Buying things at the lowest prices

by Abel Cheng on October 1, 2010

in Wealth Mindset

I just bought a new mobile phone for myself. No, this is not a reward but my old phone is not working well. The problem is the other party can’t hear me at all or the line is noisy.

If not due to the problems, I would have not bought this new one. Come to think about it, I only buy handphones when I have no choice (in this case they are not working.)

It took me a while to decide to go for a new one instead of getting it fixed. I always think thoroughly before I buy anything. If I don’t have a compelling reason to buy, I’ll not buy.

I’d like to keep things very simple. I am not where I want to be yet but I am still learning to be a minimalist.

Back to my story.

I did not buy the phone the moment I saw it. I don’t need a fancy phone but one that serves basic functions of a mobile.

I surveyed 7 shops to get the best price. It seems a lot of work. But let me tell you this. I save a whopping of $90 for exactly the same phone.

I bought a Nokia 7230 on September 26. My old phone is a 3-year old Nokia which I can’t remember the model.

It is not that I can’t afford the phone but why should you pay more if you can get it for less?

As Benjamin Franklin said, “A penny saved is a penny earned.”

You should make getting the best price as your shopping motto. I am not the only one who is a “proponent” of this concept.

Many millionaires concur with me. One of them is Marc Fisher. He says this in his light reading book called The Lazy Millionaire. He even dedicates a whole chapter on this topic.

He is even more creative than I am. He saved $2800 when he was buying a BMW for his father. $2800 is the monthly salary for many people.

Marc could afford the normal price but getting the lowest price thrills him. He says in the book:

Money you did NOT spend yet is power, freedom in your hand.

Use what you have saved to invest in assets that generate income.

This being said, I am not asking you to become a cheapo or penny pincher. Getting the lowest price and being a penny pincher are two different things altogether. You can still enjoy life while paying for less.

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