December 3, 2007

What Is It Worth? *UPDATED*

I wrote about pricing and value last month.  Following is an update made clear by my teacher Nancy Wang, and copied here with her generous permission.  After she taught this to me, my feelings about money changed.  Ah, the perspectives are many!  These are the tools I'll use to price lavender pillows, and a lot of other textile treats.

How much do you want to pay?
(based subjectively on what it is worth to you)
"I want to pay $_____ because ..."

How much are you willing to pay?
(based on your sense of your own worth in relationship to what you are buying)
"I am willing to pay $_____ because ..."

How much do you think you should pay?
(based on beliefs)
"I think I should pay $_____ because ..."

How much can you pay?
(based on your present and true economic picture)
"I can pay $_____ because ..."

Looking at all those factors, one then comes up with what is best in that situation and what the seller/artist/therapist, etc. is willing to accept as well, based on the same principal turned the other way around.

What am I willing to accept and why.
What am I wanting to accept and why.
What should I accept and why.
What can I accept (based on the worth of my work, artistry and time) and why.

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