Have you ever heard “Ooh, that’s too expensive. I am sure they spent only half of the money for building it.” I heard this or something similar several times in the past several days and I have the same thoughts every now and then if I think about buying something.
A few days ago I heard a podcast from the minimalists where Joshua mentioned a ring which tracks your sleep, provides all kind of data and stuff. I thought “That sounds interesting, I might want to buy it.” The podcast went on for a few minutes without mentioning the price. During that time I thought how much money I would spent to buy the ring. I thought about 30€–70€ (although 70€ would already be quite an intense discussion with my wife :-)).
Then Joshua mentioned the price: 300,- $! At this point it was clear that I wouldn’t buy the ring (at least not in the next couple of months).
But the reason why I am not going to buy the ring is not that the company might have spent only 100,- $ do produce the ring (I don’t know how much they spent per ring and I don’t care), but that tracking my sleep is not worth 300,- $ to me at the moment.
So next time if you make a buy/not buy decision, think about how much does this thing mean to you? How much is it worth to you?