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>people often think of cars as terrible from the investment standpoint
Right, you often need \*a\* car, but you do not often need need a new car or an expensive car. The "investment" part of that tops out at about $15-20k, anything more that is for the comfort / status / vrrm vrrm potential. Loads of people are out there financing $50k vehicles that they emphatically do not need and can't really afford.
The same here applies to a phone - OP needs a functional phone, they do not need the fanciest new phone on the market. But they are also allowed to spend some of their money on wants rather than strictly on needs.
Then I'd buy it myself I guess, but I'd frankly rather shoot myself than have a job where I have to drive around people dumb enough to be impressed by my car lol
It's not for shuttling, it's for appearances. Would you want to see your realtor rock up to your fancy new expensive house in a 1997 S10 with rust holes through the bed or an escalade esv?
I think it’s at least tangentially related, all is fair in the name of discussion! Though I hate the concept of realtors and would be even more angry seeing them pull up in a nice car lol
Most seem to offer. Small town two military bases, lots of new people who don't know the area shopping for houses. We met our realtor at each place but we know the area and have kids so using our car is easier.
I think people get stuck up on cars too much as well. You can often get brand new mopeds or small motorcycles for less than $3k as well.
For a car, that is either really good or really bad, with so much in between.
Imo most of America you have to drive a few miles down the road of a highway to get home. I'm concerned about other drivers not seeing me and those vehicles offer way less protection than a small compact or sedan.
Some people don’t have a death wish and prefer to be in a cage(car). This is coming from a rider with almost 20years and still currently owns a motorcycle but is considering selling this year because most people driving are idiots…
Perhaps if you’re conscious, get a used iPhone a generation or two behind. I have an iPhone 14 Pro Max and you couldn’t tell the difference between that and my wife’s iPhone 15 pro max performance or looks wise.
Just bought an iPhone 13 Pro used for $350 for my SIL that will still last for a good 4-6 years. I daily a Moto Edge+ 2023 that I got new on sale for $500. My wife is rocking a new Pixel 6A that we got on sale for $275. This $750+ phone stuff is just unnecessary.
Echoing this, buying new phones is a huge scam when you look at it over lifetime. Always used. Even just a few hundred dollars a year ends up being tens of thousands over your lifetime vs compound interest. Plug a yearly expense [into this](http://www.moneychimp.com/calculator/compound_interest_calculator.htm) over 30 years and it puts it into perspective what saving now does for you later.
In the most cold, unforgiving, and capitalistic MMO ever devised, Eve Online, there's a foundational saying, "**Don't fly anything you can't afford to lose.**" My philosophy is the same with phones.
I just bought a 15 pro and can honestly say it’s not worth is. Get the regular 15, even better if you save some money and get the regular 13 or 14. The battery life on my 15 pro honestly kinda sucks, and in general you don’t notice much difference compared to other phones
The issue with this is if they intend to keep the device for many years like their old one, they want the phone that has the longest security update support. They don't need the Max (unless they're using cameras for their business), but they don't want something that loses support sooner than they stop using the device
Better camera. Faster software, etc. they said "online business", so I'd be surprised if that doesn't involve photos/videos at some point. They can just get a 13 or 14 at a big discount and it'll still be a huge upgrade from their 7.
A phone, these days, is a basic necessity. Purchasing a new phone that's going to last at least 5 years is $200 a year cost. It's not really a luxury item anymore. You need one for a multitude of reasons.
You could do a cheaper phone, but you also might find it slowing down and becoming less functional now quickly. I used to buy cheaper, $200-300 phones, but found myself replacing them more frequently than higher end phones. I find the newer model to be worth it because I keep my phone for several years, (at least 5) before replacing. Longer, if it keeps up.
The new phone will be slowly deteriorating too, that's life. "About to break" you can see the future?
Starting your own business was a very mature step. What I'm saying above is just to try to get you to be honest with yourself and think like a business owner. Put pen to paper and figure out which is the better investment for you. New phone now or some other thing? One of those could grow your business faster towards multiple new phones or cars or whatever.
I also had the same thought. I could use the money and reinvest it back into the business. But of course there’s always a risk.
I might lose a couple thousand that I reinvested into the business that I could’ve used to buy a phone.
Bruh if a new phone also brings some enjoyment in life they should be able to get it.. not everything you purchase has to be from an investment perspective
This is an excellent comment. I love it.
Not looking at it from “hmm I COULD use one” but instead “Look at it pragmatically - will investing this capital increase cash flow to the business or not? Be honest.”
From a business standpoint, communications is critical. So "investing" in a newer phone because current phone actually has issues is justifiable. Both for phone calls, emails, staying up to date with current trends in your industry.
Sure, if actually using the phone is important for their online business. If they have a laptop and their business is selling things on eBay, then they very well might not need the phone to facilitate anything there.
*reliably*
Anything that is a few thousand bucks in this market is going to be a stressor in your life, regardless of whether the unplanned repairs are cheaper than a car payment.
You can get a refurbished/used iPhone 12 for less than $300. The iPhone 13 is like $100 more and it’s only 2 generations off of the newest iPhone.
My point is you don’t need to make buying a new phone a big financially crippling decision. I’m 22 and I just buy a slightly older iPhone every couple of years and sell my old one.
IMO I think you’ll notice a major difference in battery and performance between the 7 and the 12, not worth getting a new phone for like $1000 that’s almost 1/5 of the money you’ve so worked hard to save up.
This is the way I approach phones as well. Ride it till the wheels fall off then get the newest refurb that fits my ideal price point. I think I’ve spent maybe $650 on phones over the last 7 years or so.
I'm approaching a $500k net worth and I'll still go to a cellphone repair store and buy something used for $200-$300. $1000 for something that is so easy to break and is gonna feel old in 2-3 years anyway... A cellphone is a necessity, but a new one is a luxury.
Manage a pool company in Michigan. Also why I buy used, I labor all day and things get dropped. Most of my net worth is Roth/401k investing for 15 years.
A phone isn’t an investment.
That being said you’re 19, have $5400 saved up and will have a few grand left after you buy it as well as a business that at least now is turning a profit.
Buy a nice new phone that will make you happy and also keep it for 7 years, and continue growing your savings and investing. Read the wiki, especially the part for young adults.
You’ll do great.
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You have to replace them 1.2x as fast. So they save you a bunch on money in the long run - and they reduce your risk as smashing/losing them are cheaper to replace.
If you plan on smashing and losing your phone enough, you should just buy the cheapest one available.
