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Why You Don’t Need The New Apple iPhone 15 - Fintorialz

Why You Don’t Need The New Apple iPhone 15

Sep 18, 2023

Year after year, Apple releases a new iPhone model. This year, the release of the iPhone 15 is scheduled for 22nd September. There has been multiple pre-orders, and several others plan to purchase the new phone once it is in the market. However, does one need a new iPhone each year? Is the acquisition of this new model important? Here are 5 reasons why you do not need the new iPhone 15 model.

  1. Your old Phone Works Perfectly: Each time apple releases a new phone, there is an innate feeling one has that it needs to be purchased. One begins to feel that their old phone might have issues. This is simply not true except your older phone has been used for about 4 years at least. The urge to acquire the newer model comes from trying to keep up with the Joneses. This hurts your finances and increases the journey towards financial independence
  2. Manufacturers Support Their Phones For Half a Decade: Many manufacturers support their phones for at least 5 years. This implies that a phone manufactured and released in 2018 can be used till 2023 and perhaps beyond. Therefore, the acquisition of a new phone is not needed
  3. Longer Time To Achieve Fire: The new iPhone15 model is about $1000. Now depending on the color, specs and memory capacity one chooses, that price could increase to $1200. When taxes are added, that price could further increase to $1400. That money could be put into index funds, and left to grow. It could also be added to a High Yield Savings Account. Another option could be adding it to one’s debt, thereby significantly reducing said debt.
  4. More Debt: Increase in debt is another reason why one does not need the new iPhone. If the purchase is made by installments, then it makes things worse. With installment loans, one pays more than when the phone is purchased outrightly. Installment loan also increases your debt to income ratio. In addition, you acquire a loan used to purchase a liability as opposed to an assets. Also, you add to your debt, paying about $80 monthly perhaps for the next 3 years. This is of course in addition to other existing debt.
  5. Similar Specs Compared to The Older Models: During the release of newer models, Apple boasts about the increased efficiency of said model. They brag about how the specs are better, how the model has a better design in addition to other things. However, it is an open secret that there are little to no differences between the newer model and the older ones. Apart from the increase in size, and the addition of extra cameras, there is no significant changes in a new model

With the information above, it is imperative to reevaluate your reasons if you have plans to purchase the iPhone 15. Write down your pros and cons about your current phone and why it needs to be changed. In addition, make a list of the positive impact the newer model will have on you. Finally, evaluate the impact that the $1400 (or more) which will be used to purchase the phone will have on you. Remember that the goal is to achieve financial independence and be free, and not to keep up with the joneses.

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