Saturday, May 3, 2008
Interview marathon
On Monday, I will be interviewing for another position in the company. It will be my second time interviewing for an internal posting. I will have six 30 minute interviews with six different people. I personally know two of them. I haven't prepared much for the interview, but I will spend Sunday brushing up on my interview skills. I hope all goes well.
House hunting update
On Thursday, I saw five properties with a real estate agent. The agent wasn't the one I met and signed up with, but rather he was an associate of hers. He did not show properties that met my needs. I wanted move-in ready, and three of them were not. I only liked one property, but I wasn't into the price. I'd rate the property as an 8 out of 10.
Hopefully next time out things go better.
Hopefully next time out things go better.
Thursday, April 17, 2008
The hunt begins
On Tuesday, I called a real estate agent. I don't have any close friends as real estate agents so I turned to an unconventional source - the TV. I was watching "My First Home", and one story was featured in San Diego. They only mentioned the realtor's first name, so I googled "Melina + San Diego + real estate". First link was her blog, and another site revealed her picture so I could confirm it was her.
Melina put me in touch with her loan officer Amy. Amy asked for some financial info and performed my credit check. Based on my income and the minimum deposit that I could give, I am pre-qualified for $300,000, on a 30-year, fixed rate loan. I am submitting full financial documentation soon in order to find out the different loan options available to me as a first-time home buyer and depending if I decide to increase my deposit or not.
Right now I have mixed feelings. I feel relieved that I am getting started on the housing hunt. The hardest part was getting started and calling a real estate agent. Now I will embark on making the biggest purchase of my life to date. I hope the adventure is fun and rewarding. Wish me luck.
Melina put me in touch with her loan officer Amy. Amy asked for some financial info and performed my credit check. Based on my income and the minimum deposit that I could give, I am pre-qualified for $300,000, on a 30-year, fixed rate loan. I am submitting full financial documentation soon in order to find out the different loan options available to me as a first-time home buyer and depending if I decide to increase my deposit or not.
Right now I have mixed feelings. I feel relieved that I am getting started on the housing hunt. The hardest part was getting started and calling a real estate agent. Now I will embark on making the biggest purchase of my life to date. I hope the adventure is fun and rewarding. Wish me luck.
Thursday, April 3, 2008
Afternoon off
Sometimes it is nice to take some time off from work during the week. It a way to break everyday routine, especially for those months where the next day-off holiday is far away. Today, I took the afternoon off to go to the Padres game.
I knew well in advance I would take these hours off so there was no decrease of productivity at work. I worked for only 4 hours before leaving early, getting lunch, and headed to the game. The weather was perfect. The day started with overcast, but the sun was bright and shining for by game time and throughout the entire event. No better way to relax in San Diego than time in the sun.
The weekday afternoon games are great deals for the budget conscious because they have 2-for-1 pricing in certain sections. I got field level seats for only $20, that originally go for $40. Hot dogs, better known at Petco Park as Friar Franks, also have 2-for-1 pricing. That makes the price of a hot dog at reasonable street prices. But because I had lunch prior to the game, I didn't have my favorite baseball food.
In terms of minor details for the day, I met an old friend from high school that I haven't seen for 9 years. I was surprised we both recognized each other. Then during the game, one of my best friends sat in the same section as I did so I sent her a text message to turn around. I talked to her for a few innings before returning to my seat. And lastly, the Padres won to remain in the lead in the NL West.
It's too bad I don't have Fridays off, as the game would have been a good start for a 3 day weekend. Alas I have to go back to work tomorrow, but Friday should go by faster as I'll have something to talk about while they were at work. I'll also be looking forward to and plan my next afternoon Padres game sometime in May.
I knew well in advance I would take these hours off so there was no decrease of productivity at work. I worked for only 4 hours before leaving early, getting lunch, and headed to the game. The weather was perfect. The day started with overcast, but the sun was bright and shining for by game time and throughout the entire event. No better way to relax in San Diego than time in the sun.
