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Everyone will have a different perspective of how to spent their hard earned money. My mantra for the last year or two has been need vs. want. What do I absolutely need to get my job done, and what products are simply a luxury. Everyone’s needs will differentiate, so it’s important to be self aware of what your specific needs are.
For instance, I know that I value simplicity. Time is the most valuable asset that I have as a business owner and simplicity allows me to be much more productive when running my business. The less complicated something is, the more I’m inclined to use it. Simultaneously, the less moving parts something has, the less likely something will go wrong – ala Murphy’s Law. This is why I’m willing to spend more money on something that other people would see as a luxury rather than cut corners and regretting it in the long run.
The other factor that plays an important role in my purchasing decision is ROI (Return on Investment). How much money will I make from investing in this product. Does it have a direct ROI or indirect ROI on my business. For instance, a camera has a direct return on investment. You know just how many sessions you need to shoot in order to break even and then profit in the future. It can feel difficult to judge the ROI of products like an Eizo Monitor, but I judge the ROI on time saved because time is important to me.
I reiterate. That’s MY PERSPECTIVE on how I judge need vs. want. You can choose to invest in the products that you want based on your own necessities. The goal is simply to avoid investing in something that’s new and shiny, and focus on purchasing things you actually need.