Everyone’s favorite shopping holiday, Black Friday, is almost here. This week, millions of Americans will log on to Amazon, or stand in line at Walmart, to jump-start the holiday shopping season. Billions of dollars will be spent, but not every deal is worth taking advantage of. Here’s how to make sure you stay sharp in your post-turkey stupor and tackle the biggest shopping weekend of the year like a shopping ninja.

How much will Americans spend?

Thanksgiving is a day for indulgence, in food and spending time with friends and family. The weekend after has become an indulgence in shopping, with 174 million Americans participating in Black Friday and Cyber Monday shopping. People aren’t afraid to spend money either, with the average shopper dropping $335. The splits between shopping online and actually going to a physical store are surprisingly even. 51 million Americans report only shopping in stores, 58 million only shop online, and the remaining 65 million shop both online and in stores.

This year, Thanksgiving falls on the latest possible date it can (November 28th, for those of you without a calendar), so retailers have the shortest possible amount of time between Thanksgiving and Christmas. Expect the shopping season to ramp up quickly; stores have a long way to go, but a short time to get there.

Not all deals are deals

When you browse through the Black Friday and Cyber Monday ads it seems like everything is on sale. Deals can be deceiving though, and you might not be getting the steal you think you are. Here are several things to look out for when shopping this weekend.

Compare prices

If you are planning to purchase a big-ticket item this weekend, you need to not only know what the price is going to be on Black Friday, but the complete price history of the item. $500 for a big TV might seem like a steal, but what does the TV normally sell for? There are tools available online that track the price history for just about anything you can think of. Doing research online before making a big purchasing decision will tell you how good of a deal something actually is. That $500 TV might not seem like such a deal after you learn it normally sells for $510.

For smaller items, price doesn’t matter as much; just use common sense. If you see National Lampoon’s: Christmas Vacation for $5 on Amazon, there’s no need to thoroughly research the price history before making your decision to purchase.

Beware of Black Friday-specific items

Some deals may seem too good to be true, and that’s because they are. Retailers know that consumers demand rock-bottom prices the weekend after Thanksgiving. To meet demand, they manufacture special products just for Black Friday through Cyber Monday. These are called derivative models, and although they are special they aren’t better. They are manufactured with cheaper components, and might come with less features than the standard models (for example, less HDMI ports on a TV).

To make sure you don’t end up with an inferior product, you need to check the model numbers very carefully. Black Friday-specific models will often have small differences in the model numbers. Double check the features to make sure they’re comparable to similar models and aren’t missing anything critical.

The deepest discounts aren’t necessarily the best deals

Stores will often draw you in with “shock and awe” sale prices, but the deepest discounts may not always be the best deals. Often, the products that get discounted the most are the ones nobody wants. The rule of supply and demand tells us that if retailers could sell it for a higher price, they would.

On the other hand, products with only slight or modest discounts might actually be the best deals. If the store isn’t cutting the price steeply, that usually means they don’t have much trouble selling the item normally. The weekend after Thanksgiving can be a great time to find deals on things that don’t usually ever go on sale. Certain Apple products, gift cards, premium electronics, and other name-brand products don’t usually see discounts, but they may get modest discounts on Black Friday that are worth taking advantage of.

What really matters

It can be too easy to get distracted by all the deals on Black Friday and ignore what really matters. Thanksgiving is a time for giving thanks and focusing on what we have, and not what we want. Make sure those important to you know how much you care for them.

Black Friday is seen by many as a display of greed, but it can just as easily be viewed as a display of giving and generosity. Americans standing in line at Walmart or waiting for the latest deals to drop on Amazon usually aren’t there for themselves, but for someone else. Most after-Thanksgiving shopping is done to make someone else’s holiday season a little bit brighter.

There are many characteristics wealthy people have in common, and being efficient with resources is one of the most important. To be happy and successful, making the most out of your time at work, time outside of work, and money is a requirement. Time and money are two of the most precious resources we have. Although spending time at work is essentially trading time for money, there are several things to look for to make sure you’re making the most of your time spent at work.

Time at work

Make sure your time at work is spent working towards some longer-term goal other than simply earning money. Punching the clock and being miserable everyday is no way to live life. Your job should be engaging and have mobility; not many employees want to be in the same position for the rest of their career.

