In Episode 46 of the Heart of Money podcast, hosts Austin Black and Bob Wessler explore the importance of negotiation in financial management and wise purchasing. Black approaches negotiation from a research and value-driven standpoint, while Wessler prefers extensive research and seeking fair deals. The hosts address apprehensions about negotiation, particularly among women, advocating for it as a tool for smart purchasing decisions. Tactics for buying vehicles and large items are discussed, emphasizing pre-purchase research, understanding the item’s worth and readiness to leave a deal if the price isn’t suitable. They caution that cash might not confer the expected negotiation advantage unless disclosed after deciding the final price. The hosts provide book recommendations on negotiation and promote their online community. The following podcast episode promises to cover more low-pressure negotiation strategies.
Key Points and Quotes Highlighted:
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“Money management”, “Negotiation tactics”, “Financial purchases”, “Stewardship of money” (00:00:00 – 00:13:45)
In Episode 46 of the Heart of Money podcast, hosts Austin Black and Bob Wessler discussed the role of negotiation in financial management. They emphasized that it’s an individual’s responsibility to make wise purchasing decisions, which often involves the need to negotiate effectively. While Black sees himself as a dominant negotiator and believes in the importance of research, knowledge of market value, personal value, and interest in getting a better deal, Wessler leans towards doing extensive research and seeking fair deals rather than engaging in intense barter. They also addressed potential apprehensions around negotiation, especially among women, and encouraged listeners to view it as an opportunity to make smart purchasing choices. The hosts promote the idea that negotiations should result in fair outcomes for both the buyer and the seller. -
Heart of Money community, Financial growth, Negotiation techniques, Vehicle purchasing (00:13:46 – 00:32:14)
In this episode of the Heart of Money podcast, the hosts discuss negotiation strategies, particularly focusing on buying vehicles and larger purchases. They underline the importance of doing research beforehand and knowing the worth of an item, alongside the necessity of being willing and ready to walk away if the price is not right. They highlight that cash may not necessarily give buyers the leverage they believe, unless it’s revealed after the agreement of a final price. The hosts also make reference to various books recommended on the subject of negotiation. They mention the Heart of Money online community and its services. They also announce that the next episode will offer more tips on low-pressure negotiation strategies.
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