Only Buy New When It’s More Expensive To Fix It

Materialism is expensive. Instead of buying products brand new every time they break, make a reasonable effort to repair what you have, unless the price of the repair is higher than getting a new unit. By doing the former, you tend to spend less money in the long run resulting in having more capital to be invested in retirement or for starting a business.

Think about the many assets you own in your house or apartment. How many of these items aren’t new anymore and need repair? What is the cost of repairing the existing versus buying brand new? It’s usually much cheaper but not always. It’s worth your time identifying the ones you can repair, I say.

Let me give you an example.

My academic regalia costed $1240 back in 2008. Since then, I replaced the zip system, fixed some damage in the velvet and some tassel damage, had to sow a few buttons, and dry cleaned my beloved cap and gown every year for the past 12 years, religiously.

My regalia still looks brand new. I maintained my academic regalia for about $240 in twelve years. The cost for buying the same brand new regalia today is at least $1240. By the way, I have invested the money I didn’t expend buying a new regalia ($1000) in stocks.

My conclusion?

Only buy new when repairing the old is more expensive than fixing it. It is a better investment, and certainly a much cheaper one, to buy a Johnson and Murphy good pair of shoes and fixing overtime than rebuying “fancy” Sneakers every few years.

Be clever. Be smart. Say no to materialism! Say yes to valuing the money that you’ve worked so hard for. In the end, it will be better for you, I bet. Blessings to you, brothers and sisters.