Last Updated on December 29, 2021 at 4:48 pm
After 13 years of using a feature phone, I finally decided to get myself a smartphone. Selecting one I realized that many of us have the right approach to buying a smartphone but fail to apply it to managing money and investing. First some blah blah about my new phone, kindly bear with me. Did you check out the free e-book: Mutual Fund FAQ 100 essential Q & A for new investors!
Why buy a smartphone now? Two reasons: It has become a need from a want. Google maps make a big difference in finding places. I once went for a money management session to an IT startup. I forgot to get the phone number of my host as we only corresponded over email. The address was on Google maps so I borrowed my wife’s phone and was able to get there.
There was no board, no door number nothing and no one nearby knew about the company! Yet Google told me I was standing right in front and it was correct! Another time I took my wife’s phone I almost left it behind and nearly died from fear. A big problem is getting a cab when away from home. I prefer private cab companies but this does not work in another city or locality and Ola or Uber apps on my phone. I never could understand why they do not set up a booking system online (for use via a computer).
So my point is that I realized that I was depending on others to get basic stuff done and that is not smart. Also, I was missing opportunities to take some interesting pictures as I move around. So it was high time I got one. However, I am not moving to a smartphone. Just getting one in addition to my trusted Samsung Guru SM B110 E/D which I used to record the Paisa Vaisa podcasts on financial freedom (scroll down for all three parts).
Join 32,000+ readers and get free money management solutions delivered to your inbox! Subscribe to get posts via email! (Link takes you to our email sign-up form)
🔥Enjoy massive discounts on our robo-advisory tool & courses! 🔥
A mildly paranoid frequent online transactor, I will not do any financial transactions on a phone other than using my Guru for OTPs. The smartphone will run on a separate sim and certainly will not have any social media apps especially the dreaded Whats-ape
So what phone did I buy and why did I buy it? The Moto Z2 Force for 23K at Flipkart. I had a mix of serious needs and childish wants. I am a drophoholic. I drop my keyboard 2-3 times a week, mouse twice that many times, my previous Nokia and Samsung phones at least once a week.
Since I am not exactly Mr. Careful, I needed a strong phone, not just one with Gorilla glass. I was fairly familiar with tech channels on YouTube and GeekyRanjit is a favorite having seen many of his reviews while shopping for my wife’s mobile.
Her Redmi Note 3 is a fairly robust mobile and has been gamechanger at that price segment. So Redmi Note 7 Pro was a natural choice and I soon realized RealMe 3 Pro was a close competition. I soon stumbled on the Moto Z2 force and found its shatterproof (not just resistant) display to be unique. In fact, there are several test videos. Check this one with 10 ft drop test.
With that being the serious no 1 need, I had some wants like lightweight and also slim device. This one is thin that it does not have a normal headphone jack! Also, the battery is only 2730 mAh, but it should last a day for me (may have to buy a batter mod later!). A fast processor (Snapdragon 835), reasonable RAM (6 GB) and storage (64 Mb)sounded reasonable. This is a good review.
Perhaps about 3K or so more expensive, I was willing to pay the price for its screen. A year ago it retailed at 35K with a free battery module that you can snap on at the back. It is borderline acceptable at 23K. My budget was about 15-17K initially and do have mild regret about overshooting it. Sure, I would love a one-plus or apple but I would feel terrible If I smash the screens of such expensive devices.
This device is about 13 months (in India) or so old, but I think is still a reasonable buy. One amusing learning for me is that if the device is shatter resistant (or -proof) then it tends to be scratch-prone and vice-versa! So will need a proper screen guard on. You can comment below on what you think about this device or my choice. Sorry about the personal rant, cannot resist it sometimes.
Why we need to manage money like we buy smartphones
Okay, now to justify the title of this post! When I read through reviews on Amazon, Flipkart, YouTube and a few threads on FB group Asan Ideas for Wealth, it was clear most people had the right approach to buying a mobile. There were generally two approaches:
- This is my budget and I would like to get the best device for that price
- These are my needs and nature of usage and this is my budget. I am looking for a suitable device.
Either approach makes perfect logical sense. Buyers have either resigned themselves to a certain budget or have accepted the fact that there is no such thing as a “best smartphone”. It is about finding a device that is suitable for you – where your pros outweigh your cons.
There are a ton of cons in the Moto Z2 force: scratch prone, 16:9 screen and not 18:9, slightly darker screen, no frequent updates, no headphone jack, I can keep going. However, the shatterproof, thin, light design, its speed and hand gestures and voice features are more important to me. Hence I took a chance with it. Perhaps I will regret my choice, perhaps not, time will tell.
Why can’t we manage money like the two points above: (1) how much can I invest (2) what are my needs – how can I invest and save within these two constraints? It is simply common sense, yet so uncommon.
“Which is the best option to invest?”, “Where can I safely invest to get the best returns?” If you have stayed at Asan Ideas for Wealth long enough, you know what I mean. Why do we not realize that generic answers are not possible in personal finance?! I will never tire of saying this:
Ask the wrong question and you are guaranteed of the wrong answer!
