We all know that millionaires do things a bit differently than the masses. So, let’s dig into what those are… specifically, how do millionaires shop Black Friday? And what can you learn from them?
Although I fall under the millionaire category, I didn’t want to base this article entirely on just my own inclinations as a consumer. No, it’s a lot fairer to take a broader sample from a whole list of millionaires.
So, here’s how I did this and where this idea came from.
Table of Contents
Go to Where the Millionaires Are
First of all, I’m a member of ESI Money’s Millionaire Money Mentor program. This is the brainchild of my friend, John, who has run several successful personal finance sites and is a multimillionaire himself. It’s an incredible program where anyone can join the membership and have access to the wisdom and conversations between 100+ millionaires.
I enjoy participating as a millionaire mentor as a way to help other aspiring millionaires. And, I also get rewarded with insights from the other millionaire mentors who are further along than I am in my own journey.
One of the topics that popped up was how millionaires are preparing for Amazon Prime Day. I was fascinated by some of the millionaire mentor responses and how they aligned with my own thoughts (or didn’t).
And, although the discussion was for Amazon Prime Day, the strategies and thoughts will be very similar to Black Friday and Cyber Monday.
Here are some of the thoughts I found fascinating:
Most millionaires, myself included, feel that Black Friday should be a buying opportunity, not a buying frenzy. This means having the discipline to benefit from the deals without breaking the bank or purchasing excess “stuff”.
One of the best ways to do this is to track the prices of items you already are considering buying. There are a few different ways to do this, but here are a couple that I use when shopping on Amazon specifically.
Add items to your custom Amazon lists. I have several including one that’s labeled “Watch List”. Simply add in the items here to organize them and then periodically check back on the list. You’ll notice if there’s a price adjustment, it’ll say so.
You’ll want to do this well before the biggest Black Friday deals come up.
Not sure what a “good price” is?
Sometimes we don’t really know what a good retail price for an item is. In this case, try using a site like CamelCamelCamel to get a price history of an item.
You’ll need to know that specific ASIN (Amazon standard identification number) for the particular item you wish to purchase.
In the above example, I’m tracking a mic arm. I wasn’t sure how much the baseline cost was before, but I can see the average price and the periods of time when it dropped in price.
I also put in a tracking alert to send me an email when the price goes down. It looks like it dropped back during Amazon Prime Day, so there’s a decent chance that it’ll drop again during Black Friday or Cyber Monday.
Look for Items Priced at “Cost”
Sometimes you can find deals during Black Friday sales that are truly excellent. One of these deals is when manufacturers sell their products at cost or lower.
Surely you’ve heard of Amazon Alexa devices by now. These are smart home devices that use A.I. to answer your questions and queries with lightning-fast responses.
Many millionaires have noticed that during these big “sale” events, Amazon pushes their products by slashing their already competitive prices to ridiculous lows. I watched a documentary once where they explained they know they’re losing money on the device, but also know there’s significant upside for later sales or add-ons.
As a consumer, you may be able to get a brand new device at 40 to 50 percent off!
For example, you can get an Echo Dot that would make great gifts and/or spare alarm clocks for your kids or guests.
Focus on Courses & Memberships Too
A lot of millionaires are avid readers and learners. That’s why I consistently purchase books, courses, and memberships to accelerate my path to results.
Likewise, as a program creator, I’ve slashed prices as an incentive to snag new members and offer extreme value during the holiday season.
Financial Freedom Pass – my group coaching membership helps people to accelerate their path to financial freedom by giving them clarity, a plan to follow, and FI accelerators to generate passive income.
No joke, I slashed prices here by up to 70%!!
Last year I joined several new programs including ones on:
- marketing coaching
- magazines (there are some killer deals here too on full subscriptions!)
- kids programs
- millionaire money mentors
- income generation
Manage Your Time
Millionaires know that their time is valuable. So, sometimes if we’re not careful, we may waste valuable time chasing a deal that’s not worth the extra savings.
For example, look for the biggest savings on things you already know you’ll be spending money on.
Maybe you need an appliance as I do. In our case, the back of our fridge is corroding. So, it’s just a matter of time before the entire unit fails. As such I’ve been tracking the prices over the past few months and keeping a watchful eye for upcoming Black Friday Deals.
Unfortunately, COVID-19 has had some unexpected repercussions in certain markets. You know what it did to toilet paper and hand sanitizer, but did you know that the demand for fridges are up too!?
That means the sales I was expecting aren’t coming any time soon and I may have wasted a ton of time researching for nothing.
Ah well… I think it was still worth the risk considering the price savings could be a few hundred dollars.
Set Timers & Alarms
As you may have noticed, Black Friday and Cyber Monday deals are now spread out amongst multiple days, not just one.
This is great for people who like to stay on top of deals, but a nightmare for those who just want a great deal.
So, consider doing your research upfront using sights like:
Once you identify the deals that you want, set an alarm or timer to ensure you’re notified when the deal goes live.
I’ve got a timer set for this upcoming Wed. for Walmart when the Apple Airpod Pros go on sale for $169.00 (down from $249).
Buy A House
So this one isn’t technically a Black Friday strategy, but it is a relevant strategy that millionaires use.
And that’s snagging deals when other people aren’t paying attention during the holidays.
Why fight for deals with a bunch of other people when you can simply sidestep the line altogether?
One of my best real estate transactions occurred over the holidays when everyone else was focused elsewhere. Meanwhile, I was putting in offers for foreclosures and was able to snag a super deal.
I still have the property to this day and it’s returned and continues to return incredible cash flow and equity appreciation.
So there you have it! An insider’s look at how millionaires shop Black Friday deals.
One final note is that a handful of millionaires don’t even bother with Black Friday deals. Perhaps they don’t want to get caught up in the hype or the buying frenzy. And for those with A LOT of disposable income, they don’t need to “save” and can just buy what they please, when they want it.
Readers, so what do you think? Do you already do similar things? Do you have other strategies that you employ?
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