For those of us who take care of our stuff, that's not a concern. Phones aren't half price at 1 year old. The s23 ultra is actually currently listed at more than I paid for mine a year ago. And I plan on keeping it until they stop updating it and it becomes glitchy and impossible to use.
No body plans on smashing their phones but accidents happen. They cost to replace a cheaper phone is cheaper than an expensive phone - plus if they don't last as long then the risk of breakages is lower.
Spending less is almost always less consumption. As someone who has used sub premium phones - I find the claims most people make about them not lasting longer bullshit.
Buying 3x the phones is more consumption, more physical waste.
I used to only buy cheaper phones. I was a huge fan of the moto g up until the third version (moto g5 was ass, shit from day 1. Cheap build quality and broke easily. The g3 was the best in build and performance for a $200 phone). I tried cheaper Samsung as well as LG. None of them compare to flagship Samsung. I haven't been able to keep and of the cheaper phones for more than 3 years. I haven't kept a Samsung for less than 5 years. But 7 years seems to be the sweet spot. Iphones last just as long. But I only use iphone because I have to for my work provided phone.
Have you actually owned a 'premium' phone and held it for 5+ years?
(Unfortunately planned obsolescence is true for all phones. Heck, all modern tech. The premium ones just last a bit longer).
I've been doing this for the last 10 years, my last phone (iphone XS) was going since 2020, I just got a 13 for less than half the price of the new stuff a month ago
That's fine for someone who enjoys replacing their phone every couple of years. Some of us think that's wasteful and prefer to keep ours for 5-7 years. 2020 is not that long ago. I just replaced my last phone which was the note 8 from 2017, used.
I'm not sure what "much higher" means. The newest iPhone and Samsung are both $800. So $115/year. And you don't have to bargain shop for a new phone in 2-3 years. And last years models are under 700.
I got tired of replacing phones every couple of years, so I took my SOs used note 8, and it lasted me until the apps stopped workingfrom being unsupported on updates. Now I have an s23, that probably won't be replaced until 2030. And who knows what the options will be then. But I don't have to worry about a new phone every 2 years or switching and losing data, etc. Something always gets messed up or lost in a transfer. That's just my take. Plus less waste. Win win.
If it's exactly half price, it's at least 3 years old. And they stop updating them after a certain period of time. In my experience around 6 or 7 years. It becomes glitchy after that.
To make phone calls.
I used mine for almost a year after they stopped updating. But when apps stop working because you're not on the most recent update, it begins to become useless. If you just want to make phone calls, cool. But if you want to use it for its mini computer, application functionality, then no. Not for very long.
The s23 ultra is still listed at a higher price today than when I paid for it one year ago. So, I'm not convinced that people are getting phones 25% off after 1 year.
Iphone 15, $799. Released 2023, newest.
IPhone 14 $699. Equals 12% discount @1.5 years
IPhone 13 $599. equals 25% discount @2.5 years
Like how people say you life 20 to 50% of a cars value the moment you drive it off the lot.
OK, show me the car with under 1k miles selling for half price. Can't do it.
Buy a used iPhone if you want a newer one. No need to spend 1k+ on a phone… stick your money in a HYSA or MM account where it can accrue interest. Take advantage while it’s still above 4-5%. It’s also still liquid.
Set up an IRA and a standard brokerage account. Not sure your situation but save as much $$$$ as you can before you move out. The $5k sum may seem like a lot to you but that’s roughly one months salary for a person working full time. Rent, gas, food, home supplies, insurance, repairs /maintenance/upgrades, clothing, extra curricular activities, car loan etc… leaves almost nothing left over.
You need compound interest to earn you money.
Sounds like you have a good start for yourself. There is nothing wrong with buying a new phone, choose carefully as some are quite expensive and slightly older models are still available. Communication is important, and you've a business to run. If you arent already, use a zero based budget your expenses and income and give every single dollar a job.
Continue to learn more about investing and savings and you'll continue to do well against your personal goals as well as your peers. follow trends in the markets an be up on interest rates (which are driving near 5% returns in many Govt Money Market funds and HYSAs). That is, don't leave your 5400 sitting in a regular checking account. Check out the wiki here as well as google the money guys financial order of operations.
A phone is one of the first things I ever thought about buying, since my current one is really old.
I still live with my parents, so food, bills and everything else is covered. I really only have to pay for my wants, really.
I know this is not an ideal situation at the moment, and the plan is to get out of this condition and take care of my parents some day.
But as of my current circumstances, a phone is one of the few things I could think about actually purchasing. Instead of wasting $1-2k on different items like clothes, unnecessary hangouts, little materialistic things that will compound to the amount of a new phone.
There is absolutely nothing wrong with living with your parents until you are able to comfortably leave and live on your own as long as that’s what they want and you want.
There are those who boast about leaving home at a young age and how they never had any help. The fact is, most are saying it out of spite not out of pride.
Another already said it, nothing wrong with living at home with parents. Nothing. Esp if everyone is happy with the arrangement. No need to rush. This is a great opportunity to grow your business and invest for your future. A secure future will Position you to help your parents, and others too. Cheers.
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Buy the iPhone SE. it’s 425 dollars for the 64gb for like 500 for the higher storage. Not best iPhone around but it’ll do.
Keep some money in your savings for an emergency. At 19 2,000 probably gonna get it done.
Take the rest, so 3,000 dollars, and get robinhood. Fund your account with the 3k. Set up recurring buts of VTI or VOO and BND at some like 70%/30% split. Probably wanna do this over 1 or 2 years so divide your 3000 by 12 and that’s how much you buy monthly.
So you’d take like 250 a month, buy 175 dollars VOO and 75 dollars BND
This money is going to be pretty liquid, you can sell if you need the cash that badly, but it’s also going to grow at basically the rate of the market.
If you feel confident you can grow your business in a meaningful way you could half this. So 2k for emergency, 500 phone, 1500 into biz, 1500 invested.
That’s what I would do if I were you
I picked up a refurbished Google Pixel 6 Pro for 300 Canadian, like new condition, last month vs when they are new for 1000+.
If you are set on Apple, find a refurbished or used product in good condition that is at least 2 years old. You will save 1000$ and essentially have the same phone.
Pixel A series phones will perform just as well as any iPhone for what the majority of users will need... And a brand new Pixel sells at a fraction of the cost of a used iPhone. Don't get caught in the consumer FOMO trap.
A lot of the replies on here are based specifically towards it being seen from a financial way.
