The Personal Value of Money
One thing i’ve noticed about myself over the years is how conflicted I can be on various aspects of life. I seem to be able to uphold both sides of an argument simultaneously, which leads to much deliberation with no real resolution. This example comes in the form of an advert I saw recently for a Dior mug.
Now I’m not particularly a Dior customer but I do appreciate high fashion. Especially couture, which for the unaware is the clothing equivalent of a concept car. And Although it’s easy to disregard such apparent frivolous endeavours, I think the Cerulean Sweater Monologue from The Devil Wears Prada illustrates how ‘this stuff’ ultimately does have a function.
Anyway back to the mug advert and my consternations. On the one hand I think “a mug’s a mug” and as long as it holds liquid it will do just nicely. At which point you’ll likely find a vessel fitting that criteria for just a couple of pounds. On the other hand I think, if you use that mug every day for your morning coffee and it lasts 30 years, the cost per brew becomes negligible, even if that mug costs £180.
The reason that has me so divided is when you consider the value of money from a personal perspective. Let’s say you only have £180 in your bank account, it wouldn’t be advisable to spend it all on one mug. There are presumably more important purchases that need to be made, but at least the decision is simplified.
There then becomes a tipping point where your bank account is greater than £180 but less than x, where x is a yearly income that negates any real deliberation over the cost of a single mug. For example if someone who earns £1,800,000 a year buys a coffee mug for £180 that is the same in percentage terms as someone who earns £18,000 a year, spending £1.80.
That tipping point between £180 and x is where ‘Personal Value’ fits into the equation. This is what causes the inner turmoil, because where on that scale do put any one purchase? The answer isn’t linear either as far as I can tell, because you may give certain items, services or experiences more value than someone else. The problem with the mug example is i’m not sure where I place it on the scale, or I’ll place it in different position on the scale on different days.
Believe it or not this type of deliberation extends to many things in my life, not just coffee cups. And the only way I know how to handle it, is if the deliberation of where to place something on the scale takes too long, or consumes too much thought, then it’s safe to assume it doesn’t place highly enough for you to make the purchase.
I think that’s as concise as I can be on the topic right now. Although I find the personal value of money something I ponder often, so If I come up with anything else, you’ll be the first to know
/Si
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