Question of the Day: What's the most impactful purchase you have made recently for under $10?

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Apr 20, 2020
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Question of the Day, Purchase Decisions, Behavioral Finance, Budgeting

Answers will vary. 

Hat tip to Tim Ferris who asks this question of his podcast guests. Here’s a sampling of what a few celebrities said were the best thing they bought under $100:

  • The right backpack
  • $4 to park near a beautiful lake to take a swim
  • Good, plain, no-lined Moleskine notebook
  • A book for my son which we read together
  • Shirt that says “I can do all things”

Questions:

  • Was your purchase a “thing” or an experience?
  • What made this so impactful to you?
  • Agree or disagree with this statement. The most meaningful purchases that you will make over your lifetime will be those that cost the most money.

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (Medium):

When facing life’s questions, who do you turn to for advice? For me, I turn to experts. In the past year, I had the opportunity to ask over 100 brilliant people 11 questions as I put together for my most recent book Tribe of Mentors. One of my favorite questions I sent to each was: What purchase of $100 or less has most positively impacted your life in the last six months (or in recent memory)?

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Isn't it interesting that small purchases can be so impactful?  Our Behavioral Finance mini-unit has more interesting insights into human nature. 

 

 

 

 

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.