Would you Rather?

Starting Young

When I was in high school, my friends and I had a knack for making dumb bets. It’s probably pretty standard behavior for teenage boys, but for us, it was a mix of amusement and opportunism. We’d bet a dollar on dares like licking a railing or eating a bug. To us, it was cheap entertainment, but for the person taking the dare, it was a quick way to earn a dollar—enough to help pay for a pop or lunch.

Back then, in 2005, the minimum wage was $7.45 per hour, which breaks down to about 12.4 cents per minute. Completing one of these silly dares in seconds could earn the equivalent of eight minutes of work. If you were to scale that up, you’d be earning $60 per hour—a pretty decent rate by anyone’s standards.

This led me to think more deeply about trade-offs, which are at the heart of every decision we make, especially when it comes to money.

Money vs. Comfort

When I was a technician, I’d often face the trade-off between comfort and savings. For example, our company would provide a $150 hotel per diem. Some of us, instead of spending that money on a hotel, would choose to sleep in our cars and pocket the per diem. Essentially, it became a game of Would You Rather: Would you rather sleep uncomfortably in your car and earn $150, or stay in a hotel and forgo the extra cash? Multiply the decision over a summer and it can really add up. You might think $150 is nothing for a good nights sleep. Well what if it was $200? $300? What is the price where you would compromise your standards?

Time vs. Money

The concept of trade-offs extends to home renovations. When I was developing my basement, I had to ask myself similar questions:

• Would you rather do your own electrical work and save $1,000, or hire a professional?
• Would you rather install drywall yourself and save $2,000, or outsource it?
• Would you rather paint the walls yourself for $1,000 in savings, or let someone else do it?

You can imagine if someone came up to you and offered you $1000 to paint your bedroom. It is essentially the same scenario.

For some tasks, like mudding, I decided to hire out—it wasn’t worth the time and frustration. But for others, I rolled up my sleeves and did the work myself. Each decision boiled down to a simple choice: Do I value my time or my money more in this situation? I eventually enjoyed the process so much I would opt to do the work even if it wasn't as financially advantageous. 

Trade-Offs

As people accumulate more wealth, their trade-offs often change. For someone who is financially comfortable, writing a check to solve a problem feels easier than investing their time. On the other hand, those who value saving money often take on the extra effort—whether it’s camping instead of staying in a hotel, doing their own home renovations, or handling chores like mowing the lawn and shoveling snow. How high are your standards, how much do you value your own time? 

Marriage or Mortgage

This idea of trade-offs is vividly depicted in the Netflix show Marriage or Mortgage. The premise is simple: engaged couples debate whether to spend $20,000–$50,000 on a dream wedding or use it as a down payment on a house. Each couple faces the ultimate Would You Rather: A lavish party for one day or a long-term investment in their future.

Surprisingly, the choices were often split. Some opted for the wedding, valuing the memories and celebration. Others chose the house, prioritizing stability and their future. Personally, I couldn’t understand why they didn’t compromise—a smaller wedding and a more modest home seems like a win-win. But, perhaps Netflix required them to make a clear choice. The other decision that they did cover is the honeymoon which normally goes hand in hand with a wedding, adding to the expense. There is another would you rather right there, would you rather have a big wedding or a longer more luxurious honeymoon? 

Travel vs. Investment

This same trade-off applies when considering travel versus saving for a home. Would you rather spend the next three years taking annual trips to Mexico or save for a down payment on a house? Would you choose a grand European vacation or the security of homeownership? Bigger investments means bigger trade offs and bigger returns. Someone deciding to travel in their twenties vs buying a home in their twenties will be in a very different financial situation in their thirties. 

What Do You Value?

Throughout my life, I’ve faced countless trade-offs. While I hope I’ve made the right decisions, the reality is that it’s not always clear which path is better. Saving money isn’t always the right choice; sometimes, spending allows you to enjoy life’s simple pleasures.

At the end of the day, trade-offs are about understanding your priorities and values. What do you cherish more: your time, your comfort, or your financial security?

By asking yourself these questions, you can make more intentional and fulfilling decisions in your life. Next time you are faced with a purchase, think of would you rather have the money or the product or service. 

If you found this helpful and would like help budgeting or investing please email me at taylormckeecoaching@gmail.com