If you have specific career goals or aspirations, it’s a good idea to write them down or tell other people what they are. Doing this holds you accountable and makes goals seem more concrete and attainable.

If your career isn’t where you want it to be, don’t give up. It’s never too late to go back to school or go to night school. Many employers offer tuition reimbursement for college or trade school costs, so it might be worth looking into if that’s something you’re interested in. Work doesn’t have to feel like a waste of your time, it can and should be enjoyable and something you look forward to.

Time not at work

No matter how much you love your job, you need time away from work. Away from work, you might enjoy spending time with family and friends, or you might have hobbies that you enjoy. Time away from work should not only be your time to recharge, but also to better yourself. Every minute that you have is precious and valuable, so make sure you are allocating your time wisely.

Time is also the one resource you can’t necessarily get more of. There are some things you can do that will probably buy you more time, like eating healthy and exercising, but nothing is guaranteed. Your earning potential is unlimited, but your time on earth is not.

Money

Although time is your most valuable resource, money might be your most powerful resource. Money can give you the freedom to live life how you wish. You can afford to spend more time with family, start your own business, or change the world through charitable contributions.

Make your money work for you

To make the most out of your money, you need to make sure every dollar has a place and a purpose. If you aren’t sure where your money should go, check out our Financial Order of Operations show. In our Order of Operations show (which should be considered required watching for everyone in The Money Guy audience) you’ll learn how to prioritize paying off debt, saving in an emergency fund, getting the employer match for retirement contributions, and much more.

Having a plan and a place for every dollar will make your money stretch further. You worked hard for your money, so make sure your money is working hard for you.

Don’t get distracted

Growing your wealth through long-term investing is not a difficult path to follow. However there will be bumps in the road, and plenty of distractions.

The old-as-time fable of the tortoise and the hare applies to many facets of life, and is especially pertinent when it comes to investing. The hare wants investing to make them rich as soon as possible. They might try to time the market, and choose riskier investments. The tortoise, on the other hand, is in no hurry to build wealth. They stay focused on the long-term goal of reaching the finish line, and don’t let anything distract them along the way.

Plan your purchases

Another great way to make every dollar stretch further is to plan your purchases. If you’re going to be making a big purchase soon, read reviews online and shop around for the best deal before purchasing. Many different sites will notify you if an item goes on sale, so you can make sure you get your item for the price you want. There are browser extensions available that automatically fill in promo codes or discount codes for almost any website you can imagine.

It’s not always the best financial decision to spend the least amount of money you can on things, either. Sometimes if you spend more on items, they can last years longer than less expensive alternatives. Would you rather buy a new wallet every few years, or one wallet that lasts for the rest of your life? 

On our new show, 7 Financial Habits That Can Change Your Life, we discuss even more ways you can make the most of your resources. Watch it now on YouTube!

Are celebrities and athletes more financially irresponsible than the rest of us? How is it that some of the wealthiest among us end up broke? Today we are going to peek behind the curtain (or take a look under the red carpet) to see how millions of dollars (and in some cases hundreds of millions) can seemingly vanish into thin air.

Can money buy happiness?

Our first case study is the King of Pop. When Michael Jackson died in 2009, he was reportedly over $400 million in debt. His debt payments alone were over $30 million per year. Michael Jackson lived very lavishly, and loved to spend money on jewelry, gifts, and art. His home was an amusement park. MJ had some ugly demons, and I don’t think anyone could say he was truly happy. Money clearly didn’t buy Michael Jackson happiness, but with the amount of debt he had, it sure looks like he tried.

Limited resources vs. unlimited wants

You or I might think that once we have a certain amount of money, we could buy everything we could ever possibly want. I don’t think that’s true. No matter how much money you have, there will always be something you don’t have. Speaking of things you don’t have, Kim Basinger bought an entire town in Georgia and declared bankruptcy 4 years later. Who needs a whole town anyways? Nic Cage blew his fortune on homes, automobiles, and rare artifacts. (Rare artifacts? Maybe as rare as…The Declaration of Independence?) If you’ve been wondering why Nicolas Cage is in so many movies nowadays, it’s because he’s trying to pay down his debt.

