Stay tuned to find out which of these Bobbleheads is worth five thousand dollars.

This was the teaser of a news report about Bobbleheads distributed at a football game showing up on e-bay that I saw this morning.[1]

It got me thinking. What is something worth? Is it what someone wants for it or what someone is willing to pay for it?

I happen to be in the latter camp. The iPhone is pricier than almost any other phone because people are willing to pay for that luxury.

The worth of something is what someone is willing to pay for it.

Now, there is a corollary to this rule when it comes to humans though.

You are always worth more than what someone is willing to pay for you.

Why is that you ask? It really comes down to basic economics.

Whenever you transact, whether to buy an object or time from another human, you always pay a little less than it is really worth, so you can derive some value from that transaction for yourself.

You spend that money on an iPhone because you think it will enrich your life more than what you pay for it in dollars.

In case of employing someone, you will always pay someone a little less than what they are worth to you, so you can pocket the rest as a profit.

So next time you go out for a job interview or ask for a raise, remember:

You are worth more!

  1. eBay Listing ↩︎