Hello All,

Todays personal finance tip of the day is: negotiate.

The economy is a rough patch. Consumer spending is down. The good news is this means that it’s a lot easier to get a discount. Retailers, landlords, private schools, mortgage lenders…a lot of people are willing to haggle to close a deal. The more money you can save, the more you have to build your wealth.

For example, SmartMoney.com is reporting that the BestBuy corporation’s managers are empowered to “react to local market needs” and Forbes has recently run a story indicating that its possible to get healthy discounts on high end luxury goods like Gucci watches and handbags.

To make a long story short, the timing is ripe to negotiate good deals.

For more on this, here are some tips on how to successfully ask for a discount.

Best,

James

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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