What Purchases Have Been Your Best Values?

You may not agree with everything my friend William says below, but I thought you would all be happy to dissent.

“There are a handful of things that seemed expensive at the time but have proved their value in the long run.

1.) Kitchen knives. I bought a set of Henckels ten years ago and I still use them every day. Best $300 I ever spent.

2.) Boots. You live in your shoes. I always buy quality boots with goodyear welted leather soles. They may cost a few hundred more, but you can get them resoled again and again. I’ve owned some pairs for five years or more compared to a year for cheaper boots.

3.) Mattress set. The only thing you spend more time in than shoes is a mattress. Make it a cloud.

4.) Tools of the trade. This will vary depending on your profession, it could be an industrial sewing machine for a clothier, or a Gibson for a guitarist, but you can’t reach your potential without the right tools. I’m a software engineer and I make sure my hardware is up to date. I don’t buy the top of the line (because the price performance curve is too steep at the top end) but I replace my machine every couple years. Basically, if I notice performance, I upgrade.

5.) Music. Your friends are in a band. Represent!

Then there are the mistakes…

1.) Cell phone. A cell phone has an average lifespan of two years. You don’t need to spend more than $50 for a phone in order to make calls – heck, most plans offer one for free. And if you think you can impress people with a cell phone, you’re hanging out with the wrong people.

2.) Wine. This is subjective, and doesn’t apply to the truly great wines at the high end (if your palate knows what it wants), but I see no reason to spend more than $15 for wine. You can find excellent wines below $10 and I’ve rarely noticed an improvement at the $20 level.

3.) Over the counter drugs. Store-brand drugs have the same ingredients. Why would you ever buy Bayer or TheraFlu?

4.) Car. What a waste of money, of your body, of the earth. Stop making car payments, gas payments, mechanic payments, gym payments, and insurance payments; buy a bike and a membership to Flexcar.

5.) Movies. I can’t believe it costs $20 to take two people to a movie. Buy a projector for $600 and watch movies at home. It’s more comfortable and you’ll save money in the long run.”