Advertising
Advertising

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

      Advertising

       

      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

          Advertising

            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.

                Advertising

                 

                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

                     

                    Advertising

                    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)

                        More by this author

                        9 No-Brainer Ways to Track Employee Time Ask the Entrepreneurs: 12 Things Entrepreneurs Should Stop Doing Ask the Entrepreneurs: 9 Best Note Taking Tools Ask the Entrepreneurs: 12 Tips for Mastering Public Speaking Ask the Entrepreneurs: 9 Tasks You Should be Outsourcing

                        Trending in Money

                        1 How to Nix Your Credit Card Debt in Less Than 3 Years 2 Top 5 Spending Tracker Apps to Manage Your Budget Smart in 2019 3 How to Use Credit Cards While Staying Out of Debt 4 How to Use Debt Snowball to Get out from a Financial Avalanche 5 How Personal Finance Software Helps You Get More Out of Your Money

                        Read Next

                        Advertising
                        Advertising
                        Advertising

                        Last Updated on April 3, 2019

                        How to Nix Your Credit Card Debt in Less Than 3 Years

                        How to Nix Your Credit Card Debt in Less Than 3 Years

                        Debt is never a fun thing to be in. But, there are many actions that you can take that will help you rid yourself of the burden of debt once and for all.

                        By coming up with a set plan, eliminating your debt can feel much easier than constantly thinking about it.

                        This post will provide some tips on how you can do this to help you nix your credit card debt in less than 3 years.

                        Hint: there are ways that are easier than you think.

                        1. Consider Consolidating Multiple Credit Cards If Possible

                        This may not be applicable to you, but if you have multiple cards – it is something to consider. Keeping up with multiple bills is time consuming.

                        It will depend on the balance you have on each. Consolidate ones you can but do not do it to the point that you get too close to the maximum limit. Also, it is ideal to pick the card with the lower interest rate.

                        Consider if there are any fees or alternatively, rewards, with transferring a balance to another card. Watch out for fees. Note that some cards offer rewards for transferring a balance to them. This is extra cash that can help go towards paying off your debt.

                        Advertising

                        Having one or two cards can make nixing your debt much simpler than keeping up with the balance of a bunch of cards. Keeping track of paying the minimum towards a bunch of cards is time consuming. Spend the time to consolidate instead to make the overall process simpler going forward.

                        My tip: Have one main credit card. Have a second one that you use for necessities – such as groceries or gas – that offers rewards for those purchases (a lot of cards do) and set the second one on auto-pay. You should be able to pay off a smaller amount on auto-pay if it is a necessity. If you think you cannot, then you may need to cut down a lot on expenses.

                        Why do I suggest doing this? Having one thing set to auto-pay is one less thing to think about. One less thing to waste time on. Same idea with consolidating to one main card. Tracking down too many is a hassle.

                        2. Try to Pay the Full Balance You Spent Each Month at the Very Least

                        You need to pay off the amount you are spending each month when that bill comes in. This is the amount you spent THAT month.

                        Do not let the debt keep accruing while you work on paying any unpaid debt that has accrued. It will become a never-ending battle. Try as best as you can to be current on paying for each month’s expenses when that month’s bill comes out.

                        If this is a strain, consider why. You may need to cut expenses. Or you may need to consider other cards. Or look at where this money is going.

                        3. Pay Extra When You Can – Every Small Amount Counts

                        This cannot be emphasized enough. If you are looking at a lot of credit card debt, it can look daunting, but each extra amount that you can put towards the debt will really add up – no matter how small it is.

                        Advertising

                        It does not just reduce the principal amount that you have left to pay off, but it reduces the amount that is collecting interest. You will always save money with that reduced interest.

                        4. Create a Plan on How to Pay Extra

                        Back to the main point, having this plan is giving you one less thing to think about.

                        This plan should be a plan that works for you. If it does not work for you, your spending habits, and your views on debt, then it will not be an effective plan.

                        For instance, if a set plan of an extra $50 (or another amount that you know you can afford) works for you, then do that. Set that aside every month and pay that extra amount. Treat it like a bill. Choose an amount that works for you and pay it like clockwork as though it was a bill you had to pay each month.

                        Little amounts will not nix it entirely, but they will help tackle it and having a set plan can make it less of a chore. Creating a new plan of how much to put towards it each month is an unnecessary added stress.

                        5. Cut out Costs for Services You Do Not Use

                        If you are signed up for subscriptions that you do not use because of some free trial or for some other reason, cut it out. Your overall financial position will look better.

                        In turn, that will make cutting your credit card debt easier. Look at your statements to find these expenses. If you do not use them, you may forget you are paying some unnecessary amount each month. Cutting it out can really add up in savings that you can put towards other needed expenses.

                        Advertising

                        6. Get Aggressive About It

                        Consider these points:

                        Depending on the interest and the level of debt, you may need to give up a few indulgences. For example, instead of ordering delivery or going out to eat, cook at home. Everything adds up.

                        Other things may be more of a sacrifice. It may be a trip you wanted to go on, or a daily latte habit you’ve picked up. In these instances, consider how important it is to you and if it’s worth the sacrifice. And if it is a costly expense, think whether you can wait to indulge.

                        Cutting an extravagant expense can really help make a dent in your overall debt. Try not to add to debt when you are trying to pay it off. It will be a never-ending battle. Make it less of a battle with these tips and it will feel easier.

                        Bottom line: Do what you can to make this process easier for you. Implement steps that do this. It takes time now, but will help overall. Also, keep track of your spending and paying down of your debts. Which is the next point.

                        7. Reevaluate Your Progress at Set Intervals

                        Doing a regular check-in can help you see your efforts pay off or maybe indicate that you need to give this a bit more effort. If you check every 3-6 months, it will not feel so much like a chore or feel so daunting.

                        By doing this, you will be able to better understand your progress and perhaps readjust your plan. Bonus: if you see it pay off, it will feel great to do this check-in. You will get there.

                        Advertising

                        Finally (and most importantly)…

                        8. Keep Trying

                        Do not get discouraged. Pushing it off will make it worse. Just keep trying.

                        Once your debt becomes lower, each monthly payment will reduce the balance more. Why? You are paying less towards interest. It will be a snowball effect eventually and it will become much easier to manage. Just get to that point. And know once you do, it will feel easier and motivating.

                        Start Knocking out Your Debt Today

                        The best way to eliminate debt is to get started right away. Begin by implementing the above steps and watch your debt just melt away. Try out some of the above strategies and see what works best for you. Soon you’ll be on your way to a debt free life.

                        More Resources About Better Money Management

                        Featured photo credit: Pexels via pexels.com

                        Read Next