Quality products cost more upfront but they last longer, typically making them a wise investment, Hamm writes. While that may be a great philosophy for buying products, it’s also a powerful philosophy in other aspects of life.
As I’ve mentioned before on The Simple Dollar, Sarah and I have a “buy it for life” approach (the post is really worth reading if you’re interested in the details) when we replace items around the house. We vastly prefer items that will simply do their job over and over and over and over without needing to be replaced or fixed with any sort of regularity.
The drawback of this approach is that it requires an investment up front. Products that last are not cheap.
You can buy cheap pots and pans at the store and they warp in a year or two. If you invest in cast iron, particularly enameled cast iron, and spend the time to season non-enameled cast iron, it will last practically forever.
You can buy cheap umbrellas that break after a few dozen uses. On the other hand, if you buy an umbrella with a lasting guarantee and good mechanisms, like a Davek, it will be around for many years, even if it costs as much as five times your normal umbrella.