MAKE MONEY ONLINE POSTS: 08/13/19

الثلاثاء، 13 أغسطس 2019

Trump claims credit for Pa. Shell plant announced under Obama

MONACA, Pennsylvania (AP) — President Donald Trump sought to take credit Tuesday for the construction of a major manufacturing facility in western Pennsylvania as he tries to reinvigorate supporters in the rust belt towns that sent him to the White House in 2016.Trump visited Shell's soon-to-be completed Pennsylvania Petrochemicals Complex, which will turn the area's vast natural gas deposits into plastics. The facility, which critics claim will become the largest air polluter [...]

Source Business - poconorecord.com https://ift.tt/2yY1F1a

USDA data points to worst planting season on record

Numbers released Monday by the U.S. Department of Agriculture confirm what many U.S. farmers already knew — that the weather has made this year the worst planting season on record.Heavy rainfall, flooding and other adverse events prevented more than 19.4 million acres of crops from being planted across the country and most significantly in the Midwest, which saw a sharp decline in corn, soybean and wheat.Overall, it’s an increase of nearly 17.5 million prevented [...]

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How to Get Money Orders Near Me

With the explosion of electronic payments through online banking and credit and debit cards, money orders have become an almost forgotten payment method.

That’s despite the fact that they’re still commonly used by millions of people.

If you’ve never used a money order, or you don’t know why you might, it’s an option you may want to explore.

There are certain times when a money order can be the preferred method of payment.

Quick Guide to Money Orders Near Me:

Why Get a Money Order?
How Money Orders Work?
How to Redeem a Money Order?
Pros and Cons
Best Places To Get a Money Order Near Me?

Why Get a Money Order?

Money orders are most valuable in two situations.

You Don’t Have a Bank Account

The first is when you don’t have a bank account. According to the FDIC 8.4 million households, or about 6.5% of all households in the country have no bank relationship. These households are referred to as “un-banked”.

An even larger number of households – 24.2 million, or 18.7% of all households – are considered “under-banked”. These are people who have a bank account, but make extensive use of non-bank financial services. They don’t give a definition of what kind of bank relationship the under-banked have, but we can guess it may be people who have a savings account, but not a checking account.

Collectively, the un-banked and under-banked represent about 25% of all households. Since it’s likely that most in the group don’t have a checking account, money orders are a convenient substitute for checks and electronic payments.

Risk of Disclosing Personal Information

The second situation is where you want to make a payment, but you don’t want to risk disclosing any personal information.

For example, when you write a check, your personal information is at risk. The check not only includes your name, but also the name of your bank, the bank routing number, and your personal account number. That’s all a potential thief would need to steal your identity.

And while credit cards are a more secure way to make a payment, they also carry the risk of identity theft. It opens the possibility that your name and credit card account number could fall into the wrong hands.

But a money order enables you to make payment in a legally acceptable way, without the need to disclose any personal information. Sometimes that’s just what you need!

How Do Money Orders Work?

Money orders work much the same way checks do. The main difference is that while a check is drawn on a bank account, a money order is essentially funded in advance.

But in most other respects, it works the same way. You’ll make a money order payable to an individual or a company, who will then need to endorse the document for payment.

From a recipient’s standpoint, a money order has the advantage that it’s fully funded. That is, it’s nearly as good as cash. This is unlike checks, which can bounce if the issuer’s bank account lacks sufficient funds.

You can purchase money orders at tens of thousands of locations across the country. We’ll get into some of the more common locations a little bit later on.

Money orders can generally be purchased in amounts up to $1,000. If your payment amount is higher, you may need more than one money order.

Fortunately, money orders are relatively cheap. They can cost as little as less than $1, to as much as $5, depending on where they’re purchased.

As for payment, you’ll need to purchase a money order using cash, or a debit or credit card. Checks are not acceptable since the funds are not guaranteed.

But be aware if you use a credit card to purchase of a money order it may be treated as a cash advance. Most credit cards charge a cash advance fee, as well as a higher interest rate on the amount advanced.

But before purchasing a money order to make a payment, first be certain the recipient will accept it. Not all merchants will accept money orders, particularly for online transactions.

Redeeming a Money Order

If you’re paid by a money order, and you need to redeem it, you can generally do it at any location where money orders can be purchased.

