Sunday, June 17, 2012

That's Not Good Enough

Today's FPU lesson was titled "That's Not Good Enough!: How to Buy Only Big, Big Bargains".  It was a great lesson on how and where to get good deals.

Dave laid out a few ground rules for getting big bargains.  The one that he stressed the most was the importance of having integrity.  "You cannot have healthy relationships and build wealth with lies as your foundation," he said.  I love that this class on finances is build on a strong foundation of Christian values.

When it comes to making good deals, Dave's lucky seven basic rules of negotiating are:
1. Always tell the absolute truth.
2. Use the power of cash because it is emotional, visual and has immediacy.
3. Understand and use "walk away power."
4. Shut up! (Take the time to listen and wait.)
5. Remember to use the phrase, "That's not good enough."
6. Watch out for the good guy, bad guy techniques some retailers will use.
7. Use the "If I" take away technique. (Stating, "If I do this, you need to do ______ for       me.)
One of my favorite personal finance bloggers, Steve Stewart, recently posted about how saying no is a great negotiating technique.  Check out his blog post and video on MoneyPlan SOS.

The end of the class was about places to find great deals.  The place that we as a family take advantage of the most is buying from individuals.  You can usually make a good deal with individual people because they are trying to get rid of an item that is in their way and did not invest in the item with the intention of making a profit.  Dave and I also recommend garage sales, public auctions, consignment sales and online auctions.  Now there are even groups on Facebook for you to be able to sell your items and buy things from your neighbors. Our family has had success buying and selling from the Altoona/Pleasant Hill facebook group.

In addition to our 8th class today, William and I worked through the second lesson of Financial Peace, Jr.  We learned about the importance and value of giving.  William received his new giving envelope.  He is excited about his first payday later tonight under our new system.

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