I don't know if you have noticed that our cost of living is getting higher and higher, money is getting harder and harder to earn, more and more worthless, and the pressure on people's lives is getting bigger and bigger. In the face of the economic downturn, we need to plan consumption more carefully and rationally plan funds. There are some things that are not recommended to buy regardless of your financial situation, especially these six things below.
1. Large-scale real estate that exceeds its own needs
Buying a home is a major decision, and in times of economic instability, buying an oversized unit will not only increase the cost of buying a home and subsequent maintenance costs, but may also cause the value of the property to fluctuate due to changes in economic conditions. When you have money, you should consider the rationality of your investment and the liquidity of your assets. When you don't have money, you shouldn't be burdened with heavy debts in order to pursue a big house.
2. Non-essential fitness equipment
Many people buy large gym equipment on a whim, such as treadmills, multi-trainers, etc. But in reality, it is difficult for most people to stick to long-term use, and these devices often end up as space-taking decorations. In times of economic downturn, whether you have money or not, you should prioritize the basic needs of life, rather than such items that are easy to sit idle.
3. High-risk wealth management products
When the economic situation is not good, the financial market is volatile, and high-risk wealth management products may bring huge losses. Even if you have a certain amount of money reserves, it is not recommended to invest blindly to avoid a significant loss of wealth. For those with limited funds, such ventures should be avoided to avoid financial difficulties.
Fourth, impractical smart home equipment
Although some smart home appliances seem novel, the actual frequency of use is very low, and the functions are not indispensable and easy to break. For example, some complex multi-functional cooking machines, automatic window cleaning robots, etc. When the merchant sells the function, the function is said to be overwhelmed, and the actual use of the function is only two or three, so multi-functional has not been used at all. Even if you use it a few times a year, most of them sleep in the cupboard. When the economy is well-off, buying such appliances can cause a waste of resources; When the economy is in trouble, it is even more important to spend money where it is needed.
Fifth, follow the trend of popular electronic products
New electronic products are constantly emerging, and many people will follow the trend to buy the latest mobile phones, tablets, etc. But these products are updated very quickly, and the buy-home function has not yet been understood, and a new generation of styles has been released, and the value of what you buy will soon depreciate. In an economic downturn, regardless of your financial situation, you should carefully consider whether you really need to replace your electronics frequently to avoid unnecessary consumer spending.
6. Expensive luxuries
In times of economic instability, luxury goods are often purchased only to satisfy a momentary vanity. Not only are they expensive, but they also have a limited ability to hold their value. Even if you have plenty of money, it's not wise to spend a lot of money on luxury items that could have been used for more valuable investments or savings. Luxury goods are even more out of reach for people who are strapped for money, and buying them will only make your finances worse.
Well, I will share it here today, I hope you can consume rationally and plan your finances reasonably when the economy is in a downturn, and we will see you next time.
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