I felt cheated.
I was at my barber’s shop the other day. He was about to finish my haircut when another customer walked in. The man asked my barber how much he charges. My barber says N2,000. Of course, that was how much I have been paying–never thought I could save money with some negotiation.
However, the man mumbles that he can’t pay more than N1,000 and then immediately decides to take his leave. To my utter shock, my barber stops him and asks him to come back. I felt cheated. I have been paying too much for my hair with all my knowledge of negotiation that I have failed to apply. This also meant that I had not been able to save money.
Whenever we hear the word negotiation, we immediately start thinking of those movies where some mean-looking lawyers are negotiating an aggressive takeover of a company. We think of hostage release negotiations where lives are at stake. With these images, we conclude that negotiation is only for very large deals and not for us.
However, negotiation is an everyday affair. You do it every day unconsciously. You negotiate with your barber, your mechanic, your spouse and even your employer. You negotiate when the supermarket attendant offers you a NGN 50 sweet because she doesn’t have change for you.
But have you been losing a lot because you don’t think about this process?
What is Negotiation?
In simple terms, negotiation is the process of coming to an agreement with an individual on how to best solve a problem. Creating concessions both parties could make in the event of a conflict of interest.
As such, negotiation isn’t about winning all the deals. It is about finding a common ground that will make both you and your partner think you’ve made a good deal.
Why do people not negotiate?
We are often held back by emotions. We do not want to look too cheap. We do not want to hurt the feeling of others. We fear negotiating will make us come across as petty, inconsiderate or lacking empathy. A vast number of people get drained emotionally when they negotiate. So they’d rather walk away.
If your goal to save money is really an important one for you, you need to master the basic art of negotiation.
What is the secret to negotiation?
The secret to negotiation is preparation. You should know what you want and what the other party might like.
Knowing what you want will prevent you from taking just any offer thrown at you. What if you do not like what you’re offered? That is why you should have an idea of what the other party might like. Because chances are if your partner gets what they like, they might give you what you want.
For example, someone offers to sell a piece of cloth to me for N10,000.
What do I want?
Realistically, I cannot pay more than N6,500.
What would the seller like?
The seller wants N10,000 but also wants to sell as many pieces of this cloth as possible. So she will like to be introduced to the people on my network. She might also like it if I buy more than one.
My counteroffer:
Give me the cloth at N6, 500 and I will get you 10 of my friends to buy from you.
If I succeed, I would be saving N3,500 just by offering an alternative value that I have (My friends).
The more of “what the other party might like” scenario you can create, the better you will get at negotiating and the more you can save money and get what you want.
Looking for other ways to manage your savings?
Cowrywise is a savings and investment platform that helps you automate your periodic savings. You specify a date and Cowrywise will automatically save an amount from your bank account into your Cowrywise account.
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Straight forward explanation. I was secretly wondering if the savings interest rates won’t drop but also secretly hoping that it will continue( Typical Nigerian) but I am glad Cowriewise is open enough to state the facts clearly and not give false hope like some other fund managers do.Kudos to you guys for putting your trust levels on a high pedestal.
The good thing is that as rates get better, you’ll enjoy the benefits in real-time.
This is interesting the information and sense of clarity and uprightness in these dynamical times. Your write is very clear and makes your investors aware and confident in your process. Transparency and integrity is key to what are stating here and I believe that as sanguine poeple your investors will understand and will also understand to pull out whenever they feel that you are manipulating them.
It is however not clear what you menat by dynamic interest rates.
I’m pretty impressed. Thank you for the updates.
You’re welcome!
Yes I agree with Collins, CowryWise at it’s best in making everything they do and offer transparent.
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Quite impressive. I have been wondering how you are able to continuously offer 10% in this current low yield environment. Keep up the transparency..
Thank you
I have just started with Cowrywise through the introduction by a brother, whom I did not personally know like Cowrywise, but trust can be trusted. I am quite convince by this explanation and just hope that the relationship will get better. Thanks you education and explanation, I pray whatever it is that has kept you doing this great work will not fail.
Thank you!
Thank you @ Cowrywise for your consistent efforts to make money matters easier to understand. This was really helpful.
It’s our pleasure
Thanks for the information clarity and transparency. But I would like to know if the interest rate changes will affect top-ups In a subsisting plan. Thanks
Hi there, no it doesn’t. As we mentioned, once a plan has been created the interest rate sticks till maturity.
Kudose to cowrywise team, well explaind
Kudos to you too for being here!
The most beautiful aspect of this whole write up was its transparency. You made your customers to know in dept things that even there parents won’t tell them. Wouldn’t you take a hug from me.
