The biggest value of convenience is that it saves time. Money is expensive but what’s more expensive is paying with your time. We can always make more money but we don’t always have our time with us. Sometimes, it’s worth paying a little more in exchange for convenience.
When I first started out on the wealth building journey, I didn’t want to spend money at any cost. Because I didn’t have a lot of money on hand, my time was worth less than what money was worth to me. As I got older and acquired more assets, I realize just how important convenience and saving time is.
There’s no point in folding laundry myself and invest 2 hours of my time to get into the proper mindset to fold clothes, fold clothes, and sort them thereafter. My time and mindset is worth more than that. Therefore, I started paying my laundromat to fold my clothes for me. It’s $25 to fold my clothes.
That’s it. What I get in exchange is that I save my time and I focus more of my time on business projects that bring me more money. The value of convenience is real and we really only take our time for granted until we have less of our time available.
Nowadays, I recognize the importance of convenience and are willing to pay more for the same product. Especially if the added benefit is that I save time. As my net worth went above $500k, I started valuing my time way more than money.
In the end, time is a more expensive price to pay than money.
Value of Convenience: 9 Ways it Helps You
Below are 9 counterintuitive value of convenience that many don’t talk about. The wealth builders are taught to always save money at all costs. That’s only an elementary way of thinking..
1) It Makes You Richer
The problem with valuing money is that it doesn’t value time. We make more money with our time than we do with our money. A $1,000 investment at a 7% yearly return yields $70 after an entire year. Many make $70 in just 4 hours of work, and even less.
The value of convenience is that we can spend $15 to save us $50 worth of time. That’s a worthwhile investment. There’s a reason why i never cook food at home. Yes, it might save me an extra $5/day. However, the hour or two it takes to grocery shop, cook, and do the dishes isn’t worth it for me.
I eat out every single day because my time is worth so much more than $5/day. I’m trying to make an extra $100 per day. Cooking at home is not a good trade off for me. Convenience may actually make you richer in the long run because you are optimizing your revenue generating potential.
Even when I was only making $50k/year, I should have learned the value of convenience earlier. My time and my mindset is worth more than saving $5/day.
2) Value of Convenience: It Relaxes Your Mind
I shop from Amazon frequently, even if it may cost more. Because I don’t have to go through the hassle of turning on my car, going to a physical location, and buying the goods. In fact, Amazon is actually cheaper than some retail stores even with shipping included.
They work to offer the lowest prices for their customers and that’s the biggest value add why I still shop from Amazon. While I just sit around and wait, Amazon employees work endlessly to deliver the product to my doorsteps. There’s no hassle of getting ready or talking to the cashier in doing so, either.
The value of convenience is that it takes the hassle out of a transaction. There’s hidden transaction costs we don’t account for such as getting ready, deciding to leave the house to a store, and the like. When we add all of the costs up, it costs more than money.
When we pay for convenience, all it theoretically costs us is money. We don’t have to pay for it with expensive payments such as time.
3) It Attracts Customers
It had been years since I set foot into a Walmart. After visiting for the first time in a while, I realized exactly why. I just wanted to buy $15 worth of chips from Walmart. In and out. It should be simple, right? Absolutely not. The checkout time took well over 30 minutes because they didn’t have cashiers available.
I spent my valuable time and money for Walmart’s benefit. How lopsided of a transaction was that?! The value of convenience is that it attracts customers. The reason why I love going to Costco is that their checkout process is quick. Even when there are hundreds of customers.
I frequently shop at Costco as a result, even though Walmart is closer to me and could possibly be even cheaper. My average ticket prices at Costco run at about $100 per visit and I feel good about spending money there.
Businesses who make it hard for customers to spend money will suffer the most in the long run. Convenience is a win-win for everyone involved.
4) Convenience Leaves Room for More Important Tasks
You get paid for the problems you solve, not for the effort you put in. The worst payment structure is to get paid for the hours you put in to solve the problem instead of the problems you solve. Good lawyers charge $100k+ for their services not for their hours they put in.
But for the problems they solve. They can charge $10k for a single case that took them 30 minutes to resolve because the problem is worth that much to their client. The value of convenience is that while it may be expensive to pay for, it’s worth it if you have the potential to bring in more money thereafter.
I would gladly pay an extra $20 today if it means I can save an hour of my time. The hassle and the aggravation that comes from waiting isn’t worth it for my mindset. My mind is why I make the dollars that I make. Not because of the effort that I put in.
Which is why maximizing the amount of available time in my life is worth a lot of money to me.
5) it May Save Money
Instead of additional input costs such as fuel, depreciation of the car to get the product, the risk of an accident, and beyond, paying for convenience may actually save you money in the long run. The ones who have the frugality disease and try to save as many dollars as they can don’t understand money.
They’ll never make the big bucks. Maybe they’ll get to a couple hundred thousands or even the million dollar mark. But they’ll never get to the multimillions and beyond. Because they don’t know how to make more money. Saving as much money as we can is not a healthy way to live.
It’s also not the most profit maximizing way to live. I recently bought floss and floss threaders from Amazon for $25, total. My local Walmart sold them for $23. Not only will that extra $2 not make a difference in my life, the time it takes to get to the Walmart costs more of my time.
The overall cost is what’s important. Not the nominal dollar amount.
