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- Jul 26, 2007
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It's comical how some people see the value of a "few dollars", yet cannot fathom the same when the amount is larger. Probably a separate chapter in your book, MJ, but along the same lines of time wasters. IOW, some people will squabble over a purchase price of $25 vs. $20, but think nothing of buying a $25,000 vehicle or $250,000 home without haggling much (or even finding something just as good, while not as fancy) for a much cheaper price - thereby saving $1,000's, $10,000's, or even $100,000's.
I've heard these people called "Penny wise and nickle poor" and I think that's about as accurate of a description as you can get.
As far as the waiting in line 24 hours to save $200, this is really a three part reality as I see it.
First part, is strictly the monetary value of time from the perspective of someone who works 9-5. When you fall into the trap of linking your time directly to hours worked then this line of thinking makes sense. For example, if someone works 9-5 making $x/hour, and their income is shut off at 5pm, then yes, they might as well stand in line for 24 hours to save $200.
Second part is also a monetary value of time, but from the perspective of someone who been able to make money 24/7. These people view money as more of a constant in their life and not a variable. The money faucet isn't shut off at 5pm. Perhaps they invest in RE, stocks or have some sort of business that can function without them (or at least without them being there 40 hours a week.) These people realize that they make $x/hour around the clock, so since their earning power is 24/7, time takes on a different form of value. Waiting in line for 24 hours to save $200 probably means that they are losing money, as waiting in line isn't the highest and best use of their time. Their time is generally either reinvested into something that will make their income increase, or invested into their family, friends or something fun. ...The value of their time becomes more based on a quality of life.
In the quality of life value of time model, these people realize that they only get one shot here on Earth and value making a life more of a priority than making money. Not to say that these people don't value money, most of them are probably quite wealthy--however, their true definition of wealth is measured in more personal ways (health, family, etc.)
That's my 02.
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