The weekday afternoon games are great deals for the budget conscious because they have 2-for-1 pricing in certain sections. I got field level seats for only $20, that originally go for $40. Hot dogs, better known at Petco Park as Friar Franks, also have 2-for-1 pricing. That makes the price of a hot dog at reasonable street prices. But because I had lunch prior to the game, I didn't have my favorite baseball food.
In terms of minor details for the day, I met an old friend from high school that I haven't seen for 9 years. I was surprised we both recognized each other. Then during the game, one of my best friends sat in the same section as I did so I sent her a text message to turn around. I talked to her for a few innings before returning to my seat. And lastly, the Padres won to remain in the lead in the NL West.
It's too bad I don't have Fridays off, as the game would have been a good start for a 3 day weekend. Alas I have to go back to work tomorrow, but Friday should go by faster as I'll have something to talk about while they were at work. I'll also be looking forward to and plan my next afternoon Padres game sometime in May.
Tuesday, April 1, 2008
April Net Worth
Here is my net worth update for April.
Total Net Worth: $78,438.06
Total Assets: $83,138.56
- Banking: $16,771.78
- Investments: $66,366.78
Total Liabilities: $4,700.50
- Credit Cards: $4,700.50
My net worth grew 6.8% from March 1st. I attribute this fact to the rebound of the stock market after the Federal Reserves lowered interest rates to stimulate the economy. In addition, I received a bonus for my 2007 performance at work. It was equivalent to a 2 week paycheck, $2100 pre-tax.
One figure that does stand out is my liabilities decreased by 57%, from $10,904 to $4,701. I was carrying a credit card balance on a 0% APR promo, and because the offer was about to expire, I paid it off. I did not want to open another credit card with the same promo because I am maintaining my credit history as I enter the housing buying market.
Total Net Worth: $78,438.06
Total Assets: $83,138.56
- Banking: $16,771.78
- Investments: $66,366.78
Total Liabilities: $4,700.50
- Credit Cards: $4,700.50
My net worth grew 6.8% from March 1st. I attribute this fact to the rebound of the stock market after the Federal Reserves lowered interest rates to stimulate the economy. In addition, I received a bonus for my 2007 performance at work. It was equivalent to a 2 week paycheck, $2100 pre-tax.
One figure that does stand out is my liabilities decreased by 57%, from $10,904 to $4,701. I was carrying a credit card balance on a 0% APR promo, and because the offer was about to expire, I paid it off. I did not want to open another credit card with the same promo because I am maintaining my credit history as I enter the housing buying market.
Saturday, March 15, 2008
Lunch habits
Ever since I started working, I would buy lunch on site or go out for lunch. It was rare that I brought my lunch to work. For two summers in college, I worked at Sea World. I ate lunch on-site because my co-workers did. Buying lunch was the social thing to do. At my part-time job during college, I bought lunch because I felt I had the money to pay for the convenience of not bringing my own lunch to work. At my current company, I bought both breakfast and lunch for convenience. But what was the price of convenience?
When eating out, breakfast would cost anywhere from $1.50 to $5, with the average being around $3. When eating out, lunch would cost $4 to $10, the average being about $6. Each week, I would spend an average of $45.
Ever since December, I've been on a mission to save more, and I first targeted food, my biggest expense. I joined thegrocerygame.com which is site that combines grocery sales in addition to coupons for top savings. Sometimes items are even free. I usually spend about $30 a week on groceries, and that not only covers my food for just working hours, but for every meal and snack for 7 days.
Buying groceries and bringing my lunch to work saves me $15 a week, or $780 a year. Besides the money savings, I also save time and make my life more convenient. When I bought lunch went out, I had to drive somewhere, find parking, wait in line to order, eat, then drive back. The gas is not free so driving costs me money. When I ate at the on-site cafeteria, I had to walk to another building, look around for something to eat, wait in line, wait for my food to be prepared, and wait to purchase my food before I can finally eat. The whole process for buying lunch could take an hour. When I brought my lunch to work, it takes maybe 5 minutes to prepare my food if I had to use the toaster oven or microwave, and I would not have to deal with waiting in lines, wasting gas, and wasting time. I would only spend 10 minutes preparing my lunch the night before but I had the convenience to do that at any time. So the "convenience" of fast food and paying others to prepare my food wasn't really all that convenient after all.
