Price & Priority
Warren Buffett is noted for saying, “People know the cost of everything and the value of nothing.” Products and services may have a price that applies to everyone, but they have a value that will vary widely from person to person. Something that might be worthless to me could be priceless to you.
As a result of these columns that appear around the world each week in newspapers, magazines, and online publications—along with over 50 books that provide my contact information—I hear from a great number of people who want to achieve success and make their lives better. I always try to encourage them to establish priorities.
I believe we can have anything in this life, but we can’t have everything. Often, people tell me or, more importantly, they tell themselves, what their priorities are. However, in many cases, the evidence does not support what they claim their priorities to be. The greatest measure of what is important to us in our lives is evidenced in how we spend our time and our money. Regardless of what someone tells themselves or tells other people, their calendar and their bank statement reveal the true story.
If you were to ask Americans how much they value books, learning opportunities, and education, most people would likely claim it to be a high priority in their lives. However, it is interesting and disturbing to note that the average American spends ten times more money on lottery tickets than they do on books. Please understand that I have no moral or even financial objection to someone who buys a lottery ticket for entertainment. This is not something I have ever done, but I realize the adage, “Different strokes for different folks,” may apply.
Recent statistics on lottery ticket purchases show that people considered “consistent players,” spend over $100 per week on lottery tickets. For most of those people, this goes beyond casual entertainment as it represents a significant amount of money to them and their families. That same $100 per week invested in an index fund over a working lifetime, would inevitably make them millionaires. Little do those people realize, they are giving up the certainty of becoming a millionaire for the astronomical chance of winning the lottery.
A little less emphasis on lottery tickets and a little more of a priority on books could make a world of difference.
As you go through your day today, re-examine your real priorities.
Today’s the day!