If we gave you Rs. 1 lakh, would you buy the iPhone X? If not, what would you do with it?
Don’t get too excited now. It’s just a hypothetical question. We aren’t giving anyone a lakh!
Anyway, with all the buzz around the iPhone X and its (not quite easy on the pocket) pricing, we really wanted to know what people had to say about it. Are they looking forward to buying this highly-priced yet gorgeous piece of technology? Or will they do something else with their money? Here’s what a few fellow buddies had to say:
“I’d have probably gone for the phone last year. This year, I shall refrain (though I did contemplate getting it). My priorities have changed and as of now I try to spend only on things that I feel will work in favour of my passions or interests. Right now, I’d probably invest that money in a good camera lens or building my analog pedalboard. Music and photography are very dear to me. I’d love to do either of them full time but I love my current job (plain lucky, I guess). However, both my ‘hobbies’ are very expensive and require quality gear. I’ve been heavily investing in both and I feel that’s money well spent. Also, I use a perfectly good iPhone 6S that’s in mint condition. So, thanks but no thanks!” – Nishant Lama, Team Lead
“I think spending such an amount on a gadget which will last for merely a couple of years at most is a complete waste of money. If I was given Rs 1 lakh, I would split it into two. Part of it would be invested and with the remaining, I would go on a vacation. Experiences are definitely worth spending on as they last a lifetime.” – Rutu Ladage, Writer
“If I were given Rs. 1 lakh, I’d invest 50% of it in a Fixed Deposit. With the remaining half, I’ll scoot to a beach location for a short holiday!” – Steffi D’Souza, Senior Product Content Analyst
“With all my income and expenses well covered for now, a bounty sum of ₹1,00,000 is ripe for investing. Equities will be the avenue of choice, but it’s important to not dive headfirst into the market especially when they’re kissing all-time highs at the moment. Hence, a transit via Debt Funds will work out nicely: Liquid or Ultra Short Term Bond Funds are perfect instruments for holding onto money for a few weeks or months at a time. In the meantime, kick-starting SIPs in equity funds will allow me to funnel this money from debt to equity over a reasonable horizon. In specific terms, I would select one fund each from the mid-cap and large-cap stables. An SIP of ₹5,000 in a mid-cap fund and of ₹3,500 in the large-cap fund will work out well over a year. When the dates for debit approach, I would selectively redeem the requisite amount of money from the aforementioned debt funds to channel into the SIPs. Of course, the debt funds will provide their share of returns as well. After the last of the SIPs debit at the end of the year, the money leftover will be good enough for a well-made pizza for my efforts – cooked to perfection.” – Varun Ravichandran, Manager
“I’d rather go to Bali and donate a little of it to an animal shelter. Sorry, iPhone X!” – Anjali Sathyamurthy, Account Executive
“Why would I buy an iPhone X when the price in India is so high? Also, I don’t need a new phone! With the money, I’ll buy a phone for my girlfriend, spend 20,000 on a vacation and put the rest in savings. Nah, who am I kidding? I’ll just put 1 lakh in my Savings Account and be done with it! Buying the iPhone X would be a poor financial decision, especially considering its tentative cost. If it was going for 50k, I may have bought it because I really like iPhone cameras. I am not one to follow trends and switch phones every time a new model hits the market, no matter how good the new one may seem to be.” – Jomy Augustine, Senior Software Engineer
“Nah, I am not going to buy the iPhone X! Instead, I would buy the iPhone 7 or the OnePlus 5 which would be around 45k to 50k. With the remaining cash, I would take a trip to the Himalayas (which I have been planning since eternity). That will take around 20k at the max. I would use the rest of the money to clear my Credit Card debt and probably open a high-interest rate Savings Account.” – Pranay Budime, Data Scientist
“No! If you gave me Rs. 1 lakh, there’s no way I am spending it on the iPhone X. I am not really into expensive phones. I would rather clear my Credit Card bills and Personal Loan EMIs that are crippling my financial freedom. Being debt-free is my topmost priority.” – Subramanian Avi Harikumar, Content Editor
“1 lakh rupees, wow! If I were to get this sum of money, I would spend some percent of it investing in Mutual Funds as I really want to understand how Mutual Funds work. Another small percent, I’ll spend on AI (Artificial Intelligence) training. And I’ll also buy some shares for the future. After all this, if I am left with any money, I’d party with my friends.” – Shailesh Thakur, DevOps Engineer
“If someone gives me Rs. 1 lakh, I would not buy an iPhone X as it is not a necessity for me. Neither do I want it as a status symbol. I would rather use this money to pay off my Home Loan and other debts, or maybe invest it in Mutual Fund SIPs to ensure a good corpus for my children’s future.” – Navneeta Srivastava, Content Editor
After all the investments, savings, travelling and all that jazz, we finally had at least two Apple fans (thank God!) who actually don’t mind spending money on the iPhone X. Here’s what they had to say (Tim Cook, take note, please!):
“I am going to buy the iPhone X whether you give me a lakh or not. And if somebody is actually giving me that money, it’s almost like winning a lottery. I would, of course, spend the money rather than save it. And the iPhone X is the best thing right now (for me) to spend on!” – Aditi Verma, Product Manager
“Definitely the iPhone X! You may think that I’m stupid but that’s free money. Why can’t I buy something I like with it, right? As far as savings, investments, taking trips, emergencies, etc. are concerned, my income is more than enough, and anyway, everything is already in place.” – Nikhita S, HR Executive
So, what would you do if we gave you a lakh? Would you buy the iPhone X, buy something else or invest it? If investment is on your mind, irrespective of whether someone gives you a lakh or you win a lottery, then you should totally check out BankBazaar. Mutual Fund investments start at just Rs. 5,000.