Patience has never been one of my strengths. I can think back all the way back when I was a kid and even the long road trips for family vacations irritated me. I’ve always been someone who wants things to get done quickly with very little waiting around. I could excuse myself by saying that I need that type of mentality because I work in the construction industry where schedule is EVERYTHING.
However, that would just be a poor excuse. I’m a sinner like everyone else. I mess up and let my lack of patience get the better of me. It’s never a good ending when you are impatient. Thankfully God has stuck by me and helped me grow in this area. Without the grace of God, I would be a lot worse off!
I was thinking about this article and how I would relate patience back to personal finance. I even thought about writing something that made me look good. But, I’ve decided to do something else. I’m going to share with you a story of how my lack of patience slapped me in the face and lost money.
It starts with a “want.” This want was a desire to buy a luxury desk chair. With the increase of hours managing this website, I thought investing in a new desk chair would make sense. This is a great premise but it goes downhill from here…
The beginnings
I go to a small church just north of downtown San Diego. Near my church there is an industrial district with outlet stores. I’ve always seen signs advertising discounted prices and “one day only” sales. Many of these stores are furniture outlets and others are carpet liquidators. When I started thinking about my desk chair purchase, I began to notice a certain office chair outlet store. Imagine an entire store dedicated to office chairs! It really got me excited.
Overwhelmed
One weekend I decided to visit this office chair store. I had looked them up online and found out that they had a massive selection of office chairs. So, why not, right? The moment I walked in I was attacked by two salesmen. No one was in the store so I think they were desperate for some commission. They toured me around and asked me what I was looking for. I told them I didn’t know and I perused the store until I stumbled onto the most comfortable chair of my life. You can check out the chair here. Not only was it a cool looking chair but it was super comfortable.
Price tags lie
The next thing I noticed was the price. It was retail for $400 with a discount down to $200. I thought it was such a steal! Since I was at an outlet store, this had to be the lowest price anywhere! I was confident in my purchase and happy with the price point.
I got home and cut the tags off. I was excited to sit in my new chair! I was curious about the company that made the chair and did a quick Google search. The first thing that popped up was a link to Amazon for $150. My stomach sunk. I had just been had.
No excuses
At first, I felt anger towards the outlet store. But then common sense took over and realized what had just happened. I broke my own policy when buying expensive products. Always do your research before you buy something! I willingly purchased the chair at an outlet store at the more expensive price. No excuses, I made a mistake. Times like these are good reminders about taking your time when buying products. Don’t be like me and let lack of patience slap you around.
Lessons learned?
So, what can you take away from this experience? Well, I came up with a short list. Use my poor choice to your advantage and don’t make the same mistake I made!
-Research prices before you go out to stores. Often times, online retailers will have the cheaper price.
-Don’t buy a product just because it’s “on sale.” It might not be that good of a price.
-Have patience when it comes to buying expensive items, it will pay off in the end.
-Walk away and take some time before buying something.
I hope my honesty helps you in some way. Take this experience and don’t make the same mistake! Man, the things I could have done with $50. Here in San Diego that’s a whole tank of gas!
I am looking for a new office chair also. I have been shopping online for a while. I have not found a price that I like yet. By the time I go to the sores, I will be armed with a lot of information.
Krantcents recently posted..Who Will Be On My Team?
Good plan, I wish I had good info ready in my arsenal. Oh well, we all learn hard lessons!
Can’t you return it and order it from Amazon? Or just ask them if they will match the price.
I want a nice office chair too, my shoulders are doing very badly partly due to the bad ergonomic at the home office.
retirebyforty recently posted..2011 Property Tax Bills Are Here
I am in the market for a desk chair too. You probably can’t return/price match due to the store being an “outlet” store?
Suba recently posted..How we lose money on groceries
Bingo Suba…
Great post. Gosh, if I had to make a list of how many times my impatience has gotten me in trouble or cost me money, I would have a book. Working on being more patient is actually something I am focusing a large effort lately. I think by learning how to step back and wait , I will make better decisions going forward- in life and with finances. Like right now, I really want the new iPhone but do I really need it? What else could I spend that money on? Will the next phone be better and should I wait for it?