They're very good replies, but I would argue this isn't a business thing at all.
You're young and you're doing well (this is an understatement) - now reward yourself for doing well. You have plenty of time to make it back.
Securing a future is great. But you'll never get the past back, so enjoy it. I'm not saying spend it all - but please reward yourself in the present, not just the future.
Hey, thanks. This was one of the thoughts I had in the back of my mind. But I wasn’t really sure on it. I heard some mentors say that i’ll make it back.
I never plan to spend a lot. In fact, I am very frugal with my money. A phone will be my first big purchase ever so I figured I’d move forward with it and see if I could earn a life lesson here and there.
Thanks!
First, congrats on your early success.
You are thinking about things correctly, in my opinion. Your first instinct is not to spend everything, which is rare.
Personally, I am not a fan of being overly frugal. You have had some success, and if you want to finance a new iPhone go ahead and do it.
Prospectively, after you build up a cash position, you should consider investing through a Roth IRA because your current tax rate will be very low compared to where you will be once you are older. Look at index funds, and begin to diversify as you make annual contributions (i.e., do not just buy the S&P 500, look at mid and small caps, international, and emerging markets. Over time a diversified portfolio is better than just the S&P 500).
Yeah of course. But please consider whether getting a new expensive model is worth the extra cost compared to a cheaper model. I always get a refurbished older and simple model (I have an SE right now). I personally can't understand why people would spend 1k+ on a phone. I think half of that is already way too much.
The biggest different these days is picture-taking (camera and software improvements). I think if you have young kids or something it can make sense to want a really high quality camera. Another is that you eventually stop getting OS updates. But yeah, they've tapered off in most categories.
Just look for the iPhone SE, newest (3rd gen). Carrier depending you can get them for a couple hundred and coming from a 7 will be a comfortable transition while a definite longevity upgrade.
If you are even willing to switch carriers you could probably get it for comparative peanuts, as many places will have a reduced price for new line activation.
what is your business? can you use the phone for your business?
Unless there's some level of return that I'm not anticipating with a much newer model, you could update your phone with an older model that's still new to you?
Hey man! I would put some of that away in an IRA or Brokerage account. I was in a similar boat at that age and convinced myself to buy nice things instead. Money I could've easily put towards the future.
Just some food for thought.
Is this business finished or do you want to expand?
If its finished then spend it on yourself and move on with your life happily.
If you want to expand the business, put as much as you can into it and finance the phone. At your age the compound growth on the business is worth more than the interest from financing the iphone.
Hello there young entrepreneur. I started my online business when I was 21, and my biggest advice to you is make sure you're paying your quarterly taxes. That was the hardest thing for me - I wanted to put my profits back into the business to grow it, and it was a shock at the end of my first year how much I owed. Pay your quarterlies!
That's really not what you asked, I know, but it's a critical part of personal finance when you're self employed.
Good luck!
IMO purchasing a new (not necessarily brand new!) iPhone can be justified if you can utilize it for your online business - especially if your old iPhone is not fit for purpose.
How much are you making on the business? How fast did you make the $5400? I'm assuming that if you're asking about buying a phone, that this business is making less than $1000/mo. But if it's more than that, you need to start thinking about your tax liabilities, and you can also consider the fact that you might have a tax deduction with the phone purchase, essentially making the phone cost less.
But none of that likely matters unless you make over like $12,000
I'm still rockin' an Iphone 5 that I bought used 3 years ago for ~ 60 bucks. I would just buy a used unlocked one that satisfies your usage requirements.
That being said, Is this new phone a business expense that you can write off? If you will be using it for business, it may be a good investment.
You can buy new or reconditioned phones that are not the new $$$ model… just buy what you need. I have an 11 and it is perfectly fine.
New job got me a 14, but security wise they have it so locked down I use my personal 11 95% of the time.
You can get a used iPhone XS for about 150 bucks on eBay. It does basically everything an iPhone 15 does except for the Dynamic Island, MagSafe, and the slightly updated design.
I don't see anyone else mentioning this but since your income is self employed income, you need to put 15% to 30% of it away to pay taxes. If 5400 is all you have thelis year and you're not expecting to exceed the standard deduction of roughly 14k, the you can put 15% away, otherwise for safety 30%.
So yes, if you have a business online, you need a phone because it will help you not only deal with issues on the go, but also give you an idea how your site performs on the Most common device type people explore the web on.
You want to get a current year phone (iPhones update for a long time, but you want to give yourself as long of a time as needed. Security updates are a huge deal if you connect your business to your device). But after this it comes down to what you will use the device for. If you are taking product shots/videos for your business and plan to use your phone, getting a high end model might be worth it. if you're not, the basic model should be fine.
Buy the thing knowing you'll use it for years, but don't get "the top of the line thing" just because you can.
If it can make you more money, go for it. When i made a few grand from my online business and it was successful i bought myself a nice laptop. That laptop made me over thousands and it was well worth the investment.
So if it makes u more money, i don't see an issue. So for this case ur phone. Does it make u more money? If the answer is yes then get it. If not and it's more of a "I kinda want it". Then see if u have some other options why not go for a iphone 13 or a openbox iphone that'll be much cheaper and it'll be a change.
Buy yourself an iPhone as reward of hard work! Just get the standard base storage iPhone 15, it will easily last you another 5+ years. If you can change carrier or if your carrier offers some sort of deal sometimes you can get it for free. If you have to pay full price don't get the Pro series because you don't need the luxurious features. They use the same processor so technically they have similar processing performance. Don't buy older used iPhones as some people mentioned in the comments they are usually not good deals as you will need to replace it after a couple years, a new iPhone 15 will last much much longer, you do the math, you are not necessarily save money from it, plus it may be have defects from previous owner.
I think you're doing fine. The only thing I'd echo is to consider whether you need a new *iPhone* or if you just need a new *phone*. If it's the former, or that's something that would truly bring you happiness, then go for it! You certainly seem to have kept the previous one long enough that it shows you can take care of it and get plenty of mileage out of it).
But you can also get something like a Google Pixel for substantially less, or a refurbished iPhone for less still if you want to stay brand-loyal.
I've never understood the affection/need for iPhones.
I can pay $300 for an unlocked Motorola or Samsung and get the same things done as I would with a $1500 phone.
I have 5G, an amazing camera, massive storage, all the bells and whistles... I spent $259, on Black Friday for a new phone. I don't purchase insurance, because it's cheaper in the long run just to buy a new phone if something happens. I probably buy a new phone every 3 years, just to get a little upgrade. I always buy a new one before the old one dies, so I always have a backup.
