I friend of mine asked me for advice on a purchase he was thinking about making. These principles apply to any purchase decision. Use these next time you think about purchasing something!
Don’t be hasty
Hastiness generally doesn’t lead to something good. Take a day or two and think about it.
Do your research
Research what you are wanting to by. Test drive, try it out, do a demo, which brands are better, where are the better prices, etc… Doing a little research goes a long way in helping you make a confident purchasing decision
Does this purchase help you accomplish your financial goals?
Otherwise, is it in your budget. We hate this question; nonetheless, it’s a very valid one. If this purchase won’t help you reach your financial goals, then why buy it?
Is my wife ok with it?
No, my wife didn’t make me put this in there. It is better to not buy and have a happy wife, than to buy and not have a happy wife.
Below is a snippet of an article that a friend of mine wrote talking about higher education.
Read the rest of the article at: http://www.matthewmarkmiller.com/wordpress/?p=28
Most (but not all) higher education is a money-making racket, a way to bilk American parents out of thousands of dollars because they believe that a “college education” is what their kids need to get ahead. In one sense, this is true; a college DEGREE is a necessity these days, but it’s not the education that matters. Ask any HR person who is hiring for entry-level positions; they expect their new hires to know almost nothing.
“Being the best at something you love to do, is going to bring rewards, financial and otherwise that will far exceed what any stock or bond can offer you.” – Mark Cuban @ Investing – The Good News – The Longtail of Investing – Blog Maverick
I remember Ron Luce saying something once while I was at Teen Mania, “Find something you enjoy doing and will do for free. Become the best at it and people will pay you to do it.” (paraphrase)
I agree.