In nearly all cases, that will include your bank.

Pros and Cons

Pros:

They’re a commonly accepted method of payment, and often preferred over checks.
They’re usually less expensive than bank issued checks, like certified or cashier’s checks.
Because you pay for a money order before it’s issued, there’s no chance it will bounce. That will provide higher assurance to you if you’re receiving a money order, and to a party you’re sending one to.
They’re safer than carrying cash.
If you don’t have a checking account, money orders can be sent through the mail. Cash cannot.

Cons:

Money orders are not accepted everywhere.
They’re much slower than online payments, and thus not warmly welcomed by the majority of merchants.
They can’t be used to make online purchases.
Money orders are time-consuming. You’ll need to visit an outlet where you can make a purchase each time you need one.
While money orders are generally safer than cash or checks, they are susceptible to fraud.
You’ll have to pay a fee for each money order you purchase. Most banks don’t charge a fee for either checks or online payments.

Best Places to Get a Money Order Near Me

If you’ve never purchased a money order in the past, you’ll be surprised at the thousands of places where they can be either bought or redeemed.

Here are the most common sources:

The US Post Office

The US Post Office is one of the most common sources of money orders. And since there’s probably a post office close to home, they’re available to anyone.

The fee is a $1.25 for money orders up to $500, and $1.70 up to $1,000. Domestic postal money orders are available in denominations up to $1,000. They can be purchased using cash, a debit card, or traveler’s checks, but not a credit card.

The post office also allows you to send money orders internationally. However, the maximum amount of any single money order is $700, and the fee is $9.50. That works out to be about 13%, which is an expensive way to send a payment.

Your Own Bank or Credit Union

Most banks and credit unions offer money orders. But you’ll need to have an account with a bank to purchase one. Terms vary by institution.

For example, using JPMorgan Chase as an example – since it’s the largest bank in the country – they offer money orders in amounts up to $1,000, at a cost of $5.

DCU Credit Union similarly offers money orders in denominations of $1,000, but at a cost of $3 each.

These are just examples of banks and credit unions. You’ll need to check with your own bank or credit union to find out what the cost of money orders purchased there will be.

Western Union

Western Union operates primarily through agent locations, which can be retail outlets, convenience stores, and pharmacies. They have more than a half-million agent locations around the world, in over 200 countries, but money orders are available at “only” 56,000 locations.

Fees may vary by agent location, but you can generally expect to pay $1.25 for a money order up to $100, or $1.50 for one up to $1,000. This is less than you will pay at either banks or credit unions, and even a few cents cheaper than the US Post Office.

MoneyGram

MoneyGram is similar to Western Union, in that it works through agent locations. It has more than 340,000 agent locations and they’re spread across 200 countries around the world.

Depending on the location, MoneyGram may be one of the least expensive ways to purchase a money order. They charge a fee of just $0.70 to purchase a money order of up to $1,000. You can find a MoneyGram location by doing a search on the web or on your mobile device.

Pharmacies

Two major pharmacy chains that offer money orders are CVS and Rite Aid. (Interestingly, Walgreen does not.)

CVS has nearly 10,000 stores nationwide. They use MoneyGram money orders, and charge a fee of a $1.25 each, in amounts up to $500. Be sure to check with the CVS location to make sure money orders are available.

Rite Aid has more than 2,500 locations, and offers money orders through Western Union. They are available in denominations up to $500, at a cost of $.099 each.

7-Eleven Stores

7-Eleven is a convenience store with nearly 8,000 locations across the country. Not all stores offer money orders, and the terms may vary somewhat from one store to the next. You should also be aware that you cannot redeem a money order at any locations.

The maximum money order is $500, and it comes with a fee of $0.65, or up to 3% of the amount of the money order. (Ouch! That could mean $15 on a $500 money order, so 7-Eleven shouldn’t be your first choice.)

Walmart

It should come as no surprise that Walmart offers money orders – they have everything else! And with more than 4,700 locations across the country, there’s probably one in your town.

And also not surprisingly, Walmart has one of the lowest prices on money orders you’ll find anywhere. They offer money orders through MoneyGram at the Walmart MoneyCenter. They can be purchased in denominations up to $1,000, with a fee of $0.70.