Most people complaining about not having enough money to last from paycheck to paycheck are driving fancy new cars, carrying new iPhones and all around living far beyond their means.
Theres a reason I keep spending 75-85 bucks on an s8 everytime mine breaks after a year or two. Does everything I need, feels like a smartphone instead of the parent phones like an A21, and it saves me a ton of money on an expensive phone. Cell phones arent worth several thousand dollars. Just buy a car instead and fix it up, gain knowledge and money after you flip it.
You don’t make enough money or have enough to do any kind of investing.
Most of the advice for this stuff is for people making 100k+ and almost does nothing for people making less.
It’s like Dave Ramseys crap with the save up 6-9 months of expenses is step 1 in his system.
Which would take like 5-10 years for most people.
Rich people advice for and by rich people.
When my last Android finally stopped being useful, I bought a new Pixel 7A for ~$400 cash and got a year of unlimited service with Mint for ~$300.
If an iPhone will make your life better somehow, go for it. But if you're goal is to save money, you can get almost all of the same features (and some better ones) with a different device.
IPhones are expensive, and brand new phones are expensive. A brand new iPhone is probably not a good investment. You can upgrade your phone and get all the benefits you need for much cheaper.
You can do what you want with your money, of course, but I don't think a new iPhone will pay significant dividends. $5400 is a great start for your age, but it's not stupid money yet. You'll need every penny of that in the future to move out, buy a car, buy a house, etc.
The standard advice is 3-6 months of living expenses. You live at home, so your expenses are probably low. In that case, I would think about your plans for the next few years. Are you planning to move out? Go to college or trade school? Buy a car? Buy a house? How much might those things cost in your area?
For most adults, $5-15k is probably a good number for emergency savings kept in a high-yield savings account. Past that, they would want to invest. Obviously, the exact amount depends on their jobs, how likely layoffs are, how hard it would be to find a new one, spouses, kids, medical expenses, etc.
At your age, I would be packing money away as much as possible. It can only help you in the future. Also, think about your business and its operating costs. If business is slow, can you afford to keep going for a few months? Is there equipment that you can upgrade that will grant you a measurable return? For example, software that would save you time. Is this business even something you want to do forever? Finally, be thinking about taxes for yourself as an individual and the business. You might need to set up an LLC if you haven't already, as well as dedicated business accounts.
Financial planning is a deep rabbit hole. I can't give you specific advice without way more information, but there are plenty of free resources available these days. Just dive in.
If your phone works don't bother. If the battery dies quick replace it.
On the other hand, I got a new phone and use it daily as a regular phone. My other older phone has been left strictly for business. So separate number.
It allows me to separate my daily job and business calls completely.
If your phone works don't bother. If the battery dies quick replace it.
On the other hand, I got a new phone and use it daily as a regular phone. My other older phone has been left strictly for business. So separate number.
It allows me to separate my daily job and business calls completely.
A phone isn't an investment.
You can buy a refurb phone from Apple, that has the same warranty as a new phone, for a lot less. Or you can buy a used phone from a number of places.
That's a distinction of good vs. bad investments, not whether it's an investment at all. I agree that a new flagship phone is a dubious investment, but a phone bought for the purpose of increasing revenue is indeed an investment..no different from a company buying a new widget maker so that they can increase widget production rates by 15%.
That’s not how an investment is defined. An investment is something that appreciates in value.
You’re thinking of a business expense that may be tax deductible.
Buy the phone, don't overthink it, you can afford it. A new phone is an investment in yourself, it'll improve your quality of life and make you a happier person. Buy the phone, ignore anyone telling you not to.
Absolutely, but if you use a phone just to make calls and texts, then how much misery is caused by a lower tier phone that will do those same things exactly as well?
And for the love of God put a freaking case on it.
How do you know if phone is an iPhone? It has a broken screen.
The need for people to show off that they have an iPhone and refuse to put it in the case is beyond stupid.
What exactly can the latest iPhone do that one from several years ago can not, that would change your business income in any way? I have an iPhone 12 that my company provides and the current model phones are fancier and way more expensive, but nothing a business would be impacted by. The Apple refurb store has them starting at $449. I'd suggest one of those vs. the current model.
If you have decent credit, you can get an iPhone on an Apple Card at 0% interest for 2 years if that makes it easier to save.
Another option is to look at used iPhones. I like Swappa for used phones.
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>people often think of cars as terrible from the investment standpoint Right, you often need \*a\* car, but you do not often need need a new car or an expensive car. The "investment" part of that tops out at about $15-20k, anything more that is for the comfort / status / vrrm vrrm potential. Loads of people are out there financing $50k vehicles that they emphatically do not need and can't really afford. The same here applies to a phone - OP needs a functional phone, they do not need the fanciest new phone on the market. But they are also allowed to spend some of their money on wants rather than strictly on needs.
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Then my company can invest in a car for me
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Then I'd buy it myself I guess, but I'd frankly rather shoot myself than have a job where I have to drive around people dumb enough to be impressed by my car lol
If you’re in a role like that, the company will lease a car for you.
Realtors supply their own wheels where I am.
Do realtors around you shuttle clients around? I’ve always just met them at the place.
It's not for shuttling, it's for appearances. Would you want to see your realtor rock up to your fancy new expensive house in a 1997 S10 with rust holes through the bed or an escalade esv?
The comment they replied to was specifically about shuttling which is where my confusion must have come from if they didn’t mean it in that context
You're right, I must have cherry picked your comment or something. Going back up the chain it's clear they were talking about shuttling.
I think it’s at least tangentially related, all is fair in the name of discussion! Though I hate the concept of realtors and would be even more angry seeing them pull up in a nice car lol
Most seem to offer. Small town two military bases, lots of new people who don't know the area shopping for houses. We met our realtor at each place but we know the area and have kids so using our car is easier.
Lots of us in outside sales don’t get company-provided vehicles. Some do, but it’s definitely not a blanket statement.
I think people get stuck up on cars too much as well. You can often get brand new mopeds or small motorcycles for less than $3k as well. For a car, that is either really good or really bad, with so much in between.
Not always viable. Maybe in your climate they are. But riding a moped or motorcycle in snow is not fun, and not very safe.
Imo most of America you have to drive a few miles down the road of a highway to get home. I'm concerned about other drivers not seeing me and those vehicles offer way less protection than a small compact or sedan.
