Who would have ever thought that some of the best lessons in managing your finances can be learned from taking a closer look at the gifting industry? The truth is pretty much any industry offers some great lessons in finances and one should in actual fact make a prioritised effort to gain some financial lessons out of things that make up part of their everyday lives. That’s the best way to learn – by using a practical example.
Different solutions make for the best fit for different scenarios
So I’ll zone-in on a specific gifts retailer to perhaps make for a clearer means through which to drive the point(s) home, in the form of online store Broadway Basketeers. They have different types of gifts for different occasions and they have different gifts for the same occasion as well. You can get different gifts for an anniversary or a birthday for example, a lesson which can be applied to financial management in that different solutions, investment channels, opportunities, etc, are available. It’s all about matching the best one to your specific needs.
You have many different insurance companies for example and just one of those insurance companies perhaps offers many different types of coverage for one insurance class…
Timing is important
In the same way that you can have the delivery of the gift you buy for someone timed perfectly for maximum impact, such as on their birthday, anniversary, etc, in the financial sector timing is important. You can’t be serious about making a quick buck if you’re only getting into cryptocurrencies like Bitcoin right now, for example, in the same way that you’ll probably have to be patient if you want to benefit from the magic of compounding interest. Timing is indeed very important.
Specialised services usually offer better quality
Taking a closer look at the contents of the holiday baskets on offer through the online store, one might be tempted to believe that they could do it themselves by way of putting together one or more of these gift packages. You’ll struggle your behind off I tell you!
These things are best left to the professionals as specialised service providers usually offer a better quality in the service you get. You might think that you’d probably save money trying to put everything together yourself, but in the end you’ll probably spend more money.
The same applies to the financial sector – sometimes it’s just better to go with specialised solutions which are already packaged by the appropriate financial services providers, like going through an estate agent to acquire and flip properties for example over trying to do it yourself.
Value is not always directly proportional to cost
Just pick one gift basket from Broadway Basketeers and you’ll realise that you’d probably pay a lot more for all the contents contained if you tried to source them individually all by yourself. In this case you get more value in relation to the cost, a lesson which can be applied to the finances by way of weighing up something like the coverage you get from a specific service package. Just because it says “premium” that doesn’t mean it gives you more value.