iphone x

Goldman Sachs is Considering Helping People Get iPhones

goldman sachs

Is the iPhone X worth the approximately $1,000 it costs to purchase one?  I mean from a straight value perspective.   Tim Cook believes that it is, but that’s a lot of money, in my opinion.  Which means it needs to do a lot for me.  Like, pick up my groceries and dry cleaning.  I joke.  In an attempt to modify this perception, Goldman Sachs and Apple are teaming up in order to change the way that consumers buy Apple’s premium products.  The catch?  Well, basically, you’re getting a loan from Goldman Sachs in order to purchase one of these fancy products.

Currently, Goldman Sachs is in talks to offer financing options to people wanting to buy iPhones or any other product from Apple.  Goldman Sachs says that this will give consumers a secondary option from having to put the purchase on a credit card.  But is this really the thing you want to do?  I’m going to say something right now, which might make me sound snobby, or like I’m extremely wealthy (both aren’t true), but do we really want to be taking loans out for an iPhone?

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I personally am in the process of trying to change my financial habits.  Which means, I am minimizing how much I charge to my credit card.  And by minimizing, I mean, eliminate.  So the idea of charging $1000 to a card seems ridiculous to me.  But the idea of taking out a loan seems way more ridiculous.  The things I take loans out for – houses and cars.  That’s it.  If I’m in a jam, because I owe too much in taxes, or have to pay something that I didn’t plan?  Well, that’s what savings are for.  If you don’t have savings, then you have to look to someone (or maybe a bank) to help you with that loan.  But personally, I would save those favors and those loans for emergencies only.

Maybe I’m being too conservative right now.  But I don’t see the value in taking out a loan in order to obtain a cell phone.  Do I need the phone?  Probably as we live in a world where we can’t be without a device of some kind.  But do I need an iPhone X?  Probably not.  If I am in desperate need of a phone, but can’t afford one, I will go with the model that I can afford.  Even if it’s not exactly what I want.   But, I think we have to look at these kinds of things in terms of wants and needs.

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I do think it’s great that people will have the option to get a loan for a phone, but I think it’s completely unnecessary.  I also think that this is going to encourage people into financial difficulty.  Especially young people.  Not because I think young people can’t handle financial responsibility, but I think it gets taken for granted – myself included.  If iPhones were around when I was in high school, I wouldn’t have one.  Why?  Because my parents would never have shelled out $1,000 for me to have a phone.  I realize we live in a different world, but I’m worried what this will do to the consumer.