Predictably Irrational Takeaway

I thought this book was a very interesting read. This book definitely had me thinking about the ways I consume and my way of thinking through the process.

I noticed that when I buy a product I am one of those who is influenced by anchoring, which according to the book, has a major long-term effect on our willingness to pay. I usually will compare a price of a product by the price I think it is worth relevant to another similar product. I'm one of those consumers that can relate to the pearl example in the book. If its a product that is offered in a high end store, I assume that is must be more luxury than a similar product sold at a Walmart.

I'm a broke collage student, so I mostly shop for price over the quality and or a name brand of a product, but I do fall for the FREE products from time to time. If its buy one get one free, I will usually buy that over the product that I actually need, or that is of way better quality or poorer quality. (I still believe all toilet papers are the same)

 The concept and experiment in this book will definitely have me thinking the next time I go to make a simple purchase at the grocery store or an even bigger purchase such as a new horse trailer.

We Are Problem Solvers!

I may have impulse bought another horse, which is now leading me to have to buy a bigger horse trailer. I'm not in a hurry to buy, and since I'm going to have to finance, I want to get exactly what I want. 

I'm finding myself going through the stages in consumer decision making:

1) Problem Recognition: Needing a bigger horse trailer.
2) Information Search: I have not bought a trailer in a very long time and thing have changed a lot since my 1989 Big Valley Trailer was built. I have spent a lot of time researching different manufactures and models, possible defects and problems others have had.
3) Evaluation of Alternatives: Since I am buying a per-owned trailer the biggest problem is finding out what they are worth. There is no Kelly Blue Book for the value of a used horse trailer like there is a car. I have spent a lot of time researching what make one trailer worth more or less than another that is comparable. I have found that location is a key role, and lucky for me this valley is a pricy place to buy a trailer.
4) Product Choice: This is the stage I am currently in, I know what features I want, and I know the type of trailer I want to purchase. Now I just need to look at my options and pick the one that I feel is the best fit.
5) Outcomes: I hope when I get to this stage I made the right choice and enjoy my purchase!

To Impulse Buy or Not

So a few months back I may have bought a new horse on impulse. I wasn't even in the market for another horse at the time, but did look now and then to see what was out there. I have always wanted a buckskin colored horse, but because of this rare color, I was never able to find one even near my price range. I was at work one afternoon and was just searching the web and came across this beautiful horse. It was a 4 year old buckskin that was for sale here in Belgrade. I thought, well it never hurts to take a look, so i called the number on the ad, and scheduled a time to see this horse.

 I went out to a farm near Spring Hill community where I met with the breeder who took me up to the mountain side where he had a herd of about 30 head. I saw the beautiful Buckskin standing in the middle of this heard of all Bay and Brown horses. I knew right then and there I had to have this horse, so I told him I would take her.

I hadn't really thought any of it though, like how I was going to afford another horse?  Will I have time to brake her out? or Did I even have the money to buy her?

 Lucky for me I made an amazing purchase and couldn't be happier with her! I don't think I will ever tell my mom that I bought a horse of a mountain side that I never really saw up close. This was quite the impulse buy, but it is one I am glade I made. If I actually took time and thought about it, I would probably not have this beautiful buckskin mare today!