Although I love to look at them in person, on a blog, or on T.v., these gadgets are never on my priority list.

This is because consumer fads go in and out with the times. Throughout my early years, I have bought into fads as they come. In the last 4-5 years in college I have not bought into these major products.

Consumer electronics have very smart marketers and they give reasons why you “need” this item or that item. Some of these products you may buy because your friend has them or you saw them on the internet. But – one has to realize how they are going to use the item.  Instead of buying on impulse, what will they do with the item? Before one buys – they need to think – do I really need this item or that item? Can I get by with the older version until a newer edition comes out?

Items such as the iPhone was $500 when it came out in 2007. At the time I thought this was ridiculous amount to spend. I did not believe that Americans will spend 500 on this. Yep, they did – especially college students who were in debt and do not have a real job – or a shopaholic who thought this was the best thing since sliced bread.

One cannot go out buying all these items because they are new and exciting – there will something better down the road. If you bought iPhone at the height of the market when it came out you are down 500. Some people in the world do make that much in a year.

Recently I saw the same hype around Windows 7. At the worst recession in recent history, there are loads of people buying such items as windows 7 when they have a good version on their computer – XP or Vista. And with this, they might not even have a job or need to pay urgent bills.  These people could use the 500 dollars that they spent on their iPhone on different products – such as going back to community college to help their job prospects!

A new and exciting product may give someone a rush while buying, but it will hurt later when they find out there is a better version a few months away.

The product life cycle for consumer electronics is about 6 months to a year. Maybe you should wait until you really want the item.