JohnnyBGoode
Recycles dryer sheets
I have often marveled at people that have the latest and greatest iPhone (that gets more expensive each "improved" version) but yet seem to be financially challenged in so many other ways. Plus money spent now has a large opportunity cost if invested wisely. The question is, of course, whether than money spent on the latest phone would actually be put to a "better purpose".
This recent NYTimes article addresses this directly. https://www.nytimes.com/2021/10/20/technology/personaltech/iphone-upgrades-cost.html
Great article, but the first few paragraphs give you the gist:
I'm perfectly happy with my 3-year-old iPhone XR, but even I can drool a bit at the new offerings.
This recent NYTimes article addresses this directly. https://www.nytimes.com/2021/10/20/technology/personaltech/iphone-upgrades-cost.html
Great article, but the first few paragraphs give you the gist:
Let’s talk about buying an iPhone for $1,000. Tim Cook, Apple’s chief executive, once compared this eye-popping price tag to buying a cup of coffee a day over a year. No big deal, right?
But financial advisers see this differently. By some estimates, an investment of $1,000 in a retirement account today would balloon to about $17,000 in 30 years.
In other words, $700 to $1,000 — the price range of modern smartphones — is a big purchase. Fewer than half of American adults have enough savings set aside to cover three months of emergency expenses, according to the Pew Research Center. Yet one in five people surveyed by the financial website WalletHub thought a new phone was worth going into debt for.
I'm perfectly happy with my 3-year-old iPhone XR, but even I can drool a bit at the new offerings.