Author Topic: Penny Wise, But Pound Foolish: What Do You "Invest" In?  (Read 1711 times)

Bruised_Pepper

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Penny Wise, But Pound Foolish: What Do You "Invest" In?
« on: December 18, 2013, 07:40:49 PM »
So, many of you have probably heard of the "boots theory" (MMM may have written about it, too), where a poor man can only afford to pay $10 for a pair of boots, while the rich man can spend $50.  The rich man's boots are higher quality last 10 years, and the poor man's only lasts 1.  Thus, the poor man ends up paying twice as much for boots over the 10-year period, ending up even poorer by comparison. 

I have an incredibly similar scenario on my hands (feet?) right now.  About 1.5 years ago, I purchased a pair of dress shoes for $50.  They are currently wearing out at the seams.  Granted, I put much more stress on them than many people would, but that's pretty terrible value in the long run.  I was penny wise, but pound foolish.  I think I'm going to save up some spending money for a high quality pair of shoes.  Anyway, I got to thinking: where do the Mustachepeople draw the line between cheap and frugal?  What types of things do you spare no expense on?  Specific examples and general discussion both welcome. 

SisterX

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Re: Penny Wise, But Pound Foolish: What Do You "Invest" In?
« Reply #1 on: December 18, 2013, 07:56:41 PM »
For me, it almost entirely depends on the amount of use something will get.  I, for one, rarely wear dress shoes so I have a few cheap pairs to go with the few dresses I own, and which will work for any occasion which would require dress shoes.  But my everyday shoes are, for me, rather pricey.  But I've had one pair for over 6 years now and they're still going strong, even though I spend a lot of time walking.  They're still comfortable and still supportive, so the price was worth it.
We will almost certainly be moving out of our state sometime in the next two years, also, so that factors into decisions.  The less stuff we have to transport, the less expensive and generally easier it will be.  My husband and I have talked it over and decided that there are two pieces of furniture we'll take with us when we go, everything else we'll either sell, give away, or take to the transfer station.  It sucks having crappy furniture for now, but the long-term goal is far more important to us.  Once we're definitely settled in a place, then we'll invest in comfortable furniture which won't fall apart within a couple of years, doesn't require zip ties to stay together, etc.  :)  I'll be far more upset to part with my plants than I will be to get rid of our furniture.