Don’t have the cash? Don’t get the thing. Best advice my mother ever gave me.
Weirdly, I got told the opposite. One of my first jobs was at a builder’s merchants, and I was the office lackey for the head accountant. His advice was to always pay off the value of the asset over its lifespan.
I suppose then, it would introduce an additional educational burden of interest rate calculations, depreciation, and all the other exciting things with financial planning, budgeting, and general adulting.
e: from a personal standpoint, it sounds wonderful but I can’t be arsed with juggling everything effectively being turned into a subscription. Unless it’s a 0% finance offer then I’d rather just cough up outright and deal with the financial hole later.
I understand this on an intellectual level but simply can’t bring myself to finance anything.
personal debt is a trap I’ve seen too many people get caught by.
It is a trap because, for a lot of people, money isn’t a number but an on/off switch. You either have enough money to buy something or you don’t instead of being able to understand the short and long term impacts of taking on debt.
Some personal debt can be beneficial, but a lot can lead to major problems.
Idiots.
