Who’s the Coach?
Hi, I’m Geoff and I’m the Car Negotiation Coach. A few fun facts about me:
- I’m the new father of an adorable baby girl. And she just learned how to smile and giggle! There is just nothing sweeter than a big grin when she first wakes up and sees you. BTW- I’m very interested in fellow Yakezie posts on college savings. If there are any must-read articles, please send my way.
- I consider myself frugal, but not cheap. I rarely buy things for myself and I’m somewhat of a minimalist. I don’t sweat spending on the small stuff because life is too short to suffer through cheap toilet paper, cold showers, and a hot house (I love blasting the air conditioning!). But when it comes to big tickets items (anything over $100), I always do a lot of research, get competitive prices, and go the extra mile to get the best possible deal. This goes for a mortgage, health care, a car, TV, utilities, cell phone, airfares, you name it.
- I’m part of a generation born in the seventies that hasn’t yet seen a light at the end of the financial tunnel. I took all the right fiscal steps after college (or so I was told, but now I question a lot of the standard advice). I socked away every spare dime in a diversified portfolio and contributed as much as possible to 401ks and Roth IRAs. Along with everyone else, I suffered low returns and then watched as 40% of my portfolio was wiped out when the economy tanked. I’m now playing catch-up to get my retirement back on track.
- Last year I won a $10k seat and played in the World Series of Poker Main Event. I lasted about 3 days, just shy of cashing. Aside from getting married and having a baby, this was the best experience of my life. Some people question the expense, but if I win another seat I’ll do it again in a heartbeat. If you’re a baseball fan, picture going to spring Fantasy Camp but with a chance to win 10 million bucks. I had so much fun and it was worth every penny. In fact, if I could’ve taken some of the loss from my portfolio and played big poker events for a few years instead, I’d probably have made a decent return on my money.
Not your typical PF blog
Car Negotiation Coach is not your typical personal finance blog. In fact, some would argue it’s not a personal finance blog at all. But I disagree, I write about being frugal and I’m just zeroed in on the many aspects of a car purchase and car ownership. A car is probably the third biggest purchase you’ll ever make and warrants extra attention (what’s the second biggest purchase you ask? Anyone care to guess in the comments?).
Aside from cars, I also advocate frugality and discuss negotiating strategies for other big ticket items. I just started a series on how to create a competitive bidding process to save big bucks on other items like moving companies, lawn care, contractors, mortgage rates, and more.
You may also be surprised to find out that I’m not a strong proponent of going out and buying a new car…or used for that matter. In fact, I’m a “buy and hold” guy myself. However, it’s a fact of life that you’ll probably need to buy a car at some point in your life, so when you do it’s important to be educated on the process and prepared to negotiate a good deal.
My start as a blogger
Several years ago I was in the market for a car and knew exactly what I wanted to buy. At the time, car dealerships had recently started providing price quotes on the Internet. I decided to try out one of these services and see if I could get a better deal than going to the dealership.
After receiving emails from several dealerships, I realized a logical next step was to start a competitive bidding situation. Why not ask each salesman if they could beat the my best price? Consequently, I managed to shave several thousand dollars off the price of my car and ended up buying it at invoice (dealer cost).
I was so pleased with the results and how easy it was that I decided to document my approach. I started out by writing an ebook (still available on my blog – for free) and then realized I had a lot more to say. So I started blogging. I’ve been openly sharing my car buying strategy so others could take advantage as well. And I’m branching out and sharing “non-automotive” buying tips to help people wheel and deal for other big purchases.
I’ve really enjoyed getting to know a handful of bloggers in the Yakezie community and look forward to meeting more of you. I love reading about personal finance and constantly learn new things from our members. If anyone would like any help navigating the labyrinth of car buying, please reach out to me. I’m happy to assist anyway I can.
Some posts I hope you enjoy:
How to buy a car by systematically negotiating price – A flowchart and explanation of how my competitive bidding process works. The model can be applied to cars and many other big expenses.
Car buying advice – best lessons from the Coach – A collection of my favorite posts to help car buyers.
After saying ‘hello’, join us for further discussion in the Yakezie Forums.
Hi Geoff –
Glad to see you as the featured member! I’ve added your site to my Google Reader and have enjoyed looking around your site.
The chance you had at $10 Mil – wow! What a story to have!
Thanks for sharing with us – keep up the good work with your blog!
Tim
Thanks Tim!
Hi Geoff,
I know how you feel about the typical financial situation and being a child of the 70s not seeing the light at the end of the tunnel. If we keep pushing, we will get there. Let’s go and make it happen!
