Are you spending your money wisely? | Wolfgang Schnellbaecher

Everyday spending habits can be transformed into powerful skills by following three rules used by professional procurement teams. Wolfgang Schnellbaecher argues that individuals often don't define "good buying," leading to suboptimal spending. He introduces the first rule: prioritize what matters to a group, aligning personal priorities like health, cost, and sustainability. The second rule involves influencing allies by aligning with stakeholders before negotiations, using the "inverting method" to identify ways to increase costs and then avoid them. Finally, he advises negotiating from a position of strength by building alternatives, illustrated by the historical example of Hernando Cortes dismantling his ships to signal commitment. By applying these rules, individuals can make wiser spending decisions.