The point is most celebrities (and most people) are never completely satisfied with their wealth, and they can never get enough. There are always bigger houses, yachts, and private jets to purchase. The trap here is depending on money for your happiness; as long as money isn’t the main driving force behind your happiness, it’s possible to be completely satisfied with what you have, however little or however much that is.

Keeping up with the Kardashians

No matter how much money someone has, how wealthy they feel will probably be determined by how they measure up to their friends and peers. If you make more money than your friends, you probably feel good about your finances, and if you make less you probably don’t feel so good about money. How well you’re doing doesn’t matter as much as how well you’re doing compared to others.

A 2018 survey found that 39% of millennials have gone into debt to keep up with their friends. Although the survey singled out millennials, I’m sure this remains true to an extent for everyone, celebrities included. When we think of keeping up with the Joneses, we think of two middle class American families, with one having a nicer yard or a slightly bigger house than the other. But keeping up with the Joneses can also mean going $50 million into debt to buy a private jet to maintain the same standard of living as your peers.

No one wants to be the poorest in the friend group, so oftentimes we overcompensate so we aren’t seen for what we truly are. You’ve seen it before- the expensive jewelry, nice cars, and designer clothes. For many of these “luxury” brands, their main customers are those who can’t afford it. Usually it’s the wealthy person who wears the $40 pair of Levi’s while the person who can’t afford it is wearing the $600 pair of Gucci jeans.

So how did those celebrities go broke again?

The biggest trap some celebrities, or anyone else who has trouble controlling their spending, fall into is depending entirely on money for happiness. Money can affect your happiness, and if you don’t have any it can feel like the only thing that matters. But it’s important to focus on what money can’t buy, like friends and family.

If you have the mindset that once you reach a certain level of wealth (did someone say level of wealth? Watch our show on The 5 Levels of Wealth to see which stage of wealth you’re at) you will finally be happy, you’ll be chasing that elusive happiness for a long time.

The second biggest mistake someone can fall into is maintaining a lifestyle they can’t afford. Usually this is influenced by friends or family who may have more money or are also living a lifestyle they can’t afford. There is no shame in living within your means and a lifestyle you can afford; in fact, it should be a great source of pride.

Celebrities may seem completely different than “normal” people, but they fall into the same traps that everyone else does. By learning from their high-profile mistakes, you can keep yourself from making similar mistakes in your own financial life. If you’d like to learn about even more celebrity mistakes (and some success stories as well), check out our podcast on How to Live Like a Celebrity.

If you want to stretch your back pocket and make it go as far as possible, then tune in to this week’s episode of The Money Guy Show. We’re talking about some supreme online shopping ninja skills that can help increase your purchasing power. Tell us the idea of stretching your money an extra 5 to 10% more than your friends doesn’t put an extra pep in your step!

Here are the three things we cover in today’s episode so you can stretch your money:

• Know the Best Way to Buy
  • What is the best online portal to purchase your goods from?
  • Check out the Amazon Prime credit card. You get 5% back all the time on Amazon purchases.
  • You can save on sales tax simply by choosing a different seller who operates out of a state without online sales tax.
  • Look for Amazon Warehouse deals where they discount the goods 10%, 20%, 30%
  • And always remember to use Rebate Websites
    • ebates.com is one of our favorites
    • cashbackmonitor.com is like the Holy Grail of online shopping portals. It will tell you which online portal offers the best price for the goods your buying.
• Attack the Deal and Leave No Dollar Behind
  • If you see a coupon code box when you’re checking out online, make sure you find a discount code you can use!
  • You have to look for discounts: search the retailer’s website, Google, Retailmenot, and CouponCabin are just a few.
• Maximize How You Pay for It
  • Don’t forget to take advantage of credit card rewards
  • Time your purchases so you can maximize bonus gift certificates or rebates
  • Maximize your credit cards cashback, anywhere from 2% to 5% simply by using certain cards
• Honorable mentions and other considerations:
  • Are you getting the best price on your purchases?
    • Google, PriceGrabber, Upromise, and ebates can search the specific item so you can fine tune or understand what is reasonable on purchase price
    • Take advantage of the price match protection built into your credit cards
    • Maximize the price match policy of retail stores
      • Quite a few stores will now match the price of Amazon (has to be sold directly by Amazon)

Tune In and Go Beyond Common Sense with the Money Guys

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If you have any questions/suggestions/comments/concerns (or just want to say hi!), feel free to reach out to us: brian@moneyguy.com and bo@moneyguy.com. You can also join the conversation on Facebook or connect on Twitter @MoneyGuyPodcast.

