The value of a favor

If you have one dollar you know that if you purchase something for one dollar, that is the value of the goods or service you purchased. You also know you no longer have that one dollar. In making the decision whether to make the purchase or not, you have to decide whether it’s worth the one dollar or is there something else you want to purchase with that dollar (because once spent it’s gone).

Favors, on the other hand, seem to be looked at quite differently. People will ask for a favor without regard for the true cost. The cost includes what it will take for the other person to perform the favor. The cost also includes the opportunity cost of the favor and this is something people tend to forget. While they understand that if they spend a dollar they know longer have the dollar, they don’t seem to realize that if they ask for a favor they might not be able to ask for more favors (this is the result of “favor fatigue” where people get tired of doing favors for the same people over and over).

The next time you think about asking for a favor, take into consideration both costs before deciding to do so.

Just something to think about.

Have a great day!

Lawrence

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