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Negotiate a way to a better life, from getting the salary you want to buying a car

Negotiation is an important personal financial skill that can help you earn more and pay less. Whether you’re discussing a job, dickering at a car dealership, or trying to budget with your lover, your ability to negotiate effectively can have a big impact.

You don’t have to be in a hurry to be convincing. Kwame Christian, host of the “Negotiate Anything” podcast and director of the American Negotiation Institute, states that the best bargaining tactics can win both sides. According to Christians, a confrontational approach (discussion, badgering, or asserting in their own way) makes others defensive and less motivated to reach consensus.

Salary negotiation

According to a survey by talent consultancy Robert Half, most managers expect job seekers to negotiate salaries, but many don’t even try when a job is offered.

You can prepare for negotiations by checking your payroll range from the US Department of Labor Statistics, payroll comparison sites such as Payscale and Salary.com, corporate review sites such as Glassdoor, or Robert Half’s payroll guide.

“People make the mistake of not being well prepared. That’s one of the only best things you can do to be effective in negotiations,” says Christians.

Good negotiators also write down a strategic plan that outlines what they want and how they intend to seek it, as well as a list of good alternatives, he says.

According to Christians, people with more information generally need to make the first offer. Because that is the “anchor” that is the center of the discussion. Wait for the person hiring you to name the figure so you don’t inadvertently over or under. (If you’re negotiating a salary increase for a job you already have, you probably have as much information as your manager and can list the amount of dollars first, he says. increase.)

We recommend that you decide on your salary before switching to other forms of compensation, such as flexible work schedules, new job titles, remote work capacity, and paid leave.

“If you start with creative options, they may feel like you’ve given them enough,” says Christians.

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The ability to negotiate effectively can have a significant impact when budgeting with a loved one.

Buy a car

In most negotiations, you will want to maintain good relationships with others. However, buying a car is usually a “pure transactional” exchange, which can make negotiations even more difficult, Christians say.

Thoroughly research the car you want before you go to the dealership. Look for invoice prices on car comparison sites such as Edmunds.com and ask some dealers to tell you the best car prices.

“Find the lowest price comparison and use it as your first offer,” Christians recommend.

For Christians, it is especially important to know your earnings (the maximum amount you want to spend on your car), as dealers often pull out the bargaining process to make you tired and pay more.

“I need to know very clearly what my walkaway point is,” says Christian. “And that seems so obvious, but people don’t do this.”

Budget with a partner

According to a recent survey by Fidelity Investments, well-communicated couples expect a comfortable retirement lifestyle, rate their household health as good or very good, and money is their money. It states that it is not the biggest relationship issue.

However, Christians say that it is difficult to communicate well about money because “money is emotional.” He recommends acknowledging and verifying them, asking partners free-form questions, and calming their emotions by knowing why they feel that way.

He cites his experience of starting his own business when his wife was suffering from the amount of money they spent. The Christian grew up in a wealthy family and wasn’t too worried about money, but his wife was raised by a single mother and experienced homeless seizures.

“Money is a survivor for her,” says Christian.

Instead of downplaying or discussing her experience, Christian says she asked many questions and admitted that her feelings made sense given her past.

“Just jumping into problem solving doesn’t make the person feel legitimate,” says Christian. “Emotional problems are still there.”

Only after summarizing what each partner wanted, the couple began negotiating results to meet both needs. The goal here is to make sure you have a certain amount in your bank account. How do you coordinate these two things? ”

If you skip one of these steps or try to discuss these when you are tired or worried about something else, you run the risk of moving your partner away and making things worse.

“If you are very emotional, the first thing you want to say is probably wrong to say,” says Christian.

Negotiate a way to a better life, from getting the salary you want to buying a car

Source link Negotiate a way to a better life, from getting the salary you want to buying a car

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