AI transcript
0:00:03 Support for Prop 3 comes from Viori.
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0:01:46 Welcome to Office Hours with PropG.
0:01:48 This is the part of the show where we answer your questions
0:01:51 about business, big tech, entrepreneurship and whatever else is on your mind.
0:01:55 If you’d like to submit a question, please email a voice recording
0:01:57 to officehours@propgmedia.com.
0:01:59 Again, that’s officehours@propgmedia.com.
0:02:01 So with that, first question.
0:02:07 Scott, hey, long time listener, my name is Doug.
0:02:10 I’m an environmental consultant and I work on biodiversity
0:02:12 and climate change issues across the U.S.,
0:02:15 often involving public-private partnerships.
0:02:17 I really appreciate your recent comments with regard to the interaction
0:02:24 between businesses and politics and how unequal society has become.
0:02:27 I’m wondering, is there a way for a business leader such as yourself
0:02:31 to get together and work to reverse Citizens United
0:02:35 to provide some rational guardrails on campaign finance?
0:02:38 Maybe you can call yourselves the SuperFriends.
0:02:39 Thanks so much.
0:02:41 Ah, the SuperFriends, I like that.
0:02:45 If I were a superhero, I think my power would be, what is my power?
0:02:49 I don’t know, the ability to pee three or four times in any given evening.
0:02:52 It’s like I wake up and I don’t even think, oh, why am I waking up?
0:02:53 I know I’m waking up.
0:02:57 It’s my bladder going, hey, your prostate’s the size of a fucking grapefruit.
0:03:00 And it says it’s time to pee, even if it’s not time to pee.
0:03:01 Anyway, isn’t that exciting?
0:03:03 Isn’t that why you come here?
0:03:07 So Citizens United, you could argue if you were to reverse engineer
0:03:11 a lot of the problems we have, it’s, well, OK, it’s that we send crazies.
0:03:14 The majority of people in America now identify as independent
0:03:18 or somewhere in the middle on most issues and kind of think, OK, we can,
0:03:21 we can accommodate both sides and sort of come to some sort of agreement.
0:03:24 Instead, we send far left crazies and far right crazies.
0:03:27 In addition, because the incumbents can raise a lot more money
0:03:31 and because there’s no caps on how much money they can raise,
0:03:32 it creates more and more incumbency.
0:03:35 And not only that, corporations are now considered people
0:03:41 or money is considered voice and free speech, such that if you’re the pharmaceutical lobby
0:03:44 and you want to give a bunch of money to a candidate or a better yet,
0:03:48 the private equity lobby and you give $800,000 to Senator Kristen Sinema
0:03:51 such that she is a holdout and says, I won’t pass.
0:03:53 I’ll be the swing vote against the infrastructure bill
0:03:56 unless you pull out this loophole such that some of the wealthiest people in the world,
0:04:00 private equity billionaires, maintain carried interest loophole
0:04:03 where they get long term capital gains or they get a lower tax rate
0:04:04 on what is essentially a commission.
0:04:08 Whereas if you sell a car and get a commission, you pay a much higher tax rate.
0:04:11 This is nothing but pure grift for the rich that has been weaponized.
0:04:14 So unless we put some sort of campaign finance limits on this
0:04:18 and de-jarring manner these districts, it’s just not going to get better.
0:04:22 There’s other things you could do, rank choice voting, final five,
0:04:26 where it’s not just the crazies, it’s people who across the spectrum.
0:04:29 Lisa Murkowski is a fantastic moderate center from Alaska.
0:04:32 Why? Because they have final five voting in Alaska
0:04:35 where everybody votes for the first, second, third and fourth candidate.
0:04:39 And they get the lower ones get kicked out and the other ones get votes.
0:04:42 So you end up with the moderates have a shot, if you will.
0:04:45 And it was back to Citizens United following the 2010 Citizens United ruling,
0:04:50 which allowed corporations and unions to spend unlimited money on political campaigns.
0:04:52 Independent political spending surged.
0:04:55 Over the past decade, election related spending by non-party independent groups
0:04:59 skyrocketed to get this four and a half billion dollars
0:05:02 compared to just 750 million 20 years prior.
0:05:03 So it’s up about six fold.
0:05:06 Additionally, political campaigns are now spending more than ever.
0:05:08 Between the presidential and congressional races,
0:05:12 American political candidates spent a total of 16 billion dollars
0:05:14 this past election cycle.
0:05:18 The overwhelming impact of Citizens United could be addressed in a few ways.
