Nickels and Dimes
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Nickels and Dimes

I don't understand people, especially in a small community, who nickel and dime people. (I actually do but I'll explain that later).

PLZ NOTE: by nickel and diming, I mean that they are trying to get a lower price on what I'm selling.

I've been selling some old stuff recently and the people I'm selling to are attempt to or have already nickel and dimed me on the price.

This is especially frustrating with people I personally know. There's no way I'm trying to take advantage of them; I'm giving them what I think is a reasonable price on what I'm selling. For me personally, whenever someone gives me a price, I'm pretty much 95% certain I'm going to take their price because I assume they are reasonable and not trying to take advantage of others (see Assumptions I Make article). Maybe I lose a few bucks here but in the long-haul, I suspect the difference is marginal.

Anyways, these people are nickel and diming me on the price of whatever I'm selling. In my head, I'm just like, "Come on man. We are definitely going to interact again in the future." We live in a small town. There's a high probability that we will interact again at some point. But by nickel and diming me, you make me feel like you care more about the money than our relationship. I guess with my history of reading "Give and Take" by Adam Grant, as well as my general understanding of game theory, I understand that we are going to end up "playing" each other again. And it's much better in the long-run for all of us to be givers.

I mentioned I know why people nickel and dime each other. I think it's probably for a few reasons:

  • Scarcity vs. abundance mindset
  • Short-term vs. long-term thinking
  • Previously getting taken advantage of by others

With the emergency of Five Star Reviews, I think that our "small communities" are going to become larger and larger with the Internet. And people are going to want to work with Givers rather than takers and matchers.

Naval:

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Written: October 20, 2020

Additional resources:

  • Give and Take by Adam Grant