A Matter of Trust…

A Matter of Trust is a theme we will revisit over and over again, because it is part of the core of human nature. We all want to trust each other – help each other – get along. If we couldn’t trust people to stop at red lights, how could our traffic operate at all? Trust is a fine balance. There is blind trust, and there is wise trust. Here is an example. A lovely woman recently lost her husband. He managed all household affairs, not just money. She had not developed any kind of money behavior over the years, with little experience and wisdom around the cost of things and how contractors operate. A door-to-door salesman rang her doorbell one day. (Her radar should have been alerted – this rarely happens anymore). He was selling new doors and new locks. He was a polite talker, groomed, and could offer her a great deal. (Her radar should have started humming at the great deal). Even though her house was less than 10 years old, this gentleman talked her into a new door and new lock.

Why Did She Buy Immediately?

  • It was certainly convenient
  • He seemed like a nice man
  • Temptation to buy something new even if it wasn’t needed
  • She couldn’t say no

Too Trusting?

  • She agreed to buy a door from a stranger after one discussion on her doorstep.
  • She didn’t think to investigate the company, or verify that he was an employee
  • She didn’t price compare
  • Doors aren’t usually sold door-to-door
  • This man might have kept a duplicate key of her new lock and broke in to her home at a later date
  • The door was expensive. She didn’t question the service standards around product quality, installation, and guarantee.

Has this ever happened to you or a friend? If yes, you have a bit of money behavior mischief in you. Yes it was convenient, but you shouldn’t have needed a door for many more years. And price comparison may have found you a better price elsewhere.

Categorized as BC Blog

By Carrie Rattle

Carrie Rattle is a Principal at BehavioralCents.com, a website for women focused on mind and money behaviors. She has worked in the financial services industry for 20+ years and hopes to inspire women to better prepare themselves for financial independence. Read More

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