5 Multimillion-Dollar Negotiation Mistakes (and How to Avoid Them)

Learn from the Biggest Negotiation Blunders in Business History

1. YOU: $2 Million

Wait, me?  Yes, you.

It’s been real fun laughing at everyone else’s missteps, right? But the fact is, if you don’t negotiate properly, you’re going to leave millions on the table yourself. Let’s assume the following details:

  • You start your working career at age 22
  • You retire at age 65
  • Your starting salary in your first job is $40,000
  • You accept an average raise, like everyone else (estimated to be 2.4% according to a 2012 study by Mercer)

Total lifetime earnings?  About $2,900,000.

Now let’s make one little adjustment. You decide you’re not like everyone else, and you put in the time and the effort to learn negotiation skills and you step up and ask your boss for a raise. Even if you receive only a slightly higher increase of 4.4% (Mercer’s 2012 average for top performing employees), the result will be:

Total lifetime earnings? About $4,900,000.

That’s right, if you don’t negotiate, your name will be added to the list of multi-million-dollar negotiation mistakes. Don’t let that happen.