There are some occasions where it makes sense to spend a little extra. Buying tires for cars, a quality mattress, good shoes, and good food are all times when paying for quality doesn’t seem like a bad idea. After years of being frugal I finally spent some money on a purchase that serves no other practical purpose but my enjoyment. This week I bought a DJI Mavic drone.
Deciding when I’m able to splurge
I made the purchase only after I felt that I was in a stable financial position. Below is a list of financial achievements that I have accomplished in my first 5 months as an attending.
- Six month emergency fund in place
- Maxing out retirement accounts
- Contributing $4,000-$6,000 a month to a savings account for eventual house down payment
- Student debt at 3.3% interest is the only debt in my name. No car or credit card debt. Payoff date 23 more months from time of this posting.
How I justified the purchase
- I’m feeling more confident and comfortable at work. I picked up some extra shifts to cover the cost of the drone.
- Lets say I’m making $130 post tax an hour. I asked myself if the 12 hour shift that I picked up was worth the cost of the drone and to me it was
- I debated about buying this drone for the past 4 months and “slept on it” for a long time. Since I still wanted the purchase, when the numbers made sense I finally made the purchase
- I love to be outdoors. One of my friends has a drone and it provides many hours of enjoyment. This will most likely give me extra incentive to get out of the house and be active.
Overall cost of the drone: $1,299
A picture of the type of drone that I have purchased. Mine should be arriving next week.
I splurged but this adds value to my hobbies on my journey to financial independence
On a spreadsheet the purchase doesn’t quite make the best financial sense. I still have student debt and I could use the money to pay down the loan. The intangible that can not be listed on a spreadsheet is the value added to enjoying life on the path to financial independence. My goal is not to live so that I am not enjoying my time spent not working. I’ve thought long and hard about this purchase and have no regrets or buyers remorse. In the future expect more pictures from my hikes and traveling from the drones point of view. I’m looking forward to getting outside and exploring even more than ever before.