If you enjoyed this episode, be sure to join our community! You’ll get immediate access to 15 of our most recent shows, plus you’ll get future podcasts delivered straight to your inbox so you can get in on the action right away.

Black Friday is practically here and you’re eager to get out there and take advantage of some major deals. Before you head out on the busiest shopping day of the year, here are a few very important Black Friday blunders you’ll want to make sure you avoid!

1.  Falling for (the wrong) Door Busters

Door buster sales aren’t always what they seem. Be sure to read the fine print in the ads. Many times, retailers advertise, “While Supplies Last;” “Brands and Availability May Vary;” “Limited to 5 per Store.” Door busters are a way for retailers to get you in the store, because they know once you’re in the store it’s very likely that you will buy something even if the door buster item sells out or isn’t what you thought. Don’t be fooled and lured by misleading promises. Instead, zero in on the stores that carry the item you want at the best possible price and build your game plan around acquiring what you really want, door buster or not.

2.  Getting Swept Up in “Everything Must Go” Deals

When stores offer such outrageous sales like 50%, 60% or even 70% off, it’s very rare that you are actually saving that much on your purchase. Instead, the original listed price is often inflated to a price that no one would ever pay and that they would never sell at that amount. When a discount seems too good to be true, it probably is. Therefore, try to avoid getting swept up in really good marketing messaging and be diligent in scouting the best deals for the items you seek to purchase on Black Friday.

3.  Settling for Brand Bait and Switches

This is more common than you might think. A store may advertise a quality 60 inch television at an irresistible price, but when you get to the store, they don’t have the brand in the flyer. Instead, they are selling you a lesser brand for the advertised price. This is what is known as “brand bait and switch.” Retailers lure you in with a promise, only to offer you something else once they have your attention. Remember that price isn’t everything. Don’t compromise on the quality of your purchase, especially for the more expensive items like electronics. These tend to be the most common brand bait and switch situations.

4.  Not Recognizing Price Steering 

E-commerce sites can be sneaky and unfair. Price-steering is when certain e-commerce sites charge some customers more for the same item. According to a study by computer scientists at Northeastern University, many major e-commerce sites personalize prices per customer, depending on what software they use or their browser history. To avoid paying too much for an item, you can compare the online price to the in store price, as well as search for items online using different web browsers.

5.  Not Clearing Your Browsing Cookies

Targeted pricing is similar to price steering in that it tends to be an online shopping phenomenon. Targeted pricing is influenced by geographical location and your past purchasing history. The data collected from your online shopping history allows retailers to price items based on how much they think you would be willing to pay for it. The best way to not suffer from this sort of price discrimination on Black Friday (or any other day) is to clear your browsing cookies and history on a regular basis, or at least before you start your online Black Friday or Cyber Monday shopping.

6.  Failing to Price Compare

If you’re not comparing pricing for your wish list items, you’re doing yourself a huge disservice. PriceGrabber.com, CNet.com, FatWallet.com, and DealCatcher.com are just a few sites you can use to compare pricing across all retailers for a single item. It makes it very easy and efficient to find which store is offering the best deal for the items you plan to purchase.

7.  Not Using Online Shopping Portals

And let’s not forget the extra savings you can enjoy just by using certain shopping portals! Ebates.com is an example of a shopping portal that offers you additional savings and cashback just for shopping through their portal. You are still able to use coupons and take advantage of the same deals, but you get a little extra than other shoppers who purchase through retailer websites.  Credit card companies also offer similar shopping portals and may offer you additional rewards for using them, too. For extra savings, these shopping portals are worth looking into to increase your purchasing power.

8.  Forgetting Coupon Codes

This may seem obvious, but it is always a good reminder to search for additional coupons online before making your purchase. While you’re standing in long lines this Black Friday, why not hop online and see if you can find an additional coupon for the store you’re making your purchase in? It will keep you occupied and you may even walk away with more savings!

