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Instead of buying warranties, consider setting up your own warranty coverage by putting the money aside in an interest-bearing savings account. Then you have full control over the money and can re-purpose those funds.
This strategy will work in your favor more often than it won't. Consider setting aside about half of the cost of the item you bought.
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Before accepting an extended warranty, ask yourself:
- How likely is it for this thing to break? Search online reviews to find out. Remember that the manufacturer's warranty is often sufficient.
- Would depreciation make buying a new one worth it?
Extended warranties are a product. They help the business more than they help the consumer, as no business offers a product at a loss.
A Consumer Report revealed that 55 percent of owners who purchased an extended warranty hadn't used it for repairs during the lifetime of the policy. T...
For most, extended warranties are bad investments, because we never use the coverage they pay for.
For a warranty to be worth it,
- Something needs to fail that is covered.
- We need to use the warranty during the repairs.
- The cost of the repairs should exceed ...
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To breach the customer service walls of the service provider/company, and successfully resolve your complaint, you must use the three p’s: patience, persistence, and politeness.
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Lifestyle inflation is an insidious killer of your financial wellbeing and eventual financial independence.
What it is: allowing your expenses to grow along with increases in your income.
How preventing it helps:
- Using increases in income t...
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- They live in homes just large enough for their needs and drive used cars.
- They have affordable interests.
- They don’t worry about having the highest credit score possible as they have enough saved to skip loans and make large purchases with cash.
- W...
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