Miss T @ Prairie Eco-Thrifter recently posted..5 Ways to Create the Perfect World
Miss T I’m struggling with the same issue! I want the new I-phone but it just seems like going with an older android or current model i-phone makes more sense. I want to give in and buy it so bad though!
Jon | Free Money Wisdom recently posted..How I Got Screwed by my Lack of Patience
Ouch… This happens to everyone. I say, it’s a good thing that you learned your lesson with a chair as opposed to a bigger item like a car or house, etc. I had a friend that bought a used car for at least $1k more than it was worth. Imagine her disappointment when a bunch of us had to tell her she got ripped off.
20′s Finances recently posted..What Should Your First Investment Be?
Good point! This could have been much much worse.
That’s one of the reasons why at first, I originally resisted being an investor.
As an investor, I know that one needs to be patient. You need to wait for the right opportunity. I’m kind of like you; impatient.
Tony @ Investorz Blog recently posted..To save our Ailing Economy – Build Infrastructure?
Haha I feel yuh on that one Tony. Patience is not natural for me. I’m glad I’ve resisted with my investments. It’s instict to try and make it as a day trader for me. Thank goodness I’ve stuck with index funds!
Ouch. Could you console yourself that you would have had to pay shipping on the chair from Amazon? I am impatient like this. I tend to want to try something new and spend money on the activity only to lose interest soon after. . .
Melissa recently posted..Welcome Money Saving Mom Readers
Haha, looks like we share this characteristic. We’ll have to keep each other accountable!
Hummm,
I guess I see this a little differently.
1. even though you may have paid $50 more than on line, the store has provided added value to you by providing a place for you to try out the product. I would NEVER buy an office chair from only an online photo. Even if you had known what chair you wanted (which the store experience also provided you) you probably would still have needed ot find a retailer to give it a test sit.
2. I understand the desire to get the best bargan but seriously how much is your time worth?? Is it a good idea to take an extra 2 or 3 or 5 hours to save $50.00? REALLY!!! I mean on a auto purchase or a house okay saving 10% really addes up. Aren’t you THANKFUL that you have the chair you enjoy most and fits your specific needs and you have it NOW — no waiting to show up if UPS doesn’t loose it (yes they sometimes loose things!)
I am a frugal person however let’s not forget that businesses with retail locations (which takes overhead to run) provide valuble benefits. If you want a world where the only way to see if the that “cool” looking chair is comfortable too is to purchase it; then we will be spending a whole lot more of our most precious resource our time in line at the post office returning things that “look” better than they perform.
I think there is sometimes a tendancy to get paralized by decisions (or purchases in this case) when sometimes in order to move forward we must just leap. I think it’s great that you bought the chair from the store where you found it. After all when you walked in you didn’t even know what you wanted. It was recently pointed out ot me that TIME is not MONEY. Time cannot be saved up, cannot be traded, we all get the same amount; 24 hours each day – it’s what we do with our time. My advise to you is to get back to doing what you’re great at and don’t sweat the small stuff. Buyers remose is a pointless use of your time and energy and anyway I don’t think we really want to eliminate retail locations.
Just to clarify – I do not represent retail businesses. I do not now nor have ever worked or owned one. This is just how I see it.
It’s true that they added value by letting me try it out first, HOWEVER, I should have researched prices and actually make my final purchase online. I was not obligated to buy the chair on the spot, and I let my impatience get the best of me.
As for waiting, I would have gladly waited if it meant savings of $50. That’s a whole tank of gas for my car!
It’s just good to learn from these tough lessons and move on. At the end of the day, I failed to do my research, no excuses.
Thanks for your input Dawn! And I agree with you about time, it’s all about what we do with it that matters
I always whip out the phone and check price online!
Evan recently posted..What Other Dividend Lists Exist Besides the Dividend Aristocrats?
Evan, this is embarrassing BUT I actually had my smart phone on me. Shameful I know…
Great post, but I agree with Dawn. The store did give you some value over Amazon. I guess we could debate if it was $50 worth. Good lesson to do your research before making purchases. So I add, the $50, besides the store value add, taught you a valuable lesson and provided a good post. Not too bad in my book.
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