In the video below, Vincent Chan briefly speaks about how value is not always about solely about price. He gives an example of choosing to buy coffee every morning. Let’s say you buy coffee everyday for $5. If the coffee does not taste that good, but you simply want to post a picture of your aesthetic Starbucks run every morning, then it may not be worth the purchase. However, if the coffee gives you more energy for the day and reduces your stress, it might be more worthwhile. Yet, it is still important to think wisely about a purchase like this because that $5 a day adds up. However, this example encourages us to realistically evaluate the value of our purchases.
Personal Examples of Value Beyond Price
One example for me where I had to weigh value and price was when I bought my car vacuum. At the time, the price of that vacuum did not seem worth it because I could always just go to the local gas station down the street and vacuum my car. However, I bought it anyway for convenience and personal use. That car vacuum has more value to me than its price because I vacuum more often, my friends use it, I can use it to clean small spaces in my room, and I receive compliments on my clean car. The vacuum has lasted two years, making it more worthwhile than driving to the gas station for vacuuming. I know this is a silly example, however, you get the point.
Consumerism and True Happiness
Many people today buy expensive items to fit in or impress their peers, but these purchases are not always that valuable compared to the price. They may enjoy the compliments temporarily, but over time, the appeal of the “valuable” item fades.
The Emotional Value of Purchases
It is also important to consider the emotional value of a purchase. Sometimes, items hold sentimental value that cannot be measured in monetary terms. For instance, a handmade piece of jewelry from your mother may cost more than a mass-produced item, but the connection to the maker and the uniqueness of the piece can bring a deeper sense of satisfaction.
I have also found that experiences, rather than material goods, often hold greater value. Travel, for example, can be expensive, but the memories and personal growth that come from exploring new places and cultures are priceless. Investing in experiences that enrich your life and create lasting memories can be more fulfilling than accumulating material possessions.
Practical Tips for Evaluating Purchases
When making expensive or frequent purchases, I think it is important not to act on impulse but to actually think of the value outside of the price. Here are a few questions you can ask yourself to determine a purchase’s true value:
- Does this item serve a practical purpose in my life?
- Is it something I will use frequently or benefit from?
- Can I afford it without compromising my financial stability?
By taking the time to reflect on these questions, you can make more informed and intentional decisions about your purchases.
