4. Spell Out the Deal Before You Start

Your bargaining power is always at its greatest before you begin a job. This is a time when you have something good to offer to the other party. Buffett learnt this lesson the hard way as a kid, when his grandfather Ernest hired him to dig out the family grocery store after a blizzard. The boys spent five hours scooping until he could barely straighten his frozen hands. Afterward, his grandfather gave him less than 90 cents. Warren Buffett was shocked to see that he performed such backbreaking work only to earn pennies per hour. Always nail down the particulars of a deal in advance even the deal is with your friends and relatives.