One of the things that I’ve enjoyed a great deal during our Total Money Makeover journey is the use of cash. Dave Ramsey really hones in on the power of cash in his podcast and in his writing, but to see it play out in the real world is really quite something.
I am floored by the number of vendors who hear “cash” and extend a discount. Cash seems to be an easy way for a business to handle money, and this reflects in our experiences shopping.
So let me tell you about my pawn shop hustle.
I'm not familiar with the lending side of pawn shops, but I believe people give the pawn shop something valuable (i.e. name brand practically new tools that has been tested/confirmed working) as collateral on a cash loan. If they default on the terms, the pawn shop keeps the tool, marking it up and re-selling it to the public.
I go to the pawn shop with CASH and offer them around fifty to sixty cents on the dollar of what they are selling after a - researching the make and model of the tool for reviews on the internet, determining it’s a quality tool and b - Running a kijiji search to determine what they go for private party sale.
A deal comes together every time.
One of the things that your family may experience as part of your journey is needing to find ways to do projects yourselves - much like my family’s shed/playhouse project.
You may end up with a project on your property and a YouTube video or handy friend to help out and just need a particular tool. Get creative, don’t run to a credit card!
You can find great brand name tools at pawn shops, auctions, yard sales for a fraction of the price of retail. Use the power of cash, forget about buying brand new and financing over 24 equal payments! Debt is dumb, cash is king.
Here's a Sunday head scratcher - how much do you think I got this little generator for? Guess in the comments below!
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