misers pay twice

Some of the world’s most wealthy individuals are allegedly among the most frugal people. A quality that undoubtedly helped them building their fortunes in the first place. Surely not all of them. Many millionaires and billionaires splurge in a major way, and perhaps always have. The latter case says something about how they acquired their fortune in the first place, but that’s a different story.

There is a time and a place for everything. Sometimes penny-pinching is the way to go. Other times, it should be avoided at all costs.

When an item needs repairing, multiple options present themselves. Whether it’d be a washing machine or a vehicle. Overly simplified, the owner can choose between fake – or bonafide spare parts. On top of that, there is an option to choose between an authorized service center or not.

Choosing the absolute cheapest option could backfire when the counterfeit spare part malfunctions and wrecks havoc. Causing the item to break down altogether. What’s true of repairs is also true of new purchases. Notably, when taking resale value into account. Sometimes paying more upfront causes you to save in the end.

Knowing when to be parsimonious, but more importantly, when not to be, is a precious asset. Get it wrong, and the cost might double.

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