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Are You Spending Your Money Wisely? | Wolfgang Schnellbaecher | TED
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I've got two questions for each one of you.
Question number one.
How much money did you spend in your entire life so far?
That already takes a bit to estimate, right?
And question number two, did you spend your money wisely?
If you hesitate now and are not so sure,
it likely means you're not a good buyer, frankly,
because you have not even defined for yourself what good buying truly is.
And that -- sorry for the bitter truth --
despite your buying things pretty much every day.
good buying can have such a massive effect on your entire life.
And through your lifetime, you will spend a fortune, if not several fortunes,
considering we're in Dubai.
Spending it more wisely will either make you have to spend less
or, for the same amount, make your life more luxurious, comfortable,
sustainable, fun or whatever else you want it to be.
And the good news is there are people you can learn it from.
As a procurement leader in BCG, I work with them throughout the world.
High tech companies, auto manufacturers, American Big Pharma,
Middle Eastern oil companies,
from Swiss clock manufacturers to Middle Eastern mass producers.
They all have to buy a lot of things --
steel, spare parts, intellectual property rights, fruit.
Just last week, I did a live auction for a Norwegian salmon farm for fish.
My promise to you is if you learn from the combined knowledge
of these professional procurement teams,
you will be a good buyer for the rest of your life.
And on top, it's easy.
It only boils down to three rules these companies do right.
Number one, prioritize on what really matters.
Now that sounds simple, doesn’t it?
The truth is, it's not, because there's a few words missing.
Prioritize on what really matters for a group, together.
In every company, in almost every household, there's a few players.
And even for yourself, you're oftentimes not so sure
how to prioritize healthy food versus cheaper prices.
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