#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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