Do As I Say, Not As I Did. Michael N. Marcus

There is often little or no difference between the speeds, regardless of the price you pay. Unless you really need something ASAP, select the least expensive option. There’s a good chance you’ll receive the shipment sooner than you expect.

      •The easiest way to make a small fortune is to start with a large one.

      •When you don’t need money, banks love to loan you money. When do you need money, they act deaf, blind and stupid.

      •If you lend someone $20 and never see that person again, it was worth the $20.

      •No two families with the same incomes and same fixed expenses will spend their money the same way.

      •If you sell on eBay, a three-day listing (including weekdays and part of a weekend) is usually better than a longer-lasting listing. You have a better chance of selling sooner and getting paid quickly. If the item doesn’t sell you can get an automatic relisting, probably for free.

      •Supermarkets often promote items with prices like “Two for $5” or “Ten for $10.” That implies a quantity discount but you can usually get the same unit price if you buy just one box of crackers or bottle of soda.

      •A reverse mortgage—as frequently touted by former senator, former actor and former presidential wannabe Fred Thompson—may be very alluring to seniors. However, the processing cost is very high.

      •If you lend more than a hundred bucks to someone—including a relative—put the deal in writing, with signatures and dates, ideally with a witness.

      •If you file your tax return late, you may have to pay a big penalty—even if the government owes you money.

      •If you owe money to the IRS, talk to them, don’t hide or run away. You can probably make a deal to pay off a tax debt with surprisingly low interest without paying for the services of an “expert.”

      •Most of the people I’ve dealt with at IRS are friendly, understanding, compassionate and even logical.

      •Every year or so use a video camera to make a movie of your home. Open closets and drawers, recording everything, and store the recording outside your home. It could be critical if you have to prove that you actually possessed something that was stolen or destroyed.

      •Be wary of stores that display “going out of business” signs for more than six months. Or maybe even two months. They may be selling junk at high prices rather than normal products at low prices.

      •When you don’t care about your credit rating you live very differently. A threat from a bill collector to ruin your credit rating is just not very threatening.

      •“When you ain’t got nothing, you got nothing to lose.” (Bob Dylan)

      •As you age and if your financial situation deteriorates, it’s OK to cut back on gifts. Sure, it was nice to give birthday gifts to nieces and nephews when they were little children, but if they already have their own children you can stop giving gifts. Send cards and make phone calls, instead. Once neighbors’ kids are teenagers you can stop giving them gifts, too, except for graduations and weddings.

      •Before you pay for a ticket for transportation or entertainment, find out if you qualify for a discount.

      •If your schedule is flexible, take a commuter train, bus or plane during off-peak hours to save money.

      •If you encounter a beggar, particularly an amputee or someone with a sign that says he’s a veteran who “will work for food,” give a buck or more. Sure, some beggars are scammers, but ask yourself if you’d like to trade places with him (there seem to be few female beggars).

      •If you’re in a store that offers discounts or other benefits to cardholders and you don’t have your card with you, you can (a) ask the cashier if she can work with your phone number, (b) ask the cashier if she can fake it, (c) ask another customer if you can use her card, (d) apply for a new card.

      •If a website or store offers special deals for birthdays, you don’t have to wait months to enjoy your freebie or discount. Put in a date about a month from now.

      •The worst room in a good hotel is probably better than the best room in a bad hotel.

      •Think very carefully before agreeing to a free trial membership in a service. If you don’t like it or don’t think it’s worthwhile you may forget to cancel it by the deadline and incur ongoing expenses.

      •Read stores’ return policies carefully. They may not be as generous as they seem. There may be restrictions or exclusions, such as Staples’ 14-day limit on “Technology and Business Machines.” Returning merchandise is particularly easy at Costco and L. L. Bean. Sam’s Club can be tough if you do not have the receipt.

      •If you’re going to move to a new community, particularly if the move is because of a new job, don’t rush to buy a house right away. Rent for a while. You may find that you hate the new city or your new job.

      •Even if you like the city and the job is wonderful it’s nice to have a year to learn about your residential options rather than listen to real estate agents’ fevered pitches.

      •If you find a home you really like, visit it several times at different parts of the day. Maybe there’s a really loud train whistle at four in the morning, or blinding sun glare in the kitchen window every afternoon, or a bad smell from a factory at night.

      •Many factors affect whether it’s better to buy or rent a home, but buying usually becomes better the longer you stay because the initial costs can be spread out over the years and the value of the property may increase.

      •Balloon mortgages and adjustable mortgages can be disastrous unless you are a perfect predictor of future events.

      •When specifying loan or mortgage payments, make them a bit lower than what you think are comfortable. You may have trouble making payments in the future but if the scheduled payments are low, you are unlikely to default. If you find that you have more money than expected, you can pay more than planned and pay off the loan early.

      •Before you bid in an auction, either online or in the real world, do some research. Determine a realistic value for your object of desire and bid cautiously. People often get so caught up in the fever of competitive bidding that they lose sight of the value of the item and just concentrate on winning.

      •Some people are good at budgeting. Others are hopeless. If you are hopeless, at least analyze your expenses—maybe from credit card receipts. You’ll probably be amazed at how much money you are wasting.

      •Check out the limited-time special deals at such websites as Woot.com, Overstock.com, 1sale.com and Thatdailydeal.com. Some products are new and others are refurbished. There’s no reason to reject an item simply because it’s been previously returned or refurbished, but know what you’re getting and pay an appropriate price.

      •Cars are always on sale, and so are tires and oil changes.

      •Prices for items that are not on sale when you’re ready to buy are often negotiable.

      •Negotiate for a time-specific deal. You can probably get the “September Special” price in August or November.

      •Mattresses and foundations (the things that used to be called “box springs”) are sold at regular price only between 3:00 and 3:05 a.m. on one Thursday per month, and only in leap years. All of the rest of the time they are on sale.