Grocery Stores

Buying a money order may also be no more complicated than going to your favorite grocery store. Many offer financial services at their customer service desks, that also make money orders available.

For example, Kroger, one of the largest grocery store chains in the country, offers money orders through their Money Services. They use Western Union money orders, which can be purchased in denominations up to $1,000. Fees vary by location, but they advertise it can be as low as $0.69 if you have a Kroger Shopper’s Card.

Safeway also offers money orders through Western Union. The maximum amount is $500, but the cost is just $0.59 each. Unfortunately, Safeway doesn’t redeem money orders.

These are just examples of two of the largest grocery store chains in the country. But if they’re offering money orders, there’s an excellent chance your own grocery store does as well.

Check Cashing Services

Since check-cashing services provide financial services for non-bank customers, many also offer money orders. Since this is such a diverse group of providers, you’ll need to check with the particular check-cashing service you work with for availability and fees.

Also, be careful with fees. Since check-cashing services work mostly with the un-banked, the fees are likely to be higher than what you will pay at any of the other sources on this list.

Know Where to Get Money Orders When You Need One!

If you don’t have a banking relationship, you’re probably already well acquainted with money orders, including where to get them and where to pay the lowest fees.

But if you do have a banking relationship, money orders may be less familiar to you.

But even if you have a bank account, and can make payments by check or online payments, there may still be those situations where using a money order is a more desirable option.

If you need to make a payment to a merchant you’re not familiar with, and you’re at all concerned with protecting your identity, paying by money order will provide that protection.

Even if you don’t plan to use a money order soon, it’s good to familiarize yourself with the practice. If you do, you’ll be ready when the day comes that paying by money order is the better choice.

The post How to Get Money Orders Near Me appeared first on Good Financial Cents®.

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The Fight Over the Right to Repair Rages On

The right to repair movement advocates for consumers' rights to repair and modify their own products. Who would be against that? We'll explain.

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The Fight Over the Right to Repair Rages On

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The 7 Biggest Ways You’re Wasting Money on School Supplies

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Hey. Guess what? You’re probably spending too much money on back-to-school shopping.

Last year, the average parent planned to spend $122.13 on school supplies, according to the National Retail Federation.

Per kid.

Oh, and that excludes clothes and technology.

So how can you cut back on your back-to-school spending? Here are eight ways you’re probably spending too much on those school supplies:

1. You Shop at the Wrong Store

We get it. You’re a busy parent, so you’re probably focused on convenience when you stock up on school supplies at the drugstore chain on the corner.

But did you know you could save almost 50% by shopping elsewhere?

We took a school-supply list to Walmart to see how low its prices were.

Our subtotal at Walmart? $70.07.

Our subtotal at the drugstore chain? $124.95.

Turns out, Walmart was the cheapest. That’s a 43% savings — excluding additional coupons and promotions.

Check out our complete back-to-school price comparison.

2. You’re Overpaying for Trends

Kids these days… they’re into all sorts of weird things we didn’t grow up with. Glow-in-the-dark glue? Scented pencils? Color-changing scissors? C’mon.

But let’s face it. Your kids want these things. And if you’re not careful, you can run up a pretty big bill filling your cart with these trendy supplies. You could save money buying these types of items at Walmart. For example, a 12-count pack of “silly” scented colored pencils costs just $3.97 at Walmart.

It’s worth reminding your kids, though, that a lot of teachers use community supply bins, where all the supplies get mixed together and distributed as needed — so remind your little one they might not get to hang onto that glow-in-the-dark glue.

3. You’re a Snob

A brand snob, that is. And we get it: Some brand-name items are simply better quality, but they’re also more expensive. When it comes to back-to-school supplies, there’s really no difference.

For example, a four-count pack of name-brand dry-erase markers costs $4.27 at Walmart. Opt for its store brand, and you’ll save $2.97. A box of Walmart’s Great Value brand tissues will save you 66 cents.

There are, however, two exceptions to this rule, according to Rebecca Stanley, a first grade teacher in Austin, Texas: Ticonderoga pencils and Crayola crayons.

“Ticonderoga pencils last forever because the lead seems to be stronger and doesn’t constantly break,” she says. “They also usually come pre-sharpened, which saves time in the classroom.”

