Gabe Silverstein
October 24, 2023 • 4 min read
Buy Nice or Buy Twice
Buy Nice or Buy Twice — Image Credit: Author using Midjourney
There’s an old quote:
“I’m too poor to buy cheap things”
Sounds paradoxical, huh?
You might expect someone with a $50 million net worth to have a $10 million dollar mansion. Someone
worth $100,000? Maybe a basic apartment, or, in expensive cities like LA, a small, modest dwelling, like
a shed.
After all, if your bank account resembles a barren desert, shouldn’t you go for the cheapest stuff, and
if you’re rich, buy expensive things?
Not necessarily, and there’s nuance to it.
1. Quality over Quantity
“Price is what you pay, value is what you get” — Warren Buffett
Cheaper items are often of lesser quality, designed to be replaced. Investing in quality means
investing
in yourself, as quality products last and repay you in the long run.
For example, items like cheap sunglasses, BIC lighters, Pilot G2 pens, and fake leather goods
require
frequent repurchasing. They don’t last. Some argue that they prefer these items due to the risk of
misplacing them. However, opting for higher quality items can be a smarter choice.
These cheaper items might get the job done — well even, alas only temporarily.
Quality items, such as Ray Ban sunglasses or Zippo lighters come with a higher initial cost but
offer a
sense of value. You care for them longer, reducing the risk of loss. It is a longterm investment and
commitment.
As long as you take care of them, they will take care of you.
Investing in quality pays off in the long run. For instance, a quality mechanical timepiece can last
for
generations with proper care, and quality leather items like boots can be polished and repaired.
An Amazon Basics watch or fake leather shoes? They will probably end up in the trash soon enough.
Why
waste your money when a quality (even slightly more expensive) item will last significantly longer
and
pay for itself in the long run.
Cheaper alternatives may serve their purpose temporarily, but quality items can last a lifetime and
even
be passed down through generations. You’ll also get much more daily joy and quality in using them
each
day too!
2. Investing in Reputable Brands
“Buy it nice or buy it twice” — Tech Gear Talk
Investing in quality products from reputable brands is cost-effective in the long run. While
cheaper,
generic alternatives may seem like a money-saving choice initially, they often lack durability and
quality of a reputable brand.
Opting for reliable, well-established brands ensures you get a quality product with a warranty and
excellent customer service. (Don’t forget to take advantage of those warranties!)
3. “You Get What You Pay For
“Buy nice or buy twice” is true for most things. I especially preach it when buying items one uses daily, regularly — extra especially if it is related to one’s profession, source of income, or hobby.
Photo by Wayne Hollman on Unsplash
Invest in quality when starting a new hobby like playing the guitar. While a generic $70 guitar may seem like a budget-friendly choice, investing in a quality instrument — for only a few hundred more like a Yamaha, is a better long-term option. You’ll be able to grow with it rather than having to buy another guitar in only a few months.
4. Exceptions and Personal Preferences
Exceptions to this rule exist, of course, such as Japan’s reputation for affordable, high-quality cars and watches (Casio and Toyota).
Sarb033 Seiko Watch — Photo by Paul Cuoco on Unsplash
“Price is what you pay, value is what you get”. It’s somewhat intriguing when you consider that Buffett
is famously known for having breakfast at McDonald’s every day. To his merit, you do get tremendous
value for your buck!
This serves to emphasize the point that while paying more often leads to greater value, there’s also
sometimes significant value in opting for more affordable options.
Sometimes we just need a “beater” Pilot G2 Pen. It works great and you don’t have to care or worry about
it if you lose it.
Personally, I think a good comprise is to buy some cheap “beater” possessions to accompany my higher
quality things. Such as a cheap pair of sunglasses for water sports or beaches, and a nicer pair for
dress use.
Going on a once-in-a-blue-moon snow trip? A cheap pair of $20 snow boots might make sense. Moving to
Alaska? Get yourself a quality pair!
Finding the right balance between quality and budget is a thoughtful process. Make conscious, informed
decisions that align with your values and circumstances, ensuring long-term value and satisfaction in
your purchases.
Ultimately, the objective is to find a balance that works for you, your budget and your long term
objectives and goals. Get the best quality you can afford and always aspire for greatness!
You’ll get tremendously more value when you purchase those quality items that will last you for years
ahead, and it will often likely prevent you from buying that very same item in years time.
So the next time you purchase something, think: Buy nice, or buy twice!
If you enjoyed this article, consider liking, commenting and sharing.
I really appreciate it!
Originally published October 24, 2023