How much does it really cost? Most people would say it costs what it says
on the tag. But, what does the item you
are looking at buying really cost you and your family?
If you buy a new 3D television for $1100,
what is the actual cost of this purchase over your lifetime? Let’s see.
First, don’t forget to add the taxes.
So now the television costs $1243 which doesn’t seem too bad or does
it? Second, the average Canadian must
earn $1615.19 in pre tax dollars to be able to clear the cost of the TV. So, if you make $12 an hour you must work 134
hours or 3 1/2 weeks of work to pay for this purchase. Are you willing to sacrifice almost one month
worth of wages to pay for this TV? Third,
if instead of making this purchase you decided to invest the $1615 into an RRSP
earning a modest 8% interest. Do you
know after 40 years what you would have accumulated? That TV you thought only cost you $1243
including tax has actually cost you $35085.
You see, by buying that new TV instead of investing your money you have
lost out on over $35000. To put it in
simple terms you would have to work an extra 1 ½ years to make up the money
this small TV purchase has cost you.
Now, how long do you think this TV will last? On average, TV’s will last about 10 years so
here we go again. I did the math for you;
so if you buy a new TV every 10 years for 40 years you would have lost out on
over $62000 dollars over your lifetime.