Everybody buys tech products as hope for a new solution to an old problem.
Technology has been acting immensely to drive human evolution to the next level.
But most technological products that offer solutions to our problems are expensive.
The worst case is some products don’t even solve our problems, but they have been just marketed in a way to establish a belief in us.
So, One might get confused about whether or not to buy these technologies.
And I will provide you with some insights about when to buy expensive tech products and when you should not.
Some technological products are expensive basically for a few reasons like,
- They are early in market
- They are in high demand
- It costs more for them to offer that solution
- Market volume is less and they are not to able to scale.
But despite these facts, still, you can decide – whether to purchase it or not.
The conditions where we can consider – buying expensive tech products useful are,
- It brings high impact in day to day life.
- Helps in Improving your career
- Solves a valuable problem for you and your family
High Impact in day to day life
Think about the technological products that you use in day-to-day life.
You can make a list in your mind or write it down on paper.
Now think about – which tech you use most of the time.
The tech that you must be using most of the time is either solving your problem or providing some form of entertainment.
These are the kind of tech products that you will never regret buying.
These tech products will provide you with an immense value compared to the money you offered for it.
These products could be water filters, air conditioners, automated washing machines, etc.
Helps in Improving your career
Apart from the products you use in your personal life, there will be a requirement to purchase tech products for your professional life.
It is definitely worth the expense if some tech products can improve your career performance into 5x or 21x.
For example, if you are a video editor or a graphic designer – buying an expensive laptop will be a significant investment.
It might look like a liability from a financial perspective, but don’t make every decision from the output of excel sheets.
The Return of Investing on your career improvement will be far better than any asset class.
So any tech products based on your career that will improve your professional life are worth buying.
But if you want to upgrade yourself from one product to the next version of the product that does not provide extra value – that might not be worth the expense.
Solves a valuable problem for you and your family
Few tech products will not have much use for an individual, but they will be great for families.
These kinds of tech products will provide tremendous value to families by solving their problems.
For example, these products could be a security camera, a coffee-making machine, an automated light bulb, or having a voice-controlled home appliance.
These products come at a high price, but they will not be much expensive – if brought for the usage of the whole family.
Now here, I will tell you when we should be more careful about our purchase decision. And these are the times, where buying an expensive tech product might not worth it.
- If it makes you to buy a heavy loan or EMI that you can’t payback
- Buying only because its nice to have or it seems cool to have
- Buying for show off or to increase your status symbol.
Purchasing with heavy loan or EMI
The thought of not might be a skeptical thought.
But, buying a tech product with a heavy loan or EMI – might steal your good night’s sleep.
Sometimes the purchase might or might not be worth taking the risk with your finance.
You may regret making this purchase – by being careless with your money.
So, you decide to take. If you want to take a risk, then take the calculated risk.
Don’t blindly fall into the trap of credit card or EMI to make an expensive purchase.
Purchasing for the sake of being cool
The consumerism culture has made all of us buy fantastic products. Most people purchase it just because it’s cool to have.
The good part about buying some cool products is they will provide a good experience – but they will not be worth the expense.
We might use it for a few days, but we will stop using it when the excitement wears off.
Purchasing for show off (Status Signaling)
Purchasing for showoff is similar to buying for the sake of being cool. The only difference is when you are buying for the sake of being cool, you still purchase for yourself.
But when you purchase for showoff, you buy things to show others that you can buy things.
You will tend to buy expensive products to show others that you can afford to buy these things.
Most of them fall in this pit because people consider that if they can afford expensive things, then they are rich. And they also think of being rich as being successful.
To show others, they are successful, they will most likely show off with the money they earned.
Another by-product they might earn through this showoff is fame.
But this fame will not sustain in the long term; it might give pleasure in the short time.
Conclusion
There are many uses in purchasing expensive tech products, but there are also huge drawbacks.
If you purchase an expensive tech product, it will be hard to switch back to the cheap option.
Other than that, most of the things are money-related. It’s up to you to shape your purchasing behavior concerning your financial decisions.