Ikea Effect

Do you consider yourself a “do-it-yourselfer?”

There’s an interesting phenomenon that researchers call the “IKEA effect.” A study showed that people experience greater satisfaction with projects they do themselves, even if of lesser quality, than with projects they pay others to do. Now I totally get this! The work I put into cutting down trees, or weed eating, painting a room, or making repairs is truly satisfying, especially when someone notices! Now it’s no surprise for stewards! They know that saving money by completing projects themselves is a win-win. Sometimes professionals are needed, but with YouTube tutorials, a lot can be done ourselves while saving money in the process. My wife learned how to replace the heating element on our oven, and for $13, that appliance is still working for us. I’ve worked on chain saws, cars, lawnmowers, plumbing issues, and plenty more. Learning new skills builds confidence and reduces the need to pay for work that you can do for yourself.

Making repairs eliminates the need to replace items and saves money. It’s environmentally savvy as well by reducing your footprint at the local landfill. A few household tools collected over time can help with home and car repairs. Also, update your First Aid Kit. Some liquid band-aid recently prevented a run to the emergency room when one of our sons got a slight head injury! Just because products or specialists are available doesn’t mean you need them. Make do with what you have and increase your net worth in the process! 

In my new book, Seven Gray Swans I describe potentially significant events that could happen. A gray swan is an obvious danger that we tend to ignore. My goal is to show you how to prepare for and survive these economic threats. The ebook is available now at Amazon.com.