Apple’s newest smartphone, the iPhone 13, was introduced to the public on September 14th. This version has four sizes, ranging from mini — which start at a price tag of $699 — to pro max — which start at $1,099.
The new release begs the question: Is it worth upgrading your current smartphone?
While the answer varies depending upon a person’s interests, needs and financial situation, reviewers of the iPhone 13 have generally felt that it is only a refresh of last year’s iPhone 12, though many have pointed out that the 13’s battery life has improved.
In a very interesting New York Times article from October 20, journalist Brian X. Chen took a deeper look at the opposing mindset Americans have when it comes to saving (or going into debt) for an iPhone versus saving for retirement.
He wrote:
“…$700 to $1,000 — the price range of modern smartphones — is a big purchase. Fewer than half of American adults have enough savings set aside to cover three months of emergency expenses, according to the Pew Research Center. Yet one in five people surveyed by the financial website WalletHub thought a new phone was worth going into debt for.”
It’s a hard reality to face, isn’t it?
While smartphones can be powerful tools for work, and undoubtedly are the most popular form of modern-day communication, the $1,000 price tag of an iPhone, if reallocated into a retirement account today, would by some estimates be about $17,000 in 30 years.
Before stepping into your carrier’s storefront, it’s worth taking a look at phone upgrades with a different mindset, weighing their financial impact.
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