The differences between the wealthy and the poor go well beyond the size of their paychecks. In addition to making more money, people who are rich are typically better at managing their money and holding onto their wealth.
Find Out: I’m a Financial Advisor: My Wealthiest Clients All Do These 3 Things
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While you may not be able to jump income brackets overnight, there are certain behaviors of the rich that you can start implementing now, no matter how much money you have. In a recent appearance on the “On Purpose With Jay Shetty” podcast, entrepreneur and investor Codie Sanchez shared one money tip from the rich that everyone can follow.
‘Negotiate Everything’
Sanchez said that when she was growing up, her mother would negotiate the price of everything — a practice Sanchez found embarrassing at the time.
“When I was young, my mom — we call her the pitbull — would always negotiate everything,” she said. “I remember sometimes my mom would be negotiating for a different price, [and I would be] like, ‘Please stop. Just pay it.’
“And she would look at me and she would say, ‘Once it’s your money, you pay it, but it’s my money, so get out of here if you don’t want to deal with this,'” Sanchez recalled. “I used to think it was so embarrassing.”
However, after working on Wall Street and becoming a millionaire herself, Sanchez realized that her mother was onto something.
“Now I realize, oh, that’s very smart, and it’s actually the thing the wealthy do more than anything else that the poor do not,” she said. “The wealthy negotiate everything, and the poor take the price while the rich set the price.”
Learn More: I’m a Self-Made Millionaire: 6 Steps I Took To Become Rich on an Average Salary
Tips for Negotiating
While some things may be set in stone, there are many times when you can negotiate for a better deal or a better salary. Here are some key tips to negotiate in any situation.
- Do your research. If you’re buying a big-ticket item, know how much other places are charging and negotiate for a better price. If you’re negotiating a salary, know the typical salary range.
- Have a set goal. Know how much you’re willing to pay in advance or the minimum salary you would need to feel satisfied.
- Be willing to walk away. There’s always a better deal or better offer out there, so don’t settle if the negotiations don’t go your way. Walk away and move onto the next.
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This article originally appeared on GOBankingRates.com: The No. 1 Thing the Wealthy Do That the Poor Do Not, According to Codie Sanchez
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