Find your own value level

I went to an auction recently where an apartment was being offloaded for $2 million plus. I walked around it and marvelled at the designer taps and marble floors. I wondered if anyone ever got any sleep in a bedroom as ostentatious as this one.

By the way, how ARE you sleeping?

I’m sleeping very well. Why? Because I know my values. I know what they mean to me what I am willing to sacrifice. I am also clear on what’s not negotiable, both in and out of the office.

I saw Dr Markus Miele speak while he was in Perth. His great-grandfather co-founded the 110-year-old business which sells the quality appliance brand, Miele, worldwide.

During his speech, it struck me that this man and the company around him are clear on their values. Key points of how they operate include not becoming a discounter and focusing on always getting better by innovating and improving what you offer. Dr Miele noted that consumers will pay for value when the value of what you are offering is explained or demonstrated to them.

While he might have been talking about white goods, they are pretty good principles to apply across business and your life.

The uber-rich will always be so, but it’s the people renting their rich and famous lifestyle from the banks who are learning the hard lesson. It hurts. This rate of consumption is not God-given, or even a Jimmy Cho-given right. Those sprees are hitting you right in that $3000 King Street handbag. The devil (who is not wearing Prada) is standing at the door, banging loudly and demanding to be paid.

For the rest of us, quality is what now counts. We’re spending more carefully and want to know what the values of the products we are buying are.

It’s also about finding the new balance and level of those values. Does a salesperson turning up at your house in a shiny new luxury car make you want to deal with them more or is it now about the quality of the service they provide.

For most of us, we’re now looking for quality that will last and don’t mind spending a little more of our hard-earned dollars if it’s a cornerstone of the product.

Even British fashionistas Trinny and Susannah advocate spending money on classic pieces and less on trendy, seasonal items. They always look good, so it’s hard not to agree.

Perhaps now is the time for smart statements – not gauche ones – at every level, from how you invest to how to you live.