And off-brand crayons are too waxy and easily break.

The rest of the items on your kid’s list? Save some money, and buy them store brand, unless the teacher specifies or the name-brand item is on sale for less.

4. You Don’t Shop for Additional Savings

Honestly, with so many coupon and cash-back apps, you shouldn’t pay for full price on anything, especially when it comes to back-to-school supplies. Walmart frequently has sales or rollbacks.

At the time we wrote this article, the TI-84 graphing calculator, originally $116, was on sale at Walmart for $88. A 12-count pack of Sharpie highlighters was on sale for $4.97, regularly $7.47. (But store brand might be cheaper, so check that, too!)

You might also wait until August and September to do your back-to-school shopping, when stores mark down prices to move inventory out.

And if you really want to live on the edge? Stock up last minute, around Labor Day, to capitalize on those holiday weekend sales.

Heck, some parents shop a full year early to snag end-of-season markdowns. (That’s not the worst idea we’ve heard.)

5. You Pay Sales Tax

At this point, we don’t really think much about sales tax; it’s a given. But what if you could avoid paying it?

Luckily, 16 states are hosting tax-free holidays this year, just in time for back-to-school shopping. Here are the states and dates you need to know:

Alabama: July 19–21
Arkansas: Aug. 3–4
Connecticut: Aug. 18–24
Florida: Aug. 2–6
Iowa: Aug. 2–3
Maryland: Aug. 11–17
Massachusetts: Aug. 17–18
Mississippi: July 26–27
Missouri: Aug. 2–4
New Mexico: Aug. 2–4
Ohio: Aug. 2–4
Oklahoma: Aug. 2–4
South Carolina: Aug. 2–4
Tennessee: July 26–28
Texas: Aug. 9–11
Virginia: Aug. 2–4

Say you live in Florida, where the state sales tax is 6%. If you stock up on $90 worth of qualifying back-to-school supplies, you’ll save an automatic $5.40. No, the savings won’t make you rich, but they’ll help.

Before celebrating your state’s tax-free holiday, check with its Department of Revenue website. Qualifying products and localities vary.

6. You Don’t Compare In-Store Prices

It’s important to remember that sometimes you can actually get a better deal by shopping in the store. Compare prices on Walmart’s website to what you find in the store. You’d be surprised at the savings you can find by shopping in person.

7. You Forgot Grade-School Math

I was always one of those annoying kids in math class who was like, “Why do we need to know this stuff in real life, Miss Johnson?” I couldn’t fathom why I’d need to price a single apple from an entire bushel.

Well, well, well. My grade-school teachers will be happy to hear me say this: You do need math in real life. In fact, doing some simple arithmetic can save you a whole lot of money.

Yup — I’m talking about unit prices, the price of a single unit of product. When back-to-school shopping, you’ll find, like, 500 options for each item on your list. Do you want the 36-count pack of pencils? Or a three pack of 12? Or maybe you should get the bulk supply, and split its contents amongst other class parents.

In case it’s been a while since you’ve been in a classroom, Walmart does the math for you and shows the unit prices for each item on its price tag. Check to make sure you’re getting the best deal.

Carson Kohler (carson@thepennyhoader.com) is a staff writer at The Penny Hoarder. As a child, she loved back-to-school shopping. Lisa Frank folders and fresh trapper keepers? Yes, please.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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US Delays Tariffs on Some Chinese Goods, Drops Others

The United States is delaying tariffs on Chinese-made cellphones, laptop computers and other items and removing other Chinese imports from its target list altogether in a move that triggered a rally on Wall Street.

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Need to Track Your Mileage and Expenses? Here Are 6 Free Apps for That

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If you’re a Lyft or Uber driver, you probably already know how important it is to track your work-related mileage and expenses.

You need that information to appease the IRS gods come tax return time and to make sure you’re squeezing out every last penny in deductions.

Rideshare drivers aren’t the only people eligible for mileage tax deductions. If you drive your personal vehicle for other kinds of paid work or use it for charitable, moving or medical purposes, you may also qualify for a standard mileage rate deduction.

6 Free Mileage Tracker Apps We Love

Back in the old days, tracking mileage meant dragging a notebook out of the glove box and hoping your pen wasn’t out of ink.

