How To Be A Good Negotiator | The Financial Diet

The Financial Diet blog:

[amnuxoll]

1. don't be afraid to initiate the conversation
2. always keep it friendly
3. come armed with the facts
4. have in mind your good number and start slightly higher
5. don't be afraid to walk away
6. never seem too excited about an offer

[Budgetwithquincy]

I find myself negotiating sales, salaries, and even bills quite often. I loved that you mentioned that sometimes negotiating seems needy, but really it is just knowing what you are worth! Come and budget with me sometime!

[SamarkandChan]

Maybe it works differently in the US, but in my industry in Norway there is a union price based on your seniority (relevant education counts towards that) and your salary goes up according to that each year. So yes you could technically negotiate, but you would have more luck doing it through the union than your employer. My salary was raised roughly 1000 dollars this year just because the union got it approved.

[laurenconrad]

Great video. I negotiated my first salary using tips from sites similar to the financial diet like the muse. It was a a small money boost and a huge boost in terms of self confidence when I did it successfully.

[mva]

Thanks Chelsea! I made the mistake of not negotiating when I got started, and I feel like it's costing me now! I hope to be able to repair that gap in the future.

[BrianFrichette]

Just a clarification, it's also quite important not to come across as though you don't care about what you're negotiating for, especially if it's a job. While the advice to not for across as too excited is definitely sound, and employer wants to know that you really want it. Thus, it's a balance of expressing your excitement at the possibility of the job, while remaining firm in your negotiation, and (as was also mentioned), certainly not coming across as desperate.

Edit: great video thanks

[oosofiaoo]

Interesting how these tips are also helpful when it comes to relationships : Know your value, so you can get what you know you deserve. and be able to walk away if you don't.

[shopgirlkc]

I'm curious what services you offer your clients. When you're negotiating with a client, what service is it that they are paying for? I've always been curious about this matter. As always, great video. Love this channel!

I've recently been able to get a much better handle on my finances after watching TFD videos so much. It has helped to have people my age talk about the things I've heard other people say for years. Somehow it just helps make it click and solidify in my mind better. Thank you!

[iamivanseriously]

Really wish I saw this video a couple months back! 😭

Thank you for all your helpful videos and newsletters to help me “adult!” Keep up the great work, TFD!!!

[ToniMorgan]

I recently started a salaried job at the same company I was hourly. I came knowing the average starting salary in my area for the job, and before we even got to negotiating they offered me more than even myhigh bar. Unfortunately now I'm in the same position, but hourly instead due to a new govt. regulation. I kind of wish I'd negotiated just so I could have avoided going back to hourly....

[cndbear]

I'm not sure if you already have posted a video like this but I think it would help me out as a college student hoping to be taken seriously in the business world . You speak very professionally- no "like"s "um"s etc. what are your tips for speaking (whether in a presentation or just day to day) professionally?
Thank you!

[leafgreen]

Great video. I can see myself rewatching this for years to come :)

[thelittlestpumpkin]

Okay but how do you know how much to ask for? How do you go about researching or determining what you're worth?

[stef]

If it's your first job, and you are just out of uni, what could you say of yourself as a reason to get that raise?
You haven't worked for any other company, so you can't put any examples of how you brought them any benefit. Any ideas?
Thanks in advance

[MichaelMMorganm]

13 Things Every MBA Should Know
By Luke Froeb – Owen Graduate School of Management

1. Wealth is created when assets move to higher valued uses.
2. Make sure employees have enough information to make good decisions, and the incentive to do so.
3. Consider ALL costs that vary with the consequence of a decision, but ONLY costs that vary with the consequence of a decision.
4. Tie pay to performance measures that reflect effort.
5. Look ahead and reason back.
6. Contracts should encourage both investment and trade.
7. The alternatives to agreement determine the terms of agreement.
8. Anticipate moral hazard: if you make things safer, people take more risks.
9. Anticipate adverse selection: the good ones leave and the bad ones stay.
10. If there is no solution, there is no problem.
11. Either move information to those making decisions, or move decisions to those with information.
12. If you decentralize decision making authority, strengthen incentive compensation schemes.
13. If you let your inbox run your life, you will never accomplish anything.

[asmahaque]

do you negotiate if you're really desperate for the job? also, if you know that the job is better that what you deserve and fear that the employer would take back the job offer instead of increasing your salary, what do you do?

[divinadivina]

is it ok to walk away & think it over for 2 or 3 days?

[Viking_Modo]

but is it okay to negotiate if itsnyour first job and part time because you have tonwork around school schedule?

[bourgeoisbarbara]

Except for health insurance. Let the government do all the negotiating for you! In my city, the local government is so great at negotiating, they negotiated a deal with the baseball association 501 (c)(3) the taxpayer built and pays all the utilities on a stadium starting in 1993 and running to today with 25 years left on the contract; the taxpayer has NO SAY in how the stadium is used, get NONE of the profit AND still pays $14 per ticket and $5 for a bottle of Dasani.
NY state gave the NFL 501(c)(3) $3 billion for a stadium. Same type of deal we have here in my small economically depressed City of Binghamton NY. See the 2010 gubernatorial debate. I was there in the back laughing my ass off at the republican and democrat fools. At one point, Cuomo was trying to see who was laughing so hard. Lucky for me I was late getting to the audience because I was tied up in the green room so I was seated in the back instead of the front. I worked for two out of the four candidates. Apply some of this micro-economic knowledge at a macro-level with government. Do see why your Bernie Sanders delusion will not work? The freedom to contract is being infringed on. Negotiating is part of it.
You are contradictory.

[SarahHowells]

Hahaha I did exactly the same thing when offered my first job!!!