Comments on: 10 Examples of How You Can Be Penny Wise, Pound Foolish

By: Y10K

Y10K — Fri, 20 Jul 2007 19:29:57 +0000

How about buying office equipment at ridiculously low prices, only to find out that the salesman’s claims about functionality were greatly inflated….

By: » Guest Post: Quality Clothes for Less than a Buck on Consumerism Commentary: A Personal Finance Blog

Wed, 04 Apr 2007 12:39:40 +0000

[...] She advocates shopping for quality when it comes to briefcases, handbags, wallets and jewelry.That’s my model for shopping. And it’s a strategy that Flexo mentioned in an earlier post about being Pound-wise and Penny-foolish. [...]

By: mapgirl

mapgirl — Sat, 04 Nov 2006 17:46:13 +0000

Let me sum it up. “Haste makes waste.” ;-)

By: Debt Hater

Debt Hater — Fri, 03 Nov 2006 21:51:39 +0000

Running off to become a yogi…

I had my first yoga class on Wednesday morning. It’s harder than it looks. Downward dog is no joke. I got a copy of the latest Yoga Journal magazine (well, in real life, they get sent to my job and…

By: Deb

Deb — Thu, 02 Nov 2006 19:28:25 +0000

Having a garage full of “stuff” you bought, can’t find when you need it (thus don’t use), and no room for your $50,000 car left out in the elements 24/7.

By: Flexo

Flexo — Mon, 30 Oct 2006 12:08:01 +0000

Well, I wasn’t giving advice here, but my philosophy isn’t that much different than others. 0% balance transfers can be helpful, but #2 just says not to forget about the bigger picture as you go off in search of these deals.

By: Simplicity in Kansas

Simplicity in Kansas — Mon, 30 Oct 2006 10:57:46 +0000

Interesting. Your advice is much different than others on your own moneyblog network web pages so I find the divergence very interesting as it is nice to a seperation of opinions as it relates to item number 2. Do have a top ten of most valuable things to do to save money? That would be a great list to review too. Thanks for sharing.

By: Flexo

Flexo — Wed, 18 Oct 2006 05:49:16 +0000

The post wasn’t directed to financially responsible people… I would think that would be obvious from the other examples. :-) And #2 can certainly happen to financially responsible people if timing is off…

Anyway, don’t take it too seriously. People who successfully pull off any of the above would disagree with their particular point based on their own success, despite considerable failure and mistakes by most other people.

By: Mr P

Mr P — Wed, 18 Oct 2006 04:45:49 +0000

I dont quite agree with #2. especially if you talk about financially responsible people who know how to use these offers to make money AND get the best rates possible when applying for a mortgage. See mymoneyblog.com for an example.

By: 3 Things about Money

3 Things about Money — Sun, 15 Oct 2006 18:58:25 +0000

These are wonderful reminders — comments as well. All important reminders about focus and priorities! Thanks.

By: fivecentnickel.com

fivecentnickel.com — Sat, 14 Oct 2006 23:27:22 +0000

Weekly Roundup – 10/13/06…

…

By: Mrs L

Mrs L — Sat, 14 Oct 2006 19:39:55 +0000

I have to tattle on my dad for this one: not replacing the 20 year old stove that only has one eye working because it costs too much, but having to buy take out every night because my mom hates to cook on it!

And this one is me: Buying the cheapest vacuum cleaner instead of a good one with a HEPA filter and suffering with the misery and expense of a year-round allergy to dust mites.

By: Daniel

Daniel — Sat, 14 Oct 2006 18:16:22 +0000

I love it! You nailed it on all of these!

By: Tim

Tim — Sat, 14 Oct 2006 04:07:38 +0000

I don’t know if you intended it to be but that was an entertaining post. I like the illegal download one. People are funny.

By: Single Ma

Single Ma — Sat, 14 Oct 2006 00:08:01 +0000

I don’t have anything to add but I had to LOL @ #9. I spend time doing online surveys (not hours) and I’m very happy with my career. Thank you very much! :-)

By: Lazy Man and Money

Lazy Man and Money — Fri, 13 Oct 2006 23:00:04 +0000

I think I would have gone with “an ounce of prevention is worth of cure” for my cliche. Almost all of these are calculated risks people take.