But now we live in an age of wonder where there’s an app for everything — including ones that automatically track mileage for you.

Here are our favorite mileage tracker apps.

1. Everlance

This versatile app not only tracks your mileage but also helps you keep track of all your other business expenses.

Everlance starts and stops automatically. It detects when your car starts moving, and it records the miles you drive. With a quick swipe of your finger, you can categorize each trip as work-related or personal. You can also set your work hours, automatically classifying drives during those hours as business trips.

With business expenses, you can photograph receipts and store them in the cloud, avoiding paperwork. You can also sync your bank account and credit cards to it, if you want. Everlance also has a tool that allows you to connect your credit or debit card to the app, then it will help you find deductions and generate an IRS-compliant Excel or PDF report for tax purposes.

The app costs $8 per month or a $60 annual payment, which amounts to $5 per month. A free version tracks 30 trips per month. Everlance is also the top-rated mileage-tracking app on iTunes and Google Play. And it comes with a free seven-day trial.

2. Stride Drive

This free app runs in the background, quietly logging every mile you drive, and then it generates an IRS-ready report that you can use to do your taxes.

Stride Drive also tracks expenses like car washes, parking fees, tolls and even snacks you hand out to passengers. If you’re not sure what expenses are trackable, the app will walk you through the steps to figure it out.

Stride Drive is available at iTunes and Google Play.

3. TripLog

This app’s mileage and expense tracking features are free, but you can pay $4 per month to unlock additional features like cloud data backup and auto tracking.

TripLog also lets you look at your driving route for the entire day and swipe through to review trip cards.

TripLog is available at iTunes and Google Play.

4. Hurdlr

The basic version of Hurdlr is free and includes expense, income tax and semi-automatic mileage tracking.

For $7.99 a month, you’ll get the premium features, including tracking all your mileage automatically and creating real-time quarterly and year-end tax estimates so you can always see where you stand with the IRS.

Hurdlr connects to over 9,500 financial institutions, allowing users to link their Hurdlr account to their bank or credit union. Every time you get paid, Hurdlr sends you a real-time notification.

Hurdlr is available on iTunes and Google Play.

5. MileIQ

If you don’t drive often for Uber or Lyft, MileIQ may be the app for you. The free version offers 40 free drives per month, though you can upgrade to unlimited drives for $5.99 per month.

Like other mileage tracking apps, MileIQ automatically captures your drives and delivers a comprehensive mileage log whenever you need it. You can classify your drives into categories like business, personal or charity and then simply swipe with your thumb to assign them to the correct list — or let MileIQ do it automatically.

MileIQ is available on iTunes and Google Play.

6. Mileage Expense Log

This free app stands out for its included rate book that allows users to quickly check mileage rates. As long as you keep your phone’s GPS turned on, Mileage Expense Log automatically tracks and logs all your drives.

If you’re a number cruncher, you’ll enjoy sorting data by date, purpose or even vehicle. Or you can export your entire database as HTML or CVS.

Mileage Expense Log is only available for iOS on iTunes and includes support for Apple Watch.

Lisa McGreevy is a former staff writer at The Penny Hoarder.

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A Tale of Five Lamps

A few weeks ago, the desk lamp I use at my standing desk went on the fritz. I thought at first that it was just a bad light bulb, but I quickly figured out that there was something fundamentally wrong with the lamp.

At that point, I had some decisions to make. I could spend some time taking the lamp apart, figuring out what was wrong with it internally, and attempting to fix it. This actually wouldn’t be too bad of a task. I could probably fix the issue with an hour, a small set of tools, some solder, and maybe a brief trip to a hardware store.

On the other hand, I could simply buy a new lamp for my desk. The lamp I was using was purchased for a dollar or two at a yard sale and served its purpose well for a few years. Is another used lamp the right solution? Or, since I rely on it every day, should I look for a better model?

My instinct in this situation is to repair it if I have a spare hour or so and the lamp itself is decent other than the malfunction. If that’s not true, I’ll check a few places for used lamps, then head to a store and buy a new cheap lamp. In other words, repair if it’s reasonable, otherwise look quickly for a $1 lamp and, if none are available, buy a $10 lamp.

