Are you crazy, Ken? How will spending more help me spend less?
I have been sharing with you the best things I have spent money on over the last few years now. This year, I was reminded why you buy the best products you can...after replacing 5 blenders. By buying the best quality products for the best price, you increase the chances that you will only buy something once and use it for a very long time.
Give me another example, you say? Sure. In 1997, I was on the ski team at university. The snow pants I had were not keeping me warm on the hill all day, so at 19, with no income but a desire to stay warm, I bought a pair of Helly Hansen ski pants. They were not cheap by any means but they kept me warm for the three years I was on the team.
Fast forward 25 years, I’m 44, and guess what? Those are STILL my snow pants. I have not had to purchase snow pants as an adult. EVER.
Need more? As my kids were growing up, we kept them clothed in the cheapest jeans we could find. Of course, they were going to get them dirty and wear out the knees so why spend more? The only problem was after having 3 kids, you realize that now you have 3 bodies to clothe, and since there were few hand-me-downs, it got expensive.
We were given a pair of “good” jeans from a friend that fit my oldest. By the time he outgrew them (which wasn’t long at that age), we could move them down the line. We then started buying “good” clothes for the kids in hopes of buying them once and outfitting up to 4 of them. PS, it worked! My youngest is, as of this writing, wearing the pants that his 9-year-older-brother wore when he was the same age.
The obvious retort is “But Ken, I can’t afford to buy the nice thing.” In reality, sometimes you can’t afford to buy cheap things because you will have to buy them multiple times.
Buy nice or buy twice. Which is makes more sense financially?
Kenneth Coombs CFP CHS RRC
Ken has worked in the financial services industry since 2005, is a Registered Retirement Consultant, and is a Certified Financial Planner. Ken has written financial planning columns and has been a guest on financial radio and podcast programs.