Comments on: What the iPhone 3G S says about your bank account

By: Chloe, Tuscaloosa AL

Chloe, Tuscaloosa AL — Mon, 22 Jun 2009 21:40:15 +0000

My house is paid for, my new SUV is paid for, I eat out often, and I am getting the new I phone. Nothing wrong with that. My pet peeve is people worrying about what other people do with their finances. Why should you care as long as they don't ask you to pay for it!

By: Robert, Allentown PA

Robert, Allentown PA — Fri, 19 Jun 2009 20:06:12 +0000

Wonder what it says about me…….after 16 years as a verizon customer.from back in the days when one phone could easily cost you $300 a month……….my latest phone is one that cost less than what my "Upgrade Credit" was from Verizon.

And the Family SUV is paid for and has only 40K miles on it…..

And I don't get HBO…….

And I have a six figure income….

so why am I always broke?

Oh yeah………two daughters.

By: Sharon, 32, Florida

Sharon, 32, Florida — Fri, 19 Jun 2009 15:42:27 +0000

HA! I know a lot of friends and family in their late 20's/early 30's who exhibit nearly every trait on this list! I think this list is more likely to apply to the gen X & Yers who are so self absorbed and so into immediate gratification, that they have no idea the effect their decisions have on their financial stability. It's really sad how often I've heard "I can't go b/c I can't afford it" or "I'm broke until next payday" when asking someone out for lunch, dinner, or a drink lately. Especially when most of these people who "can't afford it" have flat screens, DVRs, new cars, iphones/blackberries/ipods, or even "McMansions." These people don't have a clue – hope they enjoy working as walmart greeters in their "retirement."

-and no, this isn't bitterness talking. I own a house in the "good part of town," with a mortgage that will be paid off as I turn 40. Even though the bank said I could "afford a house twice as much as you are buying," I knew I didn't "need" it. I bought a brand new SUV 14 months ago (paid half cash, and the rest will be paid off next year), I have a new laptop w/ cable modem, etc. I just took a wonderful trip to Italy. The difference is, I have NO CC debt and pay cash for nearly everything, and am well on my way to retire very comfortably at 55, even though the husband and I make a modest salary (less than 100K). I'm not rich, but I'm not poor b/c I'm not dumb with the money I do make. I am, however, irritated at those who made (and continue to make) stupid decisions, and then blame their "misfortune" on the economy….and then look to a president whom they think will bail them out. again I say HA!

By: Tom, Portland ME

Tom, Portland ME — Fri, 19 Jun 2009 14:59:48 +0000

The list is spot-on – especially about financial priorities. Until you ask yourself what you really want to do with your money, you're likely to just p*ss away any leftovers you think you have.

By: Brad San Antonio, TX

Brad San Antonio, TX — Fri, 19 Jun 2009 14:28:08 +0000

There is so much whining right now. Why can't you have everything you want? I get the latest and greatest of everything I enjoy. I have the premium DirecTV package. I eat out almost every meal and I buy things when I want them. I also work efficiently to earn enough money to be able to do that. You really can have whatever you want, you just have to be intelligent enough and hard working enough to be able to afford the type of lifestyle you wish to have. The economy retracts because people freak out and stop spending money. Then inventories pile up, businesses stop purchasing new inventory and then inventory stops being produced. This results in job losses. Then there is less money to spend, so the government has to pump up the economy. People should definitely live within their means, but there are so many people on here self-righteously espousing the virtues of their self denial. I hate to tell you this, folks, but this is the only life you get. You can second-guess and wait for the next version to infinity. In the meantime, I will be enjoying the fruits of my labor.

By: Daniel, Columbus, Ohio

Daniel, Columbus, Ohio — Fri, 19 Jun 2009 08:31:44 +0000

As a struggling small business owner (many would call poor) I find the iPhone an invaluable tool to keep crucial info at hand which has greatly improved my profits and my image. I have to say that it has truly helped me to climb out of the hole.
I guess it just depends if you know how to use such tools to their fullest potential.
As for upgrading, for me at least it is much cheaper and wiser to upgrade in the long run. Upgrading (at least this time around) extends the warrenty which was about to run out, gives me the much needed RAM to have a well functioning iPhone well into the future. The RAM on the iPhone 3G released in 2008 is barely enough to run heavy duty applications on the iphone and has difficulty (in my experience) running iPhone's new Operating System 3.0.
When the warrenty runs out and the phone has problems I'd be messed up bad.

By: Troy, Duluth Mn

Troy, Duluth Mn — Fri, 19 Jun 2009 05:04:35 +0000

Well, I wonder what this says about me.
I bought the iphone for $99 and got the new v3 update.
It doesn't have the video, the 3 megapixel camera, or the compass… but, it's close enough.

By: Gary, Woodhaven MI

Gary, Woodhaven MI — Fri, 19 Jun 2009 03:58:56 +0000

I sold my ipod touch 16gb on Amazon for $275 that I had for a year and coincidentally my old cell phone plan just came up for renewal – so I'm trading up for the 32gb for only $50! I think that's pretty smart! (Plus I get a 10% discount on AT&T plans because of my companies relationship with ATT)

By: Anne, Ellicott City, MD

Anne, Ellicott City, MD — Fri, 19 Jun 2009 03:36:19 +0000

Nobody truly needs a financial advisor or blogger. Everybody just needs to exercise the wonderful 'gifts' of common sense and fiscal discipline: live within/under one's means and save. THEN one can splurge once in awhile without risking falling into the big,black debt hole.

