Bargain Shopping — Dave Ramsey Chapter 7 – Flashcards
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To make your money go further
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Negotiating for a lower price, Buying clothing at end-of-the-season sales, Comparison shopping
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When buying things at an auction
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Don't get caught up in the excitement and end up paying more than retail price, Set a limit on the amount you are willing to pay, Familiarize yourself with the item you want to purchase (quality, condition, age, etc.)
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"The Lucky Seven" rules
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Can get you incredible deals on the stuff you buy every day, but they only work if you use them.
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Consignment shop
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A retail store where people sell items and the owner of the shop gets a percentage of the sale
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cost-benefit analysis
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The process of quantifying costs and benefits of a decision.
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great deal
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Do not happen by accident.
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Auction
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A public sale in which property or items of merchandise are sold to the highest bidder.
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estate sale
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A type of yard sale with more items, usually the entire contents of a household.
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Barter
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The exchange of goods or services without the use of money.
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Based on a survey by the Federal Trade Commission, the most common types of consumer fraud
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bogus weight-loss products, nonexistent foreign lotteries, unauthorized buyer club enrollments, dishonest prize promotions and fraudulent work-at-home programs.
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Being a wise consumer
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Involves developing a variety of skills, from product research to careful comparative analysis.
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Being emotionally attached to a purchase
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Will cause you to lose bargaining power.
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Being the first in line for a new product
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Will not get you the best deal possible.
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Cash
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has immediacy.
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Cash
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is emotional.
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Cash
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is visual.
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Do NOT lie
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To get a bargain. Always tell the truth.
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Most countries excluding the United States
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most countries use negotiating as a way of life.
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Foreclosure
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The process by which the holder of a mortgage sells the property of a homeowner who has not made interest and/or principal payments on time as stipulated in the mortgage contract.
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If negotiation is done correctly
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it will end up being a win-win deal.
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What you should to if you bargain at a store but are unable to negotiate the price down
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You should then just walk away.
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If you're trying to buy something, it's not your job to come up with a good price
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Make the seller work for your business.
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wise consumers
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Enjoy improved health and have a positive impact on the larger social and even global environment as well as In addition to economic savings.
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Integrity
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Has to do with a person's honesty and moral attributes.
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Just asking for a great deal
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doesn't always mean that you'll get one.
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Learning to be quiet
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a powerful tool in negotiation.
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Making informed choices as a consumer
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Will usually yield savings.
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Malls
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Generally not the best place to find a good deal.
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Markup
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The difference between the wholesale price and retail price.
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Most of the items at a pawnshop
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NOT stolen.
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Negotiate
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To bargain for a lower price.
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Negotiation
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Involves a conversation of back-and-forth, give-and-take.
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Researching a product prior to purchase
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Makes you an informed consumer.
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Good negotiators
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Are always armed with information about the product.
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Shopping for bargains
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Part of a healthy financial plan because it makes your hard-earned money go further.
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People who reported having more debt than they could handle
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More likely to be victims of consumer fraud involving credit repair and debt consolidation
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The good guy, bad guy technique
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A negotiating tool that you should be aware of.
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slightly outdated products
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There is very little difference in quality and performance but the price difference may be significant.
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This "IF I" take-away technique
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Involves negotiating the lowest price possible, then throwing something else into the deal.
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Using a cost-benefit analysis approach to your buying decisions
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Will make you a wise consumer.
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Using cash
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Gives you more bargaining power than using credit.
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Using cash is a great bargaining tool
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Because Cash is emotional, Cash has immediacy, and Cash is visual.
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Walk-away power
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The ability to walk away from a purchase when negotiating.
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When trying to make your money go further
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you should try to avoid buying only name-brand products.
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You must not get emotionally attached to the purchase
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Because it's only if you're prepared to walk away from the purchase that you will have the ability to negotiate.
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