I like this, its quite motivating and well written. And of course, it gets me thinking about economics and life. That second price is essentially an extension of LTV, just one that only applies to...
I like this, its quite motivating and well written. And of course, it gets me thinking about economics and life.
That second price is essentially an extension of LTV, just one that only applies to you and your (estimated at 78 yrs, 8 hrs of sleep) 450,000 waking hours on this world.
To go full-circle with the events this week, with full-time job for 40 years, you're down to 370,000 hours of leisure. Add in 12 years of schooling, and you're down to about 360,000 hours for everything else in your entire life. Let's all think more about antiwork.
I think there are many things you can purchase whose “first price” is cheap, and whose “second price” is cheap in the short-term, but ends up needing to be replaced because it doesn’t last. One...
I think there are many things you can purchase whose “first price” is cheap, and whose “second price” is cheap in the short-term, but ends up needing to be replaced because it doesn’t last. One can think of the “first price” of replacing something really as a “third price” of the original item. It can take some time to research and learn about things before you commit to paying the “first price” in order to find out if the item is going to last, though. This is related to the ideology of “buy it for life” and also related to the vicious cycle of poverty where poor people end up spending more on some things (amortized across the separate instances of the thing) than people who can afford to spend more on the “first price”. E.g., buying a higher quality refrigerator that requires less maintenance, or is less costly to service.
Figuring out how to pay the second price isn’t hard. You just have to notice that moment you usually think about packing it in, and stay with it instead of doing something else.
I think this is true for some people—it may just be a matter of “sticking with it”. But, I think there is a parallel to the fiscally indigent who end up paying more overall in “first prices” for some things. I think there are those who are temporally indigent (as the post describes), surely, so they have trouble affording the “second price”. But also there are those that have a psychological indigency that prevents them from attending to things for long enough to pay a high “second price”.
I like this, its quite motivating and well written. And of course, it gets me thinking about economics and life.
That second price is essentially an extension of LTV, just one that only applies to you and your (estimated at 78 yrs, 8 hrs of sleep) 450,000 waking hours on this world.
To go full-circle with the events this week, with full-time job for 40 years, you're down to 370,000 hours of leisure. Add in 12 years of schooling, and you're down to about 360,000 hours for everything else in your entire life. Let's all think more about antiwork.
Spend those hours wisely. Good luck.
I think there are many things you can purchase whose “first price” is cheap, and whose “second price” is cheap in the short-term, but ends up needing to be replaced because it doesn’t last. One can think of the “first price” of replacing something really as a “third price” of the original item. It can take some time to research and learn about things before you commit to paying the “first price” in order to find out if the item is going to last, though. This is related to the ideology of “buy it for life” and also related to the vicious cycle of poverty where poor people end up spending more on some things (amortized across the separate instances of the thing) than people who can afford to spend more on the “first price”. E.g., buying a higher quality refrigerator that requires less maintenance, or is less costly to service.
I think this is true for some people—it may just be a matter of “sticking with it”. But, I think there is a parallel to the fiscally indigent who end up paying more overall in “first prices” for some things. I think there are those who are temporally indigent (as the post describes), surely, so they have trouble affording the “second price”. But also there are those that have a psychological indigency that prevents them from attending to things for long enough to pay a high “second price”.