Not Cinderella

May 1st, 2009 by Randy Peterman No comments »

I am not entirely Cinderlla material.  For one I’m a man, secondly I don’t have a step-mother.  I have a sister, but she’s not a step-sister.  I don’t own enough pets to have a fairy godmother whip into a kit to go to a dance to marry someone besides my wife.  On top of all of that the sea monkeys we do have are probably not going to turn into a flight of horses at all.  Anyway, I’ve bought inexpensive ‘sports shoes’ for most of my adult life.  Shoes that have been pretty bad on my feet.  Shoes that hurt my feet when working out.

Tonight I purchased running shoes.  I purchased $100.00 running shoes.  I am going to have feet that don’t hurt when I exercise and knees and a back that don’t kill me after having attempted to get healthy.  I will spend more on shoes, but less at the doctor.  I want to go hiking and hike a 14,000 foot mountain this summer, but my knees are going to need to be able to handle that and I don’t think they will unless I have shoes that support and work with consistent exercise to get my knees back into shape.

Don’t spend crazy amounts of money on shoes unless you’re going to use them, but watch out that your not doing damage to your body by wearing shoes that don’t cut the mustard.  I’ve got to go run to the closet and see if I’ve got something to wear to the ball.

Have You Considered No Retirement?

April 28th, 2009 by Randy Peterman No comments »

I just finished listening to the latest Wine Library TV episode (#665) and Gary and Tim Ferriss close by asking people about not retiring.  I don’t want to retire for various reasons.  I may want to slow down, but my grandpa who is in his mid-eighties, and just had a triple bypass heart surgery, is still working.  For money, as a consultant, doing things that I’m excited about.

Don’t retire.  Be prepared if you are forced to slow down due to medical reasons, but don’t retire.  Don’t quit.  Its part of the American Scream and you don’t have to buy in.  Take it to the next level and work into your golden years.  I bet that people who don’t retire don’t get Alzheimers as often, the never find that statistic that people who retire tend to die within 5 years of retirement, and they also make time to enjoy life outside of retirement in their whole life.

What do you think?  Am I smoking crack?  I bet I get a lot of disagreement on this post.

Money Lenders Target Women

April 20th, 2009 by Randy Peterman No comments »

I’m working late.  I just saw an advertisement for a money lending/payday loan company and their entire demographic target was women with children on their hips.  This is targeted, purposeful advertising that makes me super, super sad.  I am pretty sure that these gals are having enough of a time that being in bondage to the money lenders is even worse!  They should be ashamed.  Should there be rules about how payday loan place can advertise?  Should they not be allowed to advertise?  Does this sort of thing actually help the economy?  I’m going to guess no.

This Blog is Relocating to the Randy Peterman Domain

April 14th, 2009 by Randy Peterman No comments »

I’m relocating this blog to finance.randypeterman.com because the Watch My Money Maker Brand does not convey the purpose of this blog.  It carries with it a sense that I’m out to just earn money – which is not bad – but I want to convey something with more character.  By using my real name and my parent domain I feel like this will keep the contents more personal.  I hope you find this undistracting, but I’m just warning you that change is afoot!

Book Review: The Collapse of Distinction by Scott McKain

April 12th, 2009 by Randy Peterman No comments »

What is the biggest difference between McDonald’s – one of the most generic, yet consistent, hamburger chains in America – and Ted’s Montana Grill?  They’re both national chains.  They both have a menu with hamburgers as a primary feature.  They both offer fried potato products.  The difference between the restaurants aside from these quick highlights could be an entire study in distinction itself.  The focus of Scott McKain‘s book Collapse of Distinction is how companies, teams and individuals can all search out the thing that makes you remembered: uniqueness and distinction. Ted’s Montana Grill serves gourmet hamburgers with high, high quality standards, fresh ground beef or (lower fat) bison patties.  Their french fries are cut on premises.  Their restaurant has a classic, nostalgic feel, and as if to assure you that they were happy to participate in the creation of your meal there is a buffalo head mounted on the wall of each restaurant.  Atmostphere is critical for the sense of reminiscence compared to the fiberglass (or otherwise) clown and his troup of imaginary friends who show up at each McDonald’s restaurant and on television commercial after television commercial.  I tell friends about Ted’s (when they’re visiting from places that don’t yet have them) and we all in my family tend to loath McDonald’s except for when we need a clean restroom on a long road trip.

