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Tim Ferris, the autor of "4 hour Body" post in his facebook today the link to this article that applied to watches makes all the sense.
What do you think?

Pay Too Much | ALLENTUCKER
 
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FTFA: "I buy camping gear from REI and backcountry.com. And 10 years from now if I decide I don’t like a tent, I can return it."

This guy is a jerk, you use something 10 years and then return it? This is why I quit working at REI, people actually did this. Rich people in a wealthy community. Made me embarrassed for them.
 

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I totally agree, paying for quality or service pays of.

In my opinion tho there is a limit. I won't pay a lot of cash just for the brand. I would rather pay a craftsman for making a special watch for me (even brandless) then buy a Rolex (don't like most of them anyway) or an Omega. (unless I win a lottery and there is a very nice watch of those expensive brands ;) )
 

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I believe in doing this - buying fewer items of higher quality.

The point was driven home a few years ago when I bought my third coffee percolator in about 5 years while my in-laws were still using theirs from the 70s. Same goes for many household appliances, clothing and gear as the author mentioned, and just about everything else.

Not only do the nice things last far longer, but we enjoy the added benefits of using higher-quality items every day and have much less clutter around the house.
 

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Tim Ferris, the autor of "4 hour Body" post in his facebook today the link to this article that applied to watches makes all the sense.
What do you think?

Pay Too Much | ALLENTUCKER
There is truth to what he says, but this doesn't tell the whole story. There are certainly situations in which it pays to spend extra money, even the author acknowledges this with regards to cell phones. It really depends on what you're buying. If you have limitless funds, sure, nothing wrong with paying too much. However, most of us aren't in this situation.

Mike
 

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The exception to his rule is cheaper products of superior quality. I've found that occasionally with services, computers; and there are several examples with watch brands. In the end you need to be in the know.
 

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The exception to his rule is cheaper products of superior quality. I've found that occasionally with services, computers; and there are several examples with watch brands. In the end you need to be in the know.
He mentions that at the end of the post, with the caveat that one should always seek quality and factor less on price.
 

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I'm a little confused, do you mean that it is worth overpaying for a cell phone or that you should be interested in saving money? I'm inclined to say, save money on a phone, because if you buy a $200 phone today, it'll be outdated in two years; if you buy a $1,000 phone today, it'll still be outdated in two years.

There are definitely a few areas where I think his advice makes a lot of sense. I too have always wondered why some people who spend so much in every other area of life determine tip percentage very carefully. The difference between 15 and 20 percent in most meals you'll eat is maybe a dollar, often less, but if you plan on going back to a restaurant with any frequency, consistently tipping well just makes for a more pleasant experience.

There is truth to what he says, but this doesn't tell the whole story. There are certainly situations in which it pays to spend extra money, even the author acknowledges this with regards to cell phones. It really depends on what you're buying. If you have limitless funds, sure, nothing wrong with paying too much. However, most of us aren't in this situation.

Mike
 

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I call this shopping the dumb way. Assuming you're getting quality based on price is a pretty sure way to ensure you get ripped off often. The real way to shop is to determine what you want, what level of quality you require and then find the best price for that item. You may be willing to pay more for a relationship with a local dealer, or for faster shipping, or immediate gratification... but you should NEVER assume the quality of a good based on it's price.
 
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I call this shopping the dumb way. Assuming you're getting quality based on price is a pretty sure way to ensure you get ripped off often. The real way to shop is to determine what you want, what level of quality you require and then find the best price for that item. You may be willing to pay more for a relationship with a local dealer, or for faster shipping, or immediate gratification... but you should NEVER assume the quality of a good based on it's price.
Yes, it's about buying quality things, not about spending the most money possible or selecting only a specific high-end brand.

His point is it can be cheaper over time to buy higher quality items which cost more initially than their counterparts but don't require replacement as often.
 

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I'm a little confused, do you mean that it is worth overpaying for a cell phone or that you should be interested in saving money? I'm inclined to say, save money on a phone, because if you buy a $200 phone today, it'll be outdated in two years; if you buy a $1,000 phone today, it'll still be outdated in two years.

There are definitely a few areas where I think his advice makes a lot of sense. I too have always wondered why some people who spend so much in every other area of life determine tip percentage very carefully. The difference between 15 and 20 percent in most meals you'll eat is maybe a dollar, often less, but if you plan on going back to a restaurant with any frequency, consistently tipping well just makes for a more pleasant experience.
Reading it back I see I got ahead of myself :) What I meant to say was that the author acknowledges that spending extra $$$ on something like a cellphone that has a relatively short lifespan, isn't "worth" the extra $$$. Personally, I typically buy a phone that is one generation behind the most current to get most bang for your buck. Also I buy phones based on specific features, I don't need all of them :)

There are many cases, too many to go over, where spending less is actually the better way to go. There are situations where spending more is "worth" it, but I don't really call that overpaying I call that being sensible.

Regards,

Mike
 

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I too have always wondered why some people who spend so much in every other area of life determine tip percentage very carefully. The difference between 15 and 20 percent in most meals you'll eat is maybe a dollar, often less, but if you plan on going back to a restaurant with any frequency, consistently tipping well just makes for a more pleasant experience.
I fully agree, actually I have a bit of a philosophy on the whole thing. Certainly, if it's a restaurant you frequent, it's in your interest to tip generously. Restaurants I go to I find people remember my name and are happy to see me and know my order before I open my mouth.

