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The Hannah Montana Super Bowl effect

I just got done seeing an article about some super bowl tickets selling for 15k and it reminded me of the recent Hanna Montana/ whoever Cyrus craze where people were paying these outrageous amounts of money in ticket bidding wars. Now, one tenant of sales is that the more valuable you perceive something to be to other people, the more valuable it becomes to you.

tickle me elmo blingingAnother good example was a few years back there was some sort of insane Tickle Me Elmo craze where parents were spending hundreds of dollars getting these toys right before Christmas.

The point is, next time you really want something and are getting caught up in chasing after it, take a minute and think about what it is really worth to you. A little trick I use is to think about how many work hours something costs. Do you really want to spend 3 days working for a talking sesame street doll? or a month working to take your child to see a concert?

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