Let Me Count The Ways
Creative lovers know flowers and candy are not the only ways to show one cares. Wise consumers know that the greatest value in a product or service may not be in the original intent of the designer. (Ladies will remember Avon’s Skin-So-Soft and how it gained greater fame as an insect repellent.)
A good economist is well aware that the more a fixed or durable good is used, the lower the per use price. Likewise, a company that can market a product or service for multiple uses increases that item’s customer base and profit potential.
Thousands of goods and services have multiple uses if one is simply resourceful. Below is a list of some of my favorite tips for “multi-purposing” goods and services. Use them at your own risk -- enjoy the rewards!
Vinegar, forget the apple, just drink the vinegar. Many members of my extended family swear that a shot of apple cider vinegar keeps colds, flus and other illnesses away. I am a fervent follower of this practice and am rarely, if ever, sick.
Wipe an insect bite, particularly mosquito, with a dab of white vinegar on a paper towel or washcloth and the redness and itching disappear almost instantly (30-45 seconds). White vinegar seems to have limited effectiveness in preventing insect bites. It’s so cheap, however, consider letting the insects enjoy their dinner and wipe bites when going inside instead of using expensive repellents. This secret allows for all-summer enjoyment of patios, picnics and ballparks.
Some financial instruments can be used to achieve multiple financial goals. They should be used only with the advice of a tax advisor. Here are two ideas.
Stocks are not just for building personal wealth. In fact, they often make the best donations. A person doesn’t HAVE to sell a stock that increased in value and pay taxes on the gain. Instead, enjoy a tax write-off for a donation and avoid capital gains taxes by donating appreciated stock instead of contributing cash to a favorite charity.
Increase the value of a Roth IRA by using the funds as an estate planning tool. Roth IRAs are accounts that enjoy tax saving benefits. While contributions to these accounts are not deductible on the front end, no withdrawals are taxed. Unlike other retirement accounts, there is no required distribution of funds from a Roth IRA at age 70 ½. This means the accounts can be used to build wealth throughout life expressly for the purpose of providing a bequest to an heir at death. The heir can withdraw funds over his/her life expectancy and not pay taxes on any withdrawal. This technique works best for long accumulation periods and young beneficiaries.
Tools and gadgets keep many of us easily entertained. One of my favorite tools is the jumper cable. (yes, the item that helps to start a dead battery). Jumper cables make excellent vise grips for lightweight items, clothes hangars for large heavy items like bedspreads and jackets, and can be used as pliers and a jar opener (clean them off first).
Of course, there is the ever-popular duct tape. Made as an adhesive tool, it serves well as a temporary hem tape (I’ve had some on a hem for several years), hole patch, and in the 1970s as a dress fabric.
Products and services are not the only “things” that can serve many purposes. The sacraments, particularly those of Reconciliation and Holy Eucharist can help us in many ways.
Both of these sacraments are individual on the surface. No one can receive either of these for us. We must take individual action to receive these sacraments. However, the grace that is given us through these sacraments is most effective when deployed, not for our own use, but in improving our relationships with others and sharing our God-given gifts for the common good.
How creative are you ?
