“Price and value aren’t the same: Don’t pay too much”
WARREN BUFFETT
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Take note of these great quotes by Warren Buffett on Investing!
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The idea is part of this collection:
Learn more about moneyandinvestments with this collection
Identifying and eliminating unnecessary expenses
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2. Value Determines Price And Costs Are A Choice
With value being in the eyes (and experience) of the consumer, the price they are asked to pay must be (much) lower. The entrepreneur’s job is to figure out at what price their product is attractive, and then choose a cost structure that allows for profit. In other words, the price is a
WARREN BUFFETT
High Value at a Low Price
- Price = what you pay.
- Value = what you get.
You lose money when the price you pay does not match the value you're getting. For example, when you're paying high interest on credit card debt or spending on stuff you hardly use.
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