Gas Wise. Time Foolish.

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Sometimes I observe something that makes me scratch my head….There I am yesterday driving by the entrance to the Holland Tunnel passing gas station after gas station. Most are $2.61, $2.62 a gallon. The there’s one for $2.49 a gallon. You don’t have to be an accountant to figure out the better deal. But like most things in life there is a catch,… or two.

See the other more expensive stations have no wait. The cheaper station has a 10-15 minute wait. (It’s a small station.) So I call my accountant buddy who is at home drinking a beer waiting for tax season. He does the math. If you get 15 gallons of gas and save 12 cents a gallon, you have saved a $1.80! Now if it takes you 10 extra minutes, then your time is worth $10.80/hr. Better than what you can make flipping burgers, but not much. And the second catch… you have to pay cash. So add an extra five minutes to the equation because you’ll have to make an extra trip to the ATM.

Real Estate is like this too. How many times have buyers gone for the “cheaper” home without taking into account the total cost of ownership. Taxes, Mtce, GYM fees, parking fees, etc. So if an agent asks what price range are you looking in, tell them that you’d like your total cost of ownership to be $X on a monthly basis. It’s more work for the agent, but worth it for you.

Think about it. A $100/month gym membership is worth $16,000 of mortgage. (6%,30year)

Hoboken Real Estate
28 days in October
New to Market 180
Price change 154
Information deemed reliable but not guaranteed

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