RE: A loss of legacy
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Wow, I never saw it this way.
When I look at my life, I have bought 3 watches in last 3 years, one fitness band. My father has one new watch and an old one, which was given to him by my grand father.
I never noticed how much money I spent on things that need to be replaced a couple of years later.
I am quite fond of gadgets. Especially laptops, ipads, iphones....but from the last year, I have decided to buy less of these and put more in savings.
I thought maybe I was getting mature, but I was making some wise decisions to put my money in things that would grow a little bit instead of depreciating in the future.
And this change came because I read a couple of personal finance books.
What I learned from those is what you shared in your today's post. Putting money in things that will grow, even if it grows 1% instead of spending all my money on things that will depreciate and have to be rebought an year or so later.
Thanks a lot.
This is what everyone should be doing with a significant portion of what they can. The draw of depreciating consumer value is strong, because there is so much effort put into pushing them into our lives. I don't think we have to go too extreme, but small changes often and it will have a big effect.