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Ask The Entrepreneurs: Stop Being Underpaid and Start Negotiating Smarter

Ask The Entrepreneurs: Stop Being Underpaid and Start Negotiating Smarter

Ask The Entrepreneurs is a regular series where members of those involved in the Young Entrepreneur Council are asked a single question that aims to help Lifehack readers level up their own lives, whether in a area of management, communication, business or life in general.

Here’s the question posed in this edition of Ask The Entrepreneurs:

What book can help entrepreneurs or freelancers learn how to get what they want and negotiate smarter?

1. “Getting to Yes” by Roger Fisher and William Ury

    Getting to Yes

    is a great book on negotiation based on the work on the Harvard Negotiation Project. One of the key takeaways is to respect and know your counterparty’s interests well.
    Josh Weiss, Bluegala

     

    2. “How to Win Friends and Influence People” by Dale Carnegie

      Many people would think that by a name like this, this book is all about manipulation, but it is the exact opposite. Written almost 100 years ago, How to Win Friends and Influence People has stood the test of time for teaching people how to become a likable person. The underlying premise of the book is to learn to become interested in others rather than becoming interesting to others.
      Louis Lautman, Young Entrepreneur Society

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      3. “Negotiation Genius” by Deepak Malhotra

        Negotiating Genius

        outlines five research-backed principles to apply in any negotiation. A central insight: increase the opportunity of achieving “win-win” outcomes by approaching the negotiation from an investigative viewpoint, rather than assuming you know what the other party wants. Don’t assume; ask. It’s surprising how few negotiators have the courage to ask tough questions that could provide valuable information.
        Emerson Spartz, Spartz Media

        4. “The Last Lecture” by Randy Pausch

          The Last Lecture

          is certainly not a negotiations book, but it teaches you how to think more productively and focus on what’s important. You can use the principles he teaches in the book and apply it to your negotiations and you’ll have more success.
          Nathan Lustig, Entrustet

           

          5. “Influence: The Psychology of Persuasion” by Robert B. Cialdini

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            This classic negotiation book, Influence: The Psychology of Persuasion, shows you how to effectively persuade other parties. Using the principles outlined in the book — consistency, reciprocation, social proof, liking, authority and scarcity — can help you tremendously in getting what you what, not only when you’re negotiating but also when you’re selling your company, your vision, your product of your services.
            Matt Mickiewicz, Flippa

            6. The Thirty-Six Strategems

              One of my all time favorite books written way long ago in Ancient China. While not a business book by nature, it’s principles can be used in everyday business life, such as “Partnering with an enemy to take out a larger enemy” (strategic business partnership) or “How to focus on a weakness” (focusing on the prospect’s central pain and helping that pain with your solution).
              Kenny Nguyen, Big Fish Presentations

               

              7. “Beyond the Chicken Dance” by Charles Newman

                Get Beyond the Chicken Dance with Charles Newman’s book on negotiation. One of the first helpful principles Newman outlines is that everything in life is negotiable. Then, he gives the reader actionable insight for becoming a better negotiator. It’s a fun, fast read for entrepreneurs and freelancers alike.
                Doreen Bloch, Poshly Inc.

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                8. “Power Up; Speak Up; Be Heard” by Kay White

                  Power Up; Speak Up; Be Heard

                  by Kay White is a good one. White’s guide on how to become more confident, clear and effective in communicating with others is perfect for any career professional. It’s good to learn how to stand up for yourself – and your ideas – while you’re just starting out; it will be that much easier later.
                  Nicolas Gremion, Foboko.com

                   

                  9. “Pitch Anything” by Oren Klaff

                    Written by the successful investment banker, Oren Klaff provides a powerful guide to cognitive psychology, social dynamics, and message framing. Pitch Anything has generated tons of buzz in the startup and venture capital communities.
                    Michael Margolis, Get Storied

                     

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                    10. “Crucial Conversations” from VitalSmarts

                      There are few better negotiation books than Crucial Conversations. The toughest thing for most negotiators is keeping your cool when emotions run high. Whether you are discussing your valuation with investors or pricing with perspective partners, opinions will always diverge. This book teaches you how to have a building conversation — and avoid destructive ones — ensuring that you and your negotiating partner will understand each other, not just talk.
                      Aaron Schwartz, Modify Watches

                      11. “The Networking Diary” by Nancy Nguyen

                        A major part of negotiating is networking. If want to master networking success, learn and apply the simple networking secrets reveled in my book, The Networking Diary. These people know what it takes to succeed and they want to share it with you. Learn their secrets to get an edge when networking to expand their network and make the right connections for career advancement.
                        Nancy T. Nguyen, Sweet T

                        (Photo credit: Workplace for Negotation via Shutterstock)

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                        Published on November 20, 2018

                        The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

                        The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

                        The truth is, there are many “money saving guides” online, but most don’t cover the root issue for not saving.

                        Once I’d discovered a few key factors that allowed me to save 10k in one year, I realized why most articles couldn’t help me. The problem is that even with the right strategies you can still fail to save money. You need to have the right systems in place and the right mindset.

                        In this guide, I’ll cover the best ways to save money — practical yet powerful steps you can take to start saving more. It won’t be easy but with hard work, I’m confident you’ll be able to save more money–even if you’re an impulsive spender.

                        Why Your Past Prevents You from Saving Money

                        Are you constantly thinking about your financial mistakes?

                        If so, these thoughts are holding you back from saving.

                        I get it, you wish you could go back in time to avoid your financial downfalls. But dwelling over your past will only rob you from your future. Instead, reflect on your mistakes and ask yourself what lessons you can learn from them.