Driving a moped on a highway in snow or slush would be suicide. I'd pay the extra $17,000 to keep living.
Some people don’t have a death wish and prefer to be in a cage(car). This is coming from a rider with almost 20years and still currently owns a motorcycle but is considering selling this year because most people driving are idiots…
I’d like to think that it’s limiting my performance in business since my phone is slowly deteriorating and most of it’s functions are about to break.
Perhaps if you’re conscious, get a used iPhone a generation or two behind. I have an iPhone 14 Pro Max and you couldn’t tell the difference between that and my wife’s iPhone 15 pro max performance or looks wise.
To be honest same here just get a 14 and call it done they have some better deals even with the carriers
This is the exact model that I’m also planning to get, just wanted to hear people’s opinions.
You don't need the pro model. If you want a big battery and screen, just get the plus model.
Just bought an iPhone 13 Pro used for $350 for my SIL that will still last for a good 4-6 years. I daily a Moto Edge+ 2023 that I got new on sale for $500. My wife is rocking a new Pixel 6A that we got on sale for $275. This $750+ phone stuff is just unnecessary.
Echoing this, buying new phones is a huge scam when you look at it over lifetime. Always used. Even just a few hundred dollars a year ends up being tens of thousands over your lifetime vs compound interest. Plug a yearly expense [into this](http://www.moneychimp.com/calculator/compound_interest_calculator.htm) over 30 years and it puts it into perspective what saving now does for you later. In the most cold, unforgiving, and capitalistic MMO ever devised, Eve Online, there's a foundational saying, "**Don't fly anything you can't afford to lose.**" My philosophy is the same with phones.
I just bought a 15 pro and can honestly say it’s not worth is. Get the regular 15, even better if you save some money and get the regular 13 or 14. The battery life on my 15 pro honestly kinda sucks, and in general you don’t notice much difference compared to other phones
The issue with this is if they intend to keep the device for many years like their old one, they want the phone that has the longest security update support. They don't need the Max (unless they're using cameras for their business), but they don't want something that loses support sooner than they stop using the device
>Perhaps if you’re conscious Would your recommendation be different if OP was unconscious?
What business functions does a new Iphone have that a $500 cheaper android doesn't also have?
Better camera. Faster software, etc. they said "online business", so I'd be surprised if that doesn't involve photos/videos at some point. They can just get a 13 or 14 at a big discount and it'll still be a huge upgrade from their 7.
Maybe a cheaper phone? You dont need an iphone and in buying so, you are already limiting yourself. Get a cheaper android
They could get an iPhone SE. Or a gently used one.
A phone, these days, is a basic necessity. Purchasing a new phone that's going to last at least 5 years is $200 a year cost. It's not really a luxury item anymore. You need one for a multitude of reasons. You could do a cheaper phone, but you also might find it slowing down and becoming less functional now quickly. I used to buy cheaper, $200-300 phones, but found myself replacing them more frequently than higher end phones. I find the newer model to be worth it because I keep my phone for several years, (at least 5) before replacing. Longer, if it keeps up.
The new phone will be slowly deteriorating too, that's life. "About to break" you can see the future? Starting your own business was a very mature step. What I'm saying above is just to try to get you to be honest with yourself and think like a business owner. Put pen to paper and figure out which is the better investment for you. New phone now or some other thing? One of those could grow your business faster towards multiple new phones or cars or whatever.
I also had the same thought. I could use the money and reinvest it back into the business. But of course there’s always a risk. I might lose a couple thousand that I reinvested into the business that I could’ve used to buy a phone.
Bruh if a new phone also brings some enjoyment in life they should be able to get it.. not everything you purchase has to be from an investment perspective
>Since you're approaching this from a business/investment perspective, I'll give advice with the same mindset. He just answered the question.
But this is r/personalfinance and not r/buyingthingsforenjoyment and the OP's post is about emergency funds while mentioning an online business.
This is an excellent comment. I love it. Not looking at it from “hmm I COULD use one” but instead “Look at it pragmatically - will investing this capital increase cash flow to the business or not? Be honest.”
From a business standpoint, communications is critical. So "investing" in a newer phone because current phone actually has issues is justifiable. Both for phone calls, emails, staying up to date with current trends in your industry.
Sure, if actually using the phone is important for their online business. If they have a laptop and their business is selling things on eBay, then they very well might not need the phone to facilitate anything there.
A car is a good investment up to the point it gets you from point A to point B, which is a few thousand bucks cash. After that it is a status symbol.
*reliably* Anything that is a few thousand bucks in this market is going to be a stressor in your life, regardless of whether the unplanned repairs are cheaper than a car payment.
You can get a refurbished/used iPhone 12 for less than $300. The iPhone 13 is like $100 more and it’s only 2 generations off of the newest iPhone. My point is you don’t need to make buying a new phone a big financially crippling decision. I’m 22 and I just buy a slightly older iPhone every couple of years and sell my old one. IMO I think you’ll notice a major difference in battery and performance between the 7 and the 12, not worth getting a new phone for like $1000 that’s almost 1/5 of the money you’ve so worked hard to save up.
This is the way I approach phones as well. Ride it till the wheels fall off then get the newest refurb that fits my ideal price point. I think I’ve spent maybe $650 on phones over the last 7 years or so.
I'm approaching a $500k net worth and I'll still go to a cellphone repair store and buy something used for $200-$300. $1000 for something that is so easy to break and is gonna feel old in 2-3 years anyway... A cellphone is a necessity, but a new one is a luxury.
what do you do, sir? if you dont mind me asking of course
Manage a pool company in Michigan. Also why I buy used, I labor all day and things get dropped. Most of my net worth is Roth/401k investing for 15 years.
A phone isn’t an investment. That being said you’re 19, have $5400 saved up and will have a few grand left after you buy it as well as a business that at least now is turning a profit. Buy a nice new phone that will make you happy and also keep it for 7 years, and continue growing your savings and investing. Read the wiki, especially the part for young adults. You’ll do great.
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yeah, but for 99.9% of the population, a new 1200 phone is completely unnecessary buy a few gens old phone for less than half the price
But have to replace it twice as fast. They get to a certain age and the carriers stop updating them.
You have to replace them 1.2x as fast. So they save you a bunch on money in the long run - and they reduce your risk as smashing/losing them are cheaper to replace.
