Negotiating What You’re Worth

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martinis and your money

Negotiating What You’re Worth

Today is the last Friday of the month and in case you are new to this blog or my podcast, on the last Friday of the month, I host a happy hour on my podcast where the happy hour ladies and I talk about various money topics while drinking cheap drinks! Today, we are talking about the art of negotiation. The ladies provide a lot of great negotiating tips and suggestions for your first job, a new job, your current job, or a freelancing situation.

What are we drinking?

Melanie from Dear Debt — a glass of water

Tonya from Budget and the Beach — Three Wishes Cabernet

Mrs. Frugalwoods from Frugalwoods.com — Black Box Malbec

Shannon — Chardonnay leftover from family vacation

Podcast Notes

  • The ladies agree that women are not natural negotiators.
  • Women are often more realistic about their skillsets, and men are not.
  • Shannon’s major negotiating fail happened in 2007 when she went into a meeting with her boss at the time to discuss a new opportunity and was told all she did was complain.
  • She learned that when you ask for what you want, you will sometimes fail, but she doesn’t ever regret asking.
  • Tonya tells a story about being offered a job which she turned down, only to be offered the job several more times with an increase in pay each time.
  • Never be afraid to counter an offer; the worst they can tell you is “no”.
  • Tonya advises to keep a document of all the praise you receive from different things you accomplish to use as leverage when negotiating.
  • She also says to practice negotiating by doing a dress rehearsal with someone in a position of power.
  • If you are told no, do not become defensive; stay level-headed.
  • Remember it is not personal, it is just business.
  • Melanie admits she never negotiated while she was traditionally employed and regrets it.
  • Once she became her own boss, she realized she had to ask for more.
  • Melanie advises freelancers to first ask what the client’s budget is for the services they need from you before you tell them your prices.
  • Freelancers need to consider all the costs they will incur (taxes, insurance, etc.) when quoting their prices.
  • Research what is reasonable pay for the field you are in.
  • Think beyond the salary and at the benefits available when negotiating.
  • Put yourself in a position of power before you negotiate by believing in yourself, having an emergency fund, etc.
  • Even if it is your first job, remember that you have a skillset the company has seen in you and have confidence.
  • Shannon says when negotiating at your current job, make sure you’ve been with that company for at least a year before requesting a pay increase.
  • The ladies agree you need to set a base pay you are willing to accept to judge whether a job offer or client is right for you.
  • Don’t be afraid to say no to offers that don’t feel right.
  • When negotiating in person, plead your case, provide your research and requests, and then stop speaking.
  • TAKEAWAY: Never undervalue yourself and what you bring to the table. As long as you have done your research, don’t be afraid to ask for more. The worst you will hear is no!

Have you negotiated for more? Was it a success or failure?

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Shannon is a financial planner who left a “traditional” financial services firm to start her own company, The Financial Gym, because she felt traditional financial services firms did not have the tools or resources to help people in their 20s and 30s who are starting out and trying to build assets while also managing debt. She realized that the key to long-term personal financial success is a commitment to financial fitness and making smart financial choices.

Through her blog, Financially Blonde, her book, Train Your Way To Financial Fitness, her podcast, Martinis and Your Money and The Financial Gym, Shannon is committed to making financial fitness fun, easy and accessible for everyone.

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