As for your $10K adventure into the poker tourny, AWESOME!!!! I watch every year, am terrible at poker, but would love to play in the big one. Sounds like you are pretty good if you lasted 3 days. How may days do you have to last cash in the money cause it would def be worth it if you could pull that one out?
@Freddie I wouldn’t call myself good….but I do read and practice alot. Before the big event I laid out a study curriculum from my poker books (got about 50 of ’em), and made myself re-read about 2 hours a day.
If I had lasted until the following morning I would’ve cashed for 22k I believe. The payout scale gradually goes up and would have to last a full extra week to reach the 10M, but every person that drops out means more money.
Yeah the 70’s child comment rang true for me too. I’ve often looked at the things our parents generation had (pensions, full healthcare, etc.) and compare it to what’s available now, and the crazy part look at how many boomers are struggling with all that, so it’ll be interesting to see how we do with less as we age.
@Freddie, @Beagle, Us 70’s folks are definitely experiencing a different financial world. But even though it seems like our bank accounts aren’t growing at the same rate as our parents, I do think we are much better off and can enjoy a lot more luxuries in life. My grandfather’s house had an outhouse!
I love how you turned your own car purchasing/negotiating experience into an ebook and a blog. This is indeed real life!
You have me stumped on the second biggest purchase, but it must not be an asset because your bio at the end of your post says that an automobile is our second biggest asset. Hmmm.
Great post Geoff. That’s a really cool way that you had to get your car price lowered. I’m taking it that you were only able to do that with a new car.
Also, congrats on the poker, that sounds like it was a blast! Did you ever see yourself on ESPN?
@Jeff- Yup, the main strategy I wrote up for my ebook applies to new cars only, but I’ve added a bunch of tips for used cars as well. The reason it’s for new cars is that they are all exactly the same (and used cars are all different). That makes new cars a commodity that gets cheaper when supppliers compete (like a big screen TV or pork bellies).
I didn’t make it to ESPN this time, but I guy at my table did. It’s a total circus out there, but fun to watch some of the strangest people in the world come together in one place.
@Joe- Great observation, I knew someone here would notice the subtle difference in wording.
Hi Goeff, Great story. Happy to know your back story better. You are doing great!
Thanks Babs!
BTW, if you haven’t already, download Bab’s free intro to investing ebook and pass along to any recent college grads or new investors you know.
Played poker, huh? I bet you really loved this experience. I am a huge poker fan myself but I would not dear to even attempt to go to a real poker tournament. Your story is great! Next time we are buying a car – I am asking for advise! :-)
@Aloysa- please do…whenever that may be. i’d love to help!
Kids college for the 2nd biggest expense?
p.s. cards at my house tonight?
@ninja- if everyone was lucky enough to be able to pay for their kids college i think you’d be right. But unfortunately, i think that’s a pretty low % of the population. i’m surprised you didn’t guess with your activities this summer.
i’d love to be there, but i’m not sure i’d be able to win enough off you to pay for the flight.
AHH, should have known… wedding :)
Yup, my assessment is that a wedding is the 2nd biggest purchase for most people!
I know some people are able to get married cheaply (like many in this group… Crystal pulled off an amazing feat), but if you add in all the options and accessories (rings, engagement parties, rehearsal dinner, reception, or even honeymoon)… we’re talking big bucks. Even if you do it cheaply, it’s still more expensive than a cheap used car.
I can certainly see the argument for college as well, but a smaller % of the population goes to college and most people wouldn’t call that a purchase (although I suppose the same could really be said about a wedding). Maybe college and wedding should tie and car is the 4th biggest purchase.
Oh, and as Joe pointed out I didn’t qualify a wedding as an asset…just don’t tell my wife.
Do you have struggle to come up with car related content? I feel limited enough by the PF niche, that I couldn’t imagine coming up with fresh stuff on something as specific as car related finance stuff!
Ninja- I don’t really have a problem coming up with car related content. In fact, I’ve got a huge backlog of topics I want to write about….just need the time. I will say though that I’m trying to mix it up and add in more buying tips for other big ticket items along with the occassional car post. I’m in the process of finishing my basement which is spurring all sorts of big ticket expenses I need to document!
Congrats on the little one – I’m a new father too, and while it’s tiring, I wouldn’t trade it for the world – I love it! Our little guy has just started smiling and giggling too – makes it all worth it doesn’t it? Your site is definitely one of the places I send people to when they’re considering buying a car, you’ve definitely built up a great resource there.. Great intro!
