Call Us 888-649-6556 | 480-522-1077
FacebookTwitter
Account Log-In
FMT AdvisoryFMT Advisory
FMT Advisory
Future Money Trends Advisory

Invest in Money Trends

  • Who Should Invest with Us
  • Strategies
  • Holdings
  • Insights
  • Contact Us
  • Subscribe
Menu back  

Resist the Temptation to Buy New Products

Creating Wealth Digest, Personal Finance and Frugality
Resist the Temptation to Buy New Products | Personal Finance Advisory

As we approach March, people have had time to reassess their New Year’s resolutions. They have an idea if they are meeting goals or need to revise them. Those that smartly budgeted may have some extra income and want to spend that. However, purchasing products when they are not a necessity, often results in spending unnecessary money.

Resist Buying New Electronics

People are enticed by new products, especially when it comes to electronics. However, you may be doing yourself a disservice if you buy the latest model of anything. While new releases, like an iPhone, often offer product enhancements, it is likely an unnecessary purchase. Before purchasing a new model, think wisely if you can make do with an older version. Additionally, keep in mind that manufacturers often reduce the cost of older products when they are getting ready to lease a new one. That money saved may go toward paying for emergencies or future money trends.

A Car is Not an Investment

Just like asking yourself if you need the latest smartphone, think about if you need a new car. A vehicle is not an investment because the value depreciates once you have driven off the lot. Each year, the value continues to go down. For some, a car is a necessity, especially in cities that do not offer large transit systems. Therefore, a car should be thought of in that manner. Alternatives include buying a used car, leasing one or paying cash upfront. Additionally, gas prices fluctuate throughout the year. This is a factor to consider when purchasing a vehicle. Any money saved here may go to an emergency fund or investments.

Do Not Count on Social Security to Offset Spending Habits

No matter your age, it a good idea to keep track of spendable income and calendar times to review your finances to ensure you are meeting goals. While this step is important for everyone, the large population of baby boomers may see the more immediate need as they have hit or soon will reach the age of 67. This is the age that the Social Security Administration (SSA) has set for people seeking full benefits.

Younger generations should also monitor the potential to receive social security income. By 2033, the Social Security Administration expects to have a shortage of funds. Therefore, do not see social security benefits as a guaranteed way to provide in the future or offset spending habits.
Cost of LivingCreditDebtfinancialFMT AdvisoryIncomeInvestment PortfolioPersonal Finance
Related posts
Wall Street Bets
February 3, 2021
The New World Related to Bitcoin
January 5, 2021
Friction is Being Driven Out by Technology
December 30, 2020
The Rise of Monetary Inflation
November 12, 2020
Save Money in the New Economy
June 30, 2020
Why Electric Vehicle Sales Will Continue to Skyrocket
June 1, 2020
Call Us

480-522-1077

888-649-6556

FMT Advisory
Copyright 2018 - FMT Advisory. All Rights Reserved.
  • About Us
  • Disclaimer
  • Contact Us
Bottom Menu FMTAdvisory