0:05:20 The Supreme Court could revisit the decision.
0:05:22 Good luck with that.
0:05:25 Pongas could propose a new amendment to limit corporate political spending,
0:05:27 but the majority of them are such whores.
0:05:30 Why would they want to shut off the spicket, right?
0:05:32 Congress could pass laws to increase funding transparency
0:05:35 and cut off communication between campaigns and super PACs.
0:05:37 We need to work around here.
0:05:40 If the Supreme Court isn’t going to overturn Citizens United,
0:05:46 we’re going to have to come up with a bunch of hacks such that money gets out of DC.
0:05:49 Because if you look at the fact that we pay twice as much
0:05:54 as any other G7 nation for healthcare, despite the fact we have lower life expectancy,
0:05:57 higher infant mortality, higher rates of obesity,
0:06:02 you can directly go to the weaponization of our elected representatives by money
0:06:07 from pharmaceutical, the health industrial complex, hospital systems, et cetera.
0:06:10 So money in politics has been a real cancer.
0:06:13 And I think your question is the correct one.
0:06:19 Last night, I watched Senator Michael Bennett give what I thought was just an outstanding grilling
0:06:22 of RFK Jr., who’s up for health and human services.
0:06:22 Oh, that’s a good idea.
0:06:27 Let’s have an anti-vax conspiracy theorist decide the healthcare of our children.
0:06:28 That makes sense.
0:06:29 That makes sense.
0:06:32 Anyways, the way I express affection or support for somebody is I send them money.
0:06:35 So today I’m going to send money to Senator Michael Bennett.
0:06:39 And that is, I realize I’m part of the problem, but at a minimum,
0:06:44 if they’re going to fire bazookas at us, I’m going to get a javelin missile or whatever they call it.
0:06:46 Anyways, thanks for the question.
0:06:48 Question number two.
0:06:50 Hi, Professor Galloway.
0:06:52 My name is Pete from DC.
0:06:57 My question is about how to ask for a raise and if it’s always appropriate to do so.
0:07:01 I’m an account executive for a medium-sized tech company and had a decent 2024,
0:07:04 exceeding my quota by about 30%.
0:07:07 I’d like to ask for a raise because who doesn’t like or need more money.
0:07:11 But I’d be interested in hearing about times when people ask you for raises,
0:07:14 both when they’ve done it effectively and when they’ve done it ineffectively.
0:07:16 Thank you.
0:07:17 I think this is a tough one.
0:07:25 So one, I think that in a pre-interview, typically a good firm will ask you to review yourself
0:07:28 and you will have access to management throughout the year.
0:07:32 I think it’s okay to constantly check in and say, or not constantly,
0:07:34 we’re regularly checking and say, how am I doing?
0:07:36 These are my goals for the year.
0:07:38 I feel as if I’m hitting them.
0:07:43 And then when you typically come in for compensation once at the end of the year,
0:07:44 they’ll give you the number.
0:07:49 And I think it’s okay to ask questions about the number and also to express disappointment
0:07:53 and say, I don’t feel as if I’m getting the type of compensation I’d hope for
0:07:56 or nowhere’s warranted by my performance.
0:07:59 Now, typically expressing that sort of disappointment won’t result.
0:08:03 I never change bonuses or decisions around raises.
0:08:07 And I tell my employees, these decisions only happen once a year.
0:08:10 Otherwise, there’s a line in my office of people every two months thinking,
0:08:11 oh, I just did a good job.
0:08:13 I’m going to go in and ask for a raise or a promotion.
0:08:16 So these discussions need to happen once a year.
0:08:20 I think what’s helpful is if you have senior level sponsorship in the organization,
0:08:23 it’s just to be very transparent saying, I’m looking to make more money here.
0:08:26 What do you think I can do?
0:08:26 How am I doing?
0:08:30 And also just to be honest with your direct report, your boss saying,
0:08:31 you know, I’m ambitious.
0:08:32 I want to make more money.
0:08:33 I want to be promoted.
0:08:35 What do you think I need to do to get there?
0:08:39 Instead of saying, I want more money, saying, what do you think I need to do
0:08:46 to increase the likelihood that I’ll be promoted or register an increase in compensation?
0:08:51 And if you don’t get the compensation you want, I think it’s okay to say, I’m disappointed.
0:08:52 I was expecting more.
0:08:53 I was hoping for more.
0:08:57 Also at the end of the day, and there’s evidence that shows this,
0:09:01 the people who typically make more money on average are people who switch jobs every three
0:09:03 to five years because this is the issue with employers.
