grand a year out of college. A lot of these computer engineers are younger, younger dentists, younger doctors. What are some of the do’s and don’ts for those millennials entering the workplace since I’m technically not a millennial anymore?
Well, no, you were still a millennial. It’s the next generation which is Gen Z. So you’re not your you will always be a millennial generation, or I’m a year
older than I look.
Nobody used You said you were 34 right? Yeah, yeah. So 34 I mean, the millennial generation today is like age 27 is 26 or ish, to about 38. That’s the millennial generation. But that the new the people who are I’d say born after maybe 9897 98 and are into the workforce now they call them Gen Z’s which is a completely different generation because we those are the people who grew up with an eye you know, an iPad in their lap in the car so everything that you know they’re not they are total digital natives because they didn’t know anything before. They didn’t know Blockbuster Video that didn’t exist.
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Well, I think it’s unfair to characterize every every person in one generation as something. But I will see what the question you asked me, What should they prepare for as they enter the workforce, and I’m going to talk about skills that I think are really important that they’re not, they’re not taught. And number one is I what I mentioned before is because I’ve been consultant, the most important skill that they should think about when they enter workforce is how to listen better. And I bring that up for a couple of reasons. The first is it is you can never be a good employee unless you have demonstrated that you have heard what somebody else has said. And that doesn’t mean you can’t take notes when someone’s talking to you, but it’s really important for a manager to know that my message was heard. So if you just look your notes again, just to make sure it’s like if someone said okay, in other words, what What you want me to do is this and the deadline is this and let me ask you one more question. So I know exactly what’s going on. That’s very hard for young people to do, because no one’s no one’s really trained them to do that. And the second thing I just want to mention about that is that it’s very hard to listen. It’s hard to listen for my generation, because I’m just a human and we’re, I’m distracted by all sorts of things. But for the younger generation, let’s say Gen Z, for example. They’re distracted by their phones, and it’s new stuff popping up every day that is distracting them. It could be a YouTube video, it could be Tick tock, it could be their friends texting them. They are so used to having this in their hands, that it is the natural thing to go to. But there are other things that distract everybody there. There’s the environment, it could be too hot in here. It could be that you lane remind me of my you know, my hated uncle Max, you look just like him. And I just I think about that. Or it could be that I’m nervous or because somebody is I’ve had this question many times. What happens when the person I’m talking to is totally hot? How do I pay it? Well, alright, listen, we’re only human things, these things distract you. But you have to learn how to remove some of those distractions and pay attention. I think that entering the workforce, you should recognize that that is an important skill that does not come easily to people because there are ways that we have faked going about it. Like I’m looking at you right now lane and you are no you know what I said that, you know, you look up all of a sudden, you’ve got your computer screen in front of you. I don’t know what what’s going on in the other side of your of your life there. But we know socially when I’m when you’re talking to somebody you like, what do you do show me that you’re listening? Just show me do it? Yeah. Oh, yeah. Yeah, good eye contact, nodding your head. And now Have you ever faked that in your life? Oh, yeah. No, no, yeah, we all have I mean, it’s just natural. But then you do the bogus thing where you pretend you’re listening or you show you’re listening by saying, Oh my god, yeah, you’re right. Mm hmm. You fake that one? All the time, all the time, right. So but, so we can we can also ask bogus questions. Like the easiest Bonus questions like, wow, tell me more words like, Oh, that sounds tough. What happened next? Easy. I’m not listening to anything but I am. I know what to ask a question. But in business, you can’t get away with all the fakery you have to be able to say. So in other words, what you’re telling me is this. And I could ask you right now, I could do a test for you, as a leader, what did I just say? And I’m not going to do that, because I don’t want to put you on the spot. But that is something that honestly, every young person should be prepared for that. Not that anyone’s really going to be doing that but it’s a great skill to master.
