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Some Purchases May Still Be Worth the Price
By RON LIEBER
In the last month or so, it has become much harder to take out our wallets without feeling guilty.
No single authority figure has told us not to spend. But people are scared, and that fear is showing up in lower sales on all sorts of big-ticket items, from autos to electronics.
About a month ago I got a note from a man in Ann Arbor, Mich., named Ron Stefanski. At the time, I was writing about reducing financial risk, and he and his family had recently splurged on a 38-foot sailboat and lowered the 20-year-old vessel into the waters of Lake Charlevoix. The question his message raised was whether spending money on a boat was actually wise, and if so, why?
But trying to do the math on buying a boat will often end badly, as it will with many large discretionary purchases. Boats depreciate, vacations are over in a week or two, and you probably won’t recoup the entire cost of your remodeled patio.
Instead, the Stefanskis came to realize, the boat was an investment in something much more valuable than money. “When you look at life from that perspective, it’s about creating memories,” he said. “Because the good moments can be fleeting and they can be peppered with other experiences that you don’t want to be as memorable.”
A boat is also an investment in relationships, something that isn’t readily apparent until you’re on one a lot. “We’re getting ready to be empty-nesters, learning how to navigate the space of being alone together, and that’s something that’s been a little bit sobering,” Ron said. “What she helped me to see is that having the boat is an opportunity to connect, to spend time together when the boys are off doing their own thing.”
“This was a window of opportunity,” Ron said. “And the fact that we have to put the effort into driving up to the lake, it marks the time as untouchable.”
A sports car probably doesn’t qualify here. Nor does a tummy tuck. Instead, it’s about investing money tactically in our relationships with one another, building bonds that last beyond ones to any particular employer or a house that we may no longer be able to afford.
“If you value family and friendships and experiences, the things that you might lose don’t mean quite as much,” Kay said. “It puts it all in perspective.”
Ron added, “Your job as a parent, a friend or life partner is to create memories with each other. That’s what we’re here for. And I think in that respect, the decision to purchase the boat was a good decision.”
http://www.nytimes.com/2008/10/18/busin ... y2.html?em
By RON LIEBER
In the last month or so, it has become much harder to take out our wallets without feeling guilty.
No single authority figure has told us not to spend. But people are scared, and that fear is showing up in lower sales on all sorts of big-ticket items, from autos to electronics.
About a month ago I got a note from a man in Ann Arbor, Mich., named Ron Stefanski. At the time, I was writing about reducing financial risk, and he and his family had recently splurged on a 38-foot sailboat and lowered the 20-year-old vessel into the waters of Lake Charlevoix. The question his message raised was whether spending money on a boat was actually wise, and if so, why?
But trying to do the math on buying a boat will often end badly, as it will with many large discretionary purchases. Boats depreciate, vacations are over in a week or two, and you probably won’t recoup the entire cost of your remodeled patio.
Instead, the Stefanskis came to realize, the boat was an investment in something much more valuable than money. “When you look at life from that perspective, it’s about creating memories,” he said. “Because the good moments can be fleeting and they can be peppered with other experiences that you don’t want to be as memorable.”
A boat is also an investment in relationships, something that isn’t readily apparent until you’re on one a lot. “We’re getting ready to be empty-nesters, learning how to navigate the space of being alone together, and that’s something that’s been a little bit sobering,” Ron said. “What she helped me to see is that having the boat is an opportunity to connect, to spend time together when the boys are off doing their own thing.”
“This was a window of opportunity,” Ron said. “And the fact that we have to put the effort into driving up to the lake, it marks the time as untouchable.”
A sports car probably doesn’t qualify here. Nor does a tummy tuck. Instead, it’s about investing money tactically in our relationships with one another, building bonds that last beyond ones to any particular employer or a house that we may no longer be able to afford.
“If you value family and friendships and experiences, the things that you might lose don’t mean quite as much,” Kay said. “It puts it all in perspective.”
Ron added, “Your job as a parent, a friend or life partner is to create memories with each other. That’s what we’re here for. And I think in that respect, the decision to purchase the boat was a good decision.”
http://www.nytimes.com/2008/10/18/busin ... y2.html?em