0:09:08 You have a tendency to see employees through the lens through which they were hired.
0:09:11 And that is we romanticize strangers.
0:09:16 We had an editor in chief who I have been working with since he was 22, 25 years ago.
0:09:25 And I see him as Jason, the recent Yale grad who I was paying $60,000 a year to in 1995 or ’98.
0:09:30 And I realize now, no, he’s a 40-something-year-old man who is very talented and should be making,
0:09:33 you know, two, $300,000 a year.
0:09:35 But I still see him as Jason.
0:09:39 And the folks who leave typically take advantage of this,
0:09:42 how attracted we are to strangers, if you will.
0:09:47 So if you really don’t feel like you’re getting good compensation or being fairly treated,
0:09:52 I would talk to your mentor or your boss there saying, “Yeah, I was unhappy with my compensation.”
0:09:56 But at the end of the day, if you really are unhappy with your compensation
0:10:00 and don’t feel as if they’re likely to change it,
0:10:03 quite frankly, the easiest way to increase your compensation if you are in fact being underpaid
0:10:07 is to let the market decide and go out and try and find another job.
0:10:15 And what I did every three to five years at NYU is I would get an offer from a competitor institution
0:10:19 and then I would go back and say, “Full transparency, I don’t want to leave NYU,
0:10:24 but according to whoever, Cornell or Columbia or Wharton, I’m worth this.
0:10:27 I need you to match it. That appears to be my market rate.”
0:10:31 And quite frankly, had I not gone in and said, “You have to develop your own currency.
0:10:32 My currency was putting butts in seats.
0:10:37 My course quickly became one of the most popular courses in the marketing department and in the school.
0:10:40 And I would go in and say, I need more money or I would do a market check.
0:10:41 So what are we going to do?
0:10:45 We’re going to check in with our boss and see how you’re doing.
0:10:51 You’re going to lay out your expectations and say or your desires that you want to get promoted
0:10:53 and you want an increase in salary and ask for advice.
0:10:55 How can I make sure I’m tracking for that?
0:11:00 And if you don’t get the compensation of the promotion in a very thoughtful, civilized way,
0:11:02 so I got to be honest, I’m disappointed.
0:11:05 And at the end of the day, you have to show a willingness to leave
0:11:09 and that is start doing a market check if you feel you’re being unfairly compensated.
0:11:11 Appreciate the question.
0:11:14 We have one quick break before our final question.
0:11:15 Stay with us.
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0:14:48 Welcome back, question number three.
0:14:51 Hello, Scott. I’m David from Mexico.
0:14:54 I’m a longtime listener and have learned a lot through the path
0:14:55 and your books.
0:14:56 Thank you for that.
0:14:59 I am 30 years old, currently living in Monterrey,
0:15:01 expanding the family construction business.
0:15:04 My wife and I did marriage in 2023,
0:15:07 and I’m currently enjoying our time as a couple.
0:15:11 We honestly have a great relationship and have been together for 10 years.
0:15:16 Lately, we have started to discuss the best timing of when to have kids.
0:15:20 We are both working in good and stable jobs,
0:15:23 living a good life and have been saving and investing,
0:15:25 but I know means have our future secured.
0:15:28 She prefers sooner rather than later,
0:15:30 while I prefer to wait a little bit longer
0:15:33 and prioritize our economic security and time as a couple.
0:15:37 What are your thoughts about when to have children?
0:15:39 What are some factors we should consider in our decision?
0:15:42 And is there any advice you could give us?
0:15:44 I would really appreciate your opinion.
0:15:45 Thank you.
0:15:49 David from Mexico, this is such a personal decision,
0:15:52 so you should take everything I say with a grain of salt,
0:15:53 because I’m going to tell you kind of my way,
0:15:55 but that doesn’t necessarily mean it’s the right way.
0:15:59 I think these, at the end of the day, are decisions that you, your wife,
0:16:02 and quite frankly, your sperm and her eggs,
0:16:04 because sometimes it’s just not easy to get pregnant,
0:16:05 and sometimes it’s super easy.
0:16:08 By the way, probably under the auspices of TMI,
0:16:12 my girlfriend and I decided I didn’t want to have kids,
0:16:16 and she said, “Well, I have to have kids,
0:16:17 otherwise we can’t be together.”
0:16:18 And I said, “Well, I don’t want to get married.”
0:16:20 And she called my bluff and said, “I don’t need to get married to have kids.”
