In our consumer society we are taught that we have to pay the sticker price for things that we want.
And for whatever reason we believe it!
There are very few things that can’t be haggled because you always have the power to say no to the purchase. If a seller wants to sell something then they will negotiate.
Now obviously commodities are hard to negotiate for because they are commodities. Everyone is selling them so they usually sell for the lowest amount feasible.
But there are a vast amount of products out there that can be negotiated for. You may have to switch venues to do it, but you can still accomplish it.
The most important thing to realize is that some of the biggest purchases you ever make can and SHOULD be negotiated for. Things like your car or house. Things like your insurance rates and credit rates. Things that really matter in terms of dollar figures.
I am not talking about wasting your effort on negotiating for pennies when you would be better off spending your time negotiating for hundreds and thousands of dollars, but it never hurts to practice.
Negotiation makes it happen.
For instance, a negotiation on a house purchase could effectively move your retirement date up a few years. Or money that you would have spent on a house purchase can now be used for something else.
The one and only rule you need to know about negotiation is that you have all the power in the world to say no. If you can’t negotiate what you want DON’T sign up for a bad deal. Say NO and walk away. It really is easy. You should practice it.
You also shouldn’t be afraid to negotiate yourself out of a bad deal. It takes a lot more work, because you probably don’t have as much leverage this time. But you don’t know if you don’t try.
You also want to negotiate the best deal you can when you get hired for a job. You will never have more leverage the negotiate a higher salary or hourly wage then when you are first hired. That is when your employer is most desperate to hire someone. If they choose you, you have all the power in the world to say no if they don’t meet your terms. Don’t miss this golden opportunity.
Remember, the one and only thing to remember about negotiation is that you can always say no…
This is our 32th challenge in The Personal Finance Challenge Series…