                        It wasn’t easy for me to accept that I had accumulated thousands of dollars in credit card debt. Once I did, I started heading in the right direction. Embrace your past failures and use them as an opportunity to set new financial goals.

                        For example, after accepting that you’re thousands of dollars in debt create a plan to be debt free in a year or two. This way when you’ll be at peace even when you get negative thoughts about your finances. Now you can focus more time on saving and less on your past financial mistakes.

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                        How to Effortlessly Track Your Spending

                        Stop manually tracking your spending.

                        Leverage powerful analytic tools such as Personal Capital and these money management apps to do the work for you. This tool has worked for me and has kept me motivated to why I’m saving in the first place. Once you login to your Personal Capital dashboard, you’re able to view your net worth.

                        When I’d first signed up with Personal Capital, I had a negative net worth, but this motivated me to save more. With this tool, you can also view your spending patterns, expenses, and how much money you’re saving.

                        Use your net worth as your north star to saving more. Whenever you experience financial setbacks, view how far you’ve come along. Saving money is only half the battle, being consistent is the other half.

                        The Truth on Why You Keep Failing

                        Saving money isn’t sexy. If it was, wouldn’t everyone be doing it?

                        Some people are natural savers, but most are impulsive spenders. Instead of denying that you’re an impulsive spender, embrace it.

                        Don’t try to save 60 to 70% of your income if this means you’ll live a miserable life. Saving money isn’t a race but a marathon. You’re saving for retirement and for large purchases.

                        If you’re currently having a hard time saving, start spending more money on nice things. This may sound counterintuitive but hear me out. Wouldn’t it be better to save $200 each month for 12 months instead of $500 for 3 months?

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                        Most people run into trouble because they create budgets that set them up for failure. This system won’t work for those who are frugal, but chances are they don’t need help saving. This system is for those who can’t save money and need to be rewarded for their hard work.

                        Only because you’re buying nice things doesn’t mean that you’ll save less. Here are some rules you should have in place:

                        1. Save more than 50% of your available money (after expenses)
                        2. Only buy nice things after saving
                        3. Automate your savings with automatic bank transfers

                        These are the same rules that helped me save thousands each year while buying the latest iPhone. Focus only on items that are important to you. Remember, you can afford anything but not everything.

                        How to Foolproof Yourself out of Debt

                        Personal finance is a game. On one end, you’re earning money; and on the to other, you’re saving. But what ends up counting in the end isn’t how much you earn but how much you save. Research shows that about 60% of Americans spend more than they save.[1]

                        So how can you separate yourself from the 60%?

                        By not accumulating more debt. This way you’ll have more money to save and avoid having more financial obligations. A great way to stop accumulating debt is using cash to pay for all your transactions.

                        This will be challenging, depending on how reliant you are with your credit card, but it’s worth the effort. Not only will you stop accruing debt, but you’ll also be more conscious with what you buy.

                        For example, you’ll think twice about purchasing a new $200 headphone despite having the cash to buy them. According to a poll conducted by The CreditCards.com, 5 out of 6 Americans are impulsive spenders.[2]

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                        Telling yourself that you’ll have the discipline to not buy things won’t cut it. This is equal to having junk food in your fridge while trying to eat healthy–it’s only a matter of time before you slip. By using cash to make your purchases, you’ll spend less and save more.

                        A Proven Formula to Skyrocket Your Savings

                        Having proven systems in place to help you save more is important, but they’re not the best way to save money.

                        You can search for dozens of ways to save money, but there’ll always be a limit. Instead of spending the majority of your effort saving, look for ways to increase your income. The truth is that once you have the right systems in place, saving is easy.

                        What’s challenging is earning more money. There are many routes you can take to achieve this. For example, you can work long and hard at your current job to earn a raise. But there’s one problem–you’re depending on someone else to give you a raise.

                        Your company will have to have the budget, and you’ll have to know how to toot your own horn to get this raise. This isn’t to say that earning a raise is impossible, but things are better when you’re in control right? That’s why building a side-hustle is the best way to increase your income.

                        Think of your side-hustle as a part-time job doing something you enjoy. You can sell items on eBay for a profit, or design websites for small businesses. Building a side-hustle will be on the hardest things you’ll do, be too stubborn to quit.

                        During the early stages, you won’t be making money and that’s okay. Since you already have a source of income, you won’t be dependent on your side-hustle to pay for your expenses. Depending on how much time you invest in your side-hustle, it can one day replace your current income.

                        Whatever route you take, focus more on earning and save as much as possible. You have more control than you give yourself credit for.

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                        Transform Yourself into a Saving Money Machine

                        Saving money isn’t complicated but it’s one of the hardest things you’ll do.

                        By learning from your mistakes and rewarding yourself after saving you’ll save more. What would you do with an extra $200 or $500 each month? To some, this is life-changing money that can improve the quality of their lives.

                        The truth is saving money is an art. Save too much and you’ll quit, but save too little and you’ll pay for the consequences in the future. Saving money takes effort and having the right systems in place.

                        Imagine if you’d started saving an extra $100 this next month? Or, saved $20K in one year? Although it’s hard to imagine, this can be your reality if you follow the principles covered in this guide.

                        Take a moment to brainstorm which goals you’d be able to reach if you had extra money each month. Use these goals as motivation to help you stay on track on your journey to saving more. If I was able to save thousands of dollars with little guidance, imagine what you’ll be able to do.

                        What are you waiting for? Go and start saving money, the sky is your limit.

                        Featured photo credit: rawpixel via unsplash.com

                        Reference

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