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Ask The Entrepreneurs: Stop Being Underpaid and Start Negotiating Smarter

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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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                        Last Updated on July 20, 2021

                        Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

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                        Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

                        Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

                        Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

                        Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

                        In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

                        Break Free of Your Finances

                        Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

                        When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

                        Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

                        Though it seems hard to believe, it is really very simple to get financial freedom.

                        To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

                        While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

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                        Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

                        1. Stop Unnecessary Spending

                        We often spend money inwardly, instead of objectively.

                        For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

                        To stop this habitual spending, log down all your spending over the course of a month.

                        Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

                        This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

                        2. Plan a Monthly Budget

                        This is a great opportunity to get serious.

                        Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

                        Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

                        3. Cut-up Credit Cards

                        Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

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                        If not, you may want to consider ridding your life of the burden that credit cards bring.

                        Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

                        Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

                        4. Increase Savings

                        There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

                        It’s good practice to save up to 15% of your income.

                        Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

                        Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

                        5. Invest Wisely

                        Consider investing in funds.

                        Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

                        To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

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                        Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

                        6. Invest in Gold

                        There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

                        You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

                        Another way to invest in gold is through ETFs (Exchange Traded Funds).

                        These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

                        With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

                        7. Stash Emergency Funds

                        Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

                        If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

                        Make it hard to get your cash.

                        Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

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                        8. Find Fabulous Mentors

                        Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

                        If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

                        There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

                        9. Be Extra Patient

                        Patience is the key of financial success.

                        Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

                        So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

                        Financial Freedom for All

                        Anyone can achieve financial freedom, regardless of their financial circumstance.

                        Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

                        Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

                        Featured photo credit: rawpixel via unsplash.com

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                        Reference

                        [1] Hartford Gold Group: IRA Retirement Accounts

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