One last area of savings of groceries purchases versus eating out was credit card rebates. When I would eat out, I used the Chase Freedom Visa, which would give me 3% cash back. When I shop with groceries, I would use my American Express Blue Cash, which would give me 5% cash back.
By buying items according to thegrocerygame.com, my groceries vary from week to week which forces me to try new buy familiar foods. I even the the equivalent of fast food places for cheaper. My favorite sandwich at Quiznos was the Turkey, Bacon, Gaucamole, better known as the TBG. I make the exact same thing with their same ingredients: whole wheat bread, deli turkey, bacon, guacamole, mozzarella cheese. I even toast it using the toaster oven at work to get the same crispy texture. My only regret for bringing my lunch to work is that I didn't do this sooner. I would have saved thousands over the last few years.
When eating out, breakfast would cost anywhere from $1.50 to $5, with the average being around $3. When eating out, lunch would cost $4 to $10, the average being about $6. Each week, I would spend an average of $45.
Ever since December, I've been on a mission to save more, and I first targeted food, my biggest expense. I joined thegrocerygame.com which is site that combines grocery sales in addition to coupons for top savings. Sometimes items are even free. I usually spend about $30 a week on groceries, and that not only covers my food for just working hours, but for every meal and snack for 7 days.
Buying groceries and bringing my lunch to work saves me $15 a week, or $780 a year. Besides the money savings, I also save time and make my life more convenient. When I bought lunch went out, I had to drive somewhere, find parking, wait in line to order, eat, then drive back. The gas is not free so driving costs me money. When I ate at the on-site cafeteria, I had to walk to another building, look around for something to eat, wait in line, wait for my food to be prepared, and wait to purchase my food before I can finally eat. The whole process for buying lunch could take an hour. When I brought my lunch to work, it takes maybe 5 minutes to prepare my food if I had to use the toaster oven or microwave, and I would not have to deal with waiting in lines, wasting gas, and wasting time. I would only spend 10 minutes preparing my lunch the night before but I had the convenience to do that at any time. So the "convenience" of fast food and paying others to prepare my food wasn't really all that convenient after all.
One last area of savings of groceries purchases versus eating out was credit card rebates. When I would eat out, I used the Chase Freedom Visa, which would give me 3% cash back. When I shop with groceries, I would use my American Express Blue Cash, which would give me 5% cash back.
By buying items according to thegrocerygame.com, my groceries vary from week to week which forces me to try new buy familiar foods. I even the the equivalent of fast food places for cheaper. My favorite sandwich at Quiznos was the Turkey, Bacon, Gaucamole, better known as the TBG. I make the exact same thing with their same ingredients: whole wheat bread, deli turkey, bacon, guacamole, mozzarella cheese. I even toast it using the toaster oven at work to get the same crispy texture. My only regret for bringing my lunch to work is that I didn't do this sooner. I would have saved thousands over the last few years.
Monday, March 10, 2008
Yearly review, annual raise, and bonus
Today at work, I had my annual performance review. It's a review of my performance as it relates to goals and milestones I established for 2007. The performance is weighted by several categories. 70% of the performance is related to meeting defined goals. 15% of the performance is related to job specific competencies. The last 15% of the performance is related to core competencies as it relates to our company's vision and quality goal. Within each of those categories are more specific sub-categories, but I will not go into those.
For each sub-category, I am given a rating by my manager. It can be one of the following: met expectations, exceeded expectations, needs improvement, or no feedback. Based on a scale of 4.0, I would receive a 3 for every category that met expectations. Therefore 4 means I exceeded expectations and a 2 means I need to improve in the area. Overall, I exceeded expectations in 5 categories, met expectations in 12 categories, and needed improvement in 1 category. Overall, I received a weighted score of 3.22 out of 4.
