Mom's Got Money: A Millennial Mom's Guide to Managing Money Like a Boss by Catherine Alford

Author:Catherine Alford [Alford, Catherine]
Language: eng
Format: epub
Tags: Business & Economics, Personal Finance, Money Management, Leadership, Personal Success, General
ISBN: 9781119759188
Google: lOEmEAAAQBAJ
Publisher: John Wiley & Sons
Published: 2021-03-30T00:04:13.360523+00:00

NOTE

1. Yowana Wamala, “Average Auto Loan Interest Rates: 2020 Facts & Figures,” ValuePenguin, October 29, 2020, www.valuepenguin.com/auto-loans/average-auto-loan-interest-rates.

CHAPTER 6

How to Negotiate, Earn Extra Money, and Start Investing

In 2008, when my husband and I were just dating, we saved up our money from working and backpacked our way through Europe. We'd just left Florence, Italy, and he could barely get his giant backpack shut. There he was, pulling at the strings on the top of the bag trying to shove everything in so we could keep going to our next stop.

His overflowing backpack was my fault because he was helping to carry my things, the treasures I'd just purchased by haggling my way through the Florence markets. Those treasures, my friends, were shoes. Beautiful Italian boots kind of shoes. I bought them because I was able to negotiate with the vendors in the market, somehow making those handmade leather beauties mine on a college student's budget.

Look, I was not leaving that country without those boots, so there was no choice but to fill our packs with them as though we didn't have to drag them through several more train stations on our trip.

We laugh about it now because I was so determined and it was so long ago, when we didn't have a care in the world. Back then, I wasn't thinking about investing in the market, saving for my kids' college, or trying to remember to defrost the chicken for dinner. I was just a kid who was willing to negotiate for boots, and for the record, I still own them today.

I don't know where I learned to negotiate, but I do know it's something I've always enjoyed doing. Lots of people hate the confrontation aspect of negotiating, but I find quite a thrill in it. It's an exhilarating challenge for me, one that comes in handy as a business owner.

Apparently, I passed down my love of negotiation to my kids. Just the other day, my son lost his water bottle at school. I told him he'd have to pay me back for it, and he owed me $6. He immediately responded with, “What about if I gave you $5?” I said, “First of all, good negotiating. Second of all, no.”

Even if the thought of negotiating makes you queasy, honing that skill is a necessary step to building wealth. With negotiating, you can lower your bills and get paid more. Then, the next step is learning how to invest so the money you earn and save works hard for you through the power of compound interest.

In this chapter, I'm going to teach you how to lower your bills, earn more money, and invest in your future. But first, let's talk about why it's important to do all this. Here's the deal: I want you to become wealthy.

I'm curious what your reaction was when you read that last line because for some reason, our society has made the pursuit of money into something that's negative. Watch any kids' movie and you'll notice that a lot of the bad guys are depicted as having a lot of money.

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