How to use coffee to approve a loan

We all enjoy a great coffee right, well here’s a story that may help you use coffee for more than just that caffeine fix.

Friend:          “I know you have said to stop and think before I commit to another payment but it’s a really great deal”.

Me:                 “Everything can be justified as a great deal, what makes this one so    special?”

Friend:          “A new model has just been released this year so they are selling the 2015 model 30% off retail and no interest for 3 years, it’s a great deal”.

The conversation continued and eventually I was confronted with a statement that left me feeling like I hadn’t made any difference at all.

“Yeah I hear you but it would be good to replace the car anyway so I think I just need to get on with it”

I needed to find another way to help my friend make an informed decision, “enough talking let’s pop next door and I will buy you a coffee”.

We proceeded next door to the local cafe where I happily exchanged my $9 for two Flat Whites and we sat down to enjoy them, conversation now moving to family and life, how the kids are doing at school, what plans we have for Christmas this year and a few other topics. Thirty minutes later we decided we should get on with our day, stood up, shook hands and as we were walking out I quietly asked, “Any closer with your decision on buying the new car?” to which he replied, “To be honest totally forgot about it but I will need to decide fast, the promotion ends Friday

I think I can help” I replied.

‘”A little over 30 minutes ago I made an exchange, I traded $9 for the opportunity to spend half an hour with a friend, and do I regret it? Not for one moment! Will I regret it later if I reach in to my wallet and find myself $9 short for something else I may need, definitely not?”

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Your dilemma is simple, “What are you going to exchange in return for the new car”?

Simply put I was asking him to seriously consider what currently requires $560 of his money each month that for the next three years he was prepared to exchange? If he was happy to make the exchange then buy the car, if not then simply stick with the one he had until he was confident to change. He needed to honestly ask himself the following:

  • Was he currently saving $560 a month and happy to exchange what those savings were earmarked for at a future date or the peace of mind having the ability to save at that rate currently gave him.
  • If he wasn’t saving then the exchange would be something that already requires $560 each month and the exchange is for the next three years not just a week. Can he commit to that exchange for the term of the loan without regretting it at a later point?

He now understood there was more to this than he first thought. The decision to take on this commitment needed serious consideration, it wasn’t a decision he could leave to emotion or justification.

If you are reading this then next time you consider taking on a new loan, buy yourself a coffee first. Hopefully it will remind you too of the exchange process that will take place once you decide to commit to that payment and help you make a decision you won’t regret soon after.

It’s your money and important to remember you can’t spend it twice, the decision is simply one of asking yourself if you are prepared to exchange where you currently spend/allocate the money that will be required to gain what you consider “A great deal”.

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