I will do that gladly. Thank you
Nice one,from the moment I decided to use the app,knowing about four to five app,I was just drawn to this app,thanks cowrywise..???
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Thanks for sharing explicitly. This has brought innovation to digital investment space in Nigeria. Keep up the great work! W are solidly with you, as we together we realize all our various investment goals and objectives. Cheers!
Cheers!
Thanks for your transparency.
You’re welcome
Well explained,you are simply the best.
Thank you
Cowrywise has been giving me what I need; transparency and trust. Thanks for this update.
And we will continue. Thank you!
Cowrywise, Simply the best!!!
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Your effort to explain the current market situation and your innovative effort to navigate it is understood. The cause of the downturn in interest regime across board is not the making of CrowryWise. It is beyond you. As challenging as it is, you are making the best effort possible to manage it and carry your investors along, hence this article. It is appreciated.
However, my little perspective in all this federal government inspired brouhaha is that in engenders a necessity to think far out of the box. In this wise, you may have to radically and robustly WIDEN YOUR INVESTMENT MIX. You may need to go AGRO. Yes, you may need to add agriculture to the portfolio. You may have to partner with big farm outfits. In this way, your investors can be offered the further option of investing/sponsoring aspects of farming activities in return for a percentage of the farms’ profit. That may help diffuse the uncertainty and despair caused by the crash of interest/return in the existing investment mix of T-bills, Mutual fund, Money Market.
Thank you.
We currently offer bond funds that are not significantly impacted by the drop in treasury bills.
Great success story of Cowrywise is awesome. Pls keep it up. It is not interest rates that attract; it is your commitment, sincerity, security of funds that stand you out.
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Thank you for your explanation. This is very professional. I appreciate.
Please clarify these: For an ongoing Plan meant to mature at a much later date, will the interest rate at the point of locking the plan drop too?
If NO, can the tenure of an ongoing Plan be extended before March 1st just to preserve the interest rate?
The prevailing interest rate would be the one that existed at the time of locking the plan. Changes in rates only affect new and rolled over plans.
So what will be the new interest rate from march 1
That will depend on the prevailing interest rate. Although, this won’t affect existing plans until maturity. Once mature, and you choose to roll over, you’ll reinvest at the prevailing market rate.
What would be the new rate @cowrywise?
That will depend on the prevailing interest rate. Although, this won’t affect existing plans until maturity. Once mature, and you choose to roll over, you’ll reinvest at the prevailing market rate.
Thank you so much Cowrywise! Your explanation is very detailed and helpful. Thanks for being transparent, it makes trusting you very easy. Keep doing what you do.
Thank you
Thanks Cowrywise, for the transparency. This was really enlightening. Great job!
Nice work cowrywise keep it ip
Hi Osahon, we are quite open to working with relevant parties on this. It is quite impossible for us to not pay you accurate returns as we are under the watch of a trustee. The trustee monitors your investments daily, to ensure you earn accurate returns. If you don’t mind, we can schedule a call to show you the calculated breakdown of your returns. Thanks for reaching out.
Good work guys. Don’t fall my hand in the days to come.
Hi, we have a couple of videos that can help with this.
Welldone, but I think you guys have to demystify your App. It’s complex to navigate and not straight forward, more like an encrypted message.
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Nice
Well done guys
Thank you?
I came here for Cowrywise and I learnt a thing or two about money and investments.
The simplicity of the content deserves an accolade.
Well-done to the team.
Impressive to find online business I can trust, please keep it up
We will. Thank you ?
Very comprehensive and apt.
Thank you for the response and information, I would quote this section from the write up “In essence, the interest rate at the point of creating a plan is what that plan earns until maturity regardless of any external changes that occur. That is if you have an existing plan, your rates won’t change in line with the new schedule except you choose to roll over after maturity. This will be effected from March 1, 2020.” My complaint was to why interest rate of the emergency plan kept dropping and that statement said if a plan is chosen before the drop there shall be no effect to the original but later on it still said depending on the type of fund it is invested in. I would have quoted that part of the statement to argue my point but I guess I’ll just leave it. I only hope that the next time I login I will not see that even the one percent interest is no longer there. Thank you
Can one withdraw from is the investment?
Good platform I go through ur information it is okay but the issue is me submit my bvn number to you guys I don’t know how secured it is
We only require your BVN for your own safety. We need to make sure that only you have access to your funds and can be settled in bank accounts that you own. In a case where your device falls into the wrong hands, your funds would not be tampered with because of this extra layer of security. I hope this helps to clarify things for you.
Thanks for the update because it’s matters alot
Anytime!