Tuesday, August 26, 2008

Negotiate With Patience

As I learn more and more about making money, I see several patterns which seem to emulate over and over. One of them is the importance of buying low and selling high (obviously). And in order to do this effectively, having patience on hand will always give you the edge needed to buy low, thus giving you the ability to sell higher.
An example of this could be buying a used car. If you have the luxury of time and the ability to use patience, a quality used vehicle can be purchased for significantly less then if you were in a rush and needed to buy immediately.
Another example could be the purchase of stock, and using a limit order instead of a market order. Using limit orders effectively allows you to negotiate the stock price instead of simply purchasing whatever is for sale at that moment, although a little patience may be needed.
So if you happen to be in the market for a car, or shares of XYZ, don't only exercise good judgement, but also take a moment to exercise patience.

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