Invest in your Smart Devices, Don’t Just Buy Them
Tags: Mindfulness, Consumerism, Technology, Investing, Smartphones

I am here sharing my insights on how and why I consider my smart devices as an investment. For the sake of this story, I am narrowing the smart devices to Smartphones, Tablets and Laptops, some of the few devices that are purchased on regular basis.

Your Device is an Extension of your Uniqueness

“People recognise themselves in their commodities” — Philosopher Herbert Marcuse

I know it's tempting to buy things about which everyone is raving about. However, the most popular or trending choice doesn't need to be the right choice for you. Every individual is unique in his/her own way. The question that you need to ask yourself is what you really need from your smart device. Don't just buy it because the world is saying it is right for you. You are unique and only you can decide what's right for you.

I know Influencers and Peer Pressure play a very important role in the purchase decision of a consumer. However, as mentioned in my previous article, I identify Influencers as Advertisers rather than my well-wishers. It is their job to influence (its right there in their name), your responsibility is to make an informed choice. We need to break the vicious cycle of peer pressure and regain control of our purchase decisions.

Commit in the Relationship

“Without commitment, you cannot have depth in anything.” — Neil Strauss

I know it will raise some eyebrows, but I have always committed to my devices as I commit to my relationships. If you don't give up on your relationships easily, then this is going to be a walk in the park for you. Accept the flaws of your device and be OK about it. Over a period of time, just like in relationships, you will keep learning new things about your device. It will become more resourceful and approachable. It will grow on you. You need to create an unshakeable bond, because your device will stand with you through thick and thin, and you need to do the same.

Set your own LifeCycle

“Everything has a lifecycle. You have to believe its going to change.” — Les Wexner

As a rule of thumb, I set the life of the device as when they die out or when its battery has started betraying me (Did you notice how often I use relationship terms when I am talking about my smart devices?). You will be more mature and mindful when choosing the successor to the heavenly departed.

A Responsible Consumer

“You cannot escape the responsibility of tomorrow by evading it today” — Abraham Lincoln

According to the UN’s Global e-Waste Monitor 2020, a record 53.6 Million Metric Tonnes (Mt) of electric waste was generated worldwide in 2019, which is an increase of 21 per cent in the last five years.

You will be actively contributing to reducing your impact of E-Waste on the environment once you decide to hold on to your devices for a longer-term. You can give yourself a pat on the back that you are actually concerned about the environment rather than giving the same credit to the Corporate entities that will supply smartphone without charging brick in the name of reducing e-waste.

If they were really concerned about e-waste, rather than following an annual launch cycle, they should keep the launch cycle once in 2 or 3 years.

The Product at the Right Price

“The Right Price has nothing to do with greed. It has to do with demand.” — Josh Bernoff

Flagship phones from Apple and Samsung are relatively expensive in India as compared to the USA. Apple iPhone 12 Pro 128GB Costs USD 999 in the USA, whereas, it costs around INR 119900 (~USD 1599) in India. Similarly, Galaxy Note 20 Ultra costs USD 1100 in the USA, whereas, it costs INR 104999 (~USD 1399) in India. As observed, there is a markup of around USD 600 and USD 299 between the prices of the Apple iPhone 12 Pro and Galaxy Note 20 Ultra respectively.

Don't compromise on the quality when buying a smart device. You need to decide which features are a necessity for you and the features that you can sacrifice without giving a second thought.

I prefer buying last generation smartphone rather than buying a current-generation one. There is a substantial price cut and generally, smartphones have incremental updates year on year rather than radical changes. I see myself in a win-win situation where I am getting an economically priced last-gen flagship and not sacrificing much on incremental features. It is preferable on seeing the half glass full rather than half glass empty.

You may find attractive devices at a cheaper price but they heavily compromise on other aspects of the phone.

There is a difference between buying an economical product and a cheap one. Economical means the best that you can afford. Cheap means you can buy better but choose otherwise.

The Buck Stops Here

“Saving a small amount soon builds up to a large amount” — Scottish Proverb

The moment you decide to hold on to your devices for longer, you will be able to realize the importance of saving. It will allow you to buy your next device from your own savings rather than on credit. It has been always alluring to buy the latest and greatest on credit just to keep up with peer pressure and societal norm. I have been guilty of it as well. But nothing is truly gratifying than financial freedom and having the ability to ‘really’ afford something that you intend to purchase.

You can set a financial goal for your next purchase. Invest regularly towards reaching that goal. We are reversing the cycle, rather than paying EMIs on the product we have purchased in the past, we are allocating certain savings for the purchase of a future product. I know it’s a small step toward financial freedom, but a step in the right direction.

Don’t Buy The Product On Its Launch

“The two most powerful warriors are patience and time.” — Leo Tolstoy

I don't buy the device as soon as it launched. As a rule of thumb, I wait for 6 months after the product is launched, as a large number of people have got their hands on the device and they can share their experiences and teething problem that they have used while using the product. Remember, the objective is to buy the product for long term use, and any issue that will act as a deterrent to that objective needs to be resolved. I rely more on real-life hands-on experience by common folks like me rather than going on the words of the Manufacturer or Influencer.