I am curious to know if asking too much during negotiations may lead to any negative consequences

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You don't get something you didn't ask for.

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Nope! It’s not the managers money :)

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It doesn't but don't say you will accept X amount and then still ask for more. That is just annoying more than anything, though. Also managers are not involved in negotiating (or they shouldn't be).

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I recently went through 3 rounds. Felt like I was being a pest by the end but they met my terms. Negotiate!

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