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Tuesday, 22 November 2011

The Truth about Penny-Pinching



In business, every kobo counts! Someone calls it penny-pinching. Penny-pinching is the opposite of being wasteful. Most wealthy people are penny-pinchers; they calculate before they spend. They are in control of their money. At any point in time irrespective of the situation, one should make sure he or she is not being overcharged for any product or service. Penny-pinching is not being miserly or hoarding money unnecessarily. It’s being accountable. Always feel comfortable bargaining for what you intend to purchase. You deserve a discount for paying cash or paying a.s.a.p. You will be surprised at the discounts you get when you simply ask. You should be prepared to walk away but then after you’ve walked away a few miles, the price will reduce. It’s simply being penny or money-wise.
Some people make the mistake of buying brand names because of the belief that the higher the price, the better the product. The law of demand that states that the lower the price the higher the demand still holds true for the rich and poor alike. Ask the rich. Most brands have added features that you don’t necessarily need. All that glitters in advertising is not gold. Buy brand names when you can justify the quality and the benefits. Small, seemingly trivial numbers add up overtime especially when it comes to finances and can have gargantuan implications. For instance, a peanut of N10 can add up to exactly N18 000 in 1800 days without interest. When invested at compound interest over more days, the returns can be colossal. Also, always cross-check your bills to ensure you’re not being overcharge.

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