0:16:23 So we pulled the goalie and started having unprotected sex.
0:16:29 Oh my god, and literally, I’ve had two kind of, I don’t know what you’ll call it,
0:16:32 surreal, mystical things happen to me.
0:16:34 One, four months after my mom passed away, she came to me,
0:16:36 and it was so real.
0:16:37 It just felt real, and she said,
0:16:40 “I just want you to know I’m doing fine, and I love you.”
0:16:43 But it was so real, it felt, I don’t even have to explain it,
0:16:45 that’s the first one of two.
0:16:52 And the other one was, after my girlfriend and I had fornicated in Vegas,
0:16:57 at CES of all places, I went into the bathroom and I came out,
0:16:59 and I knew we had just conceived a son.
0:17:02 And I said to her, “We just conceived a son.”
0:17:07 And what do you know, you know, pregnancy tests, bright blue,
0:17:14 and now the purpose of my life and my biggest joy is my son who’s now 17,
0:17:18 and tied for that position as the son we had three years later.
0:17:22 It’s so funny, you spend your whole life trying not to get pregnant,
0:17:24 and then sometimes it’s not easy to get pregnant.
0:17:27 Anyways, not what you asked.
0:17:30 Look, I’m not sure there’s ever a perfect time to have kids.
0:17:36 I would argue that it’s very kind of base pillars you need in place.
0:17:40 One is, you have to have a partner that you think is competent,
0:17:45 and that you can see being with for the next 18 years at least.
0:17:49 Because once you have kids, you’re in each other’s lives for 18 years.
0:17:50 Even if you get divorced, you’re in each other’s lives.
0:17:53 Some semblance of economic security.
0:17:56 You don’t have to be rich, but not strained.
0:18:01 If you’re strained now, and you throw a kid into the mix, wow, that’s a lot of stress.
0:18:06 So having a little bit of economic security and some professional trajectory.
0:18:10 If you have those things, I would err on the side of doing it,
0:18:15 because there is never a perfect time to bring this little thing into your life
0:18:21 that’s going to demand constant attention, additional cost, and a lot of unknowns.
0:18:23 So there’s never a time when it’s like, okay, this is definitely the time.
0:18:28 And there really is an advantage, I think, to being a young parent.
0:18:30 Having said that, I had kids later.
0:18:31 It was nice to have some economic security.
0:18:33 I was a little bit more thoughtful.
0:18:35 Again, really personal decisions.
0:18:36 Do you have a support group around you?
0:18:40 Do you have family or young parents that could be involved in the kids’ lives?
0:18:45 One of my biggest blessings is that our in-laws are fairly young,
0:18:49 and they’ve played a hugely positive and supportive role in raising our children.
0:18:51 So that’s been a real factor.
0:18:53 So I think there are a variety of things.
0:18:56 But if you get to what I call 70% or 80%,
0:18:57 don’t let perfect be the enemy of good.
0:19:01 And what I mean by that is if you’re mostly kind of there,
0:19:04 then I would just go there and start procreating.
0:19:06 I just don’t think there’s ever a perfect time.
0:19:09 And I have found I was sort of wandering.
0:19:11 I don’t think you have to have kids to be happy.
0:19:14 I don’t think kids are the right decision for everybody.
0:19:21 But I know that for me, having kids has been the first time I’ve ever felt a sense of purpose.
0:19:23 So anyways, what am I saying?
0:19:24 Get on it.
0:19:26 Get on it.
0:19:27 Make sweet sweet love.
0:19:29 Procreate.
0:19:30 Have progeny.
0:19:30 That’s right.
0:19:31 Progeny.
0:19:32 That’s right.
0:19:34 Anyways, congratulations to you a nice time in your life.
0:19:38 That’s all for this episode.
0:19:39 If you’d like to submit a question,
0:19:42 please email a voice recording to officehours@propertymedia.com.
0:19:46 Again, that’s officehours@propertymedia.com.
0:19:57 This episode was produced by Jennifer Sanchez.
0:19:59 Our intern is Dan Chalon.
0:20:01 Drew Burroughs is our technical director.
0:20:05 Thank you for listening to the Proprety Pod from the Vox Media Podcast Network.
0:20:09 We will catch you on Saturday for No Mercino Mouse, as read by George Hahn.
0:20:13 And please follow our Prodigy Markets Pod wherever you get your pods
0:20:17 for new episodes every Monday and Thursday.
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0:01:46 Welcome to Office Hours with PropG.
