How often do you think about the second price?

What is the second price?

It’s what you pay after you’ve acquired or committed to something.

Perhaps said differently. Whatever you own owns a piece of you.

Acquiring the thing is usually the easiest part of the transaction. It’s the second price that can become burdensome over time. And in some extreme examples, it can be even more costly than the price you initially paid.

There’s an old adage that illustrates my point.

What are the two happiest days in a boat owners’ life?

The day you buy the boat and the day you sell the boat.

It’s not that the boat owner doesn’t enjoy a handful of days in between buying and selling the boat. It’s just that from a time and energy perspective, boat ownership can be a lot more expensive than expected.

Of course, the idea of a second price doesn’t apply only to boat ownership.

Here are a few additional examples of the second price.

Homes and cars have maintenance costs.

Items of clothing have cleaning and storage costs.

Relationships have time costs.

Learning a new skill has time costs.

I’m sharing the idea of the second price with you not to deter you from acquiring objects or committing to relationships but to make you aware of the potential additional costs you might incur.

So, the next time you think about purchasing something, committing to a new relationship, or learning a new skill, be aware of the hidden costs you’ll have to pay. Do this not necessarily to discourage you from acting, but more to prepare you for the future – the second price you’ll need to pay.

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