Posted in Uncategorized

Lose a thousand dollars to save a dollar

This mentality is more evident here in Israel. People will go out of their way not to be suckers (in their minds), and in the process lose way more than they bargained for. I have a friend that sells extended warranty for electronic appliances like refrigerators, washing machines etc. The average warranty per year is about 10% of the cost of fixing the appliance if need be. So if you were to pay for nine years straight and only need one repair you would still save money.

You see the same thing when it comes to buying smartphones. The average person (not an Apple or Samsung fan) would check prices online as well as at least three stores just to make sure he’s not paying more than he should. But they don’t take into account that their time would have been better used making their next $10,000 instead of saving a buck or two.

It’s great to be in the here and now, to be pragmatic. Though it’s not going to kill you to think a few steps ahead. What difference does it make if I do X? What might I lose if I don’t do Y? Tony Robbins always says that better questions lead to better decisions, so start asking yourself better questions.

I hope you found this post helpful, if so like it and share it with your friends. And while you’re at it, check out my ebook ‘level up your business’ a guide to starting your own business the right way.


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