#225: Price Vs. Cost: The REAL Problems People Have With Money [WOYG Podcast]

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Price is what you pay for an item. I went to Whole Foods today and spent $40.28.

Cost is what you no longer have as a result of what you do or obtain. The costs of my Whole Foods transaction include not having to buy cheap, dirty produce and the 30 minutes it took to go there and get back.

Many consumers make decisions based on price (“Whole Foods is expensive! I need to save money!”) while ignoring cost (the cheap produce you eat results in lower energy and less mental acuity, not to mention you’ll probably die earlier from ingesting those chemicals sprayed on your food).

If you sell anything, understand: Price is NEVER the real barrier to a sale. It’s always cost. Many salespeople lose sales due to a lack of understanding of this concept combined with an inability to use it to their advantage.

That’s why I’m here.

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  1. Price vs Cost. I remember back in 2013 I was looking at buying a new webcam, I went for the cheapest I could find, think it was £8. The quality was so bad, the one I had back in 2000 was better, so I had to go back and buy a new webcam. Cost me another webcam, and more time. The next one was 3 times more expensive but worked and kept going for 3 years. Maybe I should’ve gone even more expensive.

    When it comes to emotions, I know people who drive around different supermarkets to get the best price for different items. The price may be lower but the cost in time when worked out over a year must not make it worth it, plus the petrol costs of going between these supermarkets. Same would apply to shopping around for the lowest price. I understand shopping around to find a product that’s right for what you need it for but you’ll always be shopping, waiting for a product if the lowest price is what you want. I know people like that too.

    Will be checking out The Secrets Of The Millionaire Mind.

    I now know why places like Walmart can make BIG money in cheap goods. Aside from the buying in bulk. It’s to do with the cheap goods going wrong quicker, they know that in a year you’ll be back to replace the product and you’ll probably fall for it again and go out with another cheap product. Short term vs Long term thinking.

    A great episode Dre. One that’s needed. Cost is always the issue and the way you feel about money.

    • Absolutely on-point Colin. Higher priced stuff usually carries a lower cost.

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