Tools are financial assetsInvesting in tools for repair and maintenance can provide great returns. I have long been an advocate of first purchasing assets and then enjoying liabilities. Assets solve a problem, are your property, and produce real money savings over time. The money you save on expenses, because of the value of those assets, can be used to buy the fun things, that are typically liabilities, you want to enjoy. Over time you are going to have to invest money in maintenance and repair. Most people may think of their home or car when thinking about repair costs. However, think about other things that require routine maintenance or could continue to work longer if repaired. Furniture, appliances, toys, computers, fences, etc would all last longer if you had the proper tools to maintenance or repair them yourself. That is what makes tools (and knowing how to use them) assets.
Also, when you have the right tools you can perform routine maintenance on your things which will make them last longer. The longer they last the less money you have to spend on replacements. If your kitchen chair is wobbling and goes unfixed it may break from the continued stress of wobbling while you sit in it. Once broken you may spend $50 or more to replace the chair. With a screwdriver and mallet you can adjust the chair so that it is sturdy. The screwdriver and mallet may have cost you about $5.00. Take a walk around the inside and outside of your home. Make a list of the things that need repaired or replaced. Then list what it will cost to have someone else repair or replace these items. Next, write out what you could do on your own if you had the right tools. You will discover that tools are truly assets that generate money savings. Bowman’s Money College offers consulting and educational advice to individuals and families on personal financial matters such as starting a small business, writing and following a household budget, and rebuilding credit. For further information visit BowmansMoneyCollege.com or email mike@bowmansmoneycollege.com. For more information visit BowmansMoneyCollege. You are invited to join me at LinkedIn!
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If you have tools you
don’t have to pay someone else to change your oil, hang a door, or unclog
a drain. Changing a belt on the motor of your vacuum would cost about $5
on your own if you own a screwdriver. If you took it to the repair shop it
would cost you about $25.00. the screwdriver cost $1 and saved you about
$20.00!