9.  Not Leveraging Your Credit Card Cashback Rewards Program

At The Money Guy Show, we treat credit cards like cash. Use it, but only if you can pay it off when your statement comes in. So with that being said, use it and take advantage of your credit card cashback rewards program. If you can earn an additional 1% to 5% for using your card for purchases, that helps your hard earned money go further and extends your Black Friday savings towards future purchases.

10.  Buying What You Don’t Want or Need

Lastly, one of the biggest Black Friday blunders is buying what you don’t want or need. It can be easy to get caught up in the shopping frenzy, but it’s OK to walk away from a purchase. The best way to avoid buying items you don’t really want is to plan your Black Friday shopping ahead of time. Make your list and then head out to get those items. If you see something you like that you want to splurge on, there’s nothing wrong with that, but keep your spending under control so you can really benefit from saving on the items you really want this season.

The holidays are almost upon us. Regular Money-Guy listeners will know this is the time if year we love to mention the various ways we enjoy stretching our dollars and scoring deals ahead of the holiday shopping season.

If you want to learn how to take advantage of sales year-round — and not just during the holidays — then you’ll want to tune into this episode. We’re covering 3 simple but often overlooked ways you can make your money go 3 to 5% farther than the rest of your peers.

Before we jump in, we want to share how appreciative we are of all the emails and comments we receive from listeners. By day, we’re fee-only financial planners, and we always want to help our audience get ahead with their money. You can always reach out to brian [at] money-guy.com or bo [at] money-guy.com if you need us.

Ready for these 3 simple tricks we personally use to save more money?

In This Episode, You’ll Learn:

• How to cut your lifestyle back without feeling the burn
• Strategies we’ve used to shop around for insurance
• Whether or not it’s risky to insure your assets with one company
• The secrets of the triple threat online savings plan
• Three savings portals you can use online to get cash back when you shop
• What techniques to use in stores to save money
• How using a store card can give you a discount you won’t find anywhere else
• Why Brian always looks for a certain box at online check-outs
• How “when and where you do life” matters, especially if you have kids

Resources:

• Whitefence.com
• Ebates
• Upromise
• Ibotta
• Retailmenot.com
• Citi Double Cash
• Discover it Card
• Fidelity Investment Rewards American Express Card
• Moneylooms.com – Allen Foster’s blog

Tune In and Go Beyond Common Sense With the Money-Guys

Thank you for being a listener of The Money-Guy Show. Don’t forget, we’re expanding (big things are coming!), and we’d love to hear from you if you need a financial planner on your side. You can email brian [at] money-guy.com or bo [at] money-guy.com, or follow us on social media via Facebook or Twitter @MoneyGuyPodcast.

Did you love the tips we had on saving money in this episode? Then you’ll want to join our community so you never miss an episode. You’ll receive the latest podcast episodes directly in your inbox!

Here are a few other major celebrity mistakes:

Heath Ledger: did not have his girlfriend or their daughter listed in his will. So, the key takeaway is to make sure that you revisit your wills every few years or after significant life changes.

Kristen Bell: had a property in California go through foreclosure in 2012 and was auctioned off for $500,000 less than she paid for it. Make sure that you are keeping up with old properties and assets, taxes and upkeep can have a greater impact than you may imagine. Make sure that housing expenses do not exceed 25-28% of your gross income, so you do not get in over your head.

Katy Perry and Madonna: do not seem to understand marital assets. Madonna lost tons of money to Guy Ritchie in their divorce. Katy Perry could have lost half of her fortune when she divorced Russell Brand after a year of marriage during which she made $44 million. Luckily, for Katy, Brand is wealthy enough (apparently) and did not pursue his claim to her fortune. Make sure that if you have assets, or plan to acquire significant asset post marriage, you have a disaster plan. It also helps if you know the laws that govern marital assets in your state.

Lionel Richey: failed to pay the IRS, and was assessed a $1.1 million tax bill in 2012 for income earned in 2010. Other celebrities that have had run-ins with the IRS: Nicholas Cage, Hank Williams Jr., and Wesley Snipes. Get behind on any other bill and lose access to that utility. Get behind with the government and you need to be prepared to lose assets.

