30 April 2019
Question: According to MSN: Money, what are sixteen tips from people who’ve taken the big leap, i.e. quit a job without having another?
Iranian economy collapses under weight of White House sanctions – Pg. 1
– …pushing the Islamic republic into a deep recession and lifting inflation towards 40%,…
– …liked its forecast of a 6% contraction in Iran this year with Mr Trump’s efforts to tighten an economic squeeze on the country
– The US reimposed restrictions on Iran’s oil industry and banks last year after Mr Trump abandoned a nuclear pact that western powers signed with Tehran in 2015, which had granted sanctions relief in return for Iran’s limiting its nuclear activities
– The IMF highlighted the US sanctions as a drag on regional growth along with a Saudi slowdown and conflict in Iraq, Syria and Yemen
– A 6% fall in GDP would mark the economy’s worst performance since 2012, when the IMF said GDP dropped 7.7% as sanctions imposed by Barack Obama’s administration tied to nuclear activities began to bite
– The US measures have already caused Iran’s oil exports – the economy’s lifeline – to plummet from a peak of 2.8m barrels a day last May to about 1.3m b/d. Output is likely to fall further after the US decision to end sanction waivers
Home rentals Marriott moves into Airbnb’s space – Pg. 12
– The world’s largest hotel company will offer more than 2,000 homes in 100 destinations on its new Homes & Villas platform – and the move comes as Airbnb pushes further into the hotel industry ahead of an expected initial public offering
– Homes & Villas will come under Marriott’s recently relaunched Bonvoy loyalty scheme, which aims to cement a more direct relationship with customers
– US consumers spent more on Airbnb last year than they did on either Hilton or InterContinental Hotels
– …the percentage of consumers who booked a year after their first stay at Marriott, Hilton and IHG has fallen between 24 and 29% in six years
– The stakes are high for the $539bn hotel industry because loyal customers are typically more valuable ones
Fears grow over China developers’ dollar debt – Pg. 14
– Evergrande’s US dollar debt of about $18bn puts the country’s second-largest developer by sales in the top tier of the world’s most indebted private companies,…
– Rivals Country Garden and Dalian Wanda, among China’s top five developers, are nto far behind with $14.7bn and $13.9bn dollar debt, respectively
– Chinese developers face a wall of $326bn in maturing debts by the end of 2021, most renminbi-denominated. US dollar maturities are set to peak at about $39bn in 2021
Answer: (1) Do not be afraid to quit (Prof Note: Always believe in yourself); (2) Do not quit on impulse (Prof Note: I do agree…make it your decision, not the “moments” decision.); (3) Ignore conventional advice (Prof Note: Blaze your own trail); (4) Do not burn your bridges (Prof Note: One of my favourite quotations remains, “Let the light from the burning bridges guide my way!”. Personally, jerk companies and jerk people deserve the consequences of lack of notice. Ask yourself, “If the company/boss were to terminate me, would I be afforded respect and notice?” Work will always find skills, this I have learned. If you understand how to make $$$ (insert specific skillset) there will always be work); (5) Get your finances in order (Prof Note: Your finances should ALWAYS be in order. Most of us live in “at will” states, i.e. employers could terminate immediately. Be prepared.); (6) Do not hesitate too long (Prof Note: A position that is mentally taxing and causes one to kick the dog upon home arrival each day is NOT worth it (general statement, if you have a special-needs child, the child takes priority over your mental health!)); (7) Build a budget to make quitting affordable (Prof Note: Banks have living wills and complete stress tests, one must do this for the home budget); (8) Automate savings to create a freedom fund (Prof Note: I am typically not a fan of automation in finances); (9) Take steps to ensure you can return to work (Prof Note: ensure skills do to atrophy); (10) Address concerns with your boss before deciding to quit (Prof Note: Only if the person is not a “jerk” and is deserving of the chance to self-improve. When I left Columbia Gas (I left on good terms) in my exit interview the head of HR asked in the interview why all my responses were so positive as she knew I was unhappy. I said, “I think so little of management and the treatment of employees that I will NOT help improve the company. The company does not deserve the consideration until management is wholly terminated.” The head of HR ended my exit interview and thanked me for my time.); (11) Think twice before taking the easy way out (Prof Note: Always be mindful of mental health and the health of your dog upon arrival home.); (12) Question why you want to leave; (13) Build your network before quitting (Prof Note: I think there is to much focus on network and not enough focus on skills. Build skills!); (14) Stop making excuses if it is time to move on (Prof Note: Unlike the cat who has nine lives, the dog only has one!); (15) Let the lack of a safety net encourage you (Prof Note: If one is unable to build a safety net at one’s current employer, maybe one needs to change employers!); (16) Have faith in your ability to find a new job (Prof Note: Believe in yourselves…I do!)