Our society decides what is precious primarily by three factors:
Supply on the production side, demand on the consumption side, and the amount of effort put into building the perception around the product (read marketing).
The common perception is that precious means pricey. Consider precious metals, stones or any luxury consumables and you would find this rule to be valid.
Think of all material things that we consider precious, those are intrinsically worthless. Their value is only perceptual. For example, people were still getting married happily before the De Beers of the world taught us that diamonds are valuable and you need one to complete your wedding. It is the perception implanted in the minds of consumers by clever marketing deployed by producers.
We devote our life to accrue things that we deem ‘precious’. It may be a villa, an expensive car, jewellery, a fancy education etcetera in exchange of the limited time we have on this planet. If you have a list of such items, can you filter out how many items on such a list are ‘priceless’? If you have a situation where you can’t find a single ‘priceless’ items on that list, don’t be surprised. It’s time to think and re-boot!
If you focus primarily on the priceless, it is very likely that you would reduce your wish list to the essential minimum freeing up the absolute priceless resource you have, i.e. your time, for more meaningful activities that increase your odds of creating moments in your life that are truly ‘priceless’!