3032: When Renting is Smarter Than Buying by Sierra Black with Get Rich Slowly

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 7 February 2025

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3032: Sierra Black explores how renting can often be the smarter financial choice, especially for items that depreciate quickly or have limited use. By weighing costs, resale value, and usage frequency, you can make informed decisions that maximize value and minimize waste. Read along with the original article(s) here: https://www.getrichslowly.org/when-renting-is-smarter-than-buying/ Quotes to ponder: "Most products aren't investments. They lose value the moment you take them home from the shop, and continue to depreciate the longer you own them and the more you use them." "Anytime you're buying something you have a limited use for, you might want to pause and consider renting instead." "The key is to answer the questions mentioned and figure out if it will cost you more to rent or buy the thing you want." Episode references: Chegg (textbook rentals): https://www.chegg.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:22.9	entrepreneurs like you. Sign up for your $1 a month trial at Shopify.com slash setup.
0:30.6	This is Optimal Finance Daily when renting is smarter than buying by Sierra Black with
0:36.7	getrichslow slowly.org.
0:39.1	In my article on Spotify last week, a couple of commenters took me to task for suggesting
0:45.6	that subscribing to access for music could be better than buying your own permanent copies
0:50.4	of the songs you love. A few thought that as a personal finance writer, I should be urging
0:55.9	people to buy their stuff instead of throwing money away renting access to it. That's an
1:01.4	interesting idea. I think it's often the case that renting or subscribing for access to something
1:07.0	is better than buying it outright. Buying stuff can be great too.
1:14.8	Ultimately, I don't think the question is whether to rent or buy.
1:19.7	It's how you find the solution that gives you the best value for the thing you need to use.
1:24.7	Sometimes you'll spend more money renting access to an item than you would just buying it outright.
1:25.5	Other times, the reverse is true.
1:28.4	The Rise of transomers.
1:31.6	Most products aren't investments.
1:33.8	They lose value the moment you take them home from the shop
1:36.7	and continue to depreciate the longer you own them
1:39.5	and the more you use them.
	...

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