Being Able to Afford Something Is Not The Same As Being Able To Maintain It

[Renampun]

These days there are so many people who force themselves to buy cars... They even go for credit with such a low down payment and installments that last for years just to show off and flaunt their cars to their neighbors or others... But they don't realize that over time, the car ends up suffocating them... Not only do they have to pay the monthly installments, but also vehicle taxes, maintenance costs, and fuel, which could be even more expensive compared to when they were using a motorcycle.. Often, they have to work extra hours or take up jobs as online drivers just to cover these installments.. All this just so the car loan can be paid off.

This is the reality for many people today.. They are willing to sacrifice their lives just to get something they probably can't really afford just to be seen as more successful and rich, even though they don't have the ability to maintain that.

[Pearl_20]

Do you think people pay enough attention to the cost of maintaining what they buy or do we focus too much on the initial price?

Some people pay attention to it while some people do not pay attention to it. You know people can not be the same, some are very wise and intelligent while some are not wise at all but they like to loud things happening to them. I have seen someone that received high amount of money and used all to buy car but later sell the car and become more broke. Also I have seen something that know how to save very well and buying necessary things.

Yes, people are different when it comes to making choices and they pay much attention to initial cost price to maintenance while for others they choose to ask themselves question of if they can maintain it before buying. The different people you mentioned are just how majority of people lives their life once money enters their hand and especially if the pay is high they don't calm down to take decisions out of over excitement and wanting to show off they rush to get things not needed and will cost them much later thereby even leading to regrets sometimes.

A wise person whether in business or you want to purchase something for your personal use ask questions of how much cost will it require for you to maintain that and not just the initial cost, some people in business will rush to buy things that will eventually spoil and in a very high price instead of getting a cheaper one that won't consume much in terms of maintenance. A lot of persons just focus on the initial price rather than asking themselves how much the maintenance will cost and that's why such people easily go broke.

[Stormisover]

I can agree with that to some extent. The house you live in and the car you drive shouldn’t be too luxurious. You should buy a house and a car that fit your budget. Let’s say you’re working for minimum wage and you won the lottery or inherited some money. Would you go out and buy a Ferrari with all that money? You wouldn’t be able to afford the maintenance afterward, and you’d even think twice about filling it up with gas. The same goes for a house. Instead of buying a huge house and paying high property taxes and the ongoing maintenance costs, you’d choose a home that fits your budget and lifestyle.

These days, people want the best of everything, and that’s why they sometimes make poor purchasing decisions.

Now one of the benefits of buying things or making budget within your own financial position is that it gives your inner mind all the peace in the world because at the end of the day you are not going to be struggling to sustain or maintain it, must people has gotten themself to a standard of living or lifestyle that they can't sustain normally and while struggling to do this and thinking of what people will say, they end up getting involved in illegal stuffs just to make this money and maintain this standard and to avoid what people will say. There is nothing as good as understanding your level and protecting your peace of mind.

[Supreme Donvic]

Yes many people really do not bother about the maintenance of what they want to buy they only care and worry about the price, just like the example you gave, if you want to buy a car and you are just considering the price of the car and not the maintenance of the car you are making a very big mistake and you may end up selling the car or abandoning it if you don't consider the maintenance of the car before buying it.
People have bought cars and later abandon those cars or sell it just because they cannot maintain the car and this is what happen in some people's lives.
Let's give more attention to the maintenance of what we want to buy and not just the price it will cost to purchase it.

[pusaka]

Yes many people really do not bother about the maintenance of what they want to buy they only care and worry about the price, just like the example you gave, if you want to buy a car and you are just considering the price of the car and not the maintenance of the car you are making a very big mistake and you may end up selling the car or abandoning it if you don't consider the maintenance of the car before buying it.
People have bought cars and later abandon those cars or sell it just because they cannot maintain the car and this is what happen in some people's lives.
Let's give more attention to the maintenance of what we want to buy and not just the price it will cost to purchase it.

