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SpendFlix42

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Early Addition: The Pitfalls of Needing the “Latest & Greatest”

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Oh, Mr. Jobs, you have done it again. Yes, I have an iPhone, but why did you have to put out a 3G one? Because you know I cannot live without having the latest gizmo. I know you’re watching me. Sure my “old” iPhone can do everything the “new” one can, but for some reason (it’s shiny) I need that new one. And yeah, I know I paid like a gazillion dollars for the first one, but this one is HALF the price, so it’s like I’ve made an investment…right?

Well, I can tell you that this is not the first time this scenario has peeked its ugly head into my life. I am a bona fide tech nerd. From videogame systems to electric toothbrushes, I will always love something forever, until a new version comes along. Which has probably not been the best thing for my budget or my house — with all those dusty old game systems and hardware, it’s like a lost archaeological dig of used electronics. Okay, I know I have to be more wise about these decisions, (AKA stupid responsibilities) so I’m getting a little better by following some new rules I have made up for myself. My “commandments,” so to speak:

1. Thou shall not buy a new product unless the old one is broken or incompatible
2. Thou shall sell off thy old item first and take the money earned from it to purchase the new one, thus saving money and creating shelf space (can anyone say Garage Sale/eBay/Craigslist?)
3. Thou shall trade in (gotta love Game Stop) thine old games that thou hast not played in a millennium for new games and not spend a penny out of pocket
4. Thou shall ask thyself, “Why buy when you can rent” (I’m talking about DVDs, not furniture)
5. Thou shall do thy research before buying, especially if there is rumor of a new something replacing the old something in less than 6 months (yeah, I’m pointing at you, Apple!)
6. Thou shall only buy the item and not all the accessories that may be pushed by sales people (besides, you’ll never use half that stuff)

I’m happy to say that I have been able to stick to my little commandments. I just put off buying a new HDTV and actually researched which one was the best, what it cost, and if would I be replacing it in 6 months because they decided to put out a model with extra “flair.” I saved up $2,000 and that was all I was willing to pay for one…not a penny more. I discovered that the best time to buy an HDTV is actually just before the Super Bowl and Father’s Day, not Christmas like everyone would believe. By doing that I was able to purchase a 46 inch HDTV for $1,100 and not the “Suggested Retail Price” of $1800 (oh crystal clear television, where have you been my whole life?), saving $700, which I promptly invested into my 401k.

Okay, that last part is a lie…I should have done that, but that’s another story for another time.

So yes, I bought the new iPhone 3G, but I did sell off my other one rather than letting it sit in my room for some Indiana Jones to find hundreds of years later. But I believe that, if I stick to my commandments, I should be all right and maybe even have a little change in my pocket. You know, for stuff…

I’m just sayin’. ;)

Now it’s your turn – do you gotta have the latest, greatest, freshest thing, even if you can’t afford it? Let me know if you let your impulses control your wallet, or if you’ve got some financial commandments of your own!