Wednesday, March 18, 2015

XYZ says that you need more of their product!



Saw this article on ProeprtyGuru today.

Let's see how many "headlines" I can also create:

Insurance agent says you can never be too safe by having too much insurance
Property agent says there is never a bad time to buy property
Broker says that that stocks always a good buy in the long term
Mortgage loan agent says that better get fixed interest loan now before rates go up
Bank officer says better get structured deposit because future rates are unknown
Relationship manager says better to put into fixed deposit before rates go down
Handphone salesman says latest model has even more useful features
Air con repairman says servicing should do every 3 months
Car salesman says cars will probably never be this cheap again
Motorbike salesman says roads are getting safer for motorcyclists
Transport minister says public transport is very efficient
Taxi driver says no other mode of transport is as convenient
Uber driver says they offer a cheaper alternative to taxis
Chicken rice auntie says chicken rice healthier than duck rice
Duck rice uncle says duck rice has less fat than char siew rice
Char siew rice uncle says #yolo, bitch

Barber says you look like you need a haircut

From my examples I gave, the "statements" made by these people may not completely wrong, but they are definitely not entirely right as well. By only showing 1 side of the story, these people can present their product to be more attractive and favourable. And of course, they get a tangible benefit by selling their product or service.

The question we need to ask ourselves is, are their interest aligned with my long-term interests? Unfortunately in most cases, perhaps only their short-term interests aligns with our short-term interests. Getting to be in a win-win situation for both parties in the long-term (the buyer too, not just the seller) is not a natural or easy situation to be in.

So, what is my personal solution? I like to ask them, what have they done? I think people should eat the cake they bake. If it's a good deal, they would have taken it. If it is good advice, they would have followed it. If not, why not? I think you will get a much better understanding of the situation if you can find out these answers.

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