Build Wealth on The Trailing Edge of Technology

You can get rich riding the trailing edge of technology.  This means just buy slightly used or slightly older models of cell phones.

Here’s an example.  I’ve decided to upgrade my cell phone.  I’m doing this because I want a higher quality camera for making videos for MightyInvestor.com.  I’ve done my research, and I’m going to by the most recent Samsung Galaxy model, used.  This phone is arguably the best Android cell phone in the world right now.  It came out about a year ago.  (If I didn’t have a significant financial buffer already build, I’d probably buy the two year Galaxy model instead.)

There are a number of people selling the most recent Galaxy phones already on Craigslist here in my hometown of Denver, Colorado.  Some of these models are less than two months old.  I guessing a number of the people selling just decided they want a larger screen or prefer the Apple operating system.  Whatever.  I’ll pick up this phone for probably $350 or $400, as opposed to $650 retail (plus sales taxes). 

You can do these types of deals all the time.  For me, at this stage of life, the key is to not spend too much time trying to save an extra $30.  It’s not worth spending extra hours to save that amount of money.  It is, however, worth it to do a quick search on Craigslist and go save $250 dollars.  (If you use Craigslist, please use common sense precautions.  You can google information about potential fraud.  The main thing is you should choose where to meet someone, don’t meet at your house, and meet in a public location.)  Click here for more the Mighty Investor Quick And Dirty Guide On How To Buy A Used Cell Phone.  I ended up buying mine on eBay for $380 by the way.

A related strategy is to cancel your cable subscription and wait to get movies and TV shows from the library.  Similarly, you can get a ton of free movies from Amazon Prime (as part of your yearly subscription if you have one).  I have used both Netflix and Amazon Prime recently.  For my tastes, Amazon actually offers more quality selections to choose from.

If you can wait six months for the movie to come out on DVD, you never need to bother going to a movie again.  You will also save on wear and tear on your car.  Yes, I still do occasional go to movies at the theaters, but it’s more a social event or because you kind of have to see the latest Star Wars at the theater.

It’s, of course, the same with buying a used car.  The sweet spot for me is buying a two to three year old car with roughly 20,000 miles on it.  People who lease cars often dump them right at the end of three years frame when the vehicle comes off of the lease.  You can save a ton of money.

Don’t led the marketers bamboozle you into buying the shiny latest gizmo.  Drift along the trailing edge of technology.  You will save tens of thousands of dollars over time, with no discernible drop in the quality of your life.