It should be before we buy something then we must consider the treatment, so that something we buy that we can use in the long run. The cost of treatment is not a consideration because people may think that the cost is low, but without them realizing that the cost of treatment is usually more expensive. It's just that we won't feel like spending money because it's not all at once, but in installments according to the treatment we are doing. Especially if they are things that we use every day, for example vehicles.

My friend once bought a motorcycle and in a short time he had to dismount the engine 2 times which was not a cheap cost. The reason is that he is not skilled enough or negligent in care.

[abhiseshakana]

Yes many people really do not bother about the maintenance of what they want to buy they only care and worry about the price, just like the example you gave, if you want to buy a car and you are just considering the price of the car and not the maintenance of the car you are making a very big mistake and you may end up selling the car or abandoning it if you don't consider the maintenance of the car before buying it.
People have bought cars and later abandon those cars or sell it just because they cannot maintain the car and this is what happen in some people's lives.
Let's give more attention to the maintenance of what we want to buy and not just the price it will cost to purchase it.

It should be before we buy something then we must consider the treatment, so that something we buy that we can use in the long run. The cost of treatment is not a consideration because people may think that the cost is low, but without them realizing that the cost of treatment is usually more expensive. It's just that we won't feel like spending money because it's not all at once, but in installments according to the treatment we are doing. Especially if they are things that we use every day, for example vehicles.

My friend once bought a motorcycle and in a short time he had to dismount the engine 2 times which was not a cheap cost. The reason is that he is not skilled enough or negligent in care.

Before purchasing vehicle, i always use the total cost of ownership (TCO) approach. True cost of an item including purchase price plus operational cost plus tac plus depreciation expense. When the total cost exceeds my financial capacity, then the item is, in reality, not yet suitable for me to purchase. Sometimes me myself when do shopping only focus on the nominal amount listed on the price tag during the transaction, without looking at the big picture of long term costs. Matter of fact naturally we place a higher value for today or spontan gratification than considering several times dor the future cost. It is often dismissed as a problem for later so they left out of projection at the time of purchase.

Beside that many people think vehicle as asseteven though its value has shrunk drastically, therefore, the depreciation value must be considered from the outset

https://en.wikipedia.org/wiki/Total_cost_of_ownership

[HyperCodexV]

A lot of financial decisions are based on one question; CAN I AFFORD TO BUY IT? but I think another question is just as important; CAN I AFFORD TO KEEP IT?

For instance someone may be able to afford a car today but the real cost does not end when the can is purchased. There is fuel, maintenance, insurance, repairs and other running expenses. Sometimes the purchase itself is not what create financial pressure, it is the reoccurring cost that comes after the purchase.

This made me realize that affordability should probably be looked at from two different angles; CAN I AFFORD THE PURCHASE AND CAN MY INCOME COMFORTABLY SUPPORT THE RESPONSIBILITY THAT COMES WITH IT? Something can be within your budget today but becomes a burden 6 months later if the ongoing cost are ignored. I think this is one reason why two people with similar incomes can have completely different levels of financial stability.

Do you think people pay enough attention to the cost of maintaining what they buy or do we focus too much on the initial price?

That's why in normal social settings, you will see two people who are on same salary level and yet they are living their lives in a different mode. They will be earning same salary but somehow you will see one doing better than the other, and it all comes down to the cost of maintenance because one can be a big spender and fancy buying luxurious things like car or eating in top restuarants and eatries and somehow he ends up being in debt and can't afford any savings in his account. But the other person will be a big saver of funds and only buy cheap things or buy what is necessary to just live by on daily basis and such a person sleeps well and never have to worry about running out of cash. So the difference lies in them asking themselves Can I afford to buy this or can I afford to keep this.

[Mansoveh]

A lot of financial decisions are based on one question; CAN I AFFORD TO BUY IT? but I think another question is just as important; CAN I AFFORD TO KEEP IT?

For instance someone may be able to afford a car today but the real cost does not end when the can is purchased. There is fuel, maintenance, insurance, repairs and other running expenses. Sometimes the purchase itself is not what create financial pressure, it is the reoccurring cost that comes after the purchase.

