How I Will Be Rich

Photo By zappowbang

Have you ever noticed that some people just seem to have a connection for everything? No matter what they buy, they have some sort of “in” that gets them cheaper pricing. I know people like this personally. Everywhere they go and everything that they buy, they manage to get it cheaper than everyone else. Do you ever wonder why this is? A lot of times they are just well connected. They just might work in an industry where they get to know a lot of different people from a lot of different industries. If you are one of these people, leverage that advantage that you have. If you are not one of these people, there is a way to get insider pricing without being well connected. It’s called bluffing. Use terminology that gives people the impression that you are either in their industry or are well connected in their industry.

Research is the key to getting insider pricing. There are various places you can go to do the research. Do you have a friend who is connected to an industry you want to get inside? Grill them on the ins and outs of that industry. Learn all the terminology that you can use to impress the seller. Anything you can get out of these people to land a better deal is greatly appreciated.

So you don’t know someone in the industry? Another form of research is shopping around for prices. Got to your favorite vendor’s competition and attempt to bargain with them. Pay attention to all the terminology they use and the pricing points that they discuss. Drive a hard bargain with them and see how the react to various questions and comments. Ultimately, you are going to turn down this deal because at this phase it is strictly research. Get as much information out of these people as you can. It will all be worth it when you save thousands of dollars on that new car, that luxury hotel suite or that diamond ring.

The other place to do the research is the most obvious. Get on the internet. Search for the product you are looking for and read the websites. The most important thing to study is the key words that they use. The thing that impresses the vendors is the terminology. If you come straight to them and use the terminology that they use, they will assume that you know what you are talking about. They are not going to give the run around to someone who obviously knows the industry. Learn the keys areas of a sell that the vendor makes their profit from and use those areas to bargain down the price.

Here are some suggestions for various things I’ve found:

• Purchasing a New Car: (From Car Buying 101)
  -Learn the Invoice Price (The price the dealer bought the car from the manufacturer for)
  -Learn the Edmunds True Market Value (What others typically purchase the car for)
  -Learn the Dealer Holdback (The markup the manufacturer charges the dealer but may pay back to the dealer later)
  -Learn all the incentives and rebates that may be available on the vehicle.Knowing these things will allow you to call the dealers bluff when they claim that they can’t go any lower on the vehicle. Another thing that is good to negotiate that a lot of people don’t give much thought to is the price of your trade in. This price is always negotiable as well and can save you a ton of money on the new car.

• Negotiating a Paint Job: (From Book: How To Talk To Anyone)
  I started reading this book recently and it’s actually where the idea for this post came from. It gives a few insights on various industries. Here are some key terms to learn when you need the interior of your house painted. The book claims that by using a few of these terms you will save hundreds of dollars.
  -Tell the painter that it’s a clean job. The walls need very little prepping. No scrapping or spackling necessary. Apparently this is the most cost and labor intensive part of a job. By eliminating this step alone you can save a ton of money.
  -If there is no cutting in, you can save some money too. This means that there will not be two different colors meeting up anywhere on a flat wall.
  -Tell them not to leave any holidays. This will ensure you won’t get any thin spots in the paint and you will get a much more quality paint job.

• Purchasing a Diamond: (Also From Book: How To Talk To Anyone)
  -Call them Stones as opposed to diamonds.
  -The top of the stone is called the Table.
  -The widest part of the stone is the Girdle.
  -The bottom of the stone is the Cutlet.
  -If a stone looks yellow, they call it Cape.
  -If you see imperfections, call them Inclusions or Gletz.
  -If you want to see a better stone, ask to see a Finer stone.

Please post in the comments if you have any more examples of where this might come in handy. If you have insider terminology that could land you a better deal, let me know. I’ll make a follow up post with some more suggestions that I receive.

-M

=================================================================================
A loan is a type of debt that is provided by lender to borrower. It is not necessarily money only. Now things are getting easier and people with bad credit can also have an access to personal loans. The student loans are sometimes a package from government to students to initiate them to get higher studies. It is not easy for people to get credit if they have bad credit but now this problem seems to get solved through bad credit need loan that even facilitate those people who have bad credit history. The fast equity loans against properties are available through many organizations if you are in need of urgent cash.
=================================================================================

Popularity: 11% [?]

 Subscribe in a reader