I just finished writing an article that will be published on BiggerPockets soon about why we don't need the best stuff, because, quite frankly, it's a giant waste of money. The story I lead off with I think tells the whole story.
I got my CCIM (a certification in real estate) recently and to commemorate it, they gave me this really fancy pen. And I mean, really fancy! But then I lost it the next day.
Later on, I bought a pack of 20 BIC pens for $1.69. Yeah, less than 10 cents a pen and yet they do everything I need them to. Yes, they will probably run out of ink quicker, but I lose pens so fast it does't really matter.
Or if you like fancy pens and don't tend to lose them, you could just buy this fancy super pen for $1005!
Indeed, I was reminded of this little story from a friend of mine who lost his sun glasses and then bought a pair of $6 sunglasses to temporarily replace them. The thing was, those sunglasses were just fine and he saw no reason to get another pair.
Yes, of course you should avoid buying junk that will just break, especially if were talking about important tools (computers, skill saws, etc.) but far and away, the high-priced name brands and luxury items are just unnecessary fluff. Given how far in debt Americans are, we all really need to stop worrying about "keeping up with the Joneses" and just buy the less expensive stuff that gets the job done.
"Every day is a new life to the wise man."
The Righteous Mind
Star Slate Codex
Consulting by RPM