You can always count on Carl Richards, NYT columnist, to provide advice contrary to popular opinion. In this column, he he eschews advice to find the cheapest and describes the tortuous process he went through before buying a “very expensive” bike:
“Following weeks of buyer’s remorse that more closely resembled terror, I came to realize something that is going to sound crazy. Buying this incredibly expensive bike was one of the best financial decisions I’ve ever made. I understand that writing $5,000 and the words “bike” and “smart financial decision” all in the same sentence sounds absurd, but it’s not.
This was a fantastic, rational, smart financial decision. And I know that goes against everything you’ve heard from every personal finance adviser out there. They’re always telling you how to save money, how to reduce expenses, how to buy cheaper. Right? Cheaper, cheaper, cheaper. What I’m saying is, that’s a shortsighted message that we need to change.”
He goes on to enumerate five reasons that buying what you love (even if the purchase price is more expensive) pays off in the long run: