Post
Topic
Board Economics
Merits 4 from 1 user
Re: Getting things off your list.
by
wxa7115
on 02/11/2021, 19:58:25 UTC
⭐ Merited by The Pharmacist (4)
Try out this strategy, strike things quickly out of your need/want list and be content, so they no longer become a problem and hindrance to your plans to save/invest.

If you plan to buy a house for your comfort, and it is within your means, seek out a way to get it done quickly.

If you plan to get a car, as you feel you are ripe enough for it, and there's a means to get it, don't hesitate, get it quickly off your list.

if you plan to buy a home equipment, electronics or furniture,  and it is super important to you and your comfort, buy it and get it off your list.

The longer you wait at times, the more prices increase, things are not getting cheaper, the longer you wait the more the thought of this need bugs your mind.

The issue here is that there is an opportunity cost for everything we do and this must always be taken into account, for example if I sleep an additional hour each day then that is an hour I cannot use for anything else, the same is true for money, we will have a limited amount of money during our lifetimes and we need to use it as effectively as possible.

So we need to wonder what is the best option now, buy a house or buy bitcoin with that money? To me the best option is to buy bitcoin and delay buying a house for a long as possible, after all if an economic crisis hits the world the price of houses will go down while the price of bitcoin will go up and you will be able to buy the house you want while still retaining some of your bitcoin, so I am not so sure I agree with the strategy you are proposing since you will have to pay the opportunity cost of not getting bitcoin if you buy something like a house now.