0:01:48 This is the part of the show where we answer your questions
0:01:51 about business, big tech, entrepreneurship and whatever else is on your mind.
0:01:55 If you’d like to submit a question, please email a voice recording
0:01:57 to officehours@propgmedia.com.
0:01:59 Again, that’s officehours@propgmedia.com.
0:02:01 So with that, first question.
0:02:07 Scott, hey, long time listener, my name is Doug.
0:02:10 I’m an environmental consultant and I work on biodiversity
0:02:12 and climate change issues across the U.S.,
0:02:15 often involving public-private partnerships.
0:02:17 I really appreciate your recent comments with regard to the interaction
0:02:24 between businesses and politics and how unequal society has become.
0:02:27 I’m wondering, is there a way for a business leader such as yourself
0:02:31 to get together and work to reverse Citizens United
0:02:35 to provide some rational guardrails on campaign finance?
0:02:38 Maybe you can call yourselves the SuperFriends.
0:02:39 Thanks so much.
0:02:41 Ah, the SuperFriends, I like that.
0:02:45 If I were a superhero, I think my power would be, what is my power?
0:02:49 I don’t know, the ability to pee three or four times in any given evening.
0:02:52 It’s like I wake up and I don’t even think, oh, why am I waking up?
0:02:53 I know I’m waking up.
0:02:57 It’s my bladder going, hey, your prostate’s the size of a fucking grapefruit.
0:03:00 And it says it’s time to pee, even if it’s not time to pee.
0:03:01 Anyway, isn’t that exciting?
0:03:03 Isn’t that why you come here?
0:03:07 So Citizens United, you could argue if you were to reverse engineer
0:03:11 a lot of the problems we have, it’s, well, OK, it’s that we send crazies.
0:03:14 The majority of people in America now identify as independent
0:03:18 or somewhere in the middle on most issues and kind of think, OK, we can,
0:03:21 we can accommodate both sides and sort of come to some sort of agreement.
0:03:24 Instead, we send far left crazies and far right crazies.
0:03:27 In addition, because the incumbents can raise a lot more money
0:03:31 and because there’s no caps on how much money they can raise,
0:03:32 it creates more and more incumbency.
0:03:35 And not only that, corporations are now considered people
0:03:41 or money is considered voice and free speech, such that if you’re the pharmaceutical lobby
0:03:44 and you want to give a bunch of money to a candidate or a better yet,
0:03:48 the private equity lobby and you give $800,000 to Senator Kristen Sinema
0:03:51 such that she is a holdout and says, I won’t pass.
0:03:53 I’ll be the swing vote against the infrastructure bill
0:03:56 unless you pull out this loophole such that some of the wealthiest people in the world,
0:04:00 private equity billionaires, maintain carried interest loophole
0:04:03 where they get long term capital gains or they get a lower tax rate
0:04:04 on what is essentially a commission.
0:04:08 Whereas if you sell a car and get a commission, you pay a much higher tax rate.
0:04:11 This is nothing but pure grift for the rich that has been weaponized.
0:04:14 So unless we put some sort of campaign finance limits on this
0:04:18 and de-jarring manner these districts, it’s just not going to get better.
0:04:22 There’s other things you could do, rank choice voting, final five,
0:04:26 where it’s not just the crazies, it’s people who across the spectrum.
0:04:29 Lisa Murkowski is a fantastic moderate center from Alaska.
0:04:32 Why? Because they have final five voting in Alaska
0:04:35 where everybody votes for the first, second, third and fourth candidate.
0:04:39 And they get the lower ones get kicked out and the other ones get votes.
0:04:42 So you end up with the moderates have a shot, if you will.
0:04:45 And it was back to Citizens United following the 2010 Citizens United ruling,
0:04:50 which allowed corporations and unions to spend unlimited money on political campaigns.
0:04:52 Independent political spending surged.
0:04:55 Over the past decade, election related spending by non-party independent groups
0:04:59 skyrocketed to get this four and a half billion dollars
0:05:02 compared to just 750 million 20 years prior.
0:05:03 So it’s up about six fold.
0:05:06 Additionally, political campaigns are now spending more than ever.
0:05:08 Between the presidential and congressional races,
0:05:12 American political candidates spent a total of 16 billion dollars
0:05:14 this past election cycle.
0:05:18 The overwhelming impact of Citizens United could be addressed in a few ways.
0:05:20 The Supreme Court could revisit the decision.
0:05:22 Good luck with that.
0:05:25 Pongas could propose a new amendment to limit corporate political spending,
0:05:27 but the majority of them are such whores.