Yeah, and I think a lot of like, the, the tendency for a lot of younger people is like, I don’t want you know, this is all Bs, right? Like all these like soft skills. It’s kind of like man, like really do I gotta do that. I would rather measure my level of success by something I do really well, such as coding, right or some technical skill. So maybe the trend these days is most people are kind of hitting up this You know, less less nonsense, or seemingly nonsense and just be really, really good at one thing, a single task or a technical person. And just like in an investing, you need a degree and everybody’s aching. if everybody’s trying to go down the technical route, you need to try and do the other side.
Mm hmm. Well, let me ask you if you know from a personal perspective, have you ever hired somebody to paint your house or to you know, paint your apartment or fix your plumbing or put on an extra bathroom, you know, just hire somebody to do something for you, you must have done something like that we bought even at age 34, you must have done or you know, picked a clothing store, there has to be something so if you’re dealing with someone who has, as you say, these binary binary skills, or someone who only knows how to fix plumbing or only knows how to paint houses are so close, if you believe Okay, I don’t care. If there is a customer service aspect of it. I just want to know they can do it. Okay, that’s fine, but I think most people would want to know There’s a human side of the story. Meaning if I am talking to an insurance agent that is going to insure my home or my car or my business, I want to know that the person has demonstrated to me that he or she understands what I’ve just said, and why the solution that he or she is going to provide really suits me. And so I think that if you just want to be a coder, and that’s all you want to do, you don’t have to talk to anybody, I’m not you. If you think that’s all you need, you just get business coming in the door, or you’re coding for somebody, fine. But if you’re hired as a coder, or you’re putting yourself out to be hired as an independent coder, and there are other people who are doing the same thing, how are you going to distinguish yourself and I think part of it is just, again, the ability to listen, and the ability to demonstrate great customer service, and that doesn’t come naturally to people. So these soft skills that people might poopoo, as you say, I think are absolutely relevant if you just want to have any human interaction in the world.
And I think like maybe it’s just an age thing, but when I kind of got out of college, I had the same thing, right? Like, oh, engineers were kind of the most important people because without us, nothing gets created, right? We solve problems. The salesman on the marketing side, they just sell the stuff, the hard work that we do. Right? It’s not like one is more important than the other is what I’m saying. And without that guy selling it, nothing happens. No, no money,
you know, what I’ve dealt with? I’ve dealt with people and for instance, in the financial world, but it could be the same thing. I mean, let’s say, you know, I’ve worked for years with research analysts and institutional salespeople. And it’s the same thing with a with an engineer and a salesperson. There’s, you know, let’s put a Venn diagram here, right. So on one side of Venn diagram, just like this circle is going to be the engineer. And if you just want to be an engineer or coder and don’t want to talk anybody you’re on this side of that circle, and same thing if you’re a salesperson and let’s say the quintessential bad salesperson, I know how to smile and dial and say Hey Lane, how you doing? You know all that with a good deal out there personality, but I can I don’t know Anything that I’m talking about, I’m just gonna just smile and be Mr. personality. So the best engineers are the ones who understand the product, but also understand how it suits a specific client and could potentially sell it. And the best engineers, the best salespeople are the ones who are very good with a personality side, but also have demonstrated they understand the product. And so it depends what your goals are. But I think it’s a great these are good skills to be able to think about. And master if you want to move any place in the world. I mean, look at and there’s nothing wrong with nothing wrong with I mean, I have to say, just like my son, for instance, is, is moving up in a company and they said, All right, you’re at a place now where do you want to be on the technical track or the managerial track? And you know, for my generation, it was always you just move to the managerial track because that’s what lockstep is. And unfortunately, in some organizations, that means that you end up with a lot of technical people in management, who have not been trained to be very good managers. So So, but I think in this case, they’re saying, okay, you’re right here, which trajectory do you want? And they’re both good trajectories. And he said to me, I would rather do the technical stuff because I like doing the work. And that’s fine, that’s fine. But I just hope that they trained with some management skills because even as a technical person, you’re still gonna have to lead projects rather than just run the company you’re going to have to lead you’re gonna have to build business that way too. So I no matter I so I can I hear anyone who just wants to be as you said, a technical person or a coder but I still think no matter which track you are taking, it’s important to end up I don’t you like how I play with my fingers. I just do it all the time. Play my head here, this or this? No, we’ll do this. Okay.
