Out of Chaos an organizing newsletter
What is it Worth?
What’s it worth? That is a question that comes up a lot for my clients. They bought something, whether it was a piece of designer clothing or a sideboard, with the idea that because it was high quality, it was an ‘investment’ and would retain it’s value.
Not so fast. Fashions change, an oriental carpet valued at $10,000 in 1994 might not fetch $1000 this year. Thank you Madeline Weinrib. Next year it could change. Beyond that there is the science of ownership. In behavioral economics there is a theory called the Endowment Effect, various studies have revealed that once you own something you tend to overvalue it. Therefore, while you might not pay $.50 for a mug, you won’t want to part with the one you already own for less than $5.00. You can see how this creates a challenge for people wanting to get rid of things, but feeling they aren’t getting what it is ‘worth’.
I like to flip it on its head. I like to ask, “What is an uncluttered cabinet worth to you? More than $5.00, I bet, or I wouldn’t be here.” So shift your perspective and ask not what you think you ought to get for any given object, but what the value of that space and the feeling of being unencumbered are worth.
In fact, those things are priceless.