5 things I buy & keep for a long time

I bought these sneakers years ago. I wore them everywhere and over time To view this email as a web page, [click here]() {NAME}, I bought these sneakers years ago. I wore them everywhere and over time, they got worn down. Recently, I got them repaired—free of charge. [Shoes before and after repair] Today I want to talk about one of my Money Rules, “Buy the best and keep it for a long time.” [Ramit's Money Rules] More about [my Money Rules]() For example, at the start of my freshman year in high school, I asked my mom if she would buy me a JanSport backpack. She was mad because they were so expensive ($50, if I recall). She finally agreed, but she said, “This is the only backpack you’re getting until you go to college.” GREAT! I loved that backpack and kept it looking new for 4 years. And when I buy things that are important to me—like clothes—I want to do the same thing. These shoes, for example, are from Brunello Cucinelli, which offers free lifetime repairs. They are very expensive, but if I’m keeping something for 2, 5, or even 20 years, that cost is minor. These are some of the perks of high-end brands — they’ll repair sweaters, coats, pants, even shoes. So I took my old sneakers in to be repaired & cleaned. They sent them back to Italy where they were repaired by artisans in their factory and then shipped back to me. They said it would be a few months. No problem -- at higher end places, things take time: Fine restaurants take hours. Bespoke suits take months. Life isn't always about efficiency! [Ramit Tweet reply] You don’t have to buy expensive shoes. Maybe it’s spending more for a French Press. But two things matter: First, if you want to keep something for a long time, you’ll probably pay more. (I’m thankful that I can find companies who charge more for high quality—or even luxury—so I can keep the products for a long time.) Second, you’ll have to work on a long-term mindset. Sure, I could buy 5 new pairs of shoes...but I don’t want them. I love these ones. I saw some comments saying “I wish XYZ brand would do this!” The brand they mentioned doesn’t charge enough to do this—but you can take your shoes to a cobbler to get repaired any time. I believe in buying the best, then holding on to it for as long as possible. Jeff Bezos had this quote about a long time horizon that also applies to the things you spend money on: “If everything you do needs to work on a three-year time horizon, then you’re competing against a lot of people. But if you’re willing to invest on a seven-year time horizon, you’re now competing against a fraction of those people… Just by lengthening the time horizon, you can engage in endeavors that you could never otherwise pursue.” Below, I’ll share 4 other things I buy and keep for a long time… --------------------------------------------------------------- Today’s newsletter is brought to you by: [LMNT](), a tasty electrolyte drink mix. [Zero Sugar Hydration]() LMNT has 8 great flavors like Citrus Salt, Watermelon Salt, Raspberry Salt, Chocolate Salt, and Lemon Habanero. Right now LMNT is offering 8 single serving packets FREE with any LMNT order. This is a great way to try them all. Get yours at [DrinkLMNT.com/RAMIT](). And to find special deals from all our amazing sponsors, check out [iwt.com/sponsors]() --------------------------------------------------------------- Here are some examples of other things I buy and keep for a long time… - My car (not fancy but it runs and I’ll keep it for X+ years) - My investments. I keep them for decades. It’s likely I’ll never sell most of them. - An apartment in NYC that I stayed in for 11 years. I was happy to spend $$ decorating it because I knew I would stay there for a long time and could spread those costs out - My personal trainer. Before I worked with a trainer, I had the idea that you “hit your goal,” then stop using a trainer. Now I realize that I’ll work with one for the rest of my life. Sometimes I think we like the idea of buying the best and holding it for a long time rather than the reality of it. Would you be willing to spend more now and hold it for a long time? Are you irresistibly drawn to sites like /r/[BuyItForLife]()? I want to hear from you. What’s something you bought and LOVE so much that you have kept it for a long time? What’s something you bought “cheap” and it ended up costing you a lot more? I can’t wait to read your responses. [Signature] P.S. In this week’s podcast, I spoke to Mindy and Carl, a couple in their 50s who have accumulated $4.3M. But their deeply ingrained FIRE (Financial Independence / Retire Early) mentality has them feeling too guilty to actually enjoy it. Check out our fascinating conversation [here]().   [Logo] [insta]() [Twitter]() [twitter]() [youtube]() [Linkedin]() This email was sent to [{EMAIL} .]() If you no longer wish to receive these emails you may [unsubscribe]( at any time. I Will Teach You To Be Rich 548 Market St #89946 San Francisco, CA 94104-5401