Saturday, January 16th, 2010 at
9:29 PM
Why do we buy? Do we buy because we need to use or do we buy because we want to have?
This simple question not always has a simple answer.
Are you spending extra time and money purchasing things you could be borrowing instead? Here are a few things to consider before you hit the store next time.
Benefits of Borrowing:
Test Drive Products for Free
Would you dream of buying a car without a test drive? I know I wouldn’t. A major benefit of borrowing is that you get to try before you buy. And if you do end up needing to purchase this item (perhaps rarer than you may think), you will be informed with hands on experiences on what features you like or don’t like.
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Friday, January 1st, 2010 at
9:34 PM
Short Synopsis
This book is about Warren Buffett’s life as an investor and citizen. It details his large deals with background and insight. The book’s focus is mainly on his road to wealth but also gives good insight on Buffett’s character and personal relations.
Purchase on Amazon: Buffett: The Making of an American Capitalist
After reading this well written book I feel to I have a good idea of Warren Buffett’s investment strategy and character. Here are the main points I gleaned from the 400+ pages.
Develop Creative Ways of Generating Income
As a boy Warren developed many small business ideas and ventures. These ventures were essential to allow Warren to save up his bankroll. In 1945 (at age 15) Warren was making $175 per month (about $2,100 in 2009 dollars). Some of his ideas/jobs included:
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Friday, January 1st, 2010 at
9:26 PM
So you have now identified a few items to sell for your replacement fund. But how do you turn those items into cash and grow your replacement fund? Here are some ideas.
Pick The Best First
Set yourself up for success and sell your best items first. This means items with the highest profit and that are the easiest to ship or transport. These are usually books, electronics and other consumer goods.
Price to Sell Fast
You have already decided you wouldn’t mind shedding these items, so don’t let price get in the way. It’s easy to get hung up on what a “deal” the buyer is getting. After all, you paid -insert your price here- and it has the -insert some feature here-. The past is the past, so don’t get hung up on the other guy. (Yes, he is probably getting a good deal). Good deals are what drive sales. The fact is, if it wasn’t such a good deal the buyer wouldn’t be knocking at your door. Make your item a great deal and don’t look back.
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