The $700 Bargain & $50 Ripoff
Last week, I took the boys to a popular local attraction. I won't use the business's name, as the point of this post isn't to drag a local organization through the mud. I paid $50 for us to get in. We had a pretty good time, but it was honestly one of the biggest ripoffs I've experienced in quite some time. I kind of knew I was putting myself in that position, but it felt worse than I anticipated. Needless to say, I hope never to make that mistake again.
On the flip side, my friends Steve and Whitney recently paid $700 for tickets to Taylor Swift's Eras Tour. When I ask them (specifically Whitney) about the experience, she lights up. That was a bucket list item for her. She could go on and on and on about that night. She even carried the joy of that event for the months BEFORE the concert. If they were being honest, that $700 was a bargain.
They paid 14x the amount I paid for my family's recent outing, which lasted about the same amount of time. My 1/14th cost was a ripoff, and their 14x cost was a bargain. Not all costs are created equal, for one big reason: value.
The cost is never just about the cost. The cost is only one measurement. The other measurement needed is value. How much value does it bring us? In the case of my family outing, it was less than $50. In the case of my friend's Taylor Swift experience, it was more than $700.
This concept applies in every aspect of our life. Here's another example. I just threw away my favorite pair of boots. I paid $75 for them and have worn them for two years. They were wonderful.....but now they are trash. I had to throw them away.....it was a sad day in my house. I'm in the process of buying a new pair that will cost $250. On the surface, that seems steep considering my last pair cost only $75. However, these new boots should last at least 10+ years (according to the company and friend testimonials). If true, the $250 price tag will seem like a bargain despite being 3x more expensive than my last pair.
I encourage you today to view everything through the lens of cost & value. If the value (to you!) is greater than the cost, it could be a bargain. If the opposite, it may be a ripoff. This type of analysis changes the way we perceive spending money. It prevents us from buying stuff we shouldn't, and encourages us to buy stuff we might otherwise shy away from.
As with all things, it's about creating a healthy relationship with how we perceive and handle the money we're blessed to manage. What an amazing responsibility and opportunity!