Larry King, Kevin Bacon, and Kyra Sedgwick: got in too deep with complicated investment schemes and ended up losing a decent chunk of money. Larry King had a viatical deal go bad. Kevin and Kyra invested with the infamous Bernie Madoff. Reference our “Bringing Simple Back” shows. Key to remember – keep it simple. If it is too good to be true, then it is probably too good to be true.

On a more positive note:

Warren Buffet: it took Warren 50 years to accumulate an astonishing $700 million. Since then, over the course of his last 33 years, Warren has amassed a whopping $60 Billion more. Which is insane, but what if Warren started with more earlier on? That is basically where Lebron James seems to be. It should be no surprise that the two have a great relationship, and Warren occasionally looks over the King’s financial statements. Lebron has also taken a few steps to project him toward billionaire status. He has a minority position in Liverpool FC, a small stake in Beats Audio, and also has his own marketing company, all while working to become the richest person in the world. Here is a quick article about the two.

Barbara Corcoran: has overcome multiple setbacks and rejections while building her empire. She even faced rejection while trying to become a host on The Shark Tank on ABC, after already selling her own business for $66 million. Never taking no for an answer has worked well for Barbara. Read about her story by clicking here.

Brian and Bo investigate identity theft protection, and credit monitoring industries, as well as provide you with alternative methods to identity security that is available. This week’s episode is a must-listen and a great resource to keep an eye on your credit score, report, and security.

Brian reviews credit monitoring and protection industry while reviewing The Consumer Reports article Don’t get taken guarding your ID. The article points out our stance on these “services” and highlights how easy it is to monitor your credit yourself for free. If you are worried about credit fraud the single best way to protect yourself is through a “credit freeze,” and when you need credit you can “thaw” your credit within 15 minutes. If you are doing all of these things already and want a snapshot of how good you are at protecting your identity IDSafety.net has a quiz that is a great resource.

Brian and Bo also give you resources to access your credit scores from all 3 credit bureaus:

Transunion: www.creditkarma.com
Experian: www.creditsesame.com
Equifax: With certain discover credit cards, discover will print your score on your Equifax monthly statement.

As always, you can download your credit report once per year per bureau through www.annualcreditreport.com. The guys also give you an outlet to protect your security when filing your taxes. The IRS has implemented measures to help safeguard your identity through their IP PIN program.

Brian and Bo share funny stories and financial lessons learned from their recent trip to Las Vegas. They cover everything from playing the odds to knowing how to get free and discounted incentives. If you’re planning a trip or vacation in the near future this show is a must listen. Check below the show notes for a list of links to topics from this podcast like celebrity gamblers and the wizard of odds.

Brian’s Trip Tips:

• Be disciplined with your budget and time management. Have a daily limit and stick to it, the last thing you want to do is end up broke after the first day.
• Bring simple back. If you don’t know or understand what the rules of the game are, ask someone, find out the odds and figure out how you are going to bet or wager. It’s the same with investing, know what you are invested in and why, it’s not rocket science, so try to keep your strategy simple.
• Do your homework and research prior to game time. Have a plan of action; know how you are going to utilize your money. The same ties in with your financial life, if you are going to have a plan for 3-5 days in Vegas, why not have a 3-5 year plan for your financial future.
• Know your risk tolerance and gambling personality.
  • Safety player: Knows that the cost of gambling is paying for the entertainment that you are receiving in exchange for your money.
  • System player: Someone who looks for a statistical advantage in gambling. Most of the time you don’t have to bet to have a good time. If you are going with a group of people, watching them betting is often more fun than betting yourself.
  • Wild man: These are the people that are gambling for the emotional side of the game. It’s not uncommon for this personality to bet large sums of money.
• You don’t always have to swing for the fences. Know when to take a single for the win. You got to know when to hold them, know when to fold them.

Bo’s Trip Tips:

• Don’t bet against the house. The big beautiful buildings in the middle of the desert weren’t afforded by having the odds against the casino.
• Be careful listening to the suckers around you. Someone is always willing to tell you how they have figured the whole thing out. Make sure you are taking advice from those that you trust and who practice what they preach.
• Be careful letting good money chase bad money. If you have lost money don’t try to chase down the loss, most of the time you will end up losing even more money.

