Financial Advice from a Tightwad

By Dave Munson

Being cheap is expensive when it comes to buying everyday use items.  Folks throw 1000’s of dollars down the drain in the name of frugality (being a tightwad).  I’m guilty of this myself, but am learning.  The list of some of those items below may help clarify.

They say that repetition is the mother of all learning. It’s true, repetition IS the mother of all learning. Hey, someone send that one to the Department of Redundancy Department. Hopefully, if you’re one of those people who still doesn’t get it, the following will help it sink in.

Dave Munson and Marilyn

The Story:

I used to be a waiter. Loved that job, but that’s irrelevant. When I started, they told me that I needed to wear a white shirt, black pants and black shoes. So out went a broke college student, shopping.

So, the shoe salesman asked me, “How much money are you looking to spend?” I told him $50 and, in no time, had a number of $50 size 14 shoes laying at my feet. After being disappointed by all of them, the salesman said, “I’d have you try on those $90 shoes over there, but since you can’t afford them, you’d better not”.

Well with the help of my friend Visa, I wore those extremely well made, light, comfortable and durable $90 shoes for the next two years while the other waiters bought a new pair of cheap $50 heavy and uncomfortable shoes every 6 months.  In 2 years, I spent a total of $90 and they spent $200 on shoes that wore out and looked dumpy in no time.  I even wore mine for another year as a limo driver.

Moral of the story: Buy the best, cry once.

Are you a rancher in New Mexico?  Spend $300 on a good waterproof hat that breathes well and doesn’t lose its form.

Are you a chef? Buy a knife that’s made of such hard metal that it keeps a razor edge for a very long time before it needs to be sharpened.

Chef with Saddleback Leather

Do you sleep? You spend 1/3 of your life on a mattress. What would daily solid uninterrupted sleep and more of it, do for you for the next 40 years? You do the math.

15 extra minutes X 365 days X 40 years?

Are you a surfboard rental guy on a sandy beach?  If you’re not, invest in some good shoes.  If you are, you probably don’t need shoes.

Do you sit all day in an office chair?  Invest in a really nice one (full grain leather with expensive high density foam and metal coasters) and watch how your life changes.

Do you spend a lot of time in the snow? Invest in nice gloves and boots. You can always put on more layers of clothes, but if your hands and feet are cold, it just plain stinks.

Do you deal with clients and carry a leather briefcase?  It’s expensive to be cheap and you’ll appear just that.

Whatever it is that you use everyday or quite a lot, don’t skimp on it.  Buy the best.  It’ll last longer, look nicer, perform better and pretty much make your life a little more pleasurable.  Don’t be cheap; it’s too expensive and life’s too short.  And…you’ll save money in the long run.