I’m a fan of Howard Stern. He’s offensive sometimes, and I don’t agree with everything he says. But he just makes me laugh.
They do all kinds of crazy contests and experiments on his show.I remember listening to a segment once where his staff taste-tested types of caviar. They had caviars that ranged from $30 an ounce to $1,000 an ounce. Everyone wound up liking the $30 one better than the $1,000 one. It turns out that a caviar isn’t expensive because it tastes better. Expensive caviar just comes from a rarer type of fish, or is harder to get.
I’ve also read about situations where wine experts sampled several different types of wine. The cheaper wines didn’t fare any worse than the much more expensive types of wine. Here’s a link to one such experiment.
I like wine, but I never spend more than $10 a bottle on it.I honestly can’t taste the difference between cheap and expensive bottles of wine. So, I can’t justify spending more money on it. I have friends that insist that they can tell the difference. So they spend $50+ on bottles of wine for special occasions. To each his own.
I’ve mentioned in the past that I think you should spend money on the things that matter to you. And I still definitely believe that. I just think that you should think about whether spending more money is really giving you more value.
You can buy a new Honda with all the latest safety features for around $20,000. Or you can spend around $53,000 on a new Mercedes-Benz E-Class. In those situations, it might be worth it to spend an extra 165% on your car. But I tend to think most people would get pretty much the same level of utility and happiness from either car.
So, it’s worthwhile to really think before you make large purchases. Will spending more money on a particular item actually bring increased quality? You’ll often come to the conclusion that it won’t.