Tax saving is more important above all else, even if it locks up money (eg. NPS). An incorrect perception of safety makes us ignore inflation. There are extremes too like believing investing only in equity for three years or five years or simply buying and holding will work over the long term.
Just like we focus, on what is the nature of my usage before buying technology, we ought to manage money looking at our goals, how much is needed and focus only on that instead of returns or gains. All the answers lie within us. Download this Personal Finance Self-Evaluation Checklist, evaluate your needs and find out if your money management is suitable.
Now I await your comments about how bad a choice the Moto Z2 Force is! Also, I was interviewed by Pardeep Goyal for his YouTube Channel – cahsoverflow. Do check it out.
🔥Enjoy massive discounts on our courses, robo-advisory tool and exclusive investor circle! 🔥& join our community of 7000+ users!
Use our Robo-advisory Tool for a start-to-finish financial plan! ⇐ More than 2,500 investors and advisors use this!
Track your mutual funds and stock investments with this Google Sheet!
We also publish monthly equity mutual funds, debt and hybrid mutual funds, index funds and ETF screeners and momentum, low-volatility stock screeners.
- Do you have a comment about the above article? Reach out to us on Twitter: @freefincal or @pattufreefincal
- Have a question? Subscribe to our newsletter using the form below.
- Hit 'reply' to any email from us! We do not offer personalized investment advice. We can write a detailed article without mentioning your name if you have a generic question.
Join 32,000+ readers and get free money management solutions delivered to your inbox! Subscribe to get posts via email! (Link takes you to our email sign-up form)
About The Author
Dr M. Pattabiraman(PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over ten years of experience publishing news analysis, research and financial product development. Connect with him via Twitter(X), Linkedin, or YouTube. Pattabiraman has co-authored three print books: (1) You can be rich too with goal-based investing (CNBC TV18) for DIY investors. (2) Gamechanger for young earners. (3) Chinchu Gets a Superpower! for kids. He has also written seven other free e-books on various money management topics. He is a patron and co-founder of “Fee-only India,” an organisation promoting unbiased, commission-free investment advice.Our flagship course! Learn to manage your portfolio like a pro to achieve your goals regardless of market conditions! ⇐ More than 3,000 investors and advisors are part of our exclusive community! Get clarity on how to plan for your goals and achieve the necessary corpus no matter the market condition is!! Watch the first lecture for free! One-time payment! No recurring fees! Life-long access to videos! Reduce fear, uncertainty and doubt while investing! Learn how to plan for your goals before and after retirement with confidence.
Our new course! Increase your income by getting people to pay for your skills! ⇐ More than 700 salaried employees, entrepreneurs and financial advisors are part of our exclusive community! Learn how to get people to pay for your skills! Whether you are a professional or small business owner who wants more clients via online visibility or a salaried person wanting a side income or passive income, we will show you how to achieve this by showcasing your skills and building a community that trusts and pays you! (watch 1st lecture for free). One-time payment! No recurring fees! Life-long access to videos!
Our new book for kids: “Chinchu Gets a Superpower!” is now available!
Must-read book even for adults! This is something that every parent should teach their kids right from their young age. The importance of money management and decision making based on their wants and needs. Very nicely written in simple terms. - Arun.Buy the book: Chinchu gets a superpower for your child!
How to profit from content writing: Our new ebook is for those interested in getting side income via content writing. It is available at a 50% discount for Rs. 500 only!
Do you want to check if the market is overvalued or undervalued? Use our market valuation tool (it will work with any index!), or get the Tactical Buy/Sell timing tool!
We publish monthly mutual fund screeners and momentum, low-volatility stock screeners.
About freefincal & its content policy. Freefincal is a News Media Organization dedicated to providing original analysis, reports, reviews and insights on mutual funds, stocks, investing, retirement and personal finance developments. We do so without conflict of interest and bias. Follow us on Google News. Freefincal serves more than three million readers a year (5 million page views) with articles based only on factual information and detailed analysis by its authors. All statements made will be verified with credible and knowledgeable sources before publication. Freefincal does not publish paid articles, promotions, PR, satire or opinions without data. All opinions will be inferences backed by verifiable, reproducible evidence/data. Contact information: letters {at} freefincal {dot} com (sponsored posts or paid collaborations will not be entertained)
Connect with us on social media
- Twitter @freefincal
- Subscribe to our YouTube Videos
- Posts feed via Feedburner.
Our publications
You Can Be Rich Too with Goal-Based Investing
Published by CNBC TV18, this book is meant to help you ask the right questions and seek the correct answers, and since it comes with nine online calculators, you can also create custom solutions for your lifestyle! Get it now.Gamechanger: Forget Startups, Join Corporate & Still Live the Rich Life You Want
This book is meant for young earners to get their basics right from day one! It will also help you travel to exotic places at a low cost! Get it or gift it to a young earner.Your Ultimate Guide to Travel
This is an in-depth dive into vacation planning, finding cheap flights, budget accommodation, what to do when travelling, and how travelling slowly is better financially and psychologically, with links to the web pages and hand-holding at every step. Get the pdf for Rs 300 (instant download)