How to buy a car in 2 days

Last month I embarked on the car buying journey. Like any newly minted MBA graduate, I came prepared and ready to negotiate.

My criteria were pretty straight forward: small, four-door, hatchback, excellent gas mileage, reasonably priced.

Initially my boyfriend and I were going to buy the car together. We researched our options online...and also asked our Lyft driver for recommendations.

She suggested we download the app: TrueCar.  We did and we were super stoked about it at first. But, after a while the dealerships just bombard you with quotes.  If you have very specific criteria, this app can help you find the best dealer in the area. But, if you're more flexible and looking for the best deal, it's a little overwhelming.

All in all it helped in the research stage, because we could quickly get estimates on car prices throughout the Bay Area. However, we did not end up using it to make our final purchase.

The first day of actual car shopping was brutal...and not necessarily because of the dealerships. Mainly because when it came down to making a decision, we were not on the same page: I wanted automatic and my boyfriend wanted manual.

We would sit down with a sales guy having discussed our walk away point and our BATNA (best alternative to a negotiated agreement) beforehand. I would pull up my handy dandy spreadsheet. Here's a screenshot for reference (very useful for figuring out what package you want to negotiate):

[This spreadsheet will help you calculate monthly payments if that's most important to you, but also break down in total what you're paying in interest and principal. This helped me decide that I wanted to pay more now, so I have less interest to pay all together.]

But, then we wouldn't be able to commit because we couldn't get the price we were targeting. Now our target was pretty low for the type of car and features we wanted.

On the first day we passed by a used 2011 Ford Fiesta for $10,899 that caught my eye because it was in great condition and well priced. Finally, when we couldn't come to an agreement on the new ford cars, I decided to go for the used car on my own if I could negotiate a lower price, which I did!

So to recap, in order to buy a car in 2 days: do thorough research beforehand, figure out your budget, and commit.

So many styles, so many fashion startups that want to help you

Thinking about renewing your wardrobe...But, don't know where to start?

In SF there are quite the slew of different fashion startups aiming to improve and renew your wardrobe while saving you money and time.  I decided it's time to take a close look at some of these offers.

Here's the first four that came to my mind:

• Style Lend - "Borrow and lend designer dresses with local fashionistas" 
• Own the Runway - "Best friend with a much bigger closet"

• Le Tote - "Netflix of fashion"

• Stich Fix - "Online personalized styling service for women" 

Here's the differentiation: 

	Offering	Subscription /Lending Model	Pricing
	Concierge service. Pick dresses, stylist comes to you with your selections and extras, keep for one week, return.	Rent for one week Actually lend from a designer dress owner	About 1/4 of retail price
	Find it. Book it. Wear it. Return it. Sales Stores	Different rental times (4, 8 days), New Beta tests: 1. Netflix DVD style - keep 3 return pieces when you want new ones from your queue 2. Yearly subscription - free insurance & shipping	About 1/4 of the retail price, almost double for longer rent time Subscription: $30/yr
	Unlimited looks	Different pieces every month Option to buy pieces you want to keep	$19.99/month - statement accessories $49.99/month - garments and accessory mix Free shipping
	1. Create your style profile 2. Get 5 handpicked items 3. Keep what you like send the rest back	At the time your stylist selects your items on a date you choose, you will be charged a $20 styling fee. That $20 will be applied as a credit toward anything you keep from your shipment.	$20 per styling

International Negotiations: My favorite B school class

It's the beginning of Module D; the beginning of my international negotiations class and the Action Project.  Not only am I starting new classes and project in school, but I'm starting them in a completely foreign to me place: Shanghai. The international negotiations class has been quite eye-opening.  How has it taken me this long to learn about negotiation techniques when I could be putting them into practice every day?? Well if you're thinking the same thing right now, here are three lessons that stood out so far.

First Lesson: Be prepared.
The best way to prevent walking away screwed over is to be prepared.  Figure out what the target price is, how far you’ll go, your walk-away point and your BATNA. To get to this point, you need to do some research and ask a lot of questions. This tip reminds me of the point made in class called “Save face” – the Chinese expression for “ask questions,” be curious. Especially when you’re with another person, it’s really helpful for both people to understand how far you’re willing to go.

