4 Financial Lessons LearnedFrom the Launch of the New iPhone – Financial Adviser Once again the world stood together in anticipation of the latest version of the iPhone from stylish-technology giant, Apple. Apple have undoubtedly created a phenomenon that any person or business would love to replicate. In this article, we look to see what can be learned on a personal finance level from the launch of the iPhone 5S and 5C.
1) Follow Trends When we say «follow trends» this does not mean you have to participate in them, this simply means that you shouldlook at the way things have happened in the past. If a strategy that a company has used has been successful for them, they are unlikely to change their methods. The launch of the new iPhones came as no surprise to most. Apple has followed fairly rigid cycles of updating their range of products on a regular basis Personal Finance Lesson: If you can see trends in your income and expenditure, you can use this information to budget more effectively. For example, energy bills generally have an impact on your spending during the winter months, so to balance this during the summer, why not set aside a small amount of money each month that can go towards winter energy bills? Also, energy companies are likely to start competing for customers as the weather gets colder – it may benefit you to switch to a different provider during this time as competition gets fiercer and fiercer between the competing companies. 2) Listen To the Experts In the grand scheme of things, people are not labelled experts on a topic if there is no good reason for it. The video in this link from MarketWatch predicted the new gold colour scheme for the iPhone 5S more than a year before the device’s announcement. The internet is awash with rumours and leaks of unreleased products, some of this information may have been intentionally leaked by the company to build and gauge the interest in their product. Personal Finance Lesson: There are hundreds of different blogs and news websites dedicated to helping the customer save money. One of the most popular is MoneySavingExpert. com; here you can find lots of tips on how you can make small changes to your spending that could bring bigger, or at least better, returns. Check forums and blogs like this regularly and you’ll be kept in the loop about new ways to save. 3) It Pays To Keep Up-To-Date Since the announcement of the new iPhone models, or even the announcements of the press conferences announcing the new iPhone models, the trade-in price of the older models has begun to lower in price. So if you are looking to cash in an old model, to get the maximum return from it you may need to trade in before any concrete announcements are made. Personal Finance Lesson: If you want to look for new ways to invest your money, or find methods to clear debt faster – it can pay to keep your eye on the current affairs in a particular area. Are there any opportunities you think you can take advantage of? 4) If it’s Too Good to Be True, It Probably Is Going back to the earlier points made in the article, under‘Follow Trends and Listen To the Experts’, it is worth making this point: If it’s too good to be true, it probably is. One video that did the rounds on social media before the launch of the new iPhones was one that showed the new iPhone potentially having a built-in projector. If you follow the link and watch the video – I think you’ll agree this is a pretty cool idea. However, this would have been a massive leap in technology, and following the trends of how the iPhone has evolved over the years – new design, increasing efficiency, software upgrades and the addition of Siri – this did seem too good to be true. Personal Finance Lesson: If you see a deal that seems to offer you something for nothing, be cautious of it. Ask questions to the sales staff and satisfy any curiosity that you have – you don’t want anything to come back to bite you in the future! Although consumer laws exist to help protect you from some underhand tactics, such as misleading offers and language, you need to be able to spot a scam. Using these lessons to help manage your money is a great way to stay ahead of the curve and avoid trouble before it hits. This article has been written by Jamie Smith on behalf of Guarantor Loans Online. Jamie recently published an article titled; Exploring Different Methods of Car Finance – check it out!