I want to share this fantastic example of how much we are motivated by our emotions when it comes to money, and valuing things.
Ask yourself:
Is the value of the Empire State Building high because the value of rent is high, or vice versa, is the value of rent high because the building is highly valued?
What do you think?
Does it change if I asked you to substitute WHAT you are valuing?
Is the value of a cow high because the value of calves and milk is high, or vice versa, is the value of milk and calves high because cows are highly valued?
In altering WHAT you are valuing, did your willingness to pay change?
This analogy’s purpose is to highlight that your willingness to pay is fluid, and not set. How you value things and what you are willing to pay depends on how you feel about (yourself and) the thing you are valuing.
Fascinating, isn’t it?
photo credit: Doug Wheller