Should You buy an iPhone in your 20s?
Note: This is my personal opinion based on my learning so far. If you disagree, feel free to discuss :)
Recently I was talking to a friend of mine who is a big fan of Apple products after using Mac.
She mentioned that she is willing to buy an iPhone soon. Then, I gave her my view of why I didn’t buy it yet.
She was not convinced and said she is earning and she wants to gift herself. Her point of view was to enjoy when you have money (Zindagi Na Milegi Dobara!)
Well, that’s a good way to think but you can save and invest now so that you have more freedom to purchase in future.
Let’s go back 3 years and see if a person had two options: to buy an iPhone v/s invest that money (1lakh) somewhere else. (Assuming price of iPhone X 256GB)
Current Value of different assets (As of 7th July):
Apple Share: 3.08 lakh
Sensex: 1.49 lakh
Tax Saving Mutual Fund: 1.5–1.8 lakh
Blue Chip Mutual Fund: 1.4–1.6 lakh
Gold: 1.67 lakh
Current value of iPhone: ~31,000
The choice is yours!
If you buy something which depreciates in value with time in the early stage of your life, you won’t be able to build wealth quickly.
PLEASE DON’T GO AND INVEST DIRECTLY IN ANY OF THE ASSETS MENTIONED ABOVE
The first investment should be in learning.
You need to learn before you invest. You need to learn ho these asset class works. You need to learn about the risk associated with each of these investments. You need to learn about diversification.
The next question is how to get started?
Start with reading. Read some good books, blogs about personal finance.
Watch YouTube. There are a lot of good content creators out there who are making it easy for all of us to understand personal finance.
Resources worth checking:
Books
- Rich Dad Poor Dad
- Psychology of Money
- Almanac of Naval Ravikant
YouTube Channels
Daily Newsletter
These are the resources I personally learn from. Let me know if you know some other good resources and I will include that as well.
Hope you have a good learning time!
