Why do rich people always buy expensive stuff and not cheap stuff?
My step-mother taught me this lesson…
When I was 17, we went shopping at Brooks Brothers. I asked “why would we ever spend $500 on a blazer when there are ones for $100?”
Her answer surprised me. She said, “because every time you put it on, you will feel like a million bucks, so you will wear it 2x-3x more often. That means you will get more enjoyment out of it. Also, it will last 3x-5x longer than the cheap one, so the net benefit is 3x x 5x = 15x at most, and 2x x 3x = 6x at the least. The good blazer is only 5x more than the cheap one, but the value you get is 6x-15x, so the cheap one is actually up to 3x more expensive. She was right. I never lost sight of that.
Thanks, Mom. I love you.
Edit: I am not sure when Quora started becoming as evil as Facebook in my absence, but here is more clarification for people who lack common sense:
I never said “more expensive is always better”. Better made things are typically more expensive than cheaply made things, and the difference is worth paying for.
That is the point.