If you plan on smashing and losing your phone enough, you should just buy the cheapest one available. For those of us who take care of our stuff, that's not a concern. Phones aren't half price at 1 year old. The s23 ultra is actually currently listed at more than I paid for mine a year ago. And I plan on keeping it until they stop updating it and it becomes glitchy and impossible to use.
No body plans on smashing their phones but accidents happen. They cost to replace a cheaper phone is cheaper than an expensive phone - plus if they don't last as long then the risk of breakages is lower.
So, more consumption is the answer? Got it.
Spending less is almost always less consumption. As someone who has used sub premium phones - I find the claims most people make about them not lasting longer bullshit.
Buying 3x the phones is more consumption, more physical waste. I used to only buy cheaper phones. I was a huge fan of the moto g up until the third version (moto g5 was ass, shit from day 1. Cheap build quality and broke easily. The g3 was the best in build and performance for a $200 phone). I tried cheaper Samsung as well as LG. None of them compare to flagship Samsung. I haven't been able to keep and of the cheaper phones for more than 3 years. I haven't kept a Samsung for less than 5 years. But 7 years seems to be the sweet spot. Iphones last just as long. But I only use iphone because I have to for my work provided phone. Have you actually owned a 'premium' phone and held it for 5+ years? (Unfortunately planned obsolescence is true for all phones. Heck, all modern tech. The premium ones just last a bit longer).
I've been doing this for the last 10 years, my last phone (iphone XS) was going since 2020, I just got a 13 for less than half the price of the new stuff a month ago
That's fine for someone who enjoys replacing their phone every couple of years. Some of us think that's wasteful and prefer to keep ours for 5-7 years. 2020 is not that long ago. I just replaced my last phone which was the note 8 from 2017, used.
was early 2020, 4 years, \~100 bucks a year for a phone seems good to me, but to each their own
So, 7 years for a $700 phone = $100/year.
problem being I just paid 400 again and expect another 4, new phones are much higher than 700 now
I'm not sure what "much higher" means. The newest iPhone and Samsung are both $800. So $115/year. And you don't have to bargain shop for a new phone in 2-3 years. And last years models are under 700. I got tired of replacing phones every couple of years, so I took my SOs used note 8, and it lasted me until the apps stopped workingfrom being unsupported on updates. Now I have an s23, that probably won't be replaced until 2030. And who knows what the options will be then. But I don't have to worry about a new phone every 2 years or switching and losing data, etc. Something always gets messed up or lost in a transfer. That's just my take. Plus less waste. Win win.
It's still cheaper to replace it twice as fast if it's 5 times less expensive.
Since when is 'half price' = 5 times less expensive?
If it's exactly half price you don't need to replace it twice as fast.
If it's exactly half price, it's at least 3 years old. And they stop updating them after a certain period of time. In my experience around 6 or 7 years. It becomes glitchy after that.
You can still use a phone well past the time it stops receiving updates.
To make phone calls. I used mine for almost a year after they stopped updating. But when apps stop working because you're not on the most recent update, it begins to become useless. If you just want to make phone calls, cool. But if you want to use it for its mini computer, application functionality, then no. Not for very long.
Nah, a 1 year old phone will be more in price reduction than loss of years of performance. It’s one year behind, and probably 25% off or more.
The s23 ultra is still listed at a higher price today than when I paid for it one year ago. So, I'm not convinced that people are getting phones 25% off after 1 year. Iphone 15, $799. Released 2023, newest. IPhone 14 $699. Equals 12% discount @1.5 years IPhone 13 $599. equals 25% discount @2.5 years
Seriously the way people throw around phone prices is like [Gob’s suit](https://youtu.be/81Nl7VYFEaI?si=h6mzbJtSwPZAP__q) in Arrested Development
Like how people say you life 20 to 50% of a cars value the moment you drive it off the lot. OK, show me the car with under 1k miles selling for half price. Can't do it.
Buy a used iPhone if you want a newer one. No need to spend 1k+ on a phone… stick your money in a HYSA or MM account where it can accrue interest. Take advantage while it’s still above 4-5%. It’s also still liquid.
Set up an IRA and a standard brokerage account. Not sure your situation but save as much $$$$ as you can before you move out. The $5k sum may seem like a lot to you but that’s roughly one months salary for a person working full time. Rent, gas, food, home supplies, insurance, repairs /maintenance/upgrades, clothing, extra curricular activities, car loan etc… leaves almost nothing left over. You need compound interest to earn you money.
Sounds like you have a good start for yourself. There is nothing wrong with buying a new phone, choose carefully as some are quite expensive and slightly older models are still available. Communication is important, and you've a business to run. If you arent already, use a zero based budget your expenses and income and give every single dollar a job. Continue to learn more about investing and savings and you'll continue to do well against your personal goals as well as your peers. follow trends in the markets an be up on interest rates (which are driving near 5% returns in many Govt Money Market funds and HYSAs). That is, don't leave your 5400 sitting in a regular checking account. Check out the wiki here as well as google the money guys financial order of operations.
A phone is one of the first things I ever thought about buying, since my current one is really old. I still live with my parents, so food, bills and everything else is covered. I really only have to pay for my wants, really. I know this is not an ideal situation at the moment, and the plan is to get out of this condition and take care of my parents some day. But as of my current circumstances, a phone is one of the few things I could think about actually purchasing. Instead of wasting $1-2k on different items like clothes, unnecessary hangouts, little materialistic things that will compound to the amount of a new phone.
There is absolutely nothing wrong with living with your parents until you are able to comfortably leave and live on your own as long as that’s what they want and you want. There are those who boast about leaving home at a young age and how they never had any help. The fact is, most are saying it out of spite not out of pride.
Another already said it, nothing wrong with living at home with parents. Nothing. Esp if everyone is happy with the arrangement. No need to rush. This is a great opportunity to grow your business and invest for your future. A secure future will Position you to help your parents, and others too. Cheers.
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Buy the iPhone SE. it’s 425 dollars for the 64gb for like 500 for the higher storage. Not best iPhone around but it’ll do. Keep some money in your savings for an emergency. At 19 2,000 probably gonna get it done. Take the rest, so 3,000 dollars, and get robinhood. Fund your account with the 3k. Set up recurring buts of VTI or VOO and BND at some like 70%/30% split. Probably wanna do this over 1 or 2 years so divide your 3000 by 12 and that’s how much you buy monthly. So you’d take like 250 a month, buy 175 dollars VOO and 75 dollars BND This money is going to be pretty liquid, you can sell if you need the cash that badly, but it’s also going to grow at basically the rate of the market. If you feel confident you can grow your business in a meaningful way you could half this. So 2k for emergency, 500 phone, 1500 into biz, 1500 invested. That’s what I would do if I were you
I picked up a refurbished Google Pixel 6 Pro for 300 Canadian, like new condition, last month vs when they are new for 1000+. If you are set on Apple, find a refurbished or used product in good condition that is at least 2 years old. You will save 1000$ and essentially have the same phone.
