You can always count on Carl Richards, NYT columnist, to provide advice contrary to popular opinion. In this column, he he eschews advice to find the cheapest and describes the tortuous process he went through before buying a “very expensive” bike:

“Following weeks of buyer’s remorse that more closely resembled terror, I came to realize something that is going to sound crazy. Buying this incredibly expensive bike was one of the best financial decisions I’ve ever made. I understand that writing $5,000 and the words “bike” and “smart financial decision” all in the same sentence sounds absurd, but it’s not.

This was a fantastic, rational, smart financial decision. And I know that goes against everything you’ve heard from every personal finance adviser out there. They’re always telling you how to save money, how to reduce expenses, how to buy cheaper. Right? Cheaper, cheaper, cheaper. What I’m saying is, that’s a shortsighted message that we need to change.”

He goes on to enumerate five reasons that buying what you love (even if the purchase price is more expensive) pays off in the long run:

1. If you love it, you will keep it; if you keep it, you will use it.
2. While he has not replaced this bike he loves for eleven years, his friends have replaced their bikes 4-5 times.
3. It will last.
4. It’s beautiful.
5. The cognitive benefit of not having to go through a cognitively taxing buying process.

Any purchases you want to share that fall into this “buy what you love” theme?  Share in comments below.

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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