By: Jeff Detroit, MI

Jeff Detroit, MI — Fri, 19 Jun 2009 02:42:45 +0000

no cable, no iPhone, house worth 2x my income, car 1/5 my income and 1.4M in bank. that's the formula

By: Sam, Cambridge MA

Sam, Cambridge MA — Fri, 19 Jun 2009 00:36:01 +0000

The article makes very some good points, but I don't like the (too general) stereotyping of NSWTDs. Not everyone buying the (actually very cheap!) iPhones fall into the category of splurge spenders. At the same time — Collectively as Americans, spending what we don't have, has brought us to the point we are today. We owe more than $1 trillion to the Chinese in national debt; but now with all these new iPhones we are going to route millions of dollars (of course through Apple Inc.) to China to pay for the manufacturing labor. Apple loves this as they would have to pay five times as much to get those phones manufactured in the US — which … yes, would make the iPhones more expensive, but would create more jobs and generate revenue inside our shores!

By: Steve, Los Angeles, CA

Steve, Los Angeles, CA — Fri, 19 Jun 2009 00:16:31 +0000

He has good points but then again the odds are highly in his favor. Make a list like that for the uber rich and you'll probably get it wrong. Making a list for the poor isn't that hard since most people are poor.

By: Anonymous

Anonymous — Thu, 18 Jun 2009 22:56:11 +0000

Bitter…party of one.

People need to stop whining about how others are spending and start worrying about your own finances.

This excerpt seems like someone is whining because they can't get the coolest phone on the market. I paid cash for mine and continue to pay cash for my bill while also living within my means.

By: Anonymous

Anonymous — Thu, 18 Jun 2009 22:31:31 +0000

Welcome to liberal america, everyone gets and iphone! When considering other expenditures, savings, home purchase etc… you need to make at least $85K to be able to really afford the iphone service plan, any less and you will be turning to the goverment looking for handouts and crying about how you cannot afford a home.

By: Anonymous

Anonymous — Thu, 18 Jun 2009 22:00:10 +0000

I bought the iPhone 3G and will hopefully by the 3GS if AT&T drops the price on it. How can I do that? You all forget or don't know that the 3G is an asset. I paid $260 and can sell it on ebay for that amount or more. So for me personally I'm upgrading without spending a dime.

As for those who look down on people that spend this much on a phone look at your own life. I'm sure you splurge on certain things. I have cable but on basic channels. I have a computer that was top of the line a year and a half ago but I built it myself thereby saving over 50%. I go out once a week and eat sushi…the rest of the week it's pasta and chicken for dinner and lean pockets for lunch. So yes I do spend more with tech stuff but I save money with other stuff. My TV is 6 years old (not even flat panel)!

By: Tim, Apple Valley, CA

Tim, Apple Valley, CA — Thu, 18 Jun 2009 20:28:50 +0000

I think going out to eat is the biggest budget buster on the list. I know people who can't seem to put any money into savings and yet they eat out almost every meal.

$10 a meal, lunch and dinner, M-F = $100/week or $400/month PER PERSON.

That's almost $5,000 a year – I think if most people realized the cost they would not eat out so much. Of course, eating at home costs something too, but it can be well under $5 a meal if you plan it right.

By: Mike, Orange, CA

Mike, Orange, CA — Thu, 18 Jun 2009 20:20:07 +0000

This article is spot on…

If there was a theme for the last 10 years it would be: "Monthly package".

Do you remember not too long ago (in the 90s) when buying a $100 phone was a big purchase? Now we buy $400 phones and spend $100 a month for service. Then we complain that gas has gone up $1.00 a gallon.

People just don't know the value of a dollar anymore.

By: Travis, RTP, NC

Travis, RTP, NC — Thu, 18 Jun 2009 19:57:15 +0000

This makes no sense. The iPhone 3GS is not a new phone. It is an iteration on a n existing phone. The original iPhone 1G was $399 for the 8GB model, the new 3GS is $299 for for the 32GB model.

People buying the "new" iPhone have made an excellent fiscal decision. They can go out and buy a 8GB 2G iPhone for $99.

Not every article has to have the word iPhone in it…

By: Jon, San Francisco CA

Jon, San Francisco CA — Thu, 18 Jun 2009 19:39:06 +0000

In general, these tips are so true.

Net worth is ultimately about financial decisions far more than income. I know many people who blow tons of cash on frivolities and then complain about "rich peeople". Yet if they just made better financial decisions they would be so much better off. For anyone who isn't already, get a monthly budget and use some good financial software like Quicken or Mint.com (which is free). I have no affiliation with either company but both are nearly necessities when it comes to achieving your financial goals.

By: Benjamin, Lancaster, PA

Benjamin, Lancaster, PA — Thu, 18 Jun 2009 18:49:15 +0000

Think about what cost are associated with purchasing items like this (i.e. – iPhone). Not only do you have to plunk down $200 or more to purchase the device, you must pay $30/month or more on top of your normal cell phone plan fees. Tell me what sense does this make? It costs as much or more than some broadband services for your home to get web access. People don't realize these things because most Americans are not smart with their money. So they get into the 'coolest' things that end up costing 'an arm and a leg' after the initial novelty wears off. We need to stop paying for this stuff and force the manufactures to offer lower more reasonable prices for services like this. Until we do, services and devices like this will only be for the 'early adopters' and will be old when all us less wealthy individuals actually get one.