For instance, my inexpensive clothing doesn’t have to be replaced very often due to poor quality.

By: jengod

jengod — Fri, 13 Oct 2006 17:31:08 +0000

P.S. This is a great post. Thanks for sharing these important reminders.

By: jengod

jengod — Fri, 13 Oct 2006 17:28:22 +0000

* Not buying fruits and vegetables because they spoil quickly and may go to waste.
* Buying such cheap toilet paper than you end up using more than you would otherwise
* Joining and then not using an expensive gym while paying someone else to mow your lawn, weed your flower beds and prune your trees.
* Getting a fancy rewards credit card for the cash back and then spending more than you would otherwise to earn extra rebates.

By: Foobarista

Foobarista — Fri, 13 Oct 2006 17:18:01 +0000

I’m not so sure I agree on the “health insurance” question, at least if you have a well-funded efund. HSA-based insurance with high deductibles can be vastly cheaper than more traditional insurance, and if you are relatively healthy, you can save big bux and have more tax-sheltered money to save for retirement.

With insurance, there are generally two approaches you can take: cash-flow preservation or wealth preservation. Cash-flow preservation is making sure you have few unexpected out-of-pocket expenses, while wealth preservation is making sure you have no massive unexpected bills. These two goals conflict unless you are willing to spend a lot on insurance.

If you don’t have a lot of savings, cash-flow preservation, ie low health insurance deductibles, “comprehensive” car insurance, etc makes sense. If you have more savings, wealth preservation, ie insurance with higher deductibles but no “open-ended” upside costs, and higher liability insurance with less “damage” insurance makes more sense.

By: G.

G. — Fri, 13 Oct 2006 16:50:03 +0000

Spending a dollar a day on a lottery ticket hoping to win big, instead saving that dollar and getting the guaranteed reward.

By: Special Ed

Special Ed — Fri, 13 Oct 2006 14:41:18 +0000

“3) Spend time on the job tracking the stock market to ensure a comfortable retirement, just to be laid off years before retiring due to slacking off”

Ouch! It’s like you’re right there looking over my shoulder.

I couldn’t agree more about the new car. I have to keep reminding my wife that the new car smell is NOT worth $10,000.

By: Pete

Pete — Fri, 13 Oct 2006 13:48:40 +0000

Almost forgot the big mistake ….

Deciding not to go into debt to get a college education, only to end up in a $8 retail job asking if they want fries with that.

By: Pete

Pete — Fri, 13 Oct 2006 13:46:06 +0000

Some good points. I like #9 because we lose focus at times how we can improve ourselves and increase our income yet spend time worrying about finding the best 50 cent coupon. Also, #1 about not having health insurance (same goes possibly with life insurance or disability insurance – once you know you need it, it is too late).

How about some bigger items:

1) Not taking your spouse out for an occasional night out only to pay for the divorce lawyers because the romance is dead.

2) Saying you do not have the money to hire a financial adviser (or to read a good book on budgeting) to help you with your money issues until you are out of debt.

3) Spend time on the job tracking the stock market to ensure a comfortable retirement, just to be laid off years before retiring due to slacking off

4) Going to the pub for their $1 drafts, yet buying 50 cent wings and a taxi cab ride home because you can’t drive.

5) Not taking your car in for an proper maintance (including tires), then having a car wreck due to poor tires or brakes.

6) Going to a grocery store to get 10 cent gas rebate, yet spending 10% more in higher prices than shopping at the discount grocery store.

By: Flexo

Flexo — Fri, 13 Oct 2006 13:41:25 +0000

Good one — sounds like you know about this from personal experience.

By: 2million

2million — Fri, 13 Oct 2006 13:32:40 +0000

How about driving around the JFK airport terminals while you wait to pick up someone instead of paying the parking fee and then getting your car towed when you have to make a quick pit stop :-)