Yeah, I think like, I laugh whatever, whatever, like a managerial side, you know, whatever. Sometimes it switches to an error, right? But I think the person needs to realize what is it in their, in their in their sphere? What is the need? What is it has more competition. Just like you know you don’t you don’t go build like office space when there’s a lot of office. Not not much demand for office you do residential. It should all like some market as we call. Call him.
Yeah and no, absolutely, absolutely right. And going back, and I say the
Yep, go ahead, going back to your whole arm. I got another analogy like in the NBA. Who are the gunslingers? It’s the it’s the swing men. It’s not the guys who are seven feet in the block, or not the shooters it’s the guys who can do both. Right? It’s the lebrons it’s like the Jonas’s those are the guys who transcend the game. Not saying that everybody can do that. But the market rewards those type of people.
Yes, absolutely. So yeah, here’s another thing that goes along with the listening is with Gen Z. And we’re talking about the digital natives how they just sit there and doing this. It’s so much easier for those for a young person to text or to use. Lack or even email. But with other managers, they really do like face to face interaction, especially if something has is very detailed. And I want the the facial expression to match the message. This is critical. Now, this is critical, you know, I hear this is critical. I want to have see face to face because we have to make a decision right away. And rather than going back and forth on email, it’s just hard to do it that way. And I sometimes have hard time getting young people off their asses to go and talk to somebody.
Well, I mean, I’m, I’m kind of in the middle writing in your chair. Yeah,
I’m kind of in the middle. Sometimes for younger people, the reason why they just want to text is because the older person who might have a higher position, they don’t listen. And in a lot of times in business these days, it’s more of a collaboration than top down approach. And, you know, older people can’t Texas faster and you got to read everything. So even you know, all the voices get heard in that format. So I think it works both ways. And I don’t know I mean, I I left one of the big reasons why I left corporate America is because I just didn’t like the whole hierarchy of, you know, seniority based.
Alright, you know,
let’s just remember to that it remember there are gray areas, there are companies like that’s what I’m finding with some of these young people that are starting their own companies. Yes, there is a hierarchy, I founded the company. So I am the president, and you are director of sales. But I what I found in some of these and against a small sample size is that everybody is respected. Everybody knows that he or she has a specific role in the business that’s going to affect its success. And I think one of the frustrations for younger people and younger generations that could be the gen Z’s or the millennials is that people are turned off as you were when they feel I’m just a cog. And there’s I’m have no there’s no what’s the incentive for me to work hard. Aside from a paycheck, or aside for then I’ve got to play all the political game and what’s what’s really in it for me, and I think the best companies are ones that I’m going to motivate you, I think Better by telling you that what you’re doing is critical to the assignment that I’m working on. And so it’s like I’m including you on the team rather than just saying, Hey Lane, would you just do this for tomorrow morning? Or c ob or it’s what’s in the first first thing on my desk in the morning? Well, that doesn’t make you feel very good does it? And I just like you’re just giving me an assignment and say, I’ll say Yes, sure. I’m going to give up my life just for you. Or Peter. I’m going to be here please can you change this color
button? Can you change this color this button this next week? I’m gonna do that.
Yeah, I can see I can see the anger just rising up from your face when you people ask you to do that looks like below your skill set. Yeah, this is a shade of orange that I really don’t like I think you’re the right person to play with the shade until until you get it right and I approve. Right? It’s not the kind of that you had to deal with.
No, I was I was more in the in the field and doing real construction projects. But at the end of the day, you know whether you’re coding or building buildings, are in Wall Street. I think it’s the same problems, right?
