{"id":62056,"date":"2023-09-17T08:02:51","date_gmt":"2023-09-17T12:02:51","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/the-best-things-in-life-are-not-free-but-theyre-worth-it\/"},"modified":"2023-09-17T08:02:55","modified_gmt":"2023-09-17T12:02:55","slug":"the-best-things-in-life-are-not-free-but-theyre-worth-it","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=62056","title":{"rendered":"The Best Things In Life Are NOT Free (But They\u2019re Worth It)"},"content":{"rendered":"
\n

The pithy aphorism that \u201cthe best things in life are free,\u201d while no doubt well-intentioned, is simply false. It\u2019s slightly more accurate to suggest that the best things in life can\u2019t be bought, but even this claim can be quickly debunked when you attempt to concoct a scenario in which nary a single penny was spent to craft a seemingly \u201cfree\u201d moment or experience.<\/p>\n

And that\u2019s where these sayings evoke a profound tangential truth\u2014that the best things in life are not things<\/em>. Indeed, findings in behavioral economics suggest that we derive more joy from spending money on experiences than on stuff. Furthermore, the intangible memories from these experiences tend to compound our joy over time, while most tangible objects depreciate in value.<\/p>\n

So here are three reasons why the best things in life may be quite costly, although entirely worth it.<\/p>\n

First, if nothing else, the best things in life usually require you to trade your scarcest, and therefore most valuable, commodity\u2014your time.<\/strong> How much is your time worth? A rough approximation might be to determine what you are paid hourly, so if you\u2019re not paid hourly, divide your annual income by 2,080 (40 hours per week for 52 weeks in a year). So, how much did it actually cost you to binge the entirety of Southern Charm<\/em>? (I know someone\u2019s asking themselves right now, \u201cBefore or after tax?\u201d \ud83d\ude0a)<\/p>\n

But not all hours are equal, are they? That extra hour of sleep Saturday morning? Date night? Sunday evenings? The moment you drop your first child off at college? How about your youngest? You get the idea. Our time is more valuable than we think; it expires instantaneously, and there\u2019s also a substantial amount of \u201csurge pricing\u201d in our time .<\/p>\n

<\/fbs-ad><\/p>\n

Second, while there is a very real value that we can attach to your time, there\u2019s another economic factor at play here: the tradeoffs we make with our time\u2014our opportunity cost.<\/strong> Since time, unlike money, is a \u201czero-sum\u201d commodity, when we choose to do one thing, we can\u2019t do another. Therefore, in addition to the value of your time and whatever surge pricing you apply, its value is further compounded by the fact that you couldn\u2019t spend that time doing something else.<\/p>\n

Here’s a crazy example: Daniil Medvedev is a really good men\u2019s tennis player, currently ranked number three in the world. By one estimate, he\u2019s made $7,411,834 so far in 2023, just in prize money, earning at least another $10 million in endorsements for the year. According to our calculation above, that puts his hourly rate at about $8,370. Per hour.<\/p>\n

During the broadcast for the recent U.S. Open, where Medvedev was the runner-up, it was announced that he is a huge online gamer\u2014and further that he has logged more than 3,000 hours playing one particular game, Rainbow Six Siege. So, in essence, Medvedev has \u201cspent\u201d $25 million worth of his time playing a single video game.<\/p>\n

And I can\u2019t help but wonder: What ELSE could someone who makes $17.4 million a year be doing with his time other than playing video games? Uh, just about anything? No judgement here, Daniil, but that\u2019s a lot of opportunity cost, my friend.<\/p>\n

Lastly, time isn\u2019t the only <\/strong>non-financial resource<\/strong> we regularly expend, nor perhaps the most valuable. <\/strong>How about your influence and your energy?<\/p>\n

How much energy did you spend crafting that snarky text or email response? Frustrated in traffic? Coming up with the perfect song and caption for your most recent Instagram post? Fretting over others\u2019 perception of you?<\/p>\n

Are you aligning your expenditures of energy proportionately with your priorities in life? Or are the most important people (and your most important work) getting whatever\u2019s leftover when your energy tank is almost on E?<\/p>\n

Furthermore, what about your investments<\/em> in your personal energy? A good night\u2019s sleep, a nutrient-dense whole-food diet, a serious exercise regimen\u2014these cost real time and real money, and if you\u2019re not making those investments, it\u2019s altogether likely that you\u2019re unable to give your best to anyone. It\u2019s also not a stretch to suggest that you\u2019re not maximizing your income potential either because it\u2019s very hard to do your best work when you\u2019re not adequately investing in your energy.<\/p>\n

Yet of all the resources at your disposal, your influence may be the most valuable\u2014and vulnerable<\/em>. Your influence is dependent on your reputation, and as has never been more evident than in the age of social media and 24-hour news cycles, it takes a lifetime to build a reputation and a millisecond to destroy one. What are you doing to cultivate your influence\u2014and what are you doing to protect it?<\/p>\n

Indeed, the best things in life are far from free. Both financially and otherwise, they are surprisingly costly, but let us not forget that they are the best things in life<\/em>\u2014and totally worth it.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The pithy aphorism that \u201cthe best things in life are free,\u201d while no doubt well-intentioned, is simply false. It\u2019s slightly more accurate to suggest that the best things in life can\u2019t be bought, but even this claim can be quickly debunked when you attempt to concoct a scenario in which nary a single penny was […]<\/p>\n","protected":false},"author":1,"featured_media":62057,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-62056","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"yoast_head":"\nThe Best Things In Life Are NOT Free (But They\u2019re Worth It) | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The pithy aphorism that \u201cthe best things in life are free,\u201d while no doubt well-intentioned, is simply false. 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