Ask Yourself, “But What’s the Price?” After You Know the Price of Something
Wouldn’t it be nice if we lived in a world where the price of something is all you ever have to pay for it? Unfortunately no. So, the next time you buy something important, ask yourself how much it costs after you ask its price.
As advice author Seth Godin notes, asking the cost of something is much more difficult than asking its price. You need to find out or research hidden costs that you may not immediately think about. Whether you are buying a car, a pet, or just pursuing a new hobby, the cost is often much higher than the price:
I know what is written on the price tag. But how much does it cost? Do you need dry cleaning? What does it eat? How long does the training take?
What happens when it breaks down? Where will I store it? What increase in productivity justifies running costs?
“Cost” is likely to go beyond money too. The time you must take to fix it, the stress it causes you, or the opportunity cost of not using something else can all affect whether a choice is worth it. More often than not, figuring out the cost of something is more important than figuring out its price.
But how much does it cost? | Seth Godin