Apple announced the newest generation of their iPhone last week. The iPhone 8, 8 Plus and X (named for the 10th anniversary of the launch of the original iPhone) come with varying price tags, some reaching the $1000 mark. Working in the technology industry, I know that there are times when businesses are eagerly waiting for a new generation of system to hit the market because they are performance starved or need a specific new capability. I’ve never, ever heard of someone whose iPhone is critical for their daily life, and they are barely making it because they desperately need more power, storage or y capability. Not once. I recognize the possibility of that happening, but for the vast majority of the population, the $1000 iPhone is a luxury, toy, or status symbol.
If you’re pondering spending $1000 on a new iPhone, I ask you to consider the alternative that the $1000 you have burning a hole in your pocket could be put to better use somewhere else. Somewhere that could make a dramatic impact on your life. So what else could you do with $1000?
Invest
Growing your wealth for the future is an obvious choice. Invest now, and let time work it’s magic. Years from now, when that shiny iPhone would have been long gone, that $1k will have multiplied itself many times and serve you well in retirement.
Buy A Car
Use your $1000 to buy a used car for transportation. If you already have a car, this will help it last longer. Or, you could sell the car you are currently financing and have that monthly payment instead go right into your pocket. I once knew a guy who bought a $500 car. We all made fun of him for it, but it lasted him for years.
Take A Mini Vacation
$1000 could buy you a sweet mini-vacation close to home with your family, significant other, or friend. Memories last much longer than any iPhone.
If you have the extra cash burning a hole in your pocket, and are thinking about spending $1000 on the new iPhone, that’s your choice. Maybe it will bring you unimaginable joy and happiness. Or instead you could do something with it that could could literally impact the rest of your life. This blog post points out just a couple of ideas, maybe you can come up with your own. And if you don’t actually have $1000 burning a hole in your pocket, you shouldn’t even be considering the the iPhone!
How about you, EOD Nation, would you spend $1000 on a phone?
I barely wanted to spend $100 on a smartphone years ago when I got mine. So there’s no way I’d pay $1,000 just to get a shiny new one with features I probably wouldn’t use anyway. I like your options for investing and spending it. I’d also say use it as an emergency fund (or add it to your existing fund). There are always unexpected costs around the corner and it pays to be prepared.
I would rather take a mini vacation or even better save the amount. I agree with Gary that paying $1000 for a product with features you would never use is inadequate money management. There are plenty of phones costing much less with more or less the same features.
Wifi access and an OK camera is my only criteria for my phone. Beyond that, I’m good. I’d much rather invest a grand that kind of money, or top up savings