Create an Article›User Guide›

Why It’s Almost Always Better to Invest in Quality

Sep 26, 2023

iCrowdMarketing powered by iCrowdNewswire

If you want to get the most value out of every dollar you spend, it's important to consider investing in quality. Too often, people choose things that save them money temporarily, but ultimately cost them in the end.

So why is it almost always better to invest in quality? And how can you incorporate this philosophy into your everyday life?

The Dynamics of Quality

Higher quality, depending on the application, typically means higher safety, higher reliability, a longer lifespan, and greater overall value. This combination of traits usually means that your investment will eventually pay for itself.

For example, take the case of electrical transformer design. If you buy a cheap transformer, made from inferior materials with poorer craftsmanship, you'll save some money in the short term. But that transformer is going to be much more likely to fail within the first 5 years of operation; even if it lasts 10 or 15 years, it's not going to last the 25 years that a higher quality transformer is probably going to last. If you have to buy 2 or 3 cheap transformers during the same period of time that could be covered by a single, expensive transformer, you'll end up spending more money in the long run.

You can apply this to other areas as well. If you buy cheap, low-quality shoes, they'll wear out in a matter of weeks or months, rather than years. If you buy a cheap, low-quality can opener, you'll probably end up breaking it within a year. The list goes on and on.

There are several reasons for this:

  • Materials. One of the most important variables in this equation is manufacturer choice in materials. Splurging often entitles you to better-quality materials, which are often more comfortable, more durable, more practical, or otherwise more functional. They tend to be more expensive than inferior quality materials, but they also do a much better job.
  • Manufacturing/production. Manufacturing and production must also be considered. Automation in manufacturing can do an excellent job, but it's far from a guarantee, and many processes that have been automated by machines are inferior in overall quality when compared to the work done by human craftsmen. Improving the quality of manufacturing and production is expensive, which in turn, increases costs for consumers. But consumers benefit from paying for that extra quality.
  • Quality control/quality assurance. Excellent producers also have strict quality control and quality assurance processes in place. QC and QA aren't cheap, but they greatly reduce the risks of flaws and defects that could otherwise affect customers.
  • Warranties, guarantees, and accountability. Good companies also stand by their work, offering warranties and guarantees while offering more accountability. Again, these things aren't cheap, but they provide the consumer with additional protections.

The Temptation to Save in the Short-Term

On some level, it’s only natural for consumers to buy cheaper goods. Why should you buy something for $100 when you can get it for $20 somewhere else?

There are some scenarios where this kind of philosophy truly does work. If you only need something for the short term, like if you lose your luggage and you need a set of clothes on vacation, it might make perfect sense to buy the cheapest pieces of junk you can find. If you're operating with a sense of hyper frugality, you may not be able to save enough money to afford higher-quality goods.

But for the most part, it's better to think in the long term and always buy the best quality you can reasonably afford.

How to Invest in Quality

How do you invest in quality?

  • Adopt a “buy less, but better” mindset. Frugality comes in many forms. You can exercise financial diligence not just by buying cheaper things, but by buying fewer things that are higher quality. For example, you can have a wardrobe of 20 excellent, high-quality outfits, rather than a wardrobe of 100 mediocre or low-quality outfits.
  • Increase your budget. If you're serious about what you're buying, consider increasing your budget. This may mean delaying your decision so you can save up more money.
  • Avoid the cheapest option for almost everything. There's usually a range of options available, including cheap, junky options and expensive, luxury options. For most types of decisions, you can immediately rule out the lowest rung on the ladder.
  • Do your research. Always research your purchasing decisions before pulling the trigger. You should be familiar with the quality of the manufacturer, the options available to you, reviews and testimonials from people who have bought this in the past, and any warranties or guarantees that are available to you.
  • Test (when possible). If you have the option to test a product before buying it, do so. If you know what you're doing, you'll immediately be able to gauge the quality of the product.
  • Take advantage of warranties and guarantees. When you buy quality, you'll often be entitled to warranties, guarantees, and other assurances. Take advantage of these whenever necessary.
  • Take good care of your quality goods. Finally, keep your quality goods in better condition by regularly maintaining them when necessary.

Investing in quality isn’t always cheap – at least not at first – but if you practice this regularly, you'll end up saving money in the long term. You'll also have access to much more enjoyable, more reliable products, which can increase your quality of life and potentially improve the quality of your output as well.

Tags: Uncategorized