So what do those numbers mean anyways? Well those numbers directly affect my annual raise and bonus. Each year, the company sets a new baseline percentage that is standard raise if someone met expectations for every category. So, if they set the baseline raise percentage to be 5%, someone who received a weighted score of 3 would receive a 5% raise. A higher weighted score would receive a higher raise than 5%, and a lower weighted score would receive a raise lower than 5%. This year, the baseline was set at 4%, which is lower than previous year. Coupled with my 3.22 weighted score, I had an effective raise of 4.3% to go into effect later this month.
There are three factors in determining the annual bonus. They are individual performance, company performance, and bonus target percentage. Individual performance is taken from the weighted score. Company performance is similar to calculating the goal category for individuals. Bonus target percentage is the percentage of last year's salary that I can receive as a bonus if everything else met expectations. So if my bonus target percentage is 5%, I have the opportunity to make 5% of last year's salary as a bonus.
The bonus target percentage is differs for each position in the company. The breakdown is as followed:
15% - Directors and above
5% - Managers
3% - Supervisors and below
The equation is calculate bonus is complicated to explain, but for simplicity, the equation to calculate the bonus equals (individual performance) x (company performance) x (bonus target percentage).
I fall into the 3% category, so coupled with my weighted score of 3.22 and a company performance of 133%, I am receiving a target bonus equal to 4.2% of my salary last year.
In terms of actual dollars, my salary is now $51.8k, up from $49.6k, and my annual bonus is $2.1k. I'm not that happy with the actual numbers, but until I'm 100% vested in my 401(k), I will stick with my current company. I will try to find a higher paid internal position, but if that does not happen, I will look for career opportunities elsewhere.
For each sub-category, I am given a rating by my manager. It can be one of the following: met expectations, exceeded expectations, needs improvement, or no feedback. Based on a scale of 4.0, I would receive a 3 for every category that met expectations. Therefore 4 means I exceeded expectations and a 2 means I need to improve in the area. Overall, I exceeded expectations in 5 categories, met expectations in 12 categories, and needed improvement in 1 category. Overall, I received a weighted score of 3.22 out of 4.
So what do those numbers mean anyways? Well those numbers directly affect my annual raise and bonus. Each year, the company sets a new baseline percentage that is standard raise if someone met expectations for every category. So, if they set the baseline raise percentage to be 5%, someone who received a weighted score of 3 would receive a 5% raise. A higher weighted score would receive a higher raise than 5%, and a lower weighted score would receive a raise lower than 5%. This year, the baseline was set at 4%, which is lower than previous year. Coupled with my 3.22 weighted score, I had an effective raise of 4.3% to go into effect later this month.
There are three factors in determining the annual bonus. They are individual performance, company performance, and bonus target percentage. Individual performance is taken from the weighted score. Company performance is similar to calculating the goal category for individuals. Bonus target percentage is the percentage of last year's salary that I can receive as a bonus if everything else met expectations. So if my bonus target percentage is 5%, I have the opportunity to make 5% of last year's salary as a bonus.
The bonus target percentage is differs for each position in the company. The breakdown is as followed:
15% - Directors and above
5% - Managers
3% - Supervisors and below
The equation is calculate bonus is complicated to explain, but for simplicity, the equation to calculate the bonus equals (individual performance) x (company performance) x (bonus target percentage).
I fall into the 3% category, so coupled with my weighted score of 3.22 and a company performance of 133%, I am receiving a target bonus equal to 4.2% of my salary last year.
In terms of actual dollars, my salary is now $51.8k, up from $49.6k, and my annual bonus is $2.1k. I'm not that happy with the actual numbers, but until I'm 100% vested in my 401(k), I will stick with my current company. I will try to find a higher paid internal position, but if that does not happen, I will look for career opportunities elsewhere.
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