This made me realize that affordability should probably be looked at from two different angles; CAN I AFFORD THE PURCHASE AND CAN MY INCOME COMFORTABLY SUPPORT THE RESPONSIBILITY THAT COMES WITH IT? Something can be within your budget today but becomes a burden 6 months later if the ongoing cost are ignored. I think this is one reason why two people with similar incomes can have completely different levels of financial stability.

Do you think people pay enough attention to the cost of maintaining what they buy or do we focus too much on the initial price?

Some people focus on the price than the maintening price. In the word that we are living today, many people do not care about the maintenance, they only want to be among those who own a car or that particular property they want to own. Similar thing to marriage. You are eager to get married, do you have the capacity to take care of your wife and kids?

Bringing a child into this world is a big responsibility, but I’ve seen many parents who don’t care about their children. Many things should consider before deciding whether we can maintain it. Purchasing a car does not make you a big boy, if you can’t maintain, the owner will have to sell it at the end of the day.

[Aliciaworld]

The same goes when starting businesses too, you might be able to afford the business today, tomorrow and a couple of months but will you be able to cater to the long-term needs of said business?

People go out on a whim, invest their personal funds, gather support from family and friends, and even bank loans without considering the long-term needs of the business. Can you be patient? do you have what it takes to adapt and give your all for the day to day running of the business? Because when the business becomes real, you find out there's no off days, and reality creeps in, many aspiring entrepreneurs break even before the business does.

[DYOR+BTC]

Yes many people really do not bother about the maintenance of what they want to buy they only care and worry about the price, just like the example you gave, if you want to buy a car and you are just considering the price of the car and not the maintenance of the car you are making a very big mistake and you may end up selling the car or abandoning it if you don't consider the maintenance of the car before buying it.
People have bought cars and later abandon those cars or sell it just because they cannot maintain the car and this is what happen in some people's lives.
Let's give more attention to the maintenance of what we want to buy and not just the price it will cost to purchase it.

Different people with different mindset on buying things,  to me the maintenance aspect of everything i intend buying is the first thing i put into consideration before choosing to go by any purchasing plans, It is better not buying than to buy what we cannot maintain after buying it.
Not being able to maintain what we buy is same as wasting the money used in buying it, therefore maintenance is supposed to be our number one priority before going for any purchasing plan. Just as mentioned about, getting a car may be easy but if it can not be maintained then the money have been wasted on the process and that same car may become an abandoned property

[gracreavix]

There's another angle we can look at this. Before then let me point out this and craft my way to it. People get things that they don't need to impress people. They don't focus on the maintenance aspect because they acquire things to please or make people have a wealthy perspective of them. There are people who make hair purchase that's for women with their last money. And when it comes to maintaining the hair, they can just leave it somewhere because the don't have to maintain it. Same with house and car.

Now for the angle I am going to. Getting all those things isn't bad. What if there's a contract that requires you to look a certain way to actually get that contract. Best believe getting that purchase and over looking the maintenance will be worth it here. That's what I think.

[Cryptoprincess101]

Do you think people pay enough attention to the cost of maintaining what they buy or do we focus too much on the initial price?

Many people only pay attention to the cost of what they want to buy just to later realize that the cost of maintenance is really crazy. There are some people that you see with a luxury car once in a while because they are afraid of it's maintenance. This is the reason why you see some people will come on social media to flaunt something they bought with an expensive price but after that day you won't be seeing them flaunt it again and some people will begin to ask questions while some others will be thinking that it was rented for a show off but that's not always the case. There was a video I watched on X where a man was regretting why he bought a private jet because the maintenance is making him to go crazy. It is better to buy the things that we can maintain in the long term instead of buying something expensive only to find it difficult to maintain.
 

[Agbamoni]

Do you think people pay enough attention to the cost of maintaining what they buy or do we focus too much on the initial price?

