A matter of trust is fundamental to human nature. We 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 woman recently lost her husband. He managed all household affairs, not just money. She had not learned any kind of money behavior over the years, had little experience and wisdom around the cost of things and didn’t know how contractors operate. A door-to-door salesman rang her doorbell one day. 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
- She was tempted to buy something new
- She couldn’t say no
A Matter of Too Much Trust?
- 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 and later broke in
- The door was expensive. She didn’t question the service standards around product quality, installation, and guarantee.
Have you ever been impulsively talked into an upsell or “want” that you hadn’t thought of? Safeguard yourself by helping your emotions subside and your rational thinking weigh-in:
- Thank them for the information
- Tell them you’ll think about it, (and investigate) and call them if you want to proceed
- Revisit your spending priorities
Carrie Rattle is the CEO and Founder at BehavioralCents. She is an executive veteran of the financial services industry and works with professional women on their mind and money behaviors to help them build an equal voice in the world. Thoughts always welcome: carrierattle@behavioralcents.com.
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.