Well, Ninja beat me to it (although we may both be wrong)!
Anyway, I’ve enjoyed your posts as well as the comments you make on my site. I’m glad that you are posting about more than just buying a new car – you have a lot of great information to share!
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@moneysmarts and @KNS. Thanks and fatherhood is surprisingly awesome!
College is the second biggest expense. For me it’s the first since it cost more than my house and car combined. :) Congrats on the new baby!
Hey man…can you give me some winning poker tips? I’ve never played before but I figure…you never know!
My best tip which people always forget (me included). Pay attention!
Man, so jealous about your experience in the WSOP! It’s every poker player’s dream to be part of it. I don’t think I could ever pony up $10k to play, but if I could win a seat through a satellite like you did, that would be pretty terrific!
It only cost me $77 bucks…..of course I tried 3 or 4 times @ $77 each time, but still!
Congratulations on the new addition to the family! Hmmmm…a guess…The 2nd biggest purchase of your life is either a college education or a wedding ring.
Geoff, I will chime in with the congrats on the baby. Keep him well hugged!!!
As to the lost decade financially, everyone will have those ups and downs, and it is how you react to them, that will tell how you do in the long run.
Putting your money under the mattress will be a losing proposition. If you control your lifestyle, then you can enjoy the same qualities of life as your parents and grandparents-and as you mentioned-much more.
They couldn’t read the sum total of the worlds knowledge at home with their laptop. They couldn’g communicate with fellow pf bloggers from all over the world, almost daily as we do!
Your good ole days are yet to come, but you will have them! IMHO!!!
Sorry Geoff, keep HER well hugged!!!
“Last year I won a $10k seat and played in the World Series of Poker Main Event. I lasted about 3 days, just shy of cashing.” That is so cool. I’m a little miffed at something called “Rush Poker” these days. ;)
I’ve enjoyed your car stories to date, and I think it’s really cool that you are sharing your experience and advice. Salesmen like to crank up the pressure, and negotiation can be tough. It’s helpful to come armed with some information and advice.
haven’t tried rush poker, but the concept sounds interesting. thanks for the kind words.
@Sandy @BLB,@Doc D. Thanks!!
Doc D- Him/Her….it’s hard to tell…they all look kinda the same at that age, but I definitely will.
I couldn’t agree more about how many things we get to experience that our parents thought were science fiction. I have no doubt a planned approach will deliver even better long term results.
Congrats on the little one! Kids are the best thing in the world. Mine are all teens now, and it has been just a great time.
You and I are very similar in our thinking. I love to keep the heat on nice and warm and I will buy some dark chocolate if I want it. However, if its over 20 bucks, I always think twice. I am not one of those women that loves to go shopping to be consoled. Shopping is what would make me upset!
I have found your site so very helpful. I am going to be purchasing yet another car in March, so I will be keeping a close eye for tips!
@everydaytips Once the government introduces more subsidies and the price comes down, i’m very interested in solar panels. Anything I can do to lower the cost of some freezing cold air in the summer!
As for 529’s yeah, i’m getting ready to open one up. I didn’t realize until now though that you had to actually go with a planned fund, which I don’t like so much. I thought it would be more like a Roth where you could put your money wherever you want. When March rolls around let me know if you want any tips (although you know a lot more than most…love your used car cost factor). Or if you feel like being a case study for me.
By the way, regarding college savings – research the heck out of the 529 plans, and start investing EARLY. The 529 I am in automatically adjusts the risk as the child get closer to high school graduation.
You got a seat in the World Series of Poker Main Event?! Lucky freaking bastage!!! My husband or I would totally salivate at the opportunity!!! Sorry you didn’t win the whole thing, but yay for life experience!!!
For us, our biggest purchases have been:
1. House
2. Food
3. Car
Maybe you could run a food blog as well? ;-)
Hey Crystal, I want credit for teaching you the origins of the word ‘bastage’!
*Tips hat to Kris* :-)
I just read the comments and your replies…lol…wedding…yeppers, Mr. BFS and I cheaped out, lol. BUT, we loved our $3000-$4000 event! :-) We easily spend $500 a month on food, so that’s how I got my answer, hahaha.
Thks Crystal. I certainly couldn’t write a blog about saving money on food because that’s my weakness. I splurge way too much on it, but that’s because I’m a fat kid on the inside :).
