Key facts
- Vivian Tu, known as 'Your Rich BFF,' says rich people are willing to negotiate more than others.
- Tu suggests people should negotiate for commoditized products like homes or cars by comparing quotes from multiple providers.
- An Indiana University study found 95% of US adults avoid bargaining in some situations.
- Tu advises being kind but assertive when negotiating.
Vivian Tu, a financial creator who uses the moniker 'Your Rich BFF,' believes that everyday consumers should emulate a specific habit of wealthy individuals: negotiation. Tu observed that rich people are more inclined to negotiate prices for services and goods, understanding the value of their business.
She told Business Insider that this includes threatening to cancel subscriptions for services like WiFi, telecom, or streaming, and negotiating bills with entities such as hospitals. Tu noted that while many Americans avoid haggling, with a study from Indiana University indicating 95% of US adults opt out of bargaining in certain situations, this reluctance stems from perceptions of futility, powerlessness against large corporations, or a lack of practice.