Ordinarily, I would just operate by this instinct, but I wanted to stop and dig a little deeper into this decision. Which of these branching paths should I choose? Which is the one that makes the most sense for a financially thoughtful person? Perhaps most important, what underlying principles really guide this decision and can thus be applied to lots of financial choices?

Let’s work through some of the options.

The (Likely) $0 Lamp – Repairing It

Let’s say I decide to repair the lamp. A lamp is not a complex item to repair. I have the tools I would need to repair the lamp in my garage and within half an hour or so of procedural experimentation to figure out what the problem is. Even if I didn’t know the first thing about a lamp, it would only take a few Youtube viewings to get the idea (though I might not have the tools on hand to fix it).

Most likely, I can repair it with the items we have on hand. If not, a trip to a hardware store and a very minimal expense will give me what I need to fix it.

This approach is one that kind of feeds on itself. The more adept you get at repairing small things like lamps, the easier and less intimidating it becomes. I can easily repair things like frayed or cut power cords, toilets, and all manner of small items at home.

There are a few drawbacks, though. For starters, this is almost always going to be the most time-intensive solution. I’ll need some time to carefully take the lamp apart, safely figure out what the problem is, and then repair it. Half an hour is a decent guess, but it might take longer (or it might take less time). Of course, the time investment goes down with more experience. There may also be extra costs, especially if I’m new at this type of repair and don’t have adequate tools. In other words, the time investment and the cost of this approach drops significantly the more I’ve chosen this route in the past.

The $1 Lamp – Buying It Used

Let’s say I don’t want to (or can’t) repair the lamp. One option is to simply buy a used lamp to replace it.

I can check local secondhand shops for lamps, ask around on social media, or hit yard sales during the right season. Estate sales often have lamps for a pittance.

The problem with this approach is that selection is really limited. It’s all about what happens to be available in the secondary market at that exact moment. What have people dropped off at Goodwill or the Salvation Army recently?

If I don’t mind having a strange-looking desk lamp, I’ll probably find something that fits the bill. If I’m more specific in terms of the exact style of desk lamp I want, I’m much less likely to find success.

In other words, this solution works well for more flexible people. People who aren’t married to one exact option – a specific style of desk lamp, or a very specific model of bread maker, or whatever it is they’re looking for – will probably find something that works.

Another matter to consider is that while a used item will likely have most of the same lifetime of a new lamp, it will probably have somewhat less of a lifespan and have a higher chance of having a problem and not working well. Lamps usually wind up in secondhand stores because someone wants a new lamp for aesthetic reasons or other specific need-based reasons, but sometimes someone will take a lamp with a functionality problem to a secondhand store. This usually just means there’s a chance of winding up with a lamp that doesn’t work, which is fine if you’re willing to repair it. The thing is, you’re spending $1 for a lamp, so even if it works well for just a little while, you probably got value out of it.

As I mentioned, this is my default path for replacing things in my house that I don’t rely on every day, but that I do find useful to have around or if I’m giving something a trial run. I’ll just look for a used version in those cases, which is why I have things like a used bread maker and a used electric tea kettle and a used bookshelf, just among the things I can see at a glance while writing this article.

The $10 Lamp – Buying It Cheap

The next option is to buy a new but cheap entry level lamp, the kind that you’ll find in ample abundance at big box retailers like Wal-Mart. These usually range around $10-20 and aren’t anything fancy, but they’ll get the job done for years.

Lamps in this category are usually aesthetically plain and functionally simple. They do the basic job you ask of them and do it well, at least for a while. They’re usually made in the most inexpensive way possible, both inside and out, and that usually means that their lifespan will be relatively short, though in the case of a really simple item like a lamp, it should still have a reasonable lifespan. The more complex the item, the faster it will run into issues if you buy a cheap version; thankfully, a lamp is a very simple item.

If I were buying a lamp in a room that I were showing off to guests and was highly concerned about keeping up appearances, I probably wouldn’t go for this lamp. However, this is a lamp for my work desk in an out-of-the-way spot in my home. It’s not going to be shown off to guests on any regular basis and, well, it’s just a functional desk lamp. A $10 lamp would work just fine here and solve the problem for the foreseeable future.