Someone made a statement about high purchases as a means to uplift his financial level. People follow life differently. In layman's terms, people do things their own way that works for them.

I have a friend who loves taking high risks. He decided to pay for an apartment that cost a lot.  6 months income combined could not afford to pay the rent. But guess what, he went into another side business. He started selling inverters and solar batteries as a middleman and took gigs. Now his one-month income can afford to pay the rent because he pushed himself to his limit.

Buying a car can serve many purposes. To me, owning a car will make someone take his business and side hustling seriously to be able to maintain it.

[Rhow]

Yes many people really do not bother about the maintenance of what they want to buy they only care and worry about the price, just like the example you gave, if you want to buy a car and you are just considering the price of the car and not the maintenance of the car you are making a very big mistake and you may end up selling the car or abandoning it if you don't consider the maintenance of the car before buying it.
People have bought cars and later abandon those cars or sell it just because they cannot maintain the car and this is what happen in some people's lives.
Let's give more attention to the maintenance of what we want to buy and not just the price it will cost to purchase it.

It should be before we buy something then we must consider the treatment, so that something we buy that we can use in the long run. The cost of treatment is not a consideration because people may think that the cost is low, but without them realizing that the cost of treatment is usually more expensive. It's just that we won't feel like spending money because it's not all at once, but in installments according to the treatment we are doing. Especially if they are things that we use every day, for example vehicles.

My friend once bought a motorcycle and in a short time he had to dismount the engine 2 times which was not a cheap cost. The reason is that he is not skilled enough or negligent in care.

Before purchasing vehicle, i always use the total cost of ownership (TCO) approach. True cost of an item including purchase price plus operational cost plus tac plus depreciation expense. When the total cost exceeds my financial capacity, then the item is, in reality, not yet suitable for me to purchase. Sometimes me myself when do shopping only focus on the nominal amount listed on the price tag during the transaction, without looking at the big picture of long term costs. Matter of fact naturally we place a higher value for today or spontan gratification than considering several times dor the future cost. It is often dismissed as a problem for later so they left out of projection at the time of purchase.

Beside that many people think vehicle as asseteven though its value has shrunk drastically, therefore, the depreciation value must be considered from the outset

https://en.wikipedia.org/wiki/Total_cost_of_ownership

You said it right, many people only pay attention to the price or monthly installments when buying a car. But they don't think about how much money will be spent after buying it. I want to know one thing about your depreciation calculation. If you put the full purchase price of the car in the calculation and then add depreciation again, isn't there a possibility of counting the same cost twice?

I may have bought a car for $20,000. Later, suppose I sold the car for $12,000 after 5 years. That means my car has lost $8,000 in value in those 5 years. Now if I calculate the actual cost of ownership, I can add the $8,000 depreciation to fuel, insurance, repairs and other expenses. Or I can get the same calculation by subtracting the sale price from the purchase price.

[Youngrebel]

Do you think people pay enough attention to the cost of maintaining what they buy or do we focus too much on the initial price?

Many people only pay attention to the cost of what they want to buy just to later realize that the cost of maintenance is really crazy. There are some people that you see with a luxury car once in a while because they are afraid of it's maintenance. This is the reason why you see some people will come on social media to flaunt something they bought with an expensive price but after that day you won't be seeing them flaunt it again and some people will begin to ask questions while some others will be thinking that it was rented for a show off but that's not always the case. There was a video I watched on X where a man was regretting why he bought a private jet because the maintenance is making him to go crazy. It is better to buy the things that we can maintain in the long term instead of buying something expensive only to find it difficult to maintain.
 

This is why I do tell people around me mostly my friends that need to think beyond the purchase price before buying anything expensive, because the problem might not be buying what’s nice and expensive for your own personal use but the problem is being able to maintain it till the end you can afford it doesn’t automatically mean you can afford to maintain it. Talking about a luxury car or private jet normally it’s a nice and good lifestyle that everyone wants to maintain, but being able to maintain, repairs, insurance, and other things have already become a can serious financial burden already. There was this my friend who purchased a car with all his live saving but has to sell it at the end of the day because he earns monthly and wasn’t able to meet up with maintenance so proper calculation matters a lot.