Second Lesson: Be Knowledgable.
This lesson may seem VERY obvious, but it is valid. It’s hard to be a strong, confident, successful negotiator when you do not know or understand the terms and value of the item or issue being negotiated. For example, I now know I should do a lot more research on the products I’m interested in before I even enter the market. With this understanding I will be able to assess the value of the item on my own. I will not have to rely on others to tell me if something is a good deal or highly valuable.

Third Lesson: Be reasonable.

This lesson definitely resonated the most.  After two classes, reading and plenty of in class practice, my friends and I decided to check out the famous fake market. WHAT AN EXPERIENCE! The last stall we stopped at, we told the guy that we wanted "big, nice bags." We follow him up a maze of escalators, elevators, and hallways until we reach a dark, hot room.  Since this was highly secretive the sales people did not want us in there for too long. I found two designer bags; a simple tote and a beautifully made leather bag, and I offer a price - 200 RMB (knowing very well that this was too low, but thinking it couldn’t hurt to start low).  She looks at me, mutters, takes the bags from me, and puts them back.  Then she tells us to leave.   

I was shocked, stunned. No counter offer? No negotiating? After reflecting on the incident, I realize there could be many reasons she was annoyed.  But, I did learn that it’s important to be reasonable! Negotiate within an agreeable zone.  If you’re the first to make an offer, be very thoughtful about the anchor. You will show respect, understanding, and smarts when you negotiate reasonable and thus, you're much more likely to come to an agreement.   

My take-away from this experience is that anything can happen in a negotiation, there’s a lot of acting involved, and one shouldn’t take things personally! I need to remember to separate myself from my interests, reduce the possibility of being caught off guard by being prepared, and understand the situation. 

Our recommended reading for preparation for the course was Getting to Yes by Roger Fisher.  

It's a great, quick, to the point read.  From there, it's practice, practice, practice!

Productivity Please!

As I am nearing the end of Module C (3/4 of the way through my MBA) I have come to really appreciate time management skills.  Thankfully, I'm a naturally organized person who likes to plan. ;) However, even us planners can use some help managing a full plate. Recently there have been quite a few articles about new productivity and time management apps on the market.

Personally, finding the time to use some of the time management tools is hard enough! But, I do have some favorites:

• Evernote.  I love this app for note taking. It's the best way to keep notes organized.  It's not only easy, because you can quickly tag your notes with corresponding key words so you can easily find them later, but you can easily share them by turning them into PDFs or via your social media networks. 
• Google Calendar. At this point, I wouldn't be able to operate effectively without my calendar. The best is when you can have different calendars and share your calendar with colleagues or classmates.  Calendaring is the best way to manage time.  When I'm feeling in despair, like the projects and tasks are piling up on me, I pull out my calendar.  Getting the calendar out and physically typing in and allocating time for each task helps me feel like I can take control and successfully achieve everything I need to. 
• Google Drive & Add-Ons.  While I haven't used all of the cool add-ons Google Drive has, I think they are really useful.  There's one add-on that enables you to send faxes through your google docs.  Preeet.t.y cool!  You can also easily create process flows and diagrams and use their templates for invoices, business plans, financial statements, etc.

I got inspired to inspect my productivity, evaluate the current tools I use, and explore some new ones after reading Fast Company's articles on productive people.  As I check out new tools, I'll update this post with some new tips.

Experimenting with penny stocks

NASDAQ:JOEZ

A couple months ago I (specifically, when money from my 403(b) rolled over) I decided to invest in a penny stock. I wanted to see if it is actually possible to "make a quick buck" on penny stocks. So I bought 100 stocks of JOEZ. Joe's jeans is a high end jeans brand that is mainly sold in department stores, but also has its own stores. Within the high end jean collection, they are a popular purchase.

I read up on them, discovering the website seeking alpha in the process. They had just undergone a merger with Hudson Jeans, which seemed to me like a positive step (Hudson jeans are also very popular in the high-end jeans market). Well long story short, I haven't gained a penny yet.  My losses aren't huge either, but it is still disappointing!

After making this investment and seeing it do miserably I decided to do some more research on penny stocks (sometimes I like to do things backwards). 