Scott McKain’s analysis of distinction in the market place carries a similar comparison between a few local restaurants where he grew up in Indiana and the chains that came in and impacted the very same town by creating a consistent product, but lacked the personality of the local joints.  The book is personal, pragmatic, and gives you not just the theoretical and philosophical concepts but is by far the most useful book on thinking about product and experience design I’ve personally come across.  The book is to the point about the three destroyers of distinction:

  1. Emulation – the idea that since your competitor is doing something, you should, too.
  2. New Competition brings new challenges – New competition comes trying to interrupt your relationships.
  3. Bored customers – customers who have had the same thing over and over without any sense of newness or change may move onto something else just because its new.

What amazed me was that while these three things are the surface level problems Mr. McKain goes into each destroyer with a desire to help you find these problems in your own life [work ethic, philosophy on business, etc], your own team or your own organization.  How does he do it?  He does it by giving you two sets of tools at the end of each chapter, an executive outline to help you remember what the chapter was about for easier communication to the appropriate people in your life, and the second thing being penetrating questions that ask you to identify problems and solutions.  A book that does this without being industry specific is worth its cost even if it was $35.00.  Its not – Amazon.com currently lists it at $16.49 at the time of this writing which conveniently puts it at a price where you could buy a copy for yourself and a copy to pass on to a colleague so that the great content of this book could help your team or company bust through the blasé and stand out in a market of mediocrity.

This book has a number of pages that I have underlined and I have a slew of colorful 3M sticky-notes(TM) sticking out of the side with words like quote, clear chart, customers, homework, and blog.  If you pick this book up you need to be ready to engage yourself because Scott’s writing is full of things that will make you want to act.  I found myself having a tough time sitting through and reading because frankly it made me want to stop sitting there and do something!  Before you misinterperate that statement I need to clarify: the book is highly readable bits just inspiring.  Some principles are working their way through my thought process for my job and I’m anxious to develop a clear plan to present to my own managers for work.

I believe that by personally applying the principles in the book on how to approach opportunity to my own life it will help me develop and grow my own skills to the betterment of my family and friends.  On top of that I’m excited to share these concepts with my co-workers and team mates because I’m confident that their involvement with the ideas will help keep our team and company sharp.  These principles are not just about marketing (which is what I was afraid this book might be) they’re instead about a solid approach to breaking out of the stronghold of the differentiation destroyers:

  • Product differentiation
  • Price differentiation (this way can lie serious trouble)
  • Service differentiation

In fact the last point here comes with a quote that I thought was something that I personally look for in business transactions, “If you cannot impact the design of your products, and if you cannot choose or control the price, then your primary point of differentiation has to be in the service.” [emphasis mine].  Going back to McDonald’s verses Ted’s I can think of a lot more unique things in the service at Ted’s than I can for McDonald’s – its part of what makes Ted’s a place I want to take my family to and spend some time and money on food, and what makes McDonald’s a place we stop at for clean(ish) restrooms when we’re on road trips [disclosure: I almost always buy something when we stop at a restaurant for a potty break because I don't believe you should abuse the business and its facilities].

Should you buy this book?  Only if you want to see your company or business stand out in our toughened economy.  Should you then become an evangelist for bold differentiation within your team and company?  Only if you want to stand out amongst your peers and be recognized as a valuable employee.  Should you follow Scott McKain on Twitter?  I do.  Its already made me stop and think differently about some of my very own assumptions.

Don’t Rock the Casbah By Yourself!

March 19th, 2009 by Randy Peterman No comments »

I have seen post after post over the last 6 months about how you need to make sure that you are the best on your team.  I’m all for people being their personal best, but lets be honest: a company with a bunch of departments with one stand out employee is hosed!  If you Rock the Casbah by yourself then you’re going to have a hard time keeping a job at your company.  Instead, may I propose doing things very purposefully to help build your team (even if you’re not a manager) and also work to help spread awesomeness throughout the company.

