There is a joke which I keep bringing up now and then during discussions with people when the topic of discussion is related to the mentality of people in general. The joke is as follows. In a locality, there are three photocopying centers all side by side. One has a board claiming, “Only 5 seconds per page.” Another one has a board on it saying, “Only 2 seconds per page.” And the third one has a board reading, “1 second per page.” During peak business hours, there is a queue of 100 people or so standing and guess what, all are queuing in front of the third (and fastest) vendor. There is not a soul to be seen in front of the other two vendors. This is what I call narrow minded accounting. I shall return to this point again.
During a conversation with a neighbor, I was pointing out that it took two hundred rupees for a certain X-ray to be taken at a hospital situated three blocks from our house. She in turn pointed out that there is another hospital where it costs fifty whole rupees lesser. Her main point was that any sane person for whom money mattered should go to the latter hospital for his test. I asked her, “How much would you pay for the cab to take you to the hospital and back?” Her reply was – “Forty – fifty rupees.” I continued, “Would you get the reports instantly or would you be asked to come back some time later?” The answer was the latter. So, in effect, she would be spending fifty rupees or so more for getting her tests done from the “cheaper” place. But I, on the other hand, would save fifty rupees by going to the “expensive” place!
Trying to sound as modest as possible, I’d call my way of thinking as “broad minded accounting” and her way of thinking as “narrow minded accounting”. And I can assure, it takes experience and the company of the wise (which you have to be lucky to have) in order to develop this thought process. Before the sharp brains start working, let me point out that the assumptions in the above example are - a) The quality of both the X-ray machines is the same and b) You have no choice but to use a cab to get your test done.
The doctors recommend that you get annual check ups done after a certain age. Most people around me ignore this advice. The general rule of thumb is that if you are feeling good and happy, there can be nothing wrong with you. But take it from me, it is not so. The body is an amazing machine. I often get baffled by the amount of flexibility exhibited by the body. Even if your heart has 70-80% blockage, there is a good chance that you won’t feel a thing. You won’t start fainting until at least 70-80% of your blood supply to the brain has been cut off thanks to growing plaque deposits in your blood vessels. I have witnessed with my own eyes a feat of a person having driven 150 kilometers despite having a Hemoglobin level of ~ 3 (normal being 12+). How does it connect to the topic here? Well, these tests cost you about two thousand rupees or so. People find them expensive. But, are they more expensive than your hospitalization for problems that only reveal themselves only after reaching their peak? I’d rather spend money on getting myself checked rather than a couple of lakhs later on! Again, let us put a disclaimer. Some things are meant to happen in your life and will happen no matter what you do in terms of self care. It is of course an individual choice but my choice would be to avoid procrastination – “Had I gone for regular tests, maybe…” and instead be at peace, “Well, bad luck!”
The same narrow minded accounting also holds in case of your shoes, your electronics and your clothes. Narrow minded accounting would mean you buy something with a single variable in your mind – the cost at present. But a broad minded accounting would be when you consider questions like, “How long will I be able to use?”, “How much will I spend to maintain the same?”, etc. It could well be that you might pay more now but in the long run end up spending less when you take into account recurring costs, etc.
Of course, money is not the only variable always. Sometimes, time and effort, convenience, etc also become important. Returning to the example at the beginning, I would go to a ‘slower shop’ and get my work done in say, a minute than to wait for 10 minutes in the queue. Narrow minded accounting will calculate only the time taken for the service but broad minded accounting will take into account the other variable namely the amount of time spent in the queue. Sometimes, the question can be like, “Do I spend more now and avoid possessing outdated technology in a few months from now or do I spend less two times, one for current technology and another for the technology that will be released in a couple of months?”
Then there are questions which demand that a balance be struck between the “amount of convenience” and the “amount of money spent”. Sometimes the answers can be obvious but sometimes the answers are of course left to be a matter of personal taste and choice. But what matters in the end is the assertion that it is best to avoid narrowing minded accounting and broaden the horizons of our thought and analysis.