I for over a year off and on drove for both Uber and Lyft. During those times I had my fair share of interesting passengers. One in particular stands out that goes along with today's subject.
Just north of Hill airforce base South of Ogden east of the I15 freeway and south of the I84 sits a community backed up to an embankment of hills which cast a shadow on this neighborhood during sunset and probably during most of winter. I picked up a passenger headed to a payday loan place. On the way we started a conversation. She let me know that the reason she was on her way to get a payday loan was because her husband had his old truck he inherited from his dad in the shop for the 3rd time repairing the same problem. They didn't have the money to fix it so she was going to go get a loan to pay the mechanic. Me being a financial guy asked her If the truck was even worth fixing to which she responded that it was his dad's truck that he inherited after his dad died, they were never going to sell it, and we're going to do whatever it takes to get it running.
I get it. We all have our sentimental objects. Most of these objects such as a book, clothing, Grandma's old Jewelry or Grandpa's coin collection don't require upkeep cost at all. We simply keep them safe and show them to others. What this guy inherited was a money pit. Which I'm all for he fixing it. IF HE DOES IT WITH HIS OWN MONEY. Is he really finding happiness by mortgaging his future on a truck that has very little financial value? Is his financial decisions that day going to require him to look elsewhere for help when he can't pay the payday loan or other bills? Are generous people paying into social programs going to eventually subsidize his truck? This is again another reason I hesitate to blindly donate to any social program.
This last week I pulled out my old laptop that unfortunately stopped working when my wife let my daughter do her school homework on it. I had the intention of fixing it and using it for my financial spreadsheets. After purchasing a power cord I accessed the damage and realized it may need a new hard drive and a new battery. The minimum cost would be around 50 dollars.
I then asked myself is it worth it. For what I want for this laptop to perform, is it worth it.
First of all I don't need it. I have several phones that can handle my spreadsheets just fine. Secondly I can buy a used Chromebook for less than what it would cost to repair my computer. Sure it wouldn't be as great as my computer but it would perform the task I would need it to do.
Sometimes we find ourselves so into a project we forget to ask ourselves is it worth it. Too many people get stuck in a money pit continually fixing upgrading and pouring money into their projects not realizing even the very part they buy is worth more than their entire Car, boat, or computer. I myself am guilty of this. I too have poured too much money into projects that did not produce a return on investment not even an investment of happiness.
So take a step back ask yourself is it worth it. Can you afford it with your own DISPOSABLE income. Fine tune your finances. Make your money work for you. Stop working for your materialistic possessions.
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