PPR 274 DOW - Tool Time

0:00Welcome to the Personal Pension Radio Podcast with the Income Engineer, Craig Strom. Discover unconventional insights into wealth building, spending, saving, and retirement income that you won't hear from the Wall Street Marketing Machine. Break away from the herd and go for the retirement you dream of. And now, here's your host, the Income Engineer, Craig Strom. Welcome back to Personal Pension Radio episode 274. This is a deal of a week. Getting so much great feedback from everybody. They love the deal of the week. This is my quest for lifestyle deflation. Lifestyle deflation is this idea of living well without spending tons of money, living well and having nice things and doing nice things without spending full retail, without always breaking the bank, keeping more of my money, my harder money in my pocket

1:00so that I can enjoy it for something else in the future. That's where the deal of the week really comes from is lifestyle deflation. That is a quest that as you get ready perhaps for retirement or maybe you're in retirement. If you can control your lifestyle and still enjoy life, you have more money to do other things with. Your money will go further. It is all part of that retirement income planning. It's not just how much money that you have for income. It's how much you get to keep that's really critical. So lifestyle deflation and the deal of the week go together. Let's get into this. Now, my deal of the week this week for those of you know and you follow my show, you know that I am a woodworker. I often will record my podcast by the way, those of you listening on iTunes and Google Play. Yes, there is a YouTube channel Craig with a K-R-A-I-G-S-T-R-O-M.

2:02You can find me on YouTube as the income engineer and you can check out where I'm recording from today because I'll tell you it's not in the shop. You got to check it out on YouTube so you can see what's going on there and get an eyeball with this guy. But I am a woodworker. I love woodworking projects. It's my therapy. So now I'm blessed with a very well equipped shop. I purchased my shop on Craigslist years ago. I've told that story here on the podcast. Got an incredible deal on a 1000 square foot workshop. And I have all kinds of really great tools. Most of which I was able to find on a great bargain somewhere. Now, I originally saved $1,200 buying a sander. It's a nice sanding tool for my shop. I had purchased it, gosh, it was probably years and years ago. Maybe 10 or 15 years ago that I had originally saved $1,200 on a sander that I've used for many, many years.

3:09I wasn't too upset when the sander broke. It actually broke and the sander so old that the parts for it are hard to find and expensive. It actually, it wasn't practical for me to think about replacing this particular sander. So I set about searching for a replacement sander. Now, I didn't just simply go to the store. I have a friend who goes to a specialty super expensive store to buy tools. And he just pays retail. He has more money than cents as my mama used to say. And he just pays retail and buys his tools. I can't do that. I have got to hunt for a deal. So I actually started looking now and then on a surplus auction site. A surplus auction site that I go to frequently. And sure enough, just recently a sander popped up on the auction.

4:11It had clearly been left outside for a while. It had gotten rusted. But I knew what it was. This was an industrial grade sander that would be awesome. I would love to have a sander like this in my shop. I just would never pay the retail price for this sander. Just never going to happen. And here it was. I ended up seeing it at the auction. I bid on it. And while I was at it, I looked to see what else that same seller was placing up for auction. It was a school district here in Southern California. They had a bunch of tools up. And one in particular, a scroll saw for fine detail work in the workshop. I have not had one of those for a while since I gave my old one away. I didn't have one. It wasn't a priority item for me. But here it was. I'll put in a bid of $50.

5:11There's no way that I'll get that scroll saw for $50. And I put in a bid on the sander as well. Now, at the time, again, I thought there's probably no way that I'm going to get the sander. This thing is super expensive, okay? Super expensive. Retail on the sander, $3,500. There's no way I'm going to get this sander. The scroll saw, $650, at least, to buy a scroll saw, like this one. Now, the scroll saw, I was the winning bidder. I got it for $34. $34. I saved 95% off of retail buying a scroll saw. I was excited, but the sander, the sander is the one that I really wanted, right? I really wanted the sander. How much did I get that $3,500 sander for?

6:11$463. $463. I picked both of these tools up. Both of them, for just under $600 bucks, well, under $500 actually, got a new math. I will under $500, I got these tools. I took them home, my wife helped me go get them with a trailer, cleaned them up, and I'm already using them in my shop. The industrial sander is exactly what it sounds like, a big, beastly industrial sander. And it works, it works amazing. Sure enough, hiding in the cabinet underneath the sander that wasn't in the pictures, bunches of belts to go on the belt sanding. The belt sander actually had stuff with it, amazing. Time to make some sawdust is what I'm thinking about. I actually do start working on holiday projects, Christmas projects, and builds for family,

7:13as well as my local rotary events. And that's the perfect time, I think I'll be using my sander and my scroll saw this year. So that's it, that's the deal of the week. If you want to hear more about my deals of the week, subscribe on YouTube. You can find them there on the YouTube channel, and you can also search for them in my podcast feed. If you've got a cool deal of the week, don't forget, send me an email, Craig with a K at CraigStrom.com. Share your deal of the week with me, I'd love to hear about it. Take care, bye for now. Thanks for listening to the personal pension radio podcast. Want to be awesome? Please consider leaving a review on iTunes, Google Play, or wherever you found the show. Want to be amazing? Please like, subscribe, comment, and share. Now for the Wicked Fund Disclosure. Information presented is for educational purposes only, and not intended for solicitation of sale or purchase of any security or financial product.

8:13Be sure to first consult with a qualified financial advisor and your tax professional before implementing any strategy discussed here. The term personal pension refers to a marketing name designed to educate future retiree and retirees about the economic principles behind creating their own pension-like income. The term personal pension is not intended to be confused with the defined benefit pension plan offered by an employer or by a government entity.