Poor people try to find the best deal. Rich people have better things to do.
At least as far as small purchases are concerned.
Think about it. Many poor and middle class people do anything they can to save a buck. They clip coupons, drive across town to get $5 off, wake up incredibly early for Black Friday sales and spend hours online trying to see which website has the cheapest Keurig coffee machine knock-off.
On the other hand, could you imagine a wealthy person doing this? Probably not. It’s not that wealthy people don’t like a great deal. They just understand what is and what isn’t worth their time. They also understand the 80/20 rule.
So for starters, rich people don’t really care about saving a buck here, $20 there. They understand that if something is really a lot cheaper, it will usually come with a catch. And sure, some stores have loss leaders but those items usually take a lot of time researching to discover when they are coming and you also must need the item when it comes up for sale. Rich people understand that the effort expounded to save a small percentage of the regular purchase price usually isn’t worth the time and stress.
Though you may be thinking that your Uncle Scott has a lot of money and he clips coupons. That’s great. Good for Uncle Scott. But I’m willing to bet the only way he got fairly well off was the easy way. That is, he doesn’t spend much money and he’s never really made that much money at any given point in time. So Uncle Scott may be doing alright for himself but he’s not the type of rich we’re using in this example.
The 80/20 rule is understood by the wealthy. They understand that 20% of their efforts yield 80% of the rewards. Sorry to anyone who loves coupons but the only way couponing could fall into the 80% rewards category is if you live well below the poverty line. Rich people just don’t care about these small wins.
A point does come in which rich people do like saving money. These are on big ‘wins’ such as car buying, house buying, business buying, expensive suit buying and maybe even yacht buying. That’s because, for about the same amount of time as it takes to wait in line outside of Best Buy on Black Friday, they can negotiate a better price on something that really matters.
Okay, you’re now probably thinking that you have nothing better to do than to price comparison shop on the weekends. And you may find it exhilarating (I believe that’s why most people like saving money – because it’s fun – not because it makes sense). You may think that since you “can’t” work on the weekends making money, you may as well try to save it. Stop. Stop now.
Everyone can work whenever they would like. You may not be a freelance writer who can write an extra article on a Saturday morning, but you can advance your career at any time even if you think you only work a mundane 9-5.
Focus on rewards that take some time to pay off. Search job postings to see if you’re being paid justly. If not, research ways to ask for a raise. If you are paid well – look at getting a promotion. You can also network with people from your industry by sending emails – even at odd hours. You can spend time taking online classes or picking up skills on your own that will advance your career. Pretty soon – you’ll have what it takes to make another $10,000 per year.
So stop focusing on the small wins that take far too much of your valuable time. Don’t seek out the best deal. Seek out a fair deal that doesn’t take too much of your time. Then use that time to invest in yourself so you can make more.
Sorry to burst your couponing bubble. If I’m wrong, feel free to let me know in the comments.
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