Romil Patel
Being cheap is sometimes looked to as being a good thing and sometimes a bad thing. Some entrepreneurs will tell you that being cheap is a good thing, while others may say that cheap people never prosper. I personally believe there are times to be cheap and times that require you not to be cheap. Well, how can a person go both ways? I’ll show you…
1. Buying that car - It is time for you to buy a new car, you are in the market to buy something nicer than you drove before, so you look at a few luxury cars. Question: Do I need to go with every option the car can possibly come with, or can I live without somethings and have them installed after-market and save a few bucks? I would say this scenario would call for being cheap. If you find that it is cheaper to have things installed afterwords, why not! Also, it isn’t always necessary to buy new, buying used can be a money saver too. -If you buy cars for your business, don’t buy the one with options you don’t need! Buy the cheaper cars because employees don’t usually take car of cars like they are their own.
2. Buy on sale - This can go with anything. If you don’t need something right this minute, wait for a sale to come buy and pick it up for 1/2 price. Saving a few bucks can add up to your wealth in the long run.
3. Negotiate - If you are buying a pack of gum, you shouldn’t negotiate, but if you are spending a few grand on something, try to get a deal. Who knows…you may end up saving a few hundred dollars.
4. Rent/Lease, when you can. - If you need something for a one time use, see if you can rent it, if you can, it will probably be cheaper than buying something to use one time.
5. Pre-plan- If you know what you will need to buy for a certain project and pre-plan it, you will have time to search and do your homework on a variety of deals going on.
When should you not be cheap?
1. Don’t waste time after seeking a sale. - If you are trying to hunt down a sale, closely tracking every store for a few weeks, think of all the time you are wasting. If you don’t find a sale in a few days of your product search…just buy it already. With all the time involved in “window-shopping,” you could be spending that same amount of time MAKING money.
2. If you need something, you need it. - Don’t try to do good without buying something because it is too expensive. Don’t substitute when you can’t. If you are running a business and you need a product, then buy it. If you compromise, it will probably affect your business in a negative manner.
3. If you didn’t pre-plan- Don’t be cheap, if you are running around for something last minute. Make a wise decision and just buy what is needed.
4. Don’t be cheap in these situations- If you are on your Honeymoon, don’t be cheap. If you are out with your boss, don’t be cheap. If you are with a friend- well it depends.
In the end, cheap people CAN prosper and a whole lot of cheap can be quite beneficial to you in the long run. Being cheap isn’t a bad thing, but being cheap is a luxury you CAN afford. A lot of the most successful entrepreneurs are cheap.
