I was watching a movie the other day on my VCR. The movie was” Nightmare on Elm Street” 1984 version. The tape was priced with a sale sticker of $15.99. I had bought the movie in the early 90s. I see the same VHS movie for about $5.00 on Ebay. In 20 years it decreased 2/3 in value. The DVD version was going for $6.00. BluRay was valued at $3.99 .
The cost of movies has gone down with better quality. The same for many consumer goods. Which begs me to think what can I wait to purchase and purchase for less? I still use a standard def – Tube TV 33″ while I know friends who payed top dollar for HDTVs when they first came out.
The first one I remember seeing was a 16:9 tube 1080i resolution 33″ HDTV for about $5700. Now I can buy the model for about $200 on Ebay. When it is said “patience is a virtue” it might have to do with the fact if you are patient you might be able to be build diligence as well.
The economy of patience is as follows:
- patience allows for depreciation
- patience allows for time for better choices
- patience allows time to save more money; paying cash rather then using debt which cost more in future time
- patience allows for better versions of products to be made (think computers)
- patience allows for products to be made for more economically (think TVs)
- patience allows for time to not be taken by quick scams or high pressured sales
- patience allows for competition to crop up and drive prices down
- patience allows for the growth of small rewards into big rewards (think DRIPs)
Just remember: Be Patient because Time is on Your Side