You need the latest gadgets and technology.
1 min read


The belief that one needs the latest gadgets and technology is a financial fallacy because it can lead to unnecessary spending and financial strain. New tech items are often expensive and depreciate quickly, meaning their value decreases rapidly over time. It’s not uncommon for tech companies to release updated versions of their products annually, rendering the previous models obsolete. This creates a cycle of constant consumption that can wreak havoc on personal finances.

Now, let’s delve into why we may fall for this fallacy. There’s no need to feel guilty; it’s understandable. We live in a consumer-driven society that thrives on creating new products and technological improvements. Constant advertising campaigns and societal pressures magnify our desire to have the latest and best products. Our culture often equates having the newest technology with success, and this illusion can be hard to resist.

A better approach is to fund purchases based on necessity, value, and utility, rather than keeping up with trends. This means carefully analysing whether a new gadget will contribute significantly to your daily life or work, and considering other factors like the cost of maintenance and upgrades. If a current item still serves its purpose effectively, upgrading may not be a wise expenditure. Maintaining a budget and prioritising needs over wants can go a long way in ensuring finanicial security.

Further Readings:

  1. “The Overspent American: Why We Want What We Don’t Need” by Juliet B. Schor. Book Link. This book discusses the national spending epidemic on unnecessary items.

  2. “Addiction by Design: Machine Gambling in Las Vegas” by Natasha Schüll. Book Link. While not directly about gadgets, this book subtly explores the topic of technological addiction, explaining people’s psychological relation to new technologies.

  3. “Living with Less: The Upside of Downsizing Your Life” by Mark Tabb. Book Link. This book explores the idea of minimalist living, and provides practical tips on how to break free from the need to constantly buy new things.

  4. “Planned obsolescence” - Wikipedia. This page is a detailed exploration of the business model adopted by many tech companies to keep consumers buying new products.