[ndutndut]

A lot of financial decisions are based on one question; CAN I AFFORD TO BUY IT? but I think another question is just as important; CAN I AFFORD TO KEEP IT?

For instance someone may be able to afford a car today but the real cost does not end when the can is purchased. There is fuel, maintenance, insurance, repairs and other running expenses. Sometimes the purchase itself is not what create financial pressure, it is the reoccurring cost that comes after the purchase.

This made me realize that affordability should probably be looked at from two different angles; CAN I AFFORD THE PURCHASE AND CAN MY INCOME COMFORTABLY SUPPORT THE RESPONSIBILITY THAT COMES WITH IT? Something can be within your budget today but becomes a burden 6 months later if the ongoing cost are ignored. I think this is one reason why two people with similar incomes can have completely different levels of financial stability.

Do you think people pay enough attention to the cost of maintaining what they buy or do we focus too much on the initial price?

A lot of people tend to only look at whether they can afford to buy something initially, but forget that after buying, there are maintenance costs, taxes, insurance and routine repairs that often become much heavier in the long run. For example, many people are driven to buy a car just for prestige or so they don't appear to be losing out to others. When the purchase is made on credit unknowingly the installment payments plus maintenance costs can make financial situations even tougher.

In the end, if your income isn't enough to cover all these costs it becomes very important to realistically calculate the total cost of ownership before buying anything because being able to take care of it is far more crucial than just being able to buy it.

[Dxdiax26]

~Snip~

A lot of people tend to only look at whether they can afford to buy something initially, but forget that after buying, there are maintenance costs, taxes, insurance and routine repairs that often become much heavier in the long run. For example, many people are driven to buy a car just for prestige or so they don't appear to be losing out to others. When the purchase is made on credit unknowingly the installment payments plus maintenance costs can make financial situations even tougher.

In the end, if your income isn't enough to cover all these costs it becomes very important to realistically calculate the total cost of ownership before buying anything because being able to take care of it is far more crucial than just being able to buy it.

That's life today, where everyone only thinks about the initial cost forgetting that there will be more needs in the future but they also think about future needs that can be considered after all initial desires are achieved. I think that's the mistake many people make only prioritizing or providing life's amenities just to show off their lifestyle in front of others.

In fact, in the future there will be many more needs that must be met such as the needs for care and paying for children's school fees and so on. But for those who often follow their desires, they don't think about such things at all. So there will be a time when they feel what they do when all their needs cannot be met, and then anxiety arises about what they have done in the past, which at that time did not think about setting aside as a tool that can help us in difficult situations.

[pusaka]

It should be before we buy something then we must consider the treatment, so that something we buy that we can use in the long run. The cost of treatment is not a consideration because people may think that the cost is low, but without them realizing that the cost of treatment is usually more expensive. It's just that we won't feel like spending money because it's not all at once, but in installments according to the treatment we are doing. Especially if they are things that we use every day, for example vehicles.

My friend once bought a motorcycle and in a short time he had to dismount the engine 2 times which was not a cheap cost. The reason is that he is not skilled enough or negligent in care.

Before purchasing vehicle, i always use the total cost of ownership (TCO) approach. True cost of an item including purchase price plus operational cost plus tac plus depreciation expense. When the total cost exceeds my financial capacity, then the item is, in reality, not yet suitable for me to purchase. Sometimes me myself when do shopping only focus on the nominal amount listed on the price tag during the transaction, without looking at the big picture of long term costs. Matter of fact naturally we place a higher value for today or spontan gratification than considering several times dor the future cost. It is often dismissed as a problem for later so they left out of projection at the time of purchase.

