Before you run out and buy that new pair of shoes or that really big, big screen TV, don’t just ask how much it’s going to cost. Ask yourself how many hours are you going to have to work to pay for it.
That may sound like a silly question, but let’s face it; working is how you get the money to pay for things. And figuring out just how many hours you’ll have to work to make a purchase may cause you to rethink whether you really need to make that purchase or not. At least that’s what most financial experts believe.
For example, if you earn $20 an hour (after taxes and deductions) and purchase a big screen TV for $2,000, it’s going to cost you 100 hours of work. Spend over $1,100 on a nice vacation? That’ll be another 50 hours you’ll have to work to pay for that tan.
So how many hours will you have to work to pay for your next purchase? Just take the price of the item you want to buy and divide it by your hourly wage (after taxes and deductions). You might find out that purchase isn’t really worth your time.