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It doesn’t matter what others determine the value of a product or service to be. It matters only what
the value of the product or service is to you.
It is imperative that you don’t give in to the peer pressure of purchasing only the best product all the
time. Let me give you an example that pertains to me: footwear.
I spend money buying good running sneakers because I run a few miles every day. I make sure they
are comfortable and can handle everyday usage. However, since I rarely need to wear shoes, I
purchase inexpensive ones that look nice for the rare occasion I need them.
In both instances, I don’t care about the brand name. I’m buying what is important to me regardless of
the name. Remember, this is me. This may not be the same case for you. Brand name may be important
for you in shoes—if you’re wearing them for a special occasion and you want them to “say something
about you.” Just remember, there is a cost that comes with the brand name. You can’t have the best
brand of every product. You need to make dollar tradeoffs that make sense to you.
When it comes to service, I use the same principle. Let me use an example of two totally unrelated
services here: haircuts and computer repair service.
I get the most inexpensive haircut possible because I have a simple short cut that doesn’t need
anything special done to it. I probably save over $200 in haircut expenses annually. However,
whenever my home computers need repair (our family of seven owns multiple computers), I pay a
premium to have the best service. While it costs me more money than the average service, I know it
saves me money in the long run.
My perspective is that anything of high value and high importance to you (like a computer) needs to
be serviced by the best possible company within your budget. History has shown me that dollars
spent here will save you significant time, aggravation, and money later on.
I hope what you’ve learned from this principle is to understand your own value system. What is
important to you may not be important to someone else. Whatever your product and service values
are, understand them and spend money on them appropriately.

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