Isn’t it amazing, that we feel like we are working so hard for less. Yet, we’ve said before that the richest man in the world couldn’t afford air conditioning. Who was that? It was Getty, but air conditioning wasn’t invented in his life time. We take it for granted now. It would take us 8 months of work to afford the same material goods in 1950, versus less than 2 months today.
Take a look in the picture below at what we “pay in time” working for things in today’s cost versus that cost in 1950.
When we think about spending money on things it is a good idea to start relating to our things in a fashion like this. All we really tend to do is focus on the money itself and not what we have to do or sacrifice to get it. For instance, in 1950 you needed to work over 240 hrs just to get a freezer!! Today it is only 23 and the difference is that our conveniences change. Something that was luxury yesterday is just a common thing today.
What we also tend not to do is focus on what is going to give us the highest return on our dollar. Then when you work, you know that all the time spent is for something of high value.
Remember, the two industries that cost more today, than in 1950, are Healthcare and Education. It might pay to focus in the future on how you can better align with those two industries. Cost may come down, but if you have to choose between a new refrigerator and an appendectomy I would guess the debate will end quickly as to how you’ll spend your money. Same with education, the cost of ignorance is getting steeper, and as Benjamin Franklin says: “An investment in Education pays the greatest interest.”
Bryan McDonald is also a financial strategist that focuses on innovative and forward thinking methods to create & protect wealth. You can get more information about him atwww.TheBryanMcDonald.info and reach him by email at Bryan@TheBryanMcDonald.Info
He is a Facilitator at the National Institute of Financial Education which is a 501c3 non-profit dedicated to unbiased consumer education. NIFE seeks out exceptional leaders, educators, and professionals to donate their time as Faculty members
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