Brian Mudd’s Eight Rules for Life - The Power of Negotiation

Hand holding wad of hundred dollar bills

As part of my series, Eight Rules for Life, here’s The Power of Negotiation.

Negotiation, where there’s an opportunity to do so, is important and extremely valuable. First, over 80% of the time you negotiate you’ll be successful in obtaining better terms. That applies to your credit cards, your salary, a car – you name it. But here’s the thing, 60% of adults won’t even attempt to negotiate anything. 

What’s the financial impact of not negotiating? The average difference for those who negotiate compared to those who don’t amounts to more than $2,300 per year. That’s not a mistake. Want the equivalent of a $2,300 raise annually? Don’t forget to negotiate. Need any additional motivation to begin to build your negotiation skills? The opportunity cost of not negotiating anything over the course of your life is $2.9 million! I’m not kidding. That’s the power of negotiation.

Photo by: Getty Images

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