Ep 32-Don’t Try to Outbid the Amish-Auction Stories Part 1

In the 32nd episode of "The Heart of Money Podcast," hosts Austin Black and Bob Wessler discuss their experiences with auctions in both in-person and online formats. Wessler mentioned he typically bids through another person since he hasn't attended a live auction in over 20 years, while Black prefers online bidding from his phone. They also discuss the change in digital marketplaces, especially highlighting eBay and the shift from traditional auctions to the "buy it now" option. They shared their experiences with buying items such as car parts and old toys at lower prices from auctions, and discussed the advantages of online platforms over physical sales. They further mentioned the adaptation of local auctioneers to the online format. The discussion also touched on the program Freedom Financial Coaching aimed at helping couples manage their finances. Attendees shared personal auction stories, tips on auction strategies, and discussed the involvement of diverse auction participants, including surprising bids from Amish buyers. Future discussions about smart buying and bidding at auctions were planned for the next session.

Key Points and Quotes Highlighted:

1. "Heart of Money Podcast", "money management", "auctions", "ebay" (00:00:00 - 00:03:49)
   The Heart of Money Podcast, episode 32, hosted by Austin Black and co-hosted by Bob Wessler, revolves around a lighthearted discussion on money management and personal experiences. The hosts shared their distinct experiences with auctions. Wessler, who hadn't attended an auction in-person for over 20 years, revealed that he often bids on items through someone else, while Black expressed his fondness for auctions but prefers making bids online on his phone. Furthermore, they highlighted the shift in digital marketplaces noting the diminished prominence of eBay, though Wessler affirmed he still uses it.

2. Auction Experience, eBay, Online Buying, Auto Parts (00:03:49 - 00:12:45)
   The discussion revolves around the evolution of online auctions, with a particular focus on eBay. The speakers observed how auctions have shifted from the traditional format to the "buy it now" option, and how businesses are utilizing this concept. They also discussed their personal experiences with auctions, buying goods, especially car parts and old toys, at cheaper prices. Through this, they compared physical sales and online auctions, wherein the accessibility and broad range offered by online platforms were emphasized. They talked about how local auctioneers have adapted to online auctions as well. Outside the auction context, they briefly mentioned about Freedom Financial Coaching, a program helping couples to manage finances effectively. The conversation ended with an appreciation for the dynamics of auctions and the variety of clientele involved.

3. Auctions, Bidding, Amish, Purchases (00:12:45 - 00:27:01)
   During the meeting, it is discussed that attending auctions can be an engaging, unpredictable experience with a wide variety of people participating for diverse reasons. The group shared personal anecdotes, with one attendee revealing that they have often found themselves outbid by Amish bidders when it comes to items like farm equipment and cattle panels. Other stories involved purchasing items such as stock trailers and campers in auctions, with the importance of sensible bidding highlighted throughout. There were also discussions about auction strategies such as never being the first one to bid and waiting for the price to drop.

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