The Money-Guys Traveling Tips:

• Try to travel with people who travel a lot, you can benefit from their incentives.
• Registering for memberships to hotels and other destination locations can earn major discounts.
• Often times comps are not in the form of cash, but playing cheap games or strategically being a part of an event can earn you free incentives.
• You can find lesser known casinos that will offer discounted food and drinks just to get you in the door.
• Pick up as much free memorabilia as possible. The guys went to the SEMA car show, if you plan to visit Vegas getting away from the casinos can be rewarding.
• Research all of the rules or sites-to-see before you travel. This goes back to doing research and having a plan. Do not travel blind, you can save yourself a ton of money by researching and having a game plan prior to arriving at your destination.

Brian’s Black Friday Shopping Tips:

• Download shopping apps.
• Check out the ads, your local newspaper can be a great resource.
• Do your research before black Friday.
• Compare prices, we like pricegrabber.com.
• Look for early bird shopper discounts.
• Beat the crowd with night owl discounts.
• Bring ads with you to the stores. Try to get stores to do price matches so that you can limit the amount of places that you have to visit.
• Know the store policies. Pay attention to the fine print and know the amount of time you have to return an item.
• “Charging it” can pay off. If you can limit and control your credit card debt this method can pay off. A lot of credit companies will reward you for making purchases on your card with extended warranties and cash back.

Links from this podcast

Top ten celebrity gamblers

The Wizard of Odds

Best Bargains on Black Friday

This week we break down the car buying process to give you some helpful tips when purchasing or leasing a car. Over the years we have developed a system for helping clients buy cars.  So, we have decided to give you a behind the scenes peak at the Money-Guy’s best practices for car purchases.

Finding the right car for you

Buying a car is like Cinderella and the glass slipper; you have to find the car that fits your wants, needs and styles. The first step is to define what the car is going accomplish for you, so, Brian came up with these automobile personalities:

• The Money Master: Drives a car for at least 10 years, someone who might like to have more features or a newer car but likes not having a car payment even more. 
• The George Jefferson: Is the type of person that prefers to trade their car in every two to three years to keep up with the latest and greatest or as a social indicator.
• The Drive the Wheels Off: Someone who is putting tons of miles a year on the car and it is most practical for them to keep their cars as long as possible.

Three components to buying a car:

1. Ownership: The difference between purchasing a car and leasing. Just remember, when leasing, your payments do not build equity.
2. Depreciation: The downside of purchasing a car. The old saying is, “A new car loses 20-30% of its value the minute you drive it off the lot.”
3. Interest: The cost of borrowing money when buying a car. The lower the interest rate, the less you pay extra over the life of the auto loan.

Buying New:

Buying new makes the most sense for “The Money Master” personality.

• Know exactly what you want.

• Build the car online from the manufacturer’s website and then go test drive it.

• Do not negotiate in person.

• Negotiate over the phone to eliminate the theater (pictures of the family, uncomfortable pauses, etc…).

• Get an understanding of the market.

• Research process
  • Edmunds.com – Check out the forum: “Prices paid and buying experience.” Take note of what part of the country the cars are selling cheapest for. Use those zip codes when doing online searches to find the cheapest deals.
  • Consumer Reports – After researching the car on Edmunds we like to go to Consumer Reports to price the car exactly the way you want. This gives the opportunity to compare the prices locally against the prices of the zip codes you found during your research. Once you find the lowest price use it as the starting point of your negotiations.
• Inventory
  • Go to the websites of your local dealerships and shop their inventory for comparison shopping, find the cheapest dealership around you and start your negotiations.
• Negotiating
  • Do not go there in person to negotiate, call them up or negotiate online with the online sales representative. It is much easier to negotiate on the phone or online.

Buying used:

The easiest way to lower the negative impact that car buying has on your cash flow. It makes sense to buy used if you fall into the “Drive the Wheels Off” category.

Leasing:

Leasing is basically a long-term rental. When you lease, the car company and dealership have to “guess” what the value of the car will be when you return your long-term rental. If they put a high value on the return you are better off because the rent will be lower. It makes sense to lease certain luxury brands that do not offer large discounts on purchases or if you fit into the “George Jefferson” personality.

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