Peoples of Pearler — Oscar
“I wanted control in what happens to my money. I didn’t want to be locked into a contract, I wanted to be able to compare options from an unbiased source. I didn’t want to be manipulated or convinced to risk money for someone else’s benefit.
I have since cancelled most of my contracts — Gym, meal plans, everything. I keep it lean, I keep it simple. I even convinced my telco to release me from my plan 6 months early. Habits are good but more often than not, cheaper avenues are always available and if you did the maths, contracts are usually never worth it. But they do such a great job of convincing us it’s the right choice. Say anything with conviction and your bound to sway someone to join.” — Oscar
Let’s be real here— a consumer contract is not always worth the time nor the money. From a lawyer’s standpoint, contracts are supposed to involve a “meeting of the minds”. That is, two or more functional adults coming together to agree on a common understanding of what they are going to do as they move forward. When there is a clear misunderstanding of what has been agreed upon, that part of the contract is supposed to be unenforceable. The problem is, this process of contract formation naturally requires each party having the time and power to negotiate — can you remember the last time you as a customer were given that opportunity? Typically, it’s the supplier/retailer that gets to call all the shots.
Next time you agree to a T’s & C’s for a purchase, read into how much of that contract is in your favour. They tend to lock us into products and services in which we may stop using when our circumstances change. And, in any case, purchasing a product outright (rather than in instalments) often makes much more financial sense. But even for those who aren’t locked in, a supplier will often try to implement two of the following ideas. First, entrench a habit into you and second, craft terms, conditions, and product features in a way that makes it difficult to break that habit.
The better habit is just to say no to things you do not need. The better habit is to get creative and find cheaper alternatives. The better habit is saving regularly and directing those funds to low transaction cost investments which happens to be pearler’s ultimate goal. Not only will you be wealthier as a result, but will probably also have the upper hand as it is you who is in control.
On ya’ Oscar!
Disclaimer: At pearler, we pride ourselves on the quality of the financial advice we give, however, this advice has not been tailored for you. You may have unique financial goals, circumstances or needs which make this advice inappropriate, and it is important that you know whether you do. If you’re unsure we urge you to speak to someone you trust who is competent with money and understands your individual needs, whether they be a trusted friend or professional
