For your consideration: Negotiation Profits And Losses. Scenario 1: Shut up!

The Money Kings are starting a new series, because so many people are really bad at negotiating and want to get better. We’re experts, so it’s time to go to school.

First lesson:

Basically, what we’re saying here is that many times you’ll find the best negotiating strategy is to NOT pour your heart and soul out to your adversary, not to be honest and upfront with all of your intentions, not to “come clean.” Sometimes the best negotiating strategy is to be quiet.

Today, one of our crew was at his favorite Chinese restaurant. While waiting for some egg rolls and noodles, our guy overheard a person picking up his take out order say, “Is the price of rice making your prices go up?”

Our guy noticed no change in prices at this restaurant. The lady running the counter seemed to not even know what this rice-price-watcher was talking about. BUT, if prices go up in two weeks, we’ll know why.

The Money Kings tip: Just because you’re drinking the Kool-Aid on this rice scare/hoax/shortage/media garbage doesn’t mean 1) It’s true; 2) Other people know what you’re talking about; 3) People won’t take advantage of the hype.

If The Money Kings were running a Chinese restaurant right now, we’d inflate our prices by 15% across the board.