Data Points - that's what you need

Data points? What are you talking about?

Who needs data when they're trying to negotiate a good price on something?

I do, and you do too.

Always seek information when you're trying to make a decision. It comes in handy during negotiations. More information is better.

You can’t make good decisions about large purchases based on limited or sketchy information.

Ask things like:

  • Who makes this product and what other products do they make?
  • What kind of warranty does it have?
  • Are these good selling products?
  • Do you offer any sales incentives?
  • What about financing?
  • What kind of routine maintenance is required?
  • What have you seen in terms of failures and other problems with performance?

Sometimes simply asking a very open ended request for information will work well. How about, "Tell me what you know about this." You're looking for bits of information that will be key to making a good decision.

Here is a story that illustrates how gathering "data points" can be a very useful bargaining tip. It was my approach to buying some land. You'll note in this story the most important tip centers on information - data - so don't underestimate its value when you're trying to make a purchase.

Keep asking questions and thinking about the potential sale until you have enough data to make a good decision. Consider unusual avenues to obtain good data.

Once when considering purchasing a large piece of land, I wrote to the neighbors and asked for an interview. I sat down and talked with them about the area, availability of water and placement of fences, among other things. It was very enlightening.

When I combined data from them with other sources of information, I decided against the sale, and to this day I'm glad that I did.

Done with Data Points, back to Frugal Shopping

There certainly is a broad scope of topics here at Frugal Living Freedom. When you think about it, money permeates so very many activities in our lives, therefore, being frugal encompasses a wide range of interests, from being employed to taking a vacation, and just about everything in between. Enjoy the variety, pick up some new ideas, and start making frugality a part of your signature.

I'm a big proponent of being debt-free, and I mean entirely debt-free - no mortgage payment. It's not essential for financial freedom, but you'll love the feeling once you get there. If you didn't have a rent or mortgage payment, how much more could you do for yourself with your current level of income? I suspect plenty.

If you ever hope to see an abundance of wealth, you need to plug the hole in your boat. The wealthy don't necessarily make lots of money, instead, they know how to hang onto what they make, and make it work for them.