According to http://www.merriam-webster.com, VALUE is defined as:
Main Entry: 1val·ue 
Pronunciation: 'val-(")yü
Function: noun
1 : a fair return or equivalent in goods, services, or money for something exchanged
2 : the monetary worth of something : MARKET PRICE
3 : relative worth, utility, or importance <a good value at the price> <the value of base stealing in baseball> <had nothing of value to say>
4 : a numerical quantity that is assigned or is determined by calculation or measurement <let x take on positive values> <a value for the age of the earth>
I am particularly attracted to the 3rd definition, i.e. “relative worth, utility, or importance”. Come to think of it, don’t we all place different worth/ importance of different values?
I recalled an incident where an ex-colleague (who came from a prestigious jeweler lineage) exclaimed how I could spend USD500 on Amazon on books. But I was even more shocked how she could spend USD500 on a handbag! Obviously we place different worth on what USD500 can bring us. Though I think it will feel good carrying some branded stuff, I rather have some know-how to get me more cash to buy those.
That leads me to one interesting insight when I read of Anthony Robbin’s definition of value. He said in his book, that there are 2 kinds of values:
- END Values
- MEANS Values
Means values help us get our End values, which are always an emotional state. To illustrate this, consider why people buy these models of cars – Pontiac, Mercedes and Volvo?
- Pontiac means “excitement”;
- Mercedes means “prestige” and
- Volvo means “safety”
We often confuse ourselves by making decisions based on our goals (means value), when in fact, what we really care about is our end values, the final “emotional state” that we seek! We don’t really want the cash/money. What we do want is the security, the ability to enjoy life, the freedom of time and movement, the options available and the ability to give away…. these are the END values, which are also the emotional states that we ultimately seek.
Of course, we have to define our financial goals in numerical terms, eg. USDXXXXX to be precise. But remember it is the emotional state of having the freedom and choices that comes with having money that we are seeking. Once we achieved this emotional state, having USD1,000,000 and USD10,000,000 do not seem to make any significant change in how we feel. At least these are what those millionaires who had done that, confessed. I have heard it personally from a few of them.