Yeah. Well, you know, go back to real estate, I have a couple of real estate clients and I actually, I’m when I enjoy all my clients, I really don’t have any that I don’t enjoy. I love the projects that I get to work on the people that I get to work on really all over the country, and all over the world. So when I get to a real estate company, it brings back, you know, brings back the bad memories that when I was an associate doing all the grunt work, but I certainly still speak that language pretty well. And, again, I don’t want to over generalize, but so the frustrations are some of the real estate firms that I’ve worked for our other skills like writing, you know, there’s a lot of writing that that people in real estate investment have to do for their investors and it’s it can be very dry every time. I used to joke around. It’s like a drinking game. Anytime someone talks about a property and they said, This property is extremely well located. You take a sip of something because like every property in real estate parlez is extremely well located. I just watch out for that, but I find that it’s hard to make things interesting. I mean, I help people write them to make it less dry to be able to hit the main points clearer to be able to speak in conclusive statements rather than nitty gritty stuff. And if a table can suit my understanding, instead of a paragraph of data, and even in terms of market rents and historical rents and trends, I’d much rather look under the table and then have you give me a conclusion at the top of that table, so I know what I’m looking at. So I don’t just look at the numbers raw, it’s much easier for me to look at things that way. So I have a lot of fun with it brings back memories and I’m still looking for that extremely well located property for myself. So a lot of us are, you know, on the way to financial freedom picking up a rental property every year. We’re so great.
What I would, what I will probably tell a lot of people is it takes a lot longer than you think. I mean, I bought my first rental in 2009. And this stuff is important. I got kind of in a bad state in five years working in because I realized that I wasn’t good. Gonna be working in corporate America much longer, but it takes a lot longer than you think Peter book will hopefully make it a little bit less, a little bit more workable, because it’s always going to take longer you do the math, you say you’re going to be financially free in 10 years, it might take you 12 or 13. Or you might change the job here there.
Sure. And, you know, I’ve got to tell you also, you know, I go back to you know, my first job working in corporate real estate there they were investing I think when I joined maybe four, four or five pension funds and I was assigned I don’t know why a lot of the dog properties some of the some of them were all in one proper one one funds, some of them were scattered around but I guess they saw something in me I don’t know what I’m not sure that was right anyway, to go and fix the bad properties. And and I have to say that that was a great learning experience for me. You really learned, okay, what not to do in the future and things eventually turned around. I only stayed at that one job for two years. But it was it was Very frustrating because you think you buy things that are at the right price, you know, the market is going to be strong, you see what the, the catalysts are going to be like there’s going to be an off ramp off of a freeway that’s scheduled to be in construction in two years. And that gets delayed because you know, that’s going to be a huge boon to the property in terms of location. But these things take time. And, you know, I was there to fix things fast, because we had to present to our, to our investors. But you just have to, I think, also for this is my advice to people who are reporting is to be honest with honest with things like, you know, it happens, it happens that there’s going to be a delay, which is going to play our lease up, or there’s going to be a delay that one of our blue chip tenants was acquired, and there’s going to be a consolidation. So not everything is rosy, not everything is beautifully well located. Things just do happen. And it’s nice if you put contingencies into your models, but I think all the investors are going to know Okay, that’s interesting. So that happens. So what is our backup plan now and what is the new pro forma based on that and you know, from my perspective, Investing for other on behalf of other people the first pet you panic that they’re going to pull their money and it happens if you have several years of bad performance but who is going to expect things to be rosy all the time? You know there has to be a balance of there’s a there’s good there’s cycles that we deal with and if something happens okay it’s not anybody’s fault it’s just things that people would didn’t anticipate what are we going to do to fix the problem for our for the asset for the portfolio, etc and it’s important to be able to articulate that very clearly. Well, so I’m Peter again your book is flip flops and microwave fish available on Amazon and anything if you else for the book and Barnes and Noble Barnes and bn it said Barnes and Nobles also if anyone still goes there, but bn calm which is still vibrant, actually listen to this is one of its top four independent books and independent meaning that it’s in this website offers
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guys, we’ll make sure you check out the website at the events page. And hopefully I can meet up with you guys on my next travel out there. And we’ll see you guys next time. All right. Thanks, Lane. It’s been an absolute pleasure.