I’m the fat kid on the outside, so I completely understand, lol. :-)
Geoff – I can relate to much of your intro post. As a fellow child of the 70’s, your words sound familiar to me. We have life experience of seeing ups and downs in investments and markets, and the perspective of how things were with pensions, etc vs how they are now. It can only help us kick butt in the future.
As far as the poker goes, that’s cool that you took the life experience that ranks super high on your list of neat experiences. Congrats on the baby girl – I can also relate to how amazing it is as a dad to see those first smiles.
Squirrlers- Thanks and yeah, we’ve been through a wild financial ride. But if it doesn’t kill us it will only make us stronger!
Hey Geoff it’s cool to read your story. If you have knowledge it’s gotta be shared! That’s why I love the web.
That is really cool about the poker comp. I can’t run the odds fast enough to be any good at it but I do enjoy the game.
Forest- I stink at odds too. If I’m slow to make a move it means my brain calculator is working overtime. Sometimes you can see the steam comin’ outta my ears.
Geoff:
I think it’s interesting how you developed your blog into a very specialized personal finance niche. You’re right that at some point some people need to buy a car. Thanks for the helpful tips and I hope your site continues to grow.
That’s a good point about having sub-niche like that.. I wonder how that can help to set a site apart? Do folks think it helps to have a sub-niche or to be more of a general personal finance (or other topic) site?
What a great story on how you started, Geoff!
I like to think that the Yakezie group is stronger because of the diverse sites and focus within the group, and your site is one of the most original in the Yakezie group!
Congratulations on being a dad! I’m sure you’ll love it like I have!!!
As you know, I pop on over often and always find great content on your site. I know the next time I think about buying a car, you’ll see me camping out on your site for weeks on end :)
@MoneyReasons- Thanks for the kinds words…and I’m sure I’ll love every minute of fatherhood as well. Everday is something new. I can’t believe she just started eating solid food yesterday! And by eating i mean getting it all over her face and licking it a little (but not crying :).
I hope it doesn’t take you weeks to get to the good stuff on my site when buying a car :)…in that case i may have to tighten up my writing a little bit :). But I’m glad you like it and feel free to drop me an email or call anytime when the time comes.
@Elle & MoneySmarts, thanks for the kind words. Being in a sub-niche has pluses and minuses. I hope to really become a destination and show up in search when people are looking for car buying advice. But at the same time, I’m also looking to expand more on other frugal purchasing techniques…..I’m finishing my basement now which means I’ll have a lot of new topics related to that….like getting a new big screen TV and hiring contractors.
Hi Geoff, it was so fun reading your story from the poker tournament to the joy you have with your new daughter.
P.S. In California, air conditioning is a big ticket item due to our outrageous electric rates.
Your site is pretty awesome. That is all.
Kay Lynn, I would most definitely go broke in Cali then because I’m a slave to my cooled air. Tough to negotiate I’m sure without any alternatives….unless you can get solar power ….hmmm…i wonder if you could negotiate with solar power installers and equipment providers…
Eric- Thanks!
very cool about the WSOP – have you been playing for a while? Acknowledging that you aren’t big on buying cars period is interesting, but you are right. Seems like too often people don’t spend enough time researching and negotiating those big ticket items which is where they can really save some dough.
And thanks for your assistance in my own search!
You and I are two peas in a pod, Coach. I am frugal but not cheap. I don’t worry about saving money on small consumer goods, but big ticket items – watch out! – it is a major research project.
I love your site because it is full of some really top notch info too!
Best,
Len
Len Penzo dot Com
Thanks Len! And yeah, life’s too short to sweat the small stuff!
Congrats on the baby girl and you have had some UNIQUE experiences. That was so much fun to read. I’d love to hear more about the poker event experience and all the people you got to play with. That is unbelievable. The car dealership bidding stuff is a really neat idea too!
Andrew, I’m an open book…ping me anytime, I love talking about the poker stuff, I even documented some of my more interesting hands and opponents for posterity. I won’t bore anyone with that, but would be happy to share by request.
Haha, awesome! You’re hilarious.
Wow–I’ve learned so much more about you by reading this post! Congrats on the baby, and that must have been awesome (the poker).
I am very sorry to hear about your portfolio being wiped out by 40%; that must have brought you to your knees for at least a moment.
Amanda, yes, very humbling…and i’m sure just about everyone with any money in the stock market has suffered similar pains over the past couple years.
Congrats on your new baby daughter! Also, that must have been such a fun experience at the WSOP! I think i’ll have to do that one day!
I love talking about the poker stuff, I even documented some of my more interesting hands and opponents for posterity. I won’t bore anyone with that, but would be happy to share by request.