The two prices we pay for the things we buy
Ryan Chen
11 replies
I recently came across an insightful article that discussed how most things we buy come with two prices. The first price is the actual dollar amount we pay to own the item. The second price is the time, effort, and mental energy required to actually use and maintain it.
For example, I bought a record player because I loved the idea of listening to vinyl—it felt nostalgic and special. But after the purchase, I realized the "second price" involved setting up the player, managing speakers, and sticking to fixed playlists. Eventually, I found myself back on Spotify because of its convenience and flexibility.
Have you ever bought something, only to discover the "second price" wasn’t worth it? I’d love to hear about your experiences with these hidden costs of ownership.
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Hey Ryan, there are many approaches to prices and value and costs etc.
When I studied economy, there were many things in terms of price.
Some thinkers in history thought that the product's value consisted only of soil. Others thought that it was created just by adding ha uman workforce.
The value, according to the opportunity costs, is very interesting too. I am currently reading a good book about it.
I love what you started discussing here! :D
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I recently read a fascinating book on behavioral economics that discussed this exact concept! The author argued that beyond the monetary price, there are often significant non-monetary costs we pay for purchases, like time, effort, and mental energy. Factoring in these hidden prices can totally change how we perceive the value we're getting. Super interesting to consider both the explicit and implicit prices we pay for things!
I've had the experience of buying concert tickets before. The ticket before itself isn't expensive, but the hidden costs, like travel and accommodation, end up being much higher than the ticket price. If the concert experience is great, it's totally worth it. But if the experience turns out to be disappointing, it feels like it wasn't worth it at all.
I loved my espresso machine until the cleaning wore me out.
Great insight! I bought a home exercise bike thinking I'd be more motivated to work out.
So true! I brought once a premium hiking backpack, but organizing and maintaining all the compartments became overwhelming.
My juicer seemed great, but cleaning it ruined the fun.
Bought a treadmill, but now it's just holding my laundry.
To recreate my childhood, I bought a game system, but the upgrades, cords, and add-ons got to be too much.
The same goes to buying an online course and spending time on it to later find out you spent priceless hours (and money) on nothing.
Yes, I have experienced the "second price" of ownership before. One example is when I bought a fancy espresso machine because I wanted to make café-quality coffee at home.