My Definition Of Value

When you hear the word “value”, what comes to mind? Math, music, love, or (obviously) money? Sure, the word value has too many definitions, and is interpreted in countless contexts. But when it comes to this word, I have a surely “valuable” teaching moment to think about. In the summer of 2018, when my cousin came to visit from Lebanon, along with my aunt, she ordered this expensive backpack from the seemingly fashionable brand Kenzo. She never brought it back home after it came in, and that gave my dad an opportunity to teach me about value in more depth.You see, he had a Swiss Army backpack with tons of cool features and compartments.  But what shocked me most was that it cost less than the Kenzo backpack, which has zero helpful features. My dad’s comparison of these two backpacks in utility and price gave me a new definition of the v-word. That is an object’s ratio of utility to price. The most valuable objects to me (thanks to my dad) are those that cost less, but are more helpful to the consumer. After all, value is another word for usefulness. More recently, my dad brought up the subject of value once again. We were walking around our new home in downtown Vancouver, and I had stopped to get some frozen yogurt from Menchie’s in Yaletown, and he explained to me yet another comparison. Long story short, you can eat more ice cream from Costco at a lower price than a single purchase fromMenchie’s. But it’s still okay to indulge every once in a while, isn’t it? But that’s not all. My dad added that it’s important to know the average price of something general, like an apple, a shampoo container, even a television. When he asked me to price items and I responded with uneducated guesses ($5? $8? $6?), he advised be to be more aware of store item prices. He’s right. I should have paid more attention at Costco and Food Basics. How can you determine which of two or more items is the most valuable? Consider these factors:

• How long it will last

• How much it will help you

• How many utilities it has

• What your life will be without it

Along with a lower price, whichever item has more of these factors is more valuable. However, if you’re shopping for items meant to be used once like groceries or meals at a restaurant, price is the only thing you should really consider. I believe that what my dad taught me will really help me for when I become an adult and start doing things on my own. And of course, one of these things will be purchasing items and setting budgets. Actually, I’ve already settled on getting a high-paying job and saving 50% of my paycheque. Pretty straightforward, except I still have things to learn about the financial world. So, the moral of the story: buy what’s more valuable, be aware of pricing, and always plan your budgets. I think my work here is done.