Guilt before buying
I’m a 23M, I’ve a monthly inhand of 1.10L I put 70K in SIP and 15K in FD. The rest 25K goes to other things food, rent, gym etc. I’ve built a corpus of 5L.
I want to buy jordans costing around 9k but I start feeling guilty as soon as I put those in cart and ends up talking myself out of it. Always thinking that this money can go to my corpus.
How do you guys purchase stuff like iPhone, iPad, Jordans etc without feeling guilty or without thinking about your savings corpus?
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Keep it in the cart. Open a RD for 9 months Put 1k every month into that deposit After 9 months use it to buy what you want.
Chances are after 9 months the price would've been dropped. Or you would've changed your mind by then. If so, buy something else.
Never ever go for EMI. It's an addition you can't financially recover from.
Remember the product is not gonna go anywhere. So, take time to make the decision to buy pricy stuff.
Wait till it gets out of stock
Guilt is good as this suggests that you are mindful about spending money. Spend 10 or 20% of your salary on wants. Not necessarily every month but as a whole. Further, You don’t take money with you on pyre or in grave. Live a little and for god sake you are just 23.
This^ you can also save and Set apart a guilt free expense fund for stuff like this, vacations, big purchases etc.
It's good that you are mindful. I honestly don't get the appeal with shoes. It's a depreciating asset which requires maintenance, but to each their own. I'd rather go on short weekend trips with that money instead, or just invest it.
I have a simple way for handling such situation.
- No EMIs or credit cards, they are curse of poverty.
- Buy everything in cash, less online payments are healthy for wealth.
- Only buy something when you can afford to buy it 5 times in cold hard cash.
Rule #3 does not apply to medicines and food but obviously... had to mention it.
This way, I never feel any guilt. I am big spender on tech stuff, and that is way expensive. If I didn't stick with the above 3 rules, I would've been crying in a corner.
Without a card, buying at full price. You're leaving money on the table. Some people know how to manage cards, the richest have the most expensive paid CCs.
I'm 35 and still feel that guilt you are talking about. I never owned an iphone in my life and right now I'm at stage I can buy one. My current phone is 7 yrs old and I want to buy iPhone 16. I know buying iphone is not actually worth the money but I want to experience it (if you know what I mean). I think this guilt is because of our middle class upbringing and I doubt it will go away anytime soon. So get used to it.
Don't buy it, it's not worth it. Real wealth is always hidden. Save today and that will help you retire early.
Financial Independence is you choosing how to spend your time , where to spend it and with whom to spend. Nothing can replace this
Bruh. Whats your tech skills?
Bro where do you work and please tell me about your experience and tech stack 🙂 🙏
Ed Tech Startup. Used to work in Node.js recently shifted to Go