Moments of buying and then the moments of remorse are typical feelings for anyone saving for that moment where you can declare that you have FIRED!
Financial Freedom Retired Early. (F.I.R.E)
My latest purchase was a camera, a vblogging camera to be precise. Specifically for the act of video blogging. If I an honest with myself, my iphone could have done the job just fine, but I wanted this camera. I had been planning to buy it for so long.
I did the whole, I want it, put it at the back of your mind and forget about it, thing. But it didn’t go away, my justifications kept building and finally I decided it was the right thing to do because it is an investment for the future. Right!
Yeah, that is a justification. It seemed to fit my reason for purchasing it.
Then right on cue, after the high of making the purchase, the remorse and guilt kicked in. Putting it into perspective it is a just over a couple of weeks retirement expenses and I could likely make it back with some other innovations with my income… reduce some other expenses, so why the remorse then?
There is no reason to feel the remorse. So I am keeping it, because I know I will get the use from it.
This is one of the things I always need to remember. It is ok to treat myself to something nice. If it is something that I want and if it is something that will see me get the use of it and if there is a benefit then, I should buy it without guilt.
The road to FIRE is long, it is a marathon as they say and along the way there will be mishaps, gains, losses and some investments in some incentives. This being the camera purchase.
My incentive then is to get the use from it and like everything, I am looking at my ROI.
Haha, ok, so what should be my return on the investment. Do I measure it in my happiness score, mystery shopper style, or how many videos I make and post up to YouTube or in any paid work that I might get from its use in the future…
The one thing I am clear on is that I went through my correct selection process.
- I delayed my purchase and thought thoroughly about the reason for buying.
- I worked out how many hours that I would need to work in order to pay for it.
- I worked out what it would cost me in ‘retirement time’ – the cost of the camera would cover just two weeks of retirement expenses.
- I did my research on alternatives and found the cheapest price. Probably added to the desire.
- I asked myself if I need the accessories or the additional extended guarantee. I didn’t.
- I went back to my delayed purchase process and made a further justification.
- I slept on it…. many nights.
- I redone all the maths.
- I then decided to buy it the following week just to be sure. Double sure.
- I was sure.
- So I bought it.!
This does all sound a big bit elaborate, I know, I got the feedback.
I was told to ‘just buy it if you think you will use it and stop going on about it’ so many times.
But I had to go through my process.
This is a process I recommend to many people when I talk about FIRE. Not all the steps, the elongated version is my own process. But just take a pause before a snap purchase.
It sounds exhausting but it’s not, and even if it is… it will save you buying some stuff that you just do not need. Just delaying the purchase, asking why you need or want it and doing some quick maths will stop you from buying stuff.
More clutter for the garage, that drawer in the kitchen or for your bookshelf or even directly to garage with our passing go and collecting two hundred pounds. You don’t need to add to that clutter if you can help it.
“The things you own end up owning you.”Fight Club; Chuck Palahniuk
It will spare you the wasted energy that you might put into any ongoing justification.
It will give you an all round saving, saving money, energy, space and worry.