0:05:30 Why would they want to shut off the spicket, right?
0:05:32 Congress could pass laws to increase funding transparency
0:05:35 and cut off communication between campaigns and super PACs.
0:05:37 We need to work around here.
0:05:40 If the Supreme Court isn’t going to overturn Citizens United,
0:05:46 we’re going to have to come up with a bunch of hacks such that money gets out of DC.
0:05:49 Because if you look at the fact that we pay twice as much
0:05:54 as any other G7 nation for healthcare, despite the fact we have lower life expectancy,
0:05:57 higher infant mortality, higher rates of obesity,
0:06:02 you can directly go to the weaponization of our elected representatives by money
0:06:07 from pharmaceutical, the health industrial complex, hospital systems, et cetera.
0:06:10 So money in politics has been a real cancer.
0:06:13 And I think your question is the correct one.
0:06:19 Last night, I watched Senator Michael Bennett give what I thought was just an outstanding grilling
0:06:22 of RFK Jr., who’s up for health and human services.
0:06:22 Oh, that’s a good idea.
0:06:27 Let’s have an anti-vax conspiracy theorist decide the healthcare of our children.
0:06:28 That makes sense.
0:06:29 That makes sense.
0:06:32 Anyways, the way I express affection or support for somebody is I send them money.
0:06:35 So today I’m going to send money to Senator Michael Bennett.
0:06:39 And that is, I realize I’m part of the problem, but at a minimum,
0:06:44 if they’re going to fire bazookas at us, I’m going to get a javelin missile or whatever they call it.
0:06:46 Anyways, thanks for the question.
0:06:48 Question number two.
0:06:50 Hi, Professor Galloway.
0:06:52 My name is Pete from DC.
0:06:57 My question is about how to ask for a raise and if it’s always appropriate to do so.
0:07:01 I’m an account executive for a medium-sized tech company and had a decent 2024,
0:07:04 exceeding my quota by about 30%.
0:07:07 I’d like to ask for a raise because who doesn’t like or need more money.
0:07:11 But I’d be interested in hearing about times when people ask you for raises,
0:07:14 both when they’ve done it effectively and when they’ve done it ineffectively.
0:07:16 Thank you.
0:07:17 I think this is a tough one.
0:07:25 So one, I think that in a pre-interview, typically a good firm will ask you to review yourself
0:07:28 and you will have access to management throughout the year.
0:07:32 I think it’s okay to constantly check in and say, or not constantly,
0:07:34 we’re regularly checking and say, how am I doing?
0:07:36 These are my goals for the year.
0:07:38 I feel as if I’m hitting them.
0:07:43 And then when you typically come in for compensation once at the end of the year,
0:07:44 they’ll give you the number.
0:07:49 And I think it’s okay to ask questions about the number and also to express disappointment
0:07:53 and say, I don’t feel as if I’m getting the type of compensation I’d hope for
0:07:56 or nowhere’s warranted by my performance.
0:07:59 Now, typically expressing that sort of disappointment won’t result.
0:08:03 I never change bonuses or decisions around raises.
0:08:07 And I tell my employees, these decisions only happen once a year.
0:08:10 Otherwise, there’s a line in my office of people every two months thinking,
0:08:11 oh, I just did a good job.
0:08:13 I’m going to go in and ask for a raise or a promotion.
0:08:16 So these discussions need to happen once a year.
0:08:20 I think what’s helpful is if you have senior level sponsorship in the organization,
0:08:23 it’s just to be very transparent saying, I’m looking to make more money here.
0:08:26 What do you think I can do?
0:08:26 How am I doing?
0:08:30 And also just to be honest with your direct report, your boss saying,
0:08:31 you know, I’m ambitious.
0:08:32 I want to make more money.
0:08:33 I want to be promoted.
0:08:35 What do you think I need to do to get there?
0:08:39 Instead of saying, I want more money, saying, what do you think I need to do
0:08:46 to increase the likelihood that I’ll be promoted or register an increase in compensation?
0:08:51 And if you don’t get the compensation you want, I think it’s okay to say, I’m disappointed.
0:08:52 I was expecting more.
0:08:53 I was hoping for more.
0:08:57 Also at the end of the day, and there’s evidence that shows this,
0:09:01 the people who typically make more money on average are people who switch jobs every three
0:09:03 to five years because this is the issue with employers.
0:09:08 You have a tendency to see employees through the lens through which they were hired.
0:09:11 And that is we romanticize strangers.
