Guide for Personal Finance Decision-Making
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“A man is rich in proportion to the number of things he can afford to let alone.” Henry David Thoreau
Does this sound contrary to the popular belief that the acquisition of possessions equals wealth? Thoreau realized that acquisition is not the road to satisfaction.
MAIN TOPIC: iPad versus Laptop
At a recent party I attended the music was so fun, but I couldn’t find the music player. Turns out the music came from an iPad
connected to speakers. It sounded great. But it got me thinking, what’s so great about an iPad anyhow? Okay, it’s cute, the keyboard is right on the screen, you can connect to the internet, and it runs lots of applications and programs. Wait a minute; my laptop can do all that too. But my laptop is not cute, it’s not particularly small, and as laptops go, it’s not light either. So, is that reason enough to plunk down $499 to $699 dollars and buy an iPad?
Practical Application: Here’s How I See It
I bought my Toshiba laptop last spring on sale for $400.00. I won’t bore you with the specs, but it’s full sized with a generous keypad and a separate number pad on the right. It’s easy to see the screen, has plenty of memory, of course it is internet accessible, and I’ve installed excel, PowerPoint, and MS word. I take my laptop everywhere. It goes to the coffee shop and the library where I work on occasion. Right now, I’m on a plane to San Francisco writing this article.
What can the iPad do that my laptop can’t? It can fit in my purse!
PERSONAL FINANCE LESSON
Every decision has an upside and a downside, financially as well as personally. Here’s how I decided NOT to get an iPad.
Personal finance question; I have a laptop, do I need an iPad as well?
Advantages of my laptop over an iPad:
- I saved hundreds of dollars on my laptop purchase due to smart shopping.
- It’s really easy to type on. The screen is large.
- It has lots of functionality and runs all the programs I need.
- Fits in a briefcase for travel.
- Keeps my life simpler by streamlining my technology purchases.
Disadvantages of my laptop over an iPad:
- It is a bit larger and heavier than an iPad making it somewhat more cumbersome.
- It’s not fun or cute.
CONCLUSION: I don’t mind that my laptop weighs a pound or two more and is bulkier than the iPad. In fact, I prefer it, since the screen and keyboard are large. I can work anywhere on a full sized keyboard, with plenty of memory and a USB port. Actually, my laptop meets my needs really well.
My goal is to spend my resources in a way that gives me the most value for the time and money expended. With that goal in mind, I don’t need an iPad!
Was my analysis wrong?
“The iPad is not designed to replace the laptop, but to be used more like a mobile device.” Apple Store sales person.
According to the Apple Store sales person, I should not look at an iPad as a replacement for my laptop, but as an additional device. Well, that solidifies MY DECISION. I have enough electronics as is and although it sure is cute, fun, and convenient; I don’t want an iPad. (Unless someone gave me one for free 
).
What do you think? Am I missing any outstanding attributes of the iPad? Is my reasoning sound? How does an iPad fit in with your values?
ACTION STEPS:
Get a notebook and label it: “(your name) Personal Finance” and keep it by the computer. Use it to keep all of your personal finance goals, thoughts, activities, and plans.
- Consider your last purchase(s); are they wants or needs?
- Was the additional clutter in your life, worth the cost?
- Before you make a significant buy, consciously evaluate the advantages and disadvantages of the purchase.
Barbara Friedberg Personal Finance across the blogosphere:
My work was showcased this week at these carnivals and round ups. Why not stop by and check out the excellent articles?
- Carnival of Debt Reduction
- Carnival of Wealth
- Oblivious Investor Round up
- Carnival of Financial Planning
- Retire by Forty
Don’t forget to review my guest posts at:
-
Not Made of Money entitled, How to Find $1000 and Invest it
-
Consumerism Commentary entitled, Invest in Stocks or Mutual Funds?
I don’t own an iPad, either. I am happy with my laptop. I don’t own a Nook, a Kindle, or any such devices either. First of all, I like physical books. It may be an old-fashioned attitude, but I just like books. Period. Second, I can’t use “any electronic devices” during take-off or landing of a plane anyway, when I always read. Once I am in the air, I sleep. A book reader would be a “disutility” to me. Why would I pay for that?
ctreit recently posted..The Gold and Black Friday Mania
I got a bonus at work and on impulse I bought an Ipad. Luckily, I was busy that night and didn’t have time to open it. All night long, I just couldn’t justify the cost versus the laptop I already owned. I took it back the following Monday! It’s cute, but it will just cost you more and more. A lot of the Apps aren’t free anymore, so the iPad isn’t a one time fee and that’s it.
Barb, I am totally with you on this one. I too was tempted by the portability of a laptop. However, my house has 2 laptops already (got rid of the desktop when it died), so added an Ipad would be ludicrous. (We have to have 2 computers because of all the homework going on in the house.)
I also couldn’t justify the monthly expense for the internet connection for the ipad. I think it would be fun to use the ipad when waiting for my kids at the park waiting for practice to end, but that would cost money for the connectivity. I can always just bring the laptop and type a post up in word and copy and paste it later.
Everyday Tips recently posted..When the Work at Home Job is a College Class
One of the attractions of something like the IPAD would be to have something small and convenient to carry to read books on. I would love to have something to read books on that doesn’t hurt my eyes like a laptop does after some time. I don’t think the IPAD fits the bill, but I would spend the money once I find something worth spending it on. Until then, well, I’ll keep buying physical books.
Kevin@InvestItWisely recently posted..The Skinny on Real Estate Investing- A Book Review
@ctreit-Although so many are raving about the book readers, I also like to hold books and magazines. I also like to see them on my shelves and laying around the house. They are kind of like security objects that make me feel happy in addition to the enjoyment of reading them!
@Todd-That is the perfect example of reasoned decision-making. Even though you bought one on impulse, you thought it over and later made a reasoned decision. kudos!
@Everyday tips-We are definitely on the same page with this one. For some, I’m sure the fun and convenience of an iPad is worth the expense. Just not for me! And my monthly splurge for a subscription type service is premium channels on our fios tv. We get a ton of pleasure from the “Dexter”, “Boardwalk Empire” etc.
@Kevin-Lots of people think the Kindle is easy on they eyes. Seems like the digital readers are coming up everywhere at all price points!
I think you made a wise decision! You can do everything (plus more) on your laptop – which is already paid for – that an iPad can do, and if you have an advanced smartphone (like an HTC device), you can do most iPad functions on it as well. No need to add an extra expense just to be ‘cute’!
Khaleef @ KNS Financial recently posted..No More White Pages!
If I were to choose between Ipad and laptop I will definitely choose Ipad, if I have a desktop at home. Well, Ipad is very handy compared to a laptop, touch screen which makes it more convenient to use.
Pamila Moreman recently posted..HTC Wildfire Brown