Showing posts with label Money. Show all posts
Showing posts with label Money. Show all posts

Saturday, 28 September 2013

Interview Types and Tips

Interviews. For anyone looking to be employed by someone else, you will have to go to interviews. My boyfriend is currently going through this whole interview process so I thought I would use the opportunity to share with you what I learnt. During my final undergrad year I went to lots of interviews, so here are some types of interviews you can expect:
  • Assessments - you will have to complete a variety of "tests" and they're usually done by the bigger companies, although some smaller companies may do them too. They test things from how quickly you learn to hardcore technical skills to what type of person you are. Often the tests are annoying. But when I got offered my current job, a complete stranger summed me up in a few sentences which was pretty astounding - so don't assume the tests are irrelevant. They could make or break your chances of getting a further interview
  • Group sessions - in this type of interview you will be put in a room with a bunch of other hopeful applicants and given a case study. Often you are expected to play a certain role and solve a problem. Don't be fooled - it's not about coming up with a peaceful solution to the problem. The assessors want to see how you interact with other people and what sense of business you have and if you're able to look at an issue from a variety of angles. Again, these are usually done when being interviewed by a larger company.
  • Role play sessions - very similar to the group sessions, but this is where you are given a role and told to role play with employees at the company. They will give you a certain situation/case and you may or may not be given time to come up with a game plan before you start to role play.
  • Face to fact interviews - this is where you will generally meet with an HR rep and/or other employees of the company. These are probably the most difficult interviews to prepare for because you can get asked anything. At one interview for a large clothing company, I was asked about their financial report for the year. I didn't get that job. But most face to face interviews are a time to get to know you, they may ask one or two simple technical questions to assess your basic knowledge, they'll want to know your plans for the future. They will probably ask you to tell them a bit about yourself - don't tell them boring things, tell them things that will cause them to remember you.
I've been interviewed and I've also interviewed others and found it really interesting. Here are some other tips I've picked up in the process, or been given by family and friends:

  • If there's no dress code specified on the interview invitation, ALWAYS be smarter than you think you need to be. Even if they give a dress-code, it's always better to look smart, or dress slightly smarter than the dress code stipulates. A scruffy dresser will give a bad impression before you've even opened up your mouth. A professional looking outfit will give people the impression that you're capable and willing to make an effort.

