3 Questions to Ask Before a Big Purchase

We can have many different reactions when the time comes to make a big purchase. Some of us focus with delight on the result of the purchase. Others of us focus with dread on the dollars leaving our bank account. There are some of us who know exactly which option of the purchase suits us best. Others of us get overwhelmed at the seemingly endless stream of possibilities rushing toward us. Wherever we find ourselves on this spectrum of reactions when approaching a big purchase, a good friend in this situation is written clarity. Written clarity for a big purchase can delay the impulsive buyer and encourage the indecisive buyer toward action. Responding to these three questions in writing can help bring clarity and confidence to your big purchase decision.

1. What are my tangible reasons for this purchase?

This question is the opportunity to write down the obvious and practical reasons for the purchase. Let’s use the example of purchasing a new car. The reasons for this might be transportation, good gas milage, road trips, offroad capability, comfort, etc. Writing out and ranking these options can help us discern what our top priorities are when looking through different options. In this example, that extra row of seats in a car might be worth the cut in fuel efficiency. Pretty straight forward.

2. What are my intangible reasons for this purchase?

This question is the opportunity to discern and write down the underlying motivations for the purchase. The inanimate objects around us affect how we live our lives in significant ways. It can be helpful to picture the effect these objects have on us as originating within ourselves, rather than originating within the thing itself. This is how the same objective thing can provoke vastly different reactions within different people. So, what’s the point? In summary, this is going one step past the obvious answer and asking: why? Let’s use the example of buying a new house. Why would you want a spacious backyard? This could point to how one of your core values is the ability to be hospitable to a large group of people. This underlying value might be worth living in a different neighborhood to have that option. This question is here to help discover the unique effect within you in reaction to a certain purchase.

3. What memories do I want to have because of this purchase?

This question is the opportunity to precisely dream and clarify the experiences you want the purchase to result in. This question can also inspire the visually-minded person to write down what they have a picture of in their minds and help the thought-minded person start to visually picture what their ideas could lead to. With this question, the target is being narrowed. This is where you can write down specific experiences with specific people that could happen because of this object you are purchasing. Now, it is a guarantee that life will not work out exactly how we picture it. This clarifying of intentions behind a purchase is not to act as a promise of a certain future. Rather, clarifying our intentions is meant to give us a target to aim at, try for, and then be content with the results. As the saying goes, “shoot for the moon and even if you miss, you’ll land among the stars.” 

Written answers to these questions can bring resolve, clarity, and peace as you make a big purchase. Let’s use an example of looking at kitchens during a home purchase to answer all 3 questions. “In this home purchase, I want to prioritize looking for a large kitchen for a group to cook in because I value the unique relational connection that can happen in that environment. One day I would love to look back on memories in my kitchen filled with the smiles and sounds of family and friends, the taste of vibrant sweet and salty flavors, and the feeling of filled and happy stomachs.” 

These are big, abstract concepts to wrestle with in the face of a major financial decision, so don’t forget to call on your trusted financial advisor as your sounding board, too! 

Disclosures: 

Apella Capital, LLC (“Apella”), DBA Apella Wealth is an investment advisory firm registered with the Securities and Exchange Commission. The firm only transacts business in states where it is properly registered or excluded or exempt from registration requirements. Registration of an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. Apella Wealth provides this communication as a matter of general information. Any data or statistics quoted are from sources believed to be reliable but cannot be guaranteed or warranted. Apella Wealth does not provide tax or legal advice and nothing either stated or implied here should be inferred as providing such advice.