• Frank Font

Wait Before You Buy

When you look at YouTube, tv and even social media you are bombarded with a variety of products that you may or may not have wanted. Yet many people end up buying these products out of the spur of the moment only to not use said product after a month or so. Therefore, you need to view ads as a way for someone to steal a dollar in exchange for 50 cents. Even though you may theoretically never go completely broke, it will never allow you to have more than what you started with. That is the adverse effect of advertisements, by getting you to buy their products they are keeping you from building any form of wealth.

My suggestion would be that if you are planning to make an unnecessary purchase like new furniture or even a new shirt, let a week pass by before you make your purchase. In that manner you give yourself time to understand the reason why or even if you are making a reasonable purchase. During this time ask yourself these sets of questions: is the item worth its value, can I find a product with similar functions for less value, is the product it is replacing no longer usable. If the item is a necessity like a washer, stove top or refrigerator plan ahead for the purchase so that you do not have to scramble to make the purchase or have to place it on a credit card and inquire unnecessary debt. It would also be beneficial if you do not need the latest technology as it is always cheaper to buy a used product if you consider the life expectancy in relationship to the cost. As an example, I will use the Samsung RF28T5001SR/AA which you can purchase for $1,099 from American freight with cosmetic damage or for $1,799 from Best Buy in ideal condition. If we consider that the life expectancy of a refrigerator is 20 years than that would equate to $89.95/ year which means that the refrigerator with cosmetic damage would have to last almost 8 years less than the brand new one to be of similar value. Another suggestion would be that you first earn a multiple of the value of the item you are seeking. In that manner you get a better understanding of what it is truly cost you and it prevents your dollar from continually losing value as explained in the scenario in the introduction.

I’m not advocating that you never buy one of your wants, just to think it through. If they are not going to make you any happier than you were before, it may be best to miss out.

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