If the weak companies die off and your company isn’t weak you’ve got something, but if you’re a rock star on a sinking ship you’re not any better off just because you’re a rock star.  Read the articles about being your best, learn those things, then pass them along.  Make your department the best darned department in a company of amazing departments.  If you’re in a startup with very few employees then your excuses dwindle because you should all be busting your backside.

Stand and deliver.  If it takes little to be above average then do it… just not alone.

Hacking at the Sequoia

March 16th, 2009 by Randy Peterman 1 comment »

In our long process of paying off an embarrassingly large amount of credit card debt we’re down to the last half of one smaller card and one last card, the one that in the Dave Ramsey snowball plan you do last because you have built up momentum and it gets paid off faster and you’ve got passion to kill it.  Its our sequoia: the big one.  We’ll go full force on it in August, I think.  It should allow us to get it paid off some time in the earlier parts of 2010 if all goes well.  Being this close to the end feels good.  I haven’t felt like we’re going to finish this until recently.  If it wasn’t one thing it was another and we’d be back to rebuilding the emergency fund or doing something else.

However, the big timber is going down and I’m hoping to knock it out and then start building up the big, big emergency fund and then whack at our mortgage and save up for retirement and all that fun stuff.

OK, that is all, just wanted to publish a bit of an update since its been so long.

A Focus on Glasses and Cash: Is Seeing Worth Debt?

March 10th, 2009 by Randy Peterman No comments »

Having recently paid off yet another credit card (2 left) I’m all too aware of how much debt can be a burden.  Recently a friend asked me if I had some advice in regards to him getting new glasses.  he didn’t have money that day for glasses, but when the bill arrived in the mail he was pretty sure he’d have it.  I asked about the state of his glasses and he said he’d had them for five years (I don’t wear glasses, but my wife does, and you should see the eye doctor more often than that, I think).  He told me that parts were broken now and so it forced his hand to need them sooner rather than later.

My suggestion at the time was to contact the doctor’s office and ask them about their schedule and about payment options.  I don’t recommend debt, but you have to have glasses to drive in some cases, and if he couldn’t drive he couldn’t earn money and the disaster would be worse than a few hundred dollars in debt.  So, I haven’t heard how the situation went in response from the doctor’s office in regards to payment plans or billing schedules but I did want to ask: what would you do?  Would you go into debt to get glasses?  Would you put things on a credit card?  Get a loan from a friend or family member?  Put tape on things until the tape fell apart?

Do It Yourself?

February 8th, 2009 by Randy Peterman 2 comments »

I’m just curious: how many readers of this blog actually look at products and see the potential of making it yourself because you have the confidence to do so?  There is a balance between the time you’d have to commit to a project, but I often find that when I see things that are straight forward to construct that I have a hard time spending the money on the item.  Today at the Denver Home & Garden Show I saw some special cabinet shelves that slid on tracks and allowed the owner to access the shelf-space on the corners that are often hard to reach.  The problem was that the shelves were simply constructed out of plywood and tracks that are readily available at my local hardware store.  I would need to make the shelves, but the cost of these shelves would be relatively low  compared to the high cost of the pre-made units.

Would you make your own shelves, just deal with the hard to reach spaces, or buy the pre-made units?

Dear New York: Pick One

January 2nd, 2009 by Randy Peterman No comments »

Have  you noticed that New York is going to have a “sin tax” on foods now?  This will surely, surely cause sales of various corporation made foods to drop off.  What if other states follow?  Also, have you noticed that New York has a stock exchange which also impacts major corporations that make food?  That exchange, for the stocks to go up, almost always demands that the corporations sell more of the crap that New York is now sin taxing.

Pick one, New York: either make trade, which has been your claim to fame historically, or make healthy, but don’t try to do both.  You’ve got your hands in both tills, but you’re going to close the loop around your hands and get caught with them looking rather red.