6) Less Decisions To Make
When you pay additional money to eliminate the number of decisions to make, the better your life is. No need to decide which turn to make on the road, when to turn on GPS, and which store to go to. We go through decision fatigue every day.
We make 35,000 decisions per day. Starting from what to wear, what to eat, and the like. When we limit the number of decisions we make by paying a little more, that’s money well spent. Sure, saving $20 adds up over the course of a year, especially more so if it’s invested.
However, the next evolution in the wealth building game is to maximize your revenue building potential. Not maximizing your savings potential. That starts with making the best 1 – 2 decisions per day, instead of making the most amount of decisions in the day.
The value of convenience is that it lowers the need to make more decisions in a day.
7) Convenience has Quality Assurance
It’s a hassle to always be worrying whether the product you bought will last you years. I bought a refurbished iPhone 10 from eBay and for a while it worked. However, after a single year, the iPhone went kaput. iPhones traditionally last years.
The first iPhone I had lasted 7 years, for christ’s sakes! The value of convenience is that you don’t have to worry about product quality throughout the lifecycle of the product. The more you pay, generally, the better the quality. Therefore, there’s less need to worry about product quality.
Paying for convenience is a way to test for quality assurance without doing all of the extensive market research that’s necessary to ensure long lasting quality. When I was at Costco, I bought an Olay face lotion cream for $50 because it was more expensive than what I traditionally paid for lotion.
After a month of using it, I’m happy with the purchase and know that I bought a quality product. It works.
8) Value of Convenience: It’s Worth More Than Money
What if you can spend more time with your family? Being present? Actually being attentive to things that matter? The value of convenience is that it’s worth more than money. When you pay for convenience, you can spend time with people who matter to you.
No one ever wishes they spent more time at the office on their deathbed. We shouldn’t have to wait to allocate time with people who we love. We should be able to do it now and not later. There’s only a limited amount of time we have with our parents and our families.
Money is great but money isn’t everything. There are some things in life that are worth more than money. There are many things in life that money simply can’t buy, either. I would love to come home and spend time with family instead of grocery shopping and doing laundry.
There’s just some things that you just can’t get back.
9) Convenience Reduces Stress
Whether we like it or not, we feel stress throughout our entire lives. The world has become hyper competitive with many immigrants vying for what we currently take for granted. The value of convenience is that it reduces stress.
There’s good stress and there’s bad stress. We have to get rid of the bad stresses in our lives when it can easily be avoided with money. The value of convenience is that it helps us reduce our cortisol levels that may be causing us health problems.
Some people thrive off stress, which is great. However, the vast majority do not know how to leverage stress to their advantage. Therefore, it’s worth it to spend a little extra money to reduce stress. Things like moving up to a more premium and expensive store reduces stress in the long run.
The employees are much happier and they, in turn, treat their customers better. A win-win. There’s a reason Costco employees offer great service to their customers while Walmart employees do not.
Value of Convenience: My Story
I didn’t know the value of convenience and I only knew the value of money. However, once I started moving up in stakes, I truly understood the value of convenience. Money is important but it’s not that important. The way to acquire more money is not through investing.
Not the real money, anyway. The real way to acquire massive wealth is to maximize the tools you have at your disposal to earn more money. Whether we like it or not, our active income earns us more money than our passive income. Especially more so in the beginning.
Therefore, maximizing the resources available to earn more active income is a wealth generating move. There’s people trying to figure out how to save $2 in a single day and think they’re winning the wealth building game. They’re not. They’re only hurting themselves in the long run.
Maximizing our revenue is the best way to go instead of minimizing our costs. Trying to do both hurts us because our focus becomes divided. It’s worth it to spend a few extra dollars for a premium product. Not just for our mental health but for our physical health as well.
There’s too many who ignore the value of convenience. They immediately think that it’s too expensive and don’t give it a second thought. That’s wrong. The higher you move in stakes, the more you know how to maximize your revenue generation capabilities.
Big companies don’t become big companies by cutting costs. They do so by making more money.
Value of Convenience is Next Level Thinking
The biggest mistake I ever made was listening to the millionaires who told me all about the “latte” factor or how “small purchases make a big difference over your lifetime”. While that’s all true, that’s a small way to think and to build wealth.
Therefore, I tried to save money on EVERYTHING, even go as far as to maximize my credit card rewards by getting the best credit card for my spending habits. Instead of trying to figure out how to earn an extra $5,000 per year, I tried to figure out how to save an extra $100 per year.
An upside down model. It does benefit me, but not in the big way that’s necessary. Only the lower level ones in the wealth building game ignore the value of convenience. If you’re a seasoned YouTuber, there’s no point in trying to figure out how to edit videos when you can get a seasoned editor and outsource the activity.
There’s no point in trying to figure out how the law works when you can just hire a lawyer to make your legal problems go away. Convenience is very valuable and it’s a price worth paying. There’s no point in being a penny wise and a pound foolish.
The biggest mistake I made was not understanding the value of convenience. These days, I dish out good money for any product or service that improves and simplifies my life. That way, I can spend time doing things that add the most value to me.
Which is trying to make more income as much as I can.
Value of Convenience: 9 Ways it Helps You Shortlist
- It makes you richer
- Value of convenience: it relaxes your mind
- It attracts customers
- Convenience leaves room for more important tasks
- It may save money
- Less decisions to make
- Convenience has quality assurance
- Value of convenience: it’s worth more than money
- Convenience reduces stress
