We in the personal finance blogosphere love to fill the internet with ideas on how to save money and discuss everything under the sun that you should not spend money on. Well, today, I’d like to discuss a few things that I believe are acceptable purchases.
Photo by bfishadow via Flickr
1. Security
This is a topic that I think people begin to take more seriously when they start a family. I know I did. While you can definitely go overboard, generally, when it comes to the safety and security of your family, you should be willing to spend some money.
What exactly should you be spending money on with regards to security? First, I recommend a quality alarm system. On a day-to-day basis, an alarm system is a very cheap service and is very effective. Secondly, depending on your views and where you live, you may consider owning a firearm (be sure you do plenty of research and training if you consider purchasing a firearm). Third, you may consider a safe to store valuable items. If you are planning to store significantly valuable items, consider bolting it down or attaching it to your home somehow in order to prevent a thief from taking the entire safe.
Lastly, with the recent tragedy in Haiti, it has come to my attention that stocking basic supplies such as food and water is a wise strategy in the case of an emergency. An above average degree of self reliance and independence can be an additional layer of security that might be worthwhile to consider.
2. Education
Most people agree that investing yourself or investing in your education is a wise use of money. For the most part, I would agree, but I do think that some people waste money on continuing education for the sake of avoiding a job. I encourage you to make sure that your education will be applicable in getting a job or help you generate an income. Also, you should factor in debt levels if you are considering taking out a student loan.
Also, investing in education for your children is one of the best things you can do for your kids. As someone with young kids, I have been saving for college with one of the investment vehicles for my state, and putting aside some money to pay for a quality preschool.
3. A Good Suit
This is mostly for men obviously, but women can apply this to the appropriate option for them. A good suit is something that every man should own. A classic, traditional style …