From the course: Your Money or Your Life: Transforming Your Relationship with Money and Achieving Financial Independence

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Lesson 7: Research value, quality, durability, multiple use, and price

Lesson 7: Research value, quality, durability, multiple use, and price

From the course: Your Money or Your Life: Transforming Your Relationship with Money and Achieving Financial Independence

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Lesson 7: Research value, quality, durability, multiple use, and price

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- [Instructor] Seven, research value, quality, durability, multiple use, and price. Research your purchases, read reviews, comments, and crowdsource ratings from trusted sites and online marketplaces. Decide what features are most important to you. Don't just be a bargain junkie and automatically buy the cheapest item available. Durability might be a criteria for something you plan to use daily for 20 years. One obvious way of saving money is to spend less on each item you buy, but it's equally true that spending $40 on a tool that lasts 10 years instead of buying a $30 one that will need to be replaced in five years will save you $20 in the long run. Versatility is also a factor. Buying one item for $10 that will serve the purpose of four different $5 items will net you a savings of $10. One heavy-duty kitchen pot can, and perhaps should, replace half a dozen specialty appliances, like a rice cooker, and a…

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