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The iPhone Illusion: Unpacking India's Love for Luxury Products!
- The iPhone in India is not just a smartphone, it is a symbol of status and financial standing.
- The iPhone 16 starts at ₹79,900, but other costs such as protection, accessories, and AppleCare+ can cost between ₹10,000 and ₹20,000 more.
- Opportunity cost is the cost of what could’ve been if you didn’t spend that money on purchasing the iPhone.
- Another factor to consider is the cost per day. If you spend ₹1,00,000 on an iPhone and use it for three years, you're essentially paying Rs. 91 per day to own it.
- Apple products do retain their value, but they still decrease in value by 30-40% after a year or two.
- Owning an iPhone is a status symbol in India and can lead to the fear of missing out, also leading to debt just to keep up with peers.
- Wealthy people view money as a tool to create wealth, whereas a poor mindset often equates spending with acquiring material things to project an image of wealth.
- Ultimately, true wealth is about freedom—freedom to make choices that enhance your life experiences rather than accumulating things.
- Making informed decisions when buying is essential and will help in achieving long-term economic stability.
- In 2024, mindful spending is expected to increase, making people more conscious of the impact of purchases on both their wallet and planet.
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