After checking a couple websites, I have 3 main lessons learned:

1. Penny stocks are extra risky

2. Penny stocks often have a different status

3. Penny stocks can be deceiving

1. Penny stocks are risky

Wikihow has a great 12 step process for investing in penny stocks and the first step is about knowing the risks.  Penny stocks are risky because of a couple different reasons. First, there is generally a lack of information about the stock. Many penny stocks are not traded on the stock exchange meaning they don't have to file with the SEC and thus, do not need to follow the guidelines and restrictions of trading on the stock exchange. Lastly, penny stocks can be harder to sell; they are less liquid because there is the chance you won't find a buyer at your asking price for them.

2. Penny stocks often have a different status
As I mentioned before, some penny stocks are not traded on the stock exchange. They are most likely OCT (over the counter) stocks. These stocks do not adhere to the same regulations as regularly traded stocks.  Also, look at the history or the stock and signs of instability.  According to wikihow, "Look for delisting or signs of decay in more established penny stocks."

3.  Penny stocks can be deceiving
Since OTC stocks are not government regulated, you have to be your own regulator.  When researching a penny stock, be critical. Don't believe everything the press says. Go to the financials if they're available and do your own research.  Wikihow explains that one way fraudsters try to make money is by investing heavily in a stock and hyping it up, convincing novice investors the stock is a winner.  This deceit is one of many reasons you need to be careful.

For more information, especially regarding penny stock investing strategy, I recommend checking out the wikihow article. Another good resource is Investopedia's Lowdown on Penny Stocks.

Money Values: never regret a splurge ever again

A while back I created a page about things I splurge on.  But then I thought it would be just as important to delineate things I don't splurge on.  After all this is a money blog and I focus on wise spending.  Everyone has different money values, and there is no way I would tell someone what exactly they should spend their hard earned cash on.  But, remember that you can and should draw a line between splurges on random stuff and smart spending based on your values.  This will help you spend wisely and stop regretting those impulse buys (you may even have less!).

Write down your budget categories or "money values" on a piece of paper or take these "money values" and rank them:

• Entertainment 
• Outdoor Activities/Sports
• Social/Friends 
• Family/Significant Other
• Pets
• Clothes/Accessories
• Personcal Care/Spa
• Accommodations/Living Space
• Retirement & Savings
• Travel
• Education
• Philanthropy

Another version of this exercise is given in the book "Putting money in its place" by Ken Rouse, using these key words:

• Achievement
• Adventure
• Aesthetics and culture
• Authority/Power
• Financial security
• Friendship/Love
• Health
• Independence
• Integrity
• Philanthropy
• Recreation
• Service
• Spiritual growth
• Wisdom
• Work

Either way pick 5-10 and rank them. Use this information to guide future purchasing decisions! It's as simple as that!

Personally, that ranking translates to my drawing a line and deciding to spend less on these items:

• Personal care (make-up, massages, etc.)
• Basics (Clothes)
• Food / Dining out
• TV
• Concerts

because these items don't reflect my money values.  I'd rather spend money on anything social (making new friends, hanging out with old friends, going out), traveling, and a tiny bit of learning! Though on occasion I spend money on probably all the categories - that's why it's a ranking.

Of course money values change, just like people change as they grow older.  So revisit when necessary!

Spending money on a concert of sorts, but it was cheap and it counts as "hanging out with old friends"

I spent allll my savings

So it's been a year since I wrote a blog post...time flies I tell you. What have I been doing this whole time? Well work got crazy busy, I saved a lot of $, and then I decided to go to grad school...

Now I'm 3 weeks into grad school getting my MBA and I want to document this experience and regurgitate all the great lessons I'm learning inside and outside the classroom. Of course I'll keep this as money related as possible.

First lesson: quitting your job and going back to school means being poor. very poor.  And, I need to get used to it. All that savings slowly shrinking away.  The good thing is, tuition is paid and I only owe my mother a fraction of the total tuition.  Somehow through my AmeriCorps stipend, my IDA savings, my regular savings, a scholarship and a little bonus from my aunt I managed to bring the tuition down dramatically.  However, now I'm attending school in one of the most expensive cities in the world with no income and not a lot of savings.  My solution: learn how to invest over night and generate tons income. I can do it, right? ;)