It's unwise to pay too much, but it's worse to pay too little. When you pay too much, you lose a little money - that is all. When you pay too little, you sometimes lose everything, because the thing you bought was incapable of doing the thing it was bought to do. The common law of business balance prohibits paying a little and getting a lot - it can't be done. If you deal with the lowest bidder, it is well to add something for the risk you run, and if you do that you will have enough to pay for something better.
About this quote
- What does it mean?
- Paying too little for a product is worse than paying too much because it risks total loss.
- In plain terms
- Cheap purchases often fail and cost you more in the end.
- What can you take from it?
- Avoid the lowest bidder to prevent losing everything.
Where it applies
Putting it to work
Questions to consider
- Is cheap ever truly better?
- How much should you pay for quality?
Another view
Sometimes low cost is the only option available.
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