That can help us make well-considered decisions so that the move isn't automatic. So it's worth looking at phone upgrades in a different light to weigh their financial impact. Samsung, for example, has said the price of its new Galaxy phone is $200 - but that's only if you trade in a year-old phone for credit toward the new one. But they also play numbers games to downplay the costs of a new phone. Tech companies fairly argue that our smartphones are our most powerful tools for work and play and thus worth every penny. Yet 1 in 5 people surveyed by financial website WalletHub thought a new phone was worth going into debt for. Fewer than half of American adults have enough savings set aside to cover three months of emergency expenses, according to the Pew Research Center. In other words, $700 to $1,000 - the price range of modern smartphones - is a big purchase. By some estimates, an investment of $1,000 in a retirement account today would balloon to about $17,000 in 30 years. No big deal, right?īut financial advisers see this differently. Tim Cook, Apple's chief executive, once compared this eye-popping price tag to buying a cup of coffee a day over a year. Et's talk about buying an iPhone for $1,000.
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