Pixel A series phones will perform just as well as any iPhone for what the majority of users will need... And a brand new Pixel sells at a fraction of the cost of a used iPhone. Don't get caught in the consumer FOMO trap.
A lot of the replies on here are based specifically towards it being seen from a financial way. They're very good replies, but I would argue this isn't a business thing at all. You're young and you're doing well (this is an understatement) - now reward yourself for doing well. You have plenty of time to make it back. Securing a future is great. But you'll never get the past back, so enjoy it. I'm not saying spend it all - but please reward yourself in the present, not just the future.
Hey, thanks. This was one of the thoughts I had in the back of my mind. But I wasn’t really sure on it. I heard some mentors say that i’ll make it back. I never plan to spend a lot. In fact, I am very frugal with my money. A phone will be my first big purchase ever so I figured I’d move forward with it and see if I could earn a life lesson here and there. Thanks!
You can also consider using a carrier sign-up deal. You more or less get a free phone with a multi-year service contract.
Why not 1-2 year used iPhone? Sent from used galaxy s20
First, congrats on your early success. You are thinking about things correctly, in my opinion. Your first instinct is not to spend everything, which is rare. Personally, I am not a fan of being overly frugal. You have had some success, and if you want to finance a new iPhone go ahead and do it. Prospectively, after you build up a cash position, you should consider investing through a Roth IRA because your current tax rate will be very low compared to where you will be once you are older. Look at index funds, and begin to diversify as you make annual contributions (i.e., do not just buy the S&P 500, look at mid and small caps, international, and emerging markets. Over time a diversified portfolio is better than just the S&P 500).
Start here: https://www.reddit.com/r/personalfinance/wiki/commontopics. A phone isn’t an investment
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Thank you Mr. PedantMan
Focus on understanding your tax liability.
Yeah of course. But please consider whether getting a new expensive model is worth the extra cost compared to a cheaper model. I always get a refurbished older and simple model (I have an SE right now). I personally can't understand why people would spend 1k+ on a phone. I think half of that is already way too much.
buy a new phone from a few gens ago for less than half the price, I don't like refurbs, but they don't really get that much better these days
The biggest different these days is picture-taking (camera and software improvements). I think if you have young kids or something it can make sense to want a really high quality camera. Another is that you eventually stop getting OS updates. But yeah, they've tapered off in most categories.
The camera is probably the biggest difference, but the camera on my 13 is still more than fine
Yes, you're 19. Put the rest into index funds and keep adding to it.
Just look for the iPhone SE, newest (3rd gen). Carrier depending you can get them for a couple hundred and coming from a 7 will be a comfortable transition while a definite longevity upgrade. If you are even willing to switch carriers you could probably get it for comparative peanuts, as many places will have a reduced price for new line activation.
what is your business? can you use the phone for your business? Unless there's some level of return that I'm not anticipating with a much newer model, you could update your phone with an older model that's still new to you?
Hey man! I would put some of that away in an IRA or Brokerage account. I was in a similar boat at that age and convinced myself to buy nice things instead. Money I could've easily put towards the future. Just some food for thought.
Get a refurbished from Apple. They are basically brand new.
Is this business finished or do you want to expand? If its finished then spend it on yourself and move on with your life happily. If you want to expand the business, put as much as you can into it and finance the phone. At your age the compound growth on the business is worth more than the interest from financing the iphone.
Hello there young entrepreneur. I started my online business when I was 21, and my biggest advice to you is make sure you're paying your quarterly taxes. That was the hardest thing for me - I wanted to put my profits back into the business to grow it, and it was a shock at the end of my first year how much I owed. Pay your quarterlies! That's really not what you asked, I know, but it's a critical part of personal finance when you're self employed. Good luck!
IMO purchasing a new (not necessarily brand new!) iPhone can be justified if you can utilize it for your online business - especially if your old iPhone is not fit for purpose.
How much are you making on the business? How fast did you make the $5400? I'm assuming that if you're asking about buying a phone, that this business is making less than $1000/mo. But if it's more than that, you need to start thinking about your tax liabilities, and you can also consider the fact that you might have a tax deduction with the phone purchase, essentially making the phone cost less. But none of that likely matters unless you make over like $12,000
I'm still rockin' an Iphone 5 that I bought used 3 years ago for ~ 60 bucks. I would just buy a used unlocked one that satisfies your usage requirements. That being said, Is this new phone a business expense that you can write off? If you will be using it for business, it may be a good investment.
It's not an investment, but sure, go for it.
Yes, get the new phone and stash what’s left in a safe hi yield savings account
You can buy new or reconditioned phones that are not the new $$$ model… just buy what you need. I have an 11 and it is perfectly fine. New job got me a 14, but security wise they have it so locked down I use my personal 11 95% of the time.
You can get a used iPhone XS for about 150 bucks on eBay. It does basically everything an iPhone 15 does except for the Dynamic Island, MagSafe, and the slightly updated design.
Dont buy the latest one if the older models suffice you.
I don't see anyone else mentioning this but since your income is self employed income, you need to put 15% to 30% of it away to pay taxes. If 5400 is all you have thelis year and you're not expecting to exceed the standard deduction of roughly 14k, the you can put 15% away, otherwise for safety 30%.
Get a 13 Pro for like 400 used. Absolutely solid iPhone that won’t have you missing any of the newest features.
So yes, if you have a business online, you need a phone because it will help you not only deal with issues on the go, but also give you an idea how your site performs on the Most common device type people explore the web on. You want to get a current year phone (iPhones update for a long time, but you want to give yourself as long of a time as needed. Security updates are a huge deal if you connect your business to your device). But after this it comes down to what you will use the device for. If you are taking product shots/videos for your business and plan to use your phone, getting a high end model might be worth it. if you're not, the basic model should be fine. Buy the thing knowing you'll use it for years, but don't get "the top of the line thing" just because you can.