I’m also likely giving up some functionality and some reliability with this purchase. The lamp is probably going to be stationary and not easy to adjust and move around. It has a chance of having some internal flaws that will reduce its lifespan, and fat chance of being able to return it after a week or two of use. Still, it should perform the basic job well.

The $100 Lamp – Buying a Mid-Grade Lamp

Recognize that at this point, I’m talking about lamps that are somewhere in the $20 to $200 range, not strictly $100.

At this point, you’re buying a high end version of a cheap lamp or a low end version of a truly well made lamp. This is the price range for an end table lamp that looks quite elegant and is decently made, or a desk lamp with several new features, but if you look close at the end table lamp you’ll notice some flaws and the desk table lamp might have swinging arm joints that require a lot of fiddling.

These tend to do the job better and more reliably than the cheap lamps, but they tend to have smaller flaws that you’ll really only notice if you’re looking closely or if you use them every single day.

I’ll use an example of this. I had a swinging arm lamp at my old desk job, one that was definitely in this price range. It was a great lamp, good enough that I wanted to take it with me when I left, but it did have a few little niggling issues. I had to constantly tighten and oil and adjust all of the joints on it to keep it from either sticking or from swinging so loosely that it wouldn’t stay in place. I loved the long arms and the huge range of positions… but sometimes it just wouldn’t stay in those positions without some fiddling.

This is the type of lamp you buy when you want a (likely) permanent solution but your budget isn’t enormous and you’re willing to accept a minor flaw or two. Generally, you buy these lamps from specialty stores (office supply, furniture) and these make up the lower end of what they sell.

Again, if you’re lucky, you might be able to stumble upon one of these types of lamps used on a great day at a Goodwill store (or other secondhand store) or a yard sale. They often pop up at estate sales, but will often cost more than a dollar or two.

I will very rarely buy anything in this range new. For me, there’s little point in buying a midrange item – it’s either something essential that I want to work extremely well and last forever, or it’s something I’ll buy used or low end. I’ll take a mid-range item like this used if I can find it for a few bucks, though.

The $1,000 Lamp – Buying the Best Lamp

I’m referring to lamps above the $200 mark (or so) here.

This is where you get into things like architect swivel lamps or exquisitely made table or floor lamps. They look elegant, function wonderfully, and hold up under close inspection and frequent use.

For a short period (perhaps a month), I worked at a table with a very high end swivel lamp. It swiveled to any position I wanted like silk, held that position for hours, never needed any adjusting or oiling during the entire month I used it, directed light perfectly to where I wanted it… it was just everything I could ever possibly want in a desk lamp. When I asked him about getting one for myself, I don’t remember the exact figure, but I know it had four numbers, which I know immediately led to a “nope” in my mind.

This is the type of item I’ll invest in if it’s something I use and rely on every day and the lower end versions have specific flaws that make them very frustrating to use. I’ll buy this high end item if execution of specific things and very high reliability is really important to me above all else and it’s an item that I literally use every single day. If those things aren’t true, I don’t buy high end items. In fact, it is very rare that I ever do.

These types of items do show up sometimes in estate sales, particularly in the estates of moderately wealthy people. It can be an opportunity to find things like very high end versions of kitchen tools, lamps, and so on at those estates, particularly if there are no descendants or if the descendants are wealthy.

What’s the Right Path To Take?

So, what’s my thought process when trying to decide what item to buy? Do I fix a broken item? Do I buy it used? Do I buy a low end item? A mid range item? A high end item? How do I decide?

This is all about quickly figuring out what’s actually important to you about the item and how frequently you’re going to use it. The most important step here is eliminating the question of the high end item. If you are sure that you’re not investing in a high end item, then the decision becomes a much smaller impact financial decision and it’s okay to make it quickly.

So, how do you know when you should be considering the high end item? My rules for that are simple.

One, a high end item is only ever a replacement for a lower-end item I already have. I don’t buy a high end version of an item if I’m not replacing a lower end version of it. I use the lower end version to determine whether it’s worth my time to invest in the high end version.

Two, a high end item must be something I use very, very frequently. Do I use this every day? Do I truly admire it every day? If I make a list of the things I use every day (or at least several times a week), it’s a surprisingly short list. I find that it is overlooking this factor that causes a lot of buying mistakes, as people overemphasize how much they use an item and talk themselves into buying a high end version of an item that they don’t rely on or use frequently, which I consider to be a misuse of money. I would far rather buy security or freedom through investing my money than buying a high end version of an item that I rarely use.

