Personal Improvement Blog
Spending vs. Saving
I saw an ad for a large, flatscreen LCD that I thought would be really wonderful. Combined with a home theatre system, I could watch movies and TV in full Dolby.
However, after that desire had cooled down a bit, I did a bit of thinking. Why did I want it? The honest answer was about having the TV as a showpiece in the house. In other words, it was more of a lifestyle statement rather than really needing it. That train of thought led me to question my beliefs.
What, truly, is "Quality of Life"? If I buy that TV and "feel good", do I have a better Quality of Life? Or, if I put that money away for investment, am I depriving myself?
The most common response would be "Strike a balance." But the million dollar question is "what is that balance?". Where do I draw the line?
This is part of the "save now, be happy later" vs "be happy now, who knows how long you will live" debate. No easy answers, but I suspect each of us need to find that balance ourselves and I am almost sure that you cannot copy someone else in this.
I am seeking that balance. If you already a Zen Master, please guide me. If you are a fellow pilgrim, join me.
August 22, 2008 - 6:31 am
Hi Raghav
Affordability is one factor, but does it fit in with your financial plans and goals? If you have plan for a “special” expense every month and factor in that in your budget, then fine. But most of the times, we don’t have a comprehensive view of our finances and that is where we make mistakes.
Regarding the present, its all good to live life in the present, but that has to be tempered with the life you have to lead later.
There is a related debate on this in terms of “things” vs “experiences” – I suspect you are talking about having great experiences in life rather than improving your life by buying “stuff”. for example, which would you choose – a new fully-loaded iPhone or great tour of a place you have always wanted to visit?