0:09:16 We had an editor in chief who I have been working with since he was 22, 25 years ago.
0:09:25 And I see him as Jason, the recent Yale grad who I was paying $60,000 a year to in 1995 or ’98.
0:09:30 And I realize now, no, he’s a 40-something-year-old man who is very talented and should be making,
0:09:33 you know, two, $300,000 a year.
0:09:35 But I still see him as Jason.
0:09:39 And the folks who leave typically take advantage of this,
0:09:42 how attracted we are to strangers, if you will.
0:09:47 So if you really don’t feel like you’re getting good compensation or being fairly treated,
0:09:52 I would talk to your mentor or your boss there saying, “Yeah, I was unhappy with my compensation.”
0:09:56 But at the end of the day, if you really are unhappy with your compensation
0:10:00 and don’t feel as if they’re likely to change it,
0:10:03 quite frankly, the easiest way to increase your compensation if you are in fact being underpaid
0:10:07 is to let the market decide and go out and try and find another job.
0:10:15 And what I did every three to five years at NYU is I would get an offer from a competitor institution
0:10:19 and then I would go back and say, “Full transparency, I don’t want to leave NYU,
0:10:24 but according to whoever, Cornell or Columbia or Wharton, I’m worth this.
0:10:27 I need you to match it. That appears to be my market rate.”
0:10:31 And quite frankly, had I not gone in and said, “You have to develop your own currency.
0:10:32 My currency was putting butts in seats.
0:10:37 My course quickly became one of the most popular courses in the marketing department and in the school.
0:10:40 And I would go in and say, I need more money or I would do a market check.
0:10:41 So what are we going to do?
0:10:45 We’re going to check in with our boss and see how you’re doing.
0:10:51 You’re going to lay out your expectations and say or your desires that you want to get promoted
0:10:53 and you want an increase in salary and ask for advice.
0:10:55 How can I make sure I’m tracking for that?
0:11:00 And if you don’t get the compensation of the promotion in a very thoughtful, civilized way,
0:11:02 so I got to be honest, I’m disappointed.
0:11:05 And at the end of the day, you have to show a willingness to leave
0:11:09 and that is start doing a market check if you feel you’re being unfairly compensated.
0:11:11 Appreciate the question.
0:11:14 We have one quick break before our final question.
0:11:15 Stay with us.
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0:14:48 Welcome back, question number three.
0:14:51 Hello, Scott. I’m David from Mexico.
0:14:54 I’m a longtime listener and have learned a lot through the path
0:14:55 and your books.
0:14:56 Thank you for that.
0:14:59 I am 30 years old, currently living in Monterrey,
0:15:01 expanding the family construction business.
0:15:04 My wife and I did marriage in 2023,
0:15:07 and I’m currently enjoying our time as a couple.
0:15:11 We honestly have a great relationship and have been together for 10 years.
0:15:16 Lately, we have started to discuss the best timing of when to have kids.
0:15:20 We are both working in good and stable jobs,
0:15:23 living a good life and have been saving and investing,
0:15:25 but I know means have our future secured.
0:15:28 She prefers sooner rather than later,
0:15:30 while I prefer to wait a little bit longer
0:15:33 and prioritize our economic security and time as a couple.
0:15:37 What are your thoughts about when to have children?
0:15:39 What are some factors we should consider in our decision?
0:15:42 And is there any advice you could give us?
0:15:44 I would really appreciate your opinion.
0:15:45 Thank you.
0:15:49 David from Mexico, this is such a personal decision,
0:15:52 so you should take everything I say with a grain of salt,
0:15:53 because I’m going to tell you kind of my way,
0:15:55 but that doesn’t necessarily mean it’s the right way.
0:15:59 I think these, at the end of the day, are decisions that you, your wife,
0:16:02 and quite frankly, your sperm and her eggs,
0:16:04 because sometimes it’s just not easy to get pregnant,
0:16:05 and sometimes it’s super easy.
0:16:08 By the way, probably under the auspices of TMI,
0:16:12 my girlfriend and I decided I didn’t want to have kids,
0:16:16 and she said, “Well, I have to have kids,
0:16:17 otherwise we can’t be together.”
0:16:18 And I said, “Well, I don’t want to get married.”
0:16:20 And she called my bluff and said, “I don’t need to get married to have kids.”
0:16:23 So we pulled the goalie and started having unprotected sex.
0:16:29 Oh my god, and literally, I’ve had two kind of, I don’t know what you’ll call it,
0:16:32 surreal, mystical things happen to me.
