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It's rather ironic that I am writing an opinion piece about technology on a website that more or less is a byproduct of our dependence on all things new, but websites are easily changed, refreshed, and updated. iPhones will be updated, they will be changed, and they will be updated, but in case you didn't realize when you plucked the $500 down for a new one with the smaller memory version; your will not fit that bill.
Phones of any sort, be it a regular camera phone, PDA, or smart phone are not investments in the traditional sense. An investment is something we put money towards to have an impact on our future. A lot of time there is risk involved. Sure, for those who want to be hip and in the now, buying an iPhone is a great investment in today, but do you really need it? Do other phones do almost, it not all the same things? Are those phones cheaper to buy? What do you do next year when the cost of your iPhone is down to $250 and the new one on the market has a new feature and will run you $600?
Having the newest and the best innovations is great, but sometimes it's good to know when something has long-term value. People get into a pattern of always buying the newest, cutting edge items, when they really should be buying something more practical and putting the rest of the money towards better use.
For example, I'm willing to bet that almost every, if not all, the people who bought iPhone, already have a nice cell phone with Bluetooth and internet capability. Furthermore, I bet these same folks have iPods. No, not the Nano, but the ones with the bigger screen and the loaded memory. Additionally, I'm willing to bet that both of these work perfectly fine, despite being separate devices. Now how about you take the $500-$600 dollars and either allocate that towards your 401K, IRA, or through it into a mutual fund. Then wait a year. Your devices will still probably work just as well, but you'll have made an investment that has yielded you something for the future. Women may not be swarming to see your new iPhone, but did you really think they would anyway? Bottom line; if you have the money to throw around, go ahead and buy one. It will still be a poor investment, but will not have the same economic impact that these have on most of their buyers.

Learn more about this author, J. L. Graffam.
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