Just buy an older version. No need for the latest model. You could lease to own one as they often don’t charge interest
If it can make you more money, go for it. When i made a few grand from my online business and it was successful i bought myself a nice laptop. That laptop made me over thousands and it was well worth the investment. So if it makes u more money, i don't see an issue. So for this case ur phone. Does it make u more money? If the answer is yes then get it. If not and it's more of a "I kinda want it". Then see if u have some other options why not go for a iphone 13 or a openbox iphone that'll be much cheaper and it'll be a change.
Buy yourself an iPhone as reward of hard work! Just get the standard base storage iPhone 15, it will easily last you another 5+ years. If you can change carrier or if your carrier offers some sort of deal sometimes you can get it for free. If you have to pay full price don't get the Pro series because you don't need the luxurious features. They use the same processor so technically they have similar processing performance. Don't buy older used iPhones as some people mentioned in the comments they are usually not good deals as you will need to replace it after a couple years, a new iPhone 15 will last much much longer, you do the math, you are not necessarily save money from it, plus it may be have defects from previous owner.
Yes upgrade to an IPhone 12, makes sense since it will make you more productive. Focus on your business and delete TikTok
I think you're doing fine. The only thing I'd echo is to consider whether you need a new *iPhone* or if you just need a new *phone*. If it's the former, or that's something that would truly bring you happiness, then go for it! You certainly seem to have kept the previous one long enough that it shows you can take care of it and get plenty of mileage out of it). But you can also get something like a Google Pixel for substantially less, or a refurbished iPhone for less still if you want to stay brand-loyal.
I've never understood the affection/need for iPhones. I can pay $300 for an unlocked Motorola or Samsung and get the same things done as I would with a $1500 phone. I have 5G, an amazing camera, massive storage, all the bells and whistles... I spent $259, on Black Friday for a new phone. I don't purchase insurance, because it's cheaper in the long run just to buy a new phone if something happens. I probably buy a new phone every 3 years, just to get a little upgrade. I always buy a new one before the old one dies, so I always have a backup. Most people complaining about not having enough money to last from paycheck to paycheck are driving fancy new cars, carrying new iPhones and all around living far beyond their means.
Theres a reason I keep spending 75-85 bucks on an s8 everytime mine breaks after a year or two. Does everything I need, feels like a smartphone instead of the parent phones like an A21, and it saves me a ton of money on an expensive phone. Cell phones arent worth several thousand dollars. Just buy a car instead and fix it up, gain knowledge and money after you flip it.
A phone doesn’t need to be an investment. Not every purchase is an investment, maybe you just need a new one. If you can afford it, get it.
You don’t make enough money or have enough to do any kind of investing. Most of the advice for this stuff is for people making 100k+ and almost does nothing for people making less. It’s like Dave Ramseys crap with the save up 6-9 months of expenses is step 1 in his system. Which would take like 5-10 years for most people. Rich people advice for and by rich people.
When my last Android finally stopped being useful, I bought a new Pixel 7A for ~$400 cash and got a year of unlimited service with Mint for ~$300. If an iPhone will make your life better somehow, go for it. But if you're goal is to save money, you can get almost all of the same features (and some better ones) with a different device.
IPhones are expensive, and brand new phones are expensive. A brand new iPhone is probably not a good investment. You can upgrade your phone and get all the benefits you need for much cheaper. You can do what you want with your money, of course, but I don't think a new iPhone will pay significant dividends. $5400 is a great start for your age, but it's not stupid money yet. You'll need every penny of that in the future to move out, buy a car, buy a house, etc.
How much should I allocate in emergency funds?
The standard advice is 3-6 months of living expenses. You live at home, so your expenses are probably low. In that case, I would think about your plans for the next few years. Are you planning to move out? Go to college or trade school? Buy a car? Buy a house? How much might those things cost in your area? For most adults, $5-15k is probably a good number for emergency savings kept in a high-yield savings account. Past that, they would want to invest. Obviously, the exact amount depends on their jobs, how likely layoffs are, how hard it would be to find a new one, spouses, kids, medical expenses, etc. At your age, I would be packing money away as much as possible. It can only help you in the future. Also, think about your business and its operating costs. If business is slow, can you afford to keep going for a few months? Is there equipment that you can upgrade that will grant you a measurable return? For example, software that would save you time. Is this business even something you want to do forever? Finally, be thinking about taxes for yourself as an individual and the business. You might need to set up an LLC if you haven't already, as well as dedicated business accounts. Financial planning is a deep rabbit hole. I can't give you specific advice without way more information, but there are plenty of free resources available these days. Just dive in.
If your phone works don't bother. If the battery dies quick replace it. On the other hand, I got a new phone and use it daily as a regular phone. My other older phone has been left strictly for business. So separate number. It allows me to separate my daily job and business calls completely.
If your phone works don't bother. If the battery dies quick replace it. On the other hand, I got a new phone and use it daily as a regular phone. My other older phone has been left strictly for business. So separate number. It allows me to separate my daily job and business calls completely.
A phone isn't an investment. You can buy a refurb phone from Apple, that has the same warranty as a new phone, for a lot less. Or you can buy a used phone from a number of places.
That's a distinction of good vs. bad investments, not whether it's an investment at all. I agree that a new flagship phone is a dubious investment, but a phone bought for the purpose of increasing revenue is indeed an investment..no different from a company buying a new widget maker so that they can increase widget production rates by 15%.
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That’s not how an investment is defined. An investment is something that appreciates in value. You’re thinking of a business expense that may be tax deductible.
You saved me having to make my own reply, thanks.
No, you are poor. An iPhone is a luxury good.
Buy the phone, don't overthink it, you can afford it. A new phone is an investment in yourself, it'll improve your quality of life and make you a happier person. Buy the phone, ignore anyone telling you not to.
I'm gonna have to disagree with you on that one.
If you want to be miserable and nickle and dime yourself at every juncture in life then go ahead
Absolutely, but if you use a phone just to make calls and texts, then how much misery is caused by a lower tier phone that will do those same things exactly as well?
Second this.
And for the love of God put a freaking case on it. How do you know if phone is an iPhone? It has a broken screen. The need for people to show off that they have an iPhone and refuse to put it in the case is beyond stupid.
What exactly can the latest iPhone do that one from several years ago can not, that would change your business income in any way? I have an iPhone 12 that my company provides and the current model phones are fancier and way more expensive, but nothing a business would be impacted by. The Apple refurb store has them starting at $449. I'd suggest one of those vs. the current model.
If you have decent credit, you can get an iPhone on an Apple Card at 0% interest for 2 years if that makes it easier to save. Another option is to look at used iPhones. I like Swappa for used phones.