Who would you hire?
An unprofessional imageA professional image

  • Don't mumble or give one word answers. It's difficult to get an impression of someone when you can't understand them or they don't elaborate on a question.
  • Have an idea of a few long term goals that you want to achieve and where you want to be a few years down the line. You may want to live close to your family. You may dream of travelling for 6 months after 5 years of work. Maybe you want to be a manager within x number of years. My long term goals are to pay off my loans and to eventually pursue a masters in biomedical engineering.
  • Who are you? You need to be able to tell the interviewers a bit about yourself. Who is Cath? If you say electrical engineer and stop talking you're not going to get very far. Tell people who you are. What makes you tick? What makes you happy? What makes you annoyed.
    I am an assistant engineer with a year and a half of experience in the maintenance department. I enjoy programming. I enjoy time to myself but I also love to be around my friends and family. I don't give up easily when faced with a challenge. Stupid people really annoy me. In my spare time I enjoy to paint and take pictures. I love seeing what South Africa and the rest of the world has to offer. I work hard, but when I'm not working, I don't want to think about work. Which "Cath" is more interesting to you?
  • Try to give as many real life examples as possible. If you're a graduate, you probably don't have work examples to give. Give examples from varsity or your personal life. Have examples ready for the following types of questions: how do you deal with difficult people? What happens when you don't want to get up in the morning? When did you have to take the lead? What do you do when you try to negotiate something with someone and they won't budge? Give an example of a time you have succeeded and what do you think went right? Give an example of a time you have failed or done something wrong and how did you deal with it?
  • Connect with your interviewers. They're people too and they're looking for people that they like and that will fit in to the current team.
  • Don't EVER tell the interviewer what you think they want to hear. They can smell a phoney answer from a mile away; it sounds incredibly insincere and will probably turn them off you in a heartbeat. Instead, try to structure an answer that you can both work with. Where do you see yourself in 5 years time? If you answer "Working for this company because it's the greatest company ever", you'll probably shoot yourself in the foot. Tell them that you want to be in a management position. If they're an international company, maybe you want to be in a position that allows you to travel a lot. If they're a smaller company, you might want to mention that you're interested in specialising in hardware design and they're a good company to learn hardware design from. There are no right answers. But a sincere answer will go a lot further than a fake answer.
  • Honesty is the best policy. In all my interviews I've been incredibly honest. While I was interviewing I was also planning a trip to the USA for 4 months with Frosty and some friends. I told every interviewer of this up front. I got solid offers from 2 big companies within a day of each other. If they want you, they'll be willing to wait.
  • Treat your interview experience as a chance to chat with people and practice your interview skills. Learn from each interview so that at the next one you can be better prepared. This is your chance to interview the company as well. If, after the interview, you think you wouldn't be a good fit, tell them upfront to disregard you from the rest of the hiring process.
  • Be on time. Your interviewers may be running late. But you must ensure that you're on time to your interview. Take a book to read with you in case there are delays.
  • Think up a few questions beforehand that you can ask the people interviewing you. These questions may get answered during the interview, which is fine. But it's always good to write those questions down and consult them at then end of the interview to make sure everything you want to know is covered as well.
I'm not a professional interviewer and these techniques may not work for everyone. You may get asked a completely different set of questions to the ones listed here. I'm just sharing what I've learnt, the types of questions I've been asked and a few tips from personal experience in the hope that it will help you be prepared for future interviews. If you have examples of other interesting interview questions, please leave them in the comments box below!


~~~~~ Follow Practical Cookie ~~~~~
~ Twitter ~ Facebook ~ Pintrest ~ Instagram ~

Saturday, 14 September 2013

Homeowner 101

When I was at varsity I read a few of the books from the Rich Dad and Rich Women series by husband and wife duo - Robert and Kim Kiyosaki. The two most inspiring books were "Rich Dad, Poor Dad" by Robert and "Rich Woman" by Kim. To learn more about their books and products, you can click here to go to their website. Since then, the idea of buying up property to create cashflow has been ingrained on my mind and I decided that I would buy my own property as soon as it was feasible. 

A while ago, the opportunity came up for me to buy the flat that I have been renting for the past year or so. I hadn't been planning on buying property so soon after starting work so I thought long and hard about the decision, crunched my numbers and decided it would make a good investment. Even though things will be tight for a while, I've taken the plunge and I'm really excited about my decision. I've bought the flat with the idea that I will be renting it out in years to come, when I move out. There was lots that I have learnt through this whole property buying process. You can find some of the key points below, along with the costs that you don't really think to take into account:


  1. You decide at some point that you want to buy property. I was lucky and the opportunity presented itself to me. For other properties I will probably need to search a bit harder. Shop around before deciding on the property - you need to be sure it's the right one for you.
  2. You crunch your numbers and if you can afford it, make an offer on the house. If the seller likes your offer, they'll accept. Otherwise they'll decline and you can make a higher offer or find something else.
  3. You then go to the bank to see if they will loan you the amount you need. For first time buyers you will usually be awarded the full amount of the loan you request. For more experienced buyers they will probably award you less than the full amount and you will have to come up with a portion of the money yourself. You can approach banks yourself about the loan. Or you can get someone called a "bond originator" to do it for you. I got my loan through a bond originator. You don't pay fees to them as (I think) they are paid by the bank. Your estate agent should be able to recommend someone to you.
  4. Your bond (hopefully) gets approved. Then you start getting lawyers involved to help you file paperwork etc etc. This part is quite hazy to me. Usually the seller nominates a lawyer to help with the transfer. Luckily for me my dad is a lawyer and the sellers, at my request, agreed to use him to do the transfer (and thus I was able to save on some lawyer fees there, but apparently they would have been about R10 000).
  5. As this was my first property, I needed to get life insurance organised. Banks do offer up their own life insurance, however, I found my own life insurance privately for about half the monthly amount that the bank was offering me, R140 per month as opposed to R300 per month.
  6. I also dealt with another set of lawyers - I stand to be corrected, but I think they represent the bank - who facilitated the signing of the contract for the loan from bank to me. I had to pay them about R10 000 for the work that they did. I also had to make up front payments for 3 months worth of my rates and levies which came to about R 2000.
  7. After that, there was quite a wait for the papers to be transferred into my name, but finally they all came through. My dad got help from a lawyer in Joburg for this and he also waived his fees, which would have been about R 1700. The bank then contacted me to confirm the date of my first loan repayment, which is near the end of this month. 
All in all, not including my monthly life insurance payment, my fees should have come to R23 700, I was lucky to get away with paying only half of this. However, when you're thinking of buying your first property, I would say try to find out what you'll need to pay in lawyers fees as well. And if you can't find out, use the number above as a guideline (and maybe add a few extra grand, just to be safe).

Now, I'm sure I've left out a whole bunch of details that are important, but it's a long process and these are the things that jumped out at me as being important milestones in the process. The best way to learn is to do. Even though it's scary and huge amounts of money, I think of it as "forced savings" - once I've paid off my flat I'll have effectively "saved" money up to the value of my flat. And if I don't sell my flat, once I've paid it off, any rental income that I get from it, will be mine to use as I like (probably to go out and buy another rental property!).


Snow in Benoni
It snowed last year around about this time!
The door to my flat is at the top, right in the middle.
Ghost wine glass image
Playing with my camera and a wine glass on the walkway/ledge
outside my flat.


~~~~~ Follow Practical Cookie ~~~~~
~ Twitter ~ Facebook ~ Pintrest ~ Instagram ~