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Robert Feol answers a radio program listener’s question…
From time to time I get very interesting questions from radio listeners after a program airs. Here is a request for information that came in this weekend. I refuse to pay full price for ANYTHING – now, SOMETIMES(like, for example, if I am doing a hobby project and need to buy on impulse to get something done) I will go and purchase from a store, but for the most part, we rarely if EVER do that. EVERYTHING is checked to see if we have a coupon, or can go to a competitor, or purchase online.
As a general rule, services purchased in your area are FAR MORE EXPENSIVE than higher quality experts outside of town(sometimes out of country.) Refuse to pay retail for anything, not just real estate. Hope this helps your 2011 cut overhead and keep more disposable income! J
fromVincent B. <name firstname.lastname@example.org,
email@example.com (Yes, this is you.) Learn more
dateSat, Jan 22, 2011 at 9:42
Robert, on the show this Saturday I heard you make, to me, what was an incredible statement. You said ” I never pay retail for anything anymore” really? anything? Can you expound on this? I don’t want to pay retail either! if I don’t have to. Surely you didn’t mean everything right? How is this possible? Can you help me do the same? Please let me know the secret.
BTW, I try to catch your show whenever I can on Saturdays. I enjoy it very much and want to begin to get my financial life in order.
Looking forward to hearing from you,
Vincent E. B.
And here was my response. Again, glossing over some basics but you get the idea…
Hope all is well – thanks so much for listening.
It’s true. we don’t pay retail for anything. I decided a LONG time ago that if something was worth having I wanted to see how the people selling it did it. Here are a few simple rules to follow, but by no means comprehensive:
Feol’s Rules For Not Paying Retail EVER AGAIN
1) EVERYTHING IS NEGOTIABLE
2) The only time something is not negotiable is if it has no competitor and is a necessity(i.e., MLGW – although that is a completely different discussion.)
3) Buying used in many situations is completely acceptable.
4) Coupons should be clipped generously but only used to buy what you NEED. NEVER buy anything just ‘because’ you have a coupon.
5) Certain people know how to ‘get’ things that you may want from time to time. For example, if you are buying an RV, buying used from a consignment specialist will save you 40% – 70% off of retail.
6) When people buy things, it is often on impulse. They will then often sell these things later when they have no need for them. Certain items gain value over time, so buying used is actually BETTER than buying new(think vintage guitars, coins, etc.) Be on the lookout for such items you want, and if they are valuable, work on collecting more of them specifically to resale.
7) Most people are FOOLS with money. Let them be fools, but be ready to help them when they are distressed and NEED to sell(this is houses, cars, boats, RV’s, etc.)
8) Taking over someone’s payments can help them AND be a way to get what you want WITHOUT cash or credit.
9) Bonuses stack. Work on purchasing items using stackable bonuses(think Piggly Wiggly Coupon 3x day combined with weekly savings and a Piggly Wiggly Card, for example – you can actually get PAID to take basic items like ketchup, canned goods, etc, from the grocery store.)
10) General retailers sell specialty items more expensive than specialty stores. Example – if you are buying meat for grilling, don’t but at Kroger, buy at Charlie’s Meat market – way fresher and 40% – 50% less than Kroger’s price.
11) Bulk purchases are good, especially when on sale. Price per unit drops when you purchase more.
12) People in charge have the power to say ‘yes’ to discount requests. Assistant managers are very good for this. be respectful. Ask for a discount on damaged boxes which hold undamaged items.
13) Auctions CAN be a good source of inexpensive purchasing.
14) People, in general, want cash. If someone offers you financing, don’t be afraid to go to them 6 – 12 months later and ask to settle the debt you owe them for a significant discount IN CASH.
15) EVERYTHING IS NEGOTIABLE. REFUSE TO PAY RETAIL.
Hope this helps. You will find that purchasing things for far below their true value is a very very rewarding hobby AND a great way to love while cutting your overhead. My wife and I just purchased a 30 foot RV for 4k which took us 2000 miles over the holidays, while many of our friends still owe 3x – 10x that on RV’s they never use and wish they had never bought. Plus we are converting it to solar from buying – surprise, at a discount – solar panel arrays from Harbor Freight.
You can do it Vince.
Don’t stop believin’!
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