30th August 2022
After agreeing a price to sell his 2nd hand bike he immediately felt regret. The seller had fielded better offers.
Despite believing in good faith negotiation and the saying, “my word is my bond”, the buyer raised his offer and agreed to collect the bike at the seller’s home. The beautiful Gold Coast house was also home to one Tesla X and two Lotus Esprits.
Curiosity got the better of the bike buyer.
“You’re obviously successful. If I may ask, what do you do for work?”
“I’m an insurance agent,” the seller proudly revealed.
“Do you sell MPF?”
A blunt “No” followed a long pause, “unless it’s to an employer.”
“Oh why no to individuals? Commission to low?”
“Yes. Selling them life insurance is better business for me.”
I would have thought putting a customer’s interest first would be better long term business for an insurance agent.
A haggle over a modest $50 taught opens up a valuable lesson.
Find yourself a trusted financial advisor, one who will put his, or her, interest second and yours first.
Each week MPF Ratings’ Mr MPF will give you a practical money tip. If you have any questions or queries please write to Mr MPF at firstname.lastname@example.org and we will be happy to address them on this blog.