Three, a high end item must solve some problem that the lower end item doesn’t solve or correct some important flaw in the lower end item. A high end item needs to either correct a fatal flaw in a lower end item or offer some truly vital feature that the lower end item doesn’t offer. For example, with a swivel lamp, having long arms and a lamp head that stays in precise place with minimal maintenance and oiling would be this kind of feature.

Four, a high end item must be something that I rely on for great functionality. It must be an item that I need or very strongly desire to have good functionality. It has to do the job as reliably as possible.

Very, very few items pass these four tests, and if they don’t, I simply don’t buy the high end version of that item.

Another factor I consider is the Diderot effect. The Diderot effect is simply the desire one has to upgrade and replace a full set of items when you upgrade one item in that set, thus making the other ones look shabby in comparison. If you buy a couple of nice shirts, it can make the others look shabby and soon you desire to upgrade and replace all of them. You buy a new phone and suddenly you desire a new case, a new screen protector, possibly new charging devices, a new pop socket… it goes on and on. If something is going to trigger the Diderot effect, I’m suddenly extremely wary of buying a higher end version of that item.

What if I don’t replace the item at all? How bad is the downside if I don’t have that item any more? I would find life mildly frustrating without some sort of desk lamp, but it wouldn’t be the end of the world. If I’m not sure, I’ll usually go for a while without the item and see how life goes without it. If things are fine without it, I won’t replace it.

If this experience shows me that I do in fact need the item but I can survive for a little while without it, I use that window to spend time shopping around for a bargain. In truth, most items fall into this class – I do want to have that item around, but there aren’t serious problems in my life if I don’t have the item for a few days or for a week. This gives me time to shop for a replacement.

Final Thoughts

So, what happened with the desk lamp? I ended up following my instincts. I took the thing apart carefully, found a loose connection, properly reconnected things with needle nose pliers and a bit of solder, and the lamp works perfectly. It took about fifteen minutes with items I already had on hand.

If that had not been the case, I would have went for a few days without a desk lamp and either figured out that I could live without it, relying on the ambient light in the room or else doing handwritten things or reading of paper documents at another table, and decided whether I really needed to replace the lamp or not.

If I did feel like a lamp replacement was needed and I decided it was absolutely crucial and that my old lamp had some critical flaws that were bothering me that I needed to replace, I would have looked for a high end lamp.

If I did feel like a lamp replacement was needed, but there wasn’t any critical flaw with the lower-end lamp I already had, I would have shopped for a used lamp for several days until I started to get really frustrated without a desk lamp, then shopped for a lower-end new one.

The thing is, most of these decisions happen instinctually. I barely actively think about them in this way, but by piecing out my thoughts on them, I’m improving my own instincts for buying decisions so that I’m spending less money on things I don’t strictly need so that I have more money for the things that really matter to me.

Often, our instincts for buying are honed at a period in our life where we’re free with our spending, and when we try to establish better financial patterns for ourselves, we view those instincts as missteps. It’s well worth the time to break down things like our buying decisions so we can really understand why we’re buying things and under what conditions so that we can work on eliminating specific mis-steps.

For me, the biggest shopping mis-steps I tend to make when replacing items is convincing myself to upgrade without a real reason to do so. I have a lamp, I use it daily, it works fine, but when it breaks, my tendency is to buy a nicer and more reliable lamp, which usually means spending more money. The truth is that for something like a lamp, which I can honestly live without, I don’t need to do this. I need to preserve my tendency to upgrade for the items that I truly rely on.

Spend some time breaking down your own shopping choices like this, both on ordinary items like laundry soap and bigger items like cell phones. How are you actually making that decision? Do each of your assumptions make sense? It might seem silly and trivial at first, but when you break down that decision, you might find that you’re making some assumptions based on your thinking from ten or twenty years ago or based upon the influence of others and that’s causing you to make poor buying decisions based on who you are right now. Finding and fixing those bad assumptions will save you a lot of money and a lot of subtle frustration and stress.

Good luck!

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