RULE 85: You paid what for it? How to shop around

Late Banker & Co-Founder of GT Bank, Tayo Aderinokun with Society Lady, Mrs. Bola Shagaya

I know I said
shop for quality, and I do really believe that, but I don’t believe in throwing
your money away on expensive stuff that could be bought just as cheaply from
another source. For instance, a dear friend was recently buying a very
expensive car, a wonderful car. I was most jealous. I was so jealous I broke
all my own rules and asked him what he was paying for it. I couldn’t believe my
ears. ‘You’re paying what for it?!’

He said he could
afford it – as indeed he most certainly can. But it was the principle of the
thing. ‘You can get it a lot cheaper here, here or here,’ I suggested. ‘Yes,’
he replied, ‘but then I would have to get up off my arse and do something
instead of just reaching for the phone.’ 

“There is an Old Russian saying that spending is
quick but earning long. That’s true. We can offload the work of years in a few
moments. We have to be prudent when it comes to spending”.

I offered to buy
it for him at the cheaper location and then sell it on to him and split the
difference. But he was having none of it. He explained he had earned his money
so he could stay on the sofa and lift a phone and have the world brought to
him, delivered with the minimum of effort. That was what he thought great
wealth was all about. 
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Now, unlike my
friend, the sensible rich don’t just throw money away because they can. Instead
they:
• Always get at
least three quotes for work being done and don’t just accept the first quote
they get
• Shop around to
make sure they aren’t wasting their money
• Are cautious
about spending if they have had to work hard for their money. They aren’t
miserly, just cautious and selective and discriminating.
There is an Old
Russian saying that spending is quick but
earning long
. That’s true. We can offload the work of years in a few
moments. We have to be prudent when it comes to spending. Not to deny ourselves
anything – God forbid I should recommend that. But instead just be a bit
cautious and don’t go throwing money away needlessly.
I think wise
spending is something we should be teaching our kids from a very early age.
They are all too often persuaded by advertising that if something is brightly colored,
noisy, messy or in some way repugnant to parents, it must be a good thing.
And they rush
home and strip off all those wrappings and disappointment sets in so very
quickly. Teach ‘em young.
As for you, time to discover for yourself the joy of
getting value for money in everything you buy (if you haven’t already). The
Internet makes it all terribly easy to compare prices and shop around and make
sure you aren’t paying more than you have to for anything. Use it. 
From The Book; The Rules of Wealth by
Richard Templar
(Read Rule
86
of Rule of Wealth tomorrow on Asabeafrika)

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