I try to tip based on level of service too. I'll do the typical 15 if it was not very good, I do have a hard time tipping less because at the end of the day, it's these people's livelihood. Only in extreme cases do I tip poorly.

I recently had an outstanding experience with service at a restaurant in Reno NV. I was there 4th of July weekend to hang out with some college buddies. We went to the Harrah's steak house which was listed as 2nd best in all of Reno.

We had a gentlemen by the name of Ali serving us, BTW they are called "captains" in this particular restaurant, who provided us service above and beyond what I expected. He had a good personality and treated us very well. Additionally, how showed an extra level of showmanship when he prepared part of our meal.

There's a specialty drink call the Cafe Diablo that they serve in the restaurant. It's called diablo because it's really not coffee, more a combination of liquors, grand marnier, brandy, cointreau and a host of other ingredients.

Let me tell you, Captain Ali put on quite the show, making of the cafe diablo ran a good 10 minutes and he did some heavy pouring! The show also includes the lighting of the drink which resulted in a spectacular experience.

We tipped him handsomely for treating us so well, probably around 30%, but it was well worth it. I'd recommend anyone who enjoys a good steak and a show to visit Captain Ali at Harrah's.

After being so impressed, we decided on going to the #1 ranked steakhouse. The food was better, but simply wasn't the same.

Regards,

Mike
 

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There are definitely a few areas where I think his advice makes a lot of sense. I too have always wondered why some people who spend so much in every other area of life determine tip percentage very carefully.
It's self-consciousness.

My parents taught me that I should tip "around 20%," or $1 per $5 on the bill, and that I should round up to whole dollars. Easy, fast, generous (at least by decades-ago standards). There were two exceptions: 1) If I was very unhappy with the service and had expressed that, and 2) If I was at a social disadvantage within a group (youngest at the table, poorest at the table, etc) I should tip exactly 15%.

The first is obvious so enough said.

The second was explained to me like this, "There are people who think over-tipping is an etiquette error, a sign that you didn't really know how much tip was appropriate. Most of those people think 15% is a generous tip, but not unacceptably generous. People in your grandparent's generation, especially, were often very sensitive to the idea that by over-tipping they were exposing a lack of social knowledge and would lose status in the eyes of the waiters and other diners. They would very carefully leave a 12% tip and be embarrassed if it was actually 13%. If you are in a position where those people's opinions can harm you, tip exactly the right amount to avoid negative judgments."

True? Shrug. It's just what I was taught.
 

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panamamike; said:
There are many cases, too many to go over, where spending less is actually the better way to go. There are situations where spending more is "worth" it, but I don't really call that overpaying I call that being sensible.

Regards,

Mike
The author is just using the word "overpay" as an attention-grabbing headline.

That's the whole point, on the surface you're paying more initially so it seems as though you're overpaying, but in reality over a longer period of time you can actually be overpaying by purchasing cheap items several times vs an expensive higher quality item purchased once.

I'm with you on the cell phones btw.
 

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You know Phil Michelson once went through a drivetru at MacDonalds and tipped $100?

I was a server once, and tips according to what I feel the service was worth. A percentage is not meaningful if the meal is only $10-$15.
 

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I totally agree, paying for quality or service pays of.

In my opinion tho there is a limit. I won't pay a lot of cash just for the brand. I would rather pay a craftsman for making a special watch for me (even brandless) then buy a Rolex (don't like most of them anyway) or an Omega.
Actually this article made me think of brands like Rolex and Omega (at least the steel models) - solid, durable, high quality watches made to last decades. However I do agree with you on the craftsman making a special watch, as I think of someone like Dornbluth. I see my Rolex and my incoming Dornbluth as being very similar as it pertains to the article. Sure one is mass produced and one is largely hand made, but they are both made to very high standards, and their prices reflect this.

I also don't want to pay a lot of cash, but here I think of highly decorated movements cased in precious metals. Not to say I wouldn't want these, but one is paying for something much more than durability/reliability.
 

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I'll never get the tipping culture of the States. Nowhere else in the world do you need to tip 15% for good service. If you're not satisfied with the base pay, go find another job instead of asking customers for money. Your customer is not your employer.

In my country, if you don't provide good service, guess what? You're getting fired. There's no tipping in most restaurants. For the ones where that do require a tip, it'll say it on the menu that 10% service charge will be added to your bill. Simple and effective.
 

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I take the gist of what he means is summed up in the old saying; "You Remember The quality Long After You Forgot The Price"
 

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If you're not satisfied with the base pay, go find another job instead of asking customers for money. Your customer is not your employer.
People that work for tips make less than minimum wage. If they eliminated tipping and paid the waiters more base pay, the prices on the menu would go up. At least with our current system, the waiters have a strong incentive to provide good customer service. And you're not forced to tip if you receive poor service. But if they got rid of tipping, everyone would be forced to pay higher prices at restaurants.

It's different than most other places in the world, but the system here makes sense.
 
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