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Category: Save More

December 2, 2024By Paula Pant

#562: The Secret Psychology of Successful Negotiators, with Matt Schultz

More than 90 percent of people who ask to get their credit card annual fee reduced are successful. Yet most people never ask.

Why? They assume the answer will be no.

Matt Schultz, the author of “Ask Questions, Save Money, Make More,” joins us to explain the psychology and tactics behind successful negotiation.

The key insight: companies want to keep your business. Banks, employers, and service providers invest in long-term relationships because it’s more profitable than constantly finding new customers.

This gives you more leverage than you might think.

For credit cards, Schultz points out that calling the retention department directly (rather than general customer service) often leads to better results. He shares his own experience of getting his $600 annual fee cut in half just by making a yearly call.

With mortgage negotiations, Schultz suggests getting quotes from 3-5 lenders on the same day, since rates change frequently. A quarter-point rate reduction on a $360,000 mortgage saves $20,000 over the life of the loan. The fees themselves can differ by $5,000 between lenders.

When it comes to workplace negotiations, Schultz recommends keeping a weekly log of your accomplishments. Note both your regular duties and times you went above and beyond. This creates a strong foundation for salary discussions.

The most effective negotiations frame requests as win-win scenarios. Instead of just asking for tuition reimbursement, explain how additional education will help you contribute more to the company. Rather than demanding a lower rent, offer to sign a longer lease that reduces the landlord’s vacancy risk.

Schultz emphasizes building relationships during negotiations. The person at the call center has likely dealt with angry customers all day. Being pleasant and making a human connection can lead to better outcomes.

The interview also covers negotiating with family members about money, choosing when to negotiate versus pay full price (like at charity shops or with small businesses), and how to time requests effectively.

The common thread: success comes from understanding the other party’s interests and finding ways to align them with your own.

This episode will show you how to save hundreds — or thousands — in your regular spending, simply by asking.

Keep reading...

September 20, 2024By Paula Pant

#542: Are We All Financial Hypochondriacs? Why We Feel Broke, Even When Our Bank Accounts Are Full

Ever feel like you’re never doing enough with your money, even when your finances look good on paper? 

You’re not alone. 

Katie Gatti Tassin, host of the Money with Katie podcast, dives into a phenomenon called “money dysmorphia” in today’s interview.

She shares how she got flooded with responses when she asked her listeners about money dysmorphia. Folks with hefty savings and investments still worry they’re not doing enough. It’s like they’re always waiting for the other shoe to drop.

Where does this come from? Katie points to a few culprits. Social media is an obvious scapegoat. But traditional media plays a role too. Think about all those TV shows where “normal” families live in massive houses and drive fancy cars. It skews our perception of what’s average.

Location matters too. Katie talks about how moving from Dallas to Fort Collins changed her spending habits. Different cities have different vibes and social norms around money.

The conversation takes an interesting turn when Katie shares her own experience buying a Porsche. She felt conflicted, worried her FIRE (Financial Independence, Retire Early) community would judge her. It highlights how even personal finance experts grapple with these issues.

They also touch on how the pandemic shook up financial priorities. When faced with uncertainty, some people realized saving for a far-off future might not be the only goal worth pursuing.

Katie and Paula discuss the importance of balance. It’s good to save, but not at the expense of living your life now. They suggest seeking out voices in the personal finance world to get a more rounded perspective.

Travel comes up as a way to gain financial perspective. Seeing how people live in other parts of the world can make you appreciate what you have or show you where your own country could improve.

Katie and Paula offer food for thought on how to navigate our complex relationship with money. It’s a conversation that might make you think differently about your own financial mindset.

Keep reading...

March 1, 2024Written By Paula Pant

The Afford Anything Gen Z Beginner’s Guide to Money

Hey Gen Z friends,

Welcome to adulting and the world of personal finance! As Generation Z, you have the incredible advantage of time on your side when it comes to investing and reaching financial independence.

Leverage your youth as a time of opportunity and learning, thinking boldly about how to create the financial future you […]

Keep reading...

October 26, 2021By Alyssa M

#345: How to Understand Your Medical Bill, with Marshall Allen

Let’s talk about one of the biggest expenses you might ever encounter: health care costs.

When you get a hospital bill, do you understand it? After all, it looks like it’s written in code (and sometimes it literally is).

How do you know if the bill is accurate? Has everything been coded properly? Are you being charged for the services that you actually received?

If you need to dispute an item, what’s the process?

Pulitzer Prize finalist Marshall Allen joins us to shed light on the complex world of medical billing. He breaks down the “explanation of benefits,” describes a step-by-step process for obtaining your medical records, and explains an actionable plan for how to contest a bill.

If you’ve ever felt overwhelmed by the complexity of your health care bills, you’ll learn a lot from this concise, informative episode.

Enjoy!

Keep reading...

March 31, 2015Written By Paula Pant

How Erin Saved One Years’ Worth of Expenses, Quit Her Job, and Enjoys More Flexibility

“I only earn enough to make the minimum payment on my loans.”

“My boss doesn’t pay me enough, so I can’t save a dime.”

“I’d love to quit my job, but I don’t think that’s realistic.”

The Naysayer Brigade makes statements like the examples above — statements that give power to their bosses and the economy, […]

Keep reading...

May 13, 2013Written By Paula Pant

The Weirdest Personal Finance Advice on Earth

Welcome to the site, Marketplace Money listeners!

If you turned on NPR this past weekend, you might have heard me tell a musician to drink more beer. Weirdest personal finance advice ever.

But what do you expect from me? I don’t give boilerplate advice. I talk about mindset. And strategy. And beer.

 […]

Keep reading...

March 18, 2013Written By Paula Pant

You Saved $128 Million by NOT Buying a Picasso! (And Other Strange Comments)

During my two-year round-the-world trip, Will and I spent hundreds of nights camping in Australia. We camped nonstop for about 7 months, or 210 consecutive nights.

When we told friends that we were camping, they remarked, “Think of all the money you saved by not staying at a hotel!”

Or not.

We […]

Keep reading...

March 3, 2011Written By Paula Pant

One Type of Health Insurance to Avoid

Many people assume that if some health insurance is good, more health insurance is better. That’s not always true.

Sometimes, having a little LESS coverage is the smarter move.

To understand why, keep in mind that the purpose of health insurance is to safeguard you against risk. The purpose is NOT to pay your medical […]

Keep reading...

February 22, 2011Written By Paula Pant

The Crucial Reason Why You Must Think BIG

Money management can get really complicated — if you let it.

People ask me all kinds of nuanced, nitty-gritty questions:

“Should I invest in Company XYZ, given that their price-to-book ratio is not up to recommended standards?” “Which of these five developed-market small-cap value funds do you recommend?” “Should I pay an early-withdrawal penalty […]

Keep reading...

February 22, 2011Written By Paula Pant

Your House is a Lousy Investment

Here’s the truth about houses: Unless you’re a landlord, your house will probably be the lousiest investment you ever make.

The myth about home ownership is that it’s a great investment — a way to “build equity” rather than “throwing your money away on rent.”

Hogwash.

Here’s the truth: When you rent, you pay […]

Keep reading...

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Afford Anything

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