Beside that many people think vehicle as asseteven though its value has shrunk drastically, therefore, the depreciation value must be considered from the outset

https://en.wikipedia.org/wiki/Total_cost_of_ownership

Well this is interesting, because usually we will ignore or forget that there are taxes that we must pay as well, such as when buying a vehicle for example. I once had this experience, when I decided to buy a new output vehicle and sell the old one. Usually the tax I pay is not big, but I was surprised when I paid my new vehicle tax, because the bill was big. Lol

At that time I really forgot and still think my tax payment is still the same, I just realized when I made my new vehicle tax payment. Usually if our expenses per year are not in the budget every month, now we have to take into account even our billing obligations every year.

[Stormisover]

~Snip~

A lot of people tend to only look at whether they can afford to buy something initially, but forget that after buying, there are maintenance costs, taxes, insurance and routine repairs that often become much heavier in the long run. For example, many people are driven to buy a car just for prestige or so they don't appear to be losing out to others. When the purchase is made on credit unknowingly the installment payments plus maintenance costs can make financial situations even tougher.

In the end, if your income isn't enough to cover all these costs it becomes very important to realistically calculate the total cost of ownership before buying anything because being able to take care of it is far more crucial than just being able to buy it.

That's life today, where everyone only thinks about the initial cost forgetting that there will be more needs in the future but they also think about future needs that can be considered after all initial desires are achieved. I think that's the mistake many people make only prioritizing or providing life's amenities just to show off their lifestyle in front of others.

In fact, in the future there will be many more needs that must be met such as the needs for care and paying for children's school fees and so on. But for those who often follow their desires, they don't think about such things at all. So there will be a time when they feel what they do when all their needs cannot be met, and then anxiety arises about what they have done in the past, which at that time did not think about setting aside as a tool that can help us in difficult situations.

Humans have an insatiable desires and while in pursuit for them it is important that we apply caution to avoid making regrettable mistakes, so many things will definitely look very right to have and if you are not being careful enough about it, you will end up having them just at the wrong time of your life when other things were to be more important to have, most times had I know will always come at last. Just to crown it all, there is time for everything and this also applies on how we get to satisfy our desires in life.

[Rabata]

Do you think people pay enough attention to the cost of maintaining what they buy or do we focus too much on the initial price?

Many people only pay attention to the cost of what they want to buy just to later realize that the cost of maintenance is really crazy. There are some people that you see with a luxury car once in a while because they are afraid of it's maintenance. This is the reason why you see some people will come on social media to flaunt something they bought with an expensive price but after that day you won't be seeing them flaunt it again and some people will begin to ask questions while some others will be thinking that it was rented for a show off but that's not always the case. There was a video I watched on X where a man was regretting why he bought a private jet because the maintenance is making him to go crazy. It is better to buy the things that we can maintain in the long term instead of buying something expensive only to find it difficult to maintain.
 

This is why I do tell people around me mostly my friends that need to think beyond the purchase price before buying anything expensive, because the problem might not be buying what’s nice and expensive for your own personal use but the problem is being able to maintain it till the end you can afford it doesn’t automatically mean you can afford to maintain it. Talking about a luxury car or private jet normally it’s a nice and good lifestyle that everyone wants to maintain, but being able to maintain, repairs, insurance, and other things have already become a can serious financial burden already. There was this my friend who purchased a car with all his live saving but has to sell it at the end of the day because he earns monthly and wasn’t able to meet up with maintenance so proper calculation matters a lot.

It is not enough to have money to buy something, you also need to be able to continue spending it after buying. There are many people who buy something big with their own savings, but they do not think in advance what to do if they have other needs in the future.

Someone can buy a house with most of his money, but later faces various problems while repairing the house or meeting the family's emergency expenses. Then, even if they have that wealth, they may not have enough money to use it. And if they do not have money, they can face a lot of problems during an emergency.

Therefore, before making a big decision, it is important to consider the future as well as the cost of the purchase. To me, financial means not only owning expensive things, but also having enough savings to cover your expenses without having to rely on others when needed. If you spend a little bit only on necessary places, and if you have some money in hand, you can easily handle unexpected situations in the future.