0:16:34 One, four months after my mom passed away, she came to me,
0:16:36 and it was so real.
0:16:37 It just felt real, and she said,
0:16:40 “I just want you to know I’m doing fine, and I love you.”
0:16:43 But it was so real, it felt, I don’t even have to explain it,
0:16:45 that’s the first one of two.
0:16:52 And the other one was, after my girlfriend and I had fornicated in Vegas,
0:16:57 at CES of all places, I went into the bathroom and I came out,
0:16:59 and I knew we had just conceived a son.
0:17:02 And I said to her, “We just conceived a son.”
0:17:07 And what do you know, you know, pregnancy tests, bright blue,
0:17:14 and now the purpose of my life and my biggest joy is my son who’s now 17,
0:17:18 and tied for that position as the son we had three years later.
0:17:22 It’s so funny, you spend your whole life trying not to get pregnant,
0:17:24 and then sometimes it’s not easy to get pregnant.
0:17:27 Anyways, not what you asked.
0:17:30 Look, I’m not sure there’s ever a perfect time to have kids.
0:17:36 I would argue that it’s very kind of base pillars you need in place.
0:17:40 One is, you have to have a partner that you think is competent,
0:17:45 and that you can see being with for the next 18 years at least.
0:17:49 Because once you have kids, you’re in each other’s lives for 18 years.
0:17:50 Even if you get divorced, you’re in each other’s lives.
0:17:53 Some semblance of economic security.
0:17:56 You don’t have to be rich, but not strained.
0:18:01 If you’re strained now, and you throw a kid into the mix, wow, that’s a lot of stress.
0:18:06 So having a little bit of economic security and some professional trajectory.
0:18:10 If you have those things, I would err on the side of doing it,
0:18:15 because there is never a perfect time to bring this little thing into your life
0:18:21 that’s going to demand constant attention, additional cost, and a lot of unknowns.
0:18:23 So there’s never a time when it’s like, okay, this is definitely the time.
0:18:28 And there really is an advantage, I think, to being a young parent.
0:18:30 Having said that, I had kids later.
0:18:31 It was nice to have some economic security.
0:18:33 I was a little bit more thoughtful.
0:18:35 Again, really personal decisions.
0:18:36 Do you have a support group around you?
0:18:40 Do you have family or young parents that could be involved in the kids’ lives?
0:18:45 One of my biggest blessings is that our in-laws are fairly young,
0:18:49 and they’ve played a hugely positive and supportive role in raising our children.
0:18:51 So that’s been a real factor.
0:18:53 So I think there are a variety of things.
0:18:56 But if you get to what I call 70% or 80%,
0:18:57 don’t let perfect be the enemy of good.
0:19:01 And what I mean by that is if you’re mostly kind of there,
0:19:04 then I would just go there and start procreating.
0:19:06 I just don’t think there’s ever a perfect time.
0:19:09 And I have found I was sort of wandering.
0:19:11 I don’t think you have to have kids to be happy.
0:19:14 I don’t think kids are the right decision for everybody.
0:19:21 But I know that for me, having kids has been the first time I’ve ever felt a sense of purpose.
0:19:23 So anyways, what am I saying?
0:19:24 Get on it.
0:19:26 Get on it.
0:19:27 Make sweet sweet love.
0:19:29 Procreate.
0:19:30 Have progeny.
0:19:30 That’s right.
0:19:31 Progeny.
0:19:32 That’s right.
0:19:34 Anyways, congratulations to you a nice time in your life.
0:19:38 That’s all for this episode.
0:19:39 If you’d like to submit a question,
0:19:42 please email a voice recording to officehours@propertymedia.com.
0:19:46 Again, that’s officehours@propertymedia.com.
0:19:57 This episode was produced by Jennifer Sanchez.
0:19:59 Our intern is Dan Chalon.
0:20:01 Drew Burroughs is our technical director.
0:20:05 Thank you for listening to the Proprety Pod from the Vox Media Podcast Network.
0:20:09 We will catch you on Saturday for No Mercino Mouse, as read by George Hahn.
0:20:13 And please follow our Prodigy Markets Pod wherever you get your pods
0:20:17 for new episodes every Monday and Thursday.
0:20:27 [BLANK_AUDIO]
Scott discusses the Citizens United decision and its repercussions fifteen years later, specifically how it’s pure grift for the rich. He then offers advice to a listener asking for a raise at work and wraps up with his thoughts on the right time to have children.
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