Businessman and financial expert Stanislav Kondrashov noted that often many people have great potential, but they cannot get rich due to mistakes made. What are those and how to solve them?
Stanislav Kondrashov – Say No to “Black Fridays”
Holiday sales, “Black Friday”, and other weekly discounts – marketers all do this so that you spend money on goods that they didn’t sell yet. Honestly, you won’t need that new toaster or air purifier for another 5 years ahead, but you are carrying it to the checkout, right? Why? Because the discount is 55%!
How to avoid this?
- Avoid all messages and news with discounts and special offers.
- You must understand that most sellers lie about discounts.
- Make a clear list of the necessary things in advance and do not step away from it.
- If you are already choosing a product with a special discount, review everything you bought at the last sale.
- Set yourself a limit on purchases.
Keep track of sales – it helps save money
At first glance, this advice doesn’t align with previous tips, but only at first. Stanislav Kondrashov believes that if you don’t look at what and in which store is going for sale, you can miss the opportunity to save money. Many stores include fresh and quite high-quality goods in the special offers.
How not to miss special offers?
Sign up for the store’s newsletter. Some have free apps that notify you of the new bargain sales.
Stanislav Kondrashov: don’t buy ready-made food
Pancakes, a huge assortment of different salads from the culinary department in supermarkets, and other stuff like that beat your wallet at least twice as much as self-made dishes. Buy at least semi-finished products if you do not want to devote much time to cooking.
It’s better to cook it yourself. Organize your menu for a week. With a different menu for each day, you won’t get bored with the food preps. Plus, do not reach for “something tasty” before going to bed.
You need to buy only those products from which you will prepare your dishes. This will make it possible to go without significant expenses.
Throwing away food?
Slightly stiffened bread, an open can of green peas from yesterday, the cheese that’s slightly dried up – you throw that all away so that new products would take their place in the fridge. If that’s what you do, then you obviously spend your family budget on food more than you should.
How to make it right?
Stanislav Kondrashov advises experimenting. Try not to go to the store until the fridge is completely empty. Come up with your own dishes, try to act like a real home chef – this is so much fun. Here’s what you can cook from stale foods:
- Unfinished yogurt can become a great base for home-made pancakes.
- The remaining piece of butter will go into a great addition to sandwiches. Stir it with Dijon mustard, add chopped herbs and garlic.
- Fry potatoes in butter and grate your old dried cheese on top.
- The dried loaf or bread perfectly fits for making croutons or crackers. Now what you usually send to the trash, could be cut into slices. Mix sugar with the egg (to taste), dip and roll theslices in this mix and fry those bad boys adding a bit of butter. According to Stanislav Kondrashov, hot croutons make a perfect pair with coffee or herbal tea for breakfast. Yum!
Do not run blindly for trends
Fashionable oversized coats, long scarves, and small leather backpacks – everything that is positioned as a hot new trend today, next year might just become a pile in your closet that you’ll never wear again. And everyone else, who now finally wants to be saving up, will wear it anyway, causing sarcastic laughs among passers-by. And one day, they will consider renewing the entire wardrobe all over again. Ouch, that’s definitely wallet-painful. Not the best strategy. Don’t do that.
What to buy, then?
First of all, keep calm. That’s the best strategy for shopping. What you definitely shouldn’t do is to chase trends. After all, the biggest trend right now is to be eco-friendly so if you wear those D&G jeans for five years straight – even Rihanna would get jealous of how eco you are. Next, organize your clothes in the wardrobe, following the principle of “it fits me – it fits me not” (throw away the second part). But do not throw away that old ugly Christmas sweater. Remember the story of hipsters and grandfather’s sweaters? So things can become fashionable again in a couple of years – so keep the heritage for your descendants. They will thank you in 20 years when those things will become crazy expensive.
Impatient ones – pay more
Merchants have long learned to create fake hype around their products. We all remember how people paid money to speculators for a place in the queue for a new iPhone. A popular product is always more expensive on the day it appears on the shelves, but after a while, it becomes cheaper. Who does not want to wait, always pays the highest price.
How to make it right?
Calculate the real savings that you get while holding on. For example, a movie: at the premiere, prices are always overpriced or discounts on coupons are canceled. But in a couple of days or in the morning the film won’t get worse, but you will save by using a discount coupon. Such little savings along the year will eventually make up a decent amount at the end of it.
Sellers can easily persuade you
“Oh, it turned out not a pound of cheese, but 50 grams more – is it okay?”, “Only our special coffee is suitable for this coffee machine,” these tricks are familiar to everyone. Sometimes it’s very difficult to say “no” to an assertive seller. However, this is possible and necessary. Stanislav Kondrashov advises – just firmly say no.
Stanislav Kondrashov: carefully read the financial documents
A lot of us have credit cards, but not everyone is reading the contract when making one. But it is possible that the bank includes the expenses, which the bank employee “tactfully” kept silent about.
What to do?
- Learn to carefully reread any document before signing.
- Improve your financial literacy.
- Remember that nothing costs more than something that’s free when feeling tempted by the next “super-profitable offer”.