Warren Buffett was recently in the news again. Quicken Loans is offering a $1 billion prize to anyone who can successfully choose every winner in this year’s men’s NCAA basketball tournament. Warren Buffett decided to insure Quicken in the event that an individual wins the prize.
The Wall Street Journal reported that the odds of successfully picking every winner are
between 1 in 150 million and 1 in 9 million trillion. In other words, this
is an incredible long shot, and it is unlikely that anyone will win the $1
However, Warren Buffett did provide some helpful advice to those of us not winning the prize. He said that the best thing that anyone can do to improve their financial situation is to start saving money as early as possible. So, even if it’s only $100 a month, start putting it away as soon as possible!
There’s almost no situation where asking for a discount is a poor idea…but here are some where you surely should:
1) If you’re visiting a tourist attraction. If you are a military veteran, federal government employee, or American Automobile Association (AAA) member, you’re likely to get some sort of discount at many attractions and hotels.
2) If you’re buying a floor sample. All floor samples should have reduced prices because sitting out on the floor makes them experience some wear and tear. Also, clothing or home goods that are “imperfect” should be sold at discounted prices.
3) If you’re at a flea market. Vendors at flea markets expect customers to bargain for the best price.
4) If you’re traveling to another country. In many other cultures, vendors expect their customers to negotiate for the best price, no matter what they are buying.
5) If you have kids. Most places provide discounts for kids and ones that don’t may be willing to do so if you ask. Restaurants almost always have inexpensive kids’ meals and many of them offer “kids eat free” nights.
So ask for a discount the next time you are out buying something–it never hurts to ask!