The former Swans boss is adamant that he won't be paying over-the-odds fees and wages for players in the current window.
"In professional and social life, I like to get value, that's just my nature and my upbringing," he said.
"I won't pay anything at all costs. If there is a player who can make a difference, we'll do all we can to get him. What I'm not prepared to do is waste time, money and effort for anyone who won't add value. I prefer the hungry player, one who wants to succeed.
"They will earn good money - and they will get their value and worth if they perform."
Liverpool get their Premier League campaign underway at West Bromwich Albion on Saturday.