Not every likes to—or is good at—negotiating to get the best deal on what they want. Finance guru and author Herb Cohen says the process will be a lot easier if you keep three crucial variables in mind.
Photo by Sklathill.
Over at personal finance weblog Get Rich Slowly, J.D. Roth breaks down Cohen's classic negotiation advice. In his book on the subject, Cohen says to some degree we negotiate with lots of people every day, from family members to co-workers and friends. If you bear three factors in mind, however, you stand a lot better chance of a successful outcome for everyone, and Roth runs down each of Cohen's three variables: power, time, and information.
Time also plays a role. In negotiations, the side with the most time generally has an advantage. Patience pays. No matter how pressed you are, you should always keep your cool, maintaining an appearance of calm. "Your deadline is of your own making," Cohen writes. Don't ignore deadlines, but don't follow them blindly, either.
Hit up the post over at Get Rich Slowly for more details on how power and time play into the equation and to read up on other factors. The video above is an oldie but goodie talk from Herb Cohen from ten years ago on the subject. These tips may not work every time and in every situation, but they're worth keeping in mind when you need to stand your ground and come to an agreement with someone.
How do you feel about negotiating? Does it bring out the competitor in you, or do you avoid it like the plague? Talk about it in the comments.
You Can Negotiate Anything [Get Rich Slowly]