Excerpt: 'Savvy Consumer' by Elisabeth Leamy

Jan. 20, 2006 — -- "Good Morning America's" consumer correspondent Elisabeth Leamy doesn't just want to save you money, she wants to save you time, too. In her book, "The Savvy Consumer: How to Avoid Scams and Ripoffs That Cost You Time and Money," she offers advice on shopping for life's major investments, such as a home, a car and insurance. She also helps her readers protect themselves from Internet and credit scams, and provides many more expert tips.

Below is the introduction to Leamy's book.

Introduction

I'm not gonna lie to you.

Being a savvy consumer is hard work. But I would argue that being a lazy consumer is even harder work. The proverb "a stitch in time saves nine" was tailormade for consumers. Since hardly anybody sews anymore, let me explain what I mean. Getting a mechanic to check out a used car before you buy it takes work. Getting that car towed off the freeway where it has stalled; getting it fixed only to learn it's a salvage vehicle that's actually two other cars welded together; getting a lawyer; suing the used car dealer; selling the used car that you now know is worth next to nothing; earning enough money to pay the lawyer; earning enough money to buy another used car; hiring a mechanic now that you know better; and buying your replacement car -- now that's work!

So here's your first lesson. To be a savvy consumer you need to be a hunter. Huh? That's right, you need to be the hunter not the hunted. In other words, avoid the telemarketer who calls with a vacation offer, the contractor who goes door to door claiming to be working on other houses in the neighborhood and the carpet cleaner who sends you a coupon offering to clean five rooms for five bucks. Don't do business with the companies that come looking for you. When you need something, conduct your own search and do business with the companies you seek out.

Let me give you the knowledge you need to save time and money as a consumer. Don't think of it as drudgery. Actually, it's exciting! After all, one way to make money is not to waste it. For example, I'm not going to tell you how to buy a used car. I'm going to tell you how not to buy a used car. I'll get to the heart of the matter, warning you about the very worst pitfalls and blunders. Putting a crooked business in its place feels good. Very good. This is not a mind numbing 'A' through 'Z' guide listing every step you need to take. More like steps 'I' through 'Q' -- your consumer intelligence quotient. Raise your consumer I.Q. and you, too, can be a savvy consumer!