PENNY WISE, POUND FOOLISH

 

 

 

 

Today, as much as ever before, people are “price sensitive”. As a matter of fact I might consider myself to be price oversensitive as I skimp on certain goods and services in favour of the cheaper alternative.

Now, despite my wife’s advice, this often leads to trouble. As I am sure you know generally speaking:

  • Cheap shoes don’t last, look bad and they hurt your feet
  • Low cost technology items break – allot, and are complex to repair
  • Take always are fast and cost effective but have really bad long term health effects

So why do I persist with this habit?

Well, I have worked out the lie I tell myself: “saving now” is more important than investing in the future.

I know it’s hard to see shoes or tech or food as an investment but it’s only because I considered the primary purpose: walking, talking or eating. Once I thought about the greater role it plays and its secondary functions, this changed my perspective completely;

My phone is not only used for talking and messaging but has become my office and its ability to function predictably, optimally and consistently means I can generate value.

My diet is not just fixing a primary need, but an investment in my future health and quality of life with my wife and kids …

Considering the greater picture means I now think differently about product and value and most likely will be adapting my purchasing behaviour. Sure, I will always be frugal in my spending, that’s just who I am BUT from now on I will see some expenses as partial investment rather than just a means to an end…