Just my .02
That's a lot of value for just .02 ha...ha...ha...
Nice Work
Just my .02
I understand the idea of self insuring and, while not totally against it, I have a couple of issues.
1). I know of no insurance that is $20/mo for an iPhone. Mine works out to less than $6/mo
2) Self insurance is fine if you front load it or go for an extended period without an accident so that the funds build up. If someone has an accident in month two under your plan, then they would have only $40 with which to get a new device or make repairs.
3) With the insurance that I have, I get a check for $699 if I have a loss. $749 replacement cost less my $50 deductible. In order to have $699 on the $20/mo self insurance plan, you would have to be accident free for nearly 3 years. That may be hard to do. I realize that not everything will be a total loss, but a drop in salt water pretty much ends your phone. I wouldn't want to have to be accident free for 3 years.
That being said, I have always been a huge fan if "paying yourself first." So if I were to follow your plan and pay myself $20/mo, I could take the $20, pay $6 for insurance and then save $14. After 2 years, I would have more than $300 to allocate towards the latest iPhone and be insured the whole time. Works well!
I realize that most people don't like insurance but I have found that cell phone insurance has been more than worth it for me and I tend to be very careful.
Just my .02
A replacement at the Apple Store is only $199 plus tax.
A replacement at the Apple Store is only $199 plus tax.
Yes, I do self insure in all categories. By having a strong organized plan with well defined categories the financial benefits are terrific. No deductibles, no fees paid out to other companies, the financial gain cannot be beat.
Self insurance? You mean you have no insurance. The whole paying yourself thing is something you just do to please yourself mentally (unless you actually never plan on spending your saved money). it's no different than someone having no insurance and paying out of pocket.
Self insuring is a long standing practice in many businesses. It's done to save a very substantial amount of money, not to make one feel good. Although thats a by product of the money one saves. Money that millions of people pay to their various insurance companies.Self insurance? You mean you have no insurance. The whole paying yourself thing is something you just do to please yourself mentally (unless you actually never plan on spending your saved money). it's no different than someone having no insurance and paying out of pocket.
Its 229 for the iphone 5. So you save about 70 bucks if you buy applecare+ and use it once.
I'm not talking about one specific insurance, I'm talking about an individual insuring his car, home, life, etc.Self insuring is a long standing practice in many businesses. It's done to save a very substantial amount of money, not to make one feel good. Although thats a by product of the money one saves. Money that millions of people pay to their various insurance companies.
That's how companies like State Farm, Progressive, as just two examples operate. They take your money in exchange for a promise to fix your car if in an accident. After you've paid in for years, and still having to pay a deductible. The reason most people don't do it is either they don't have the discipline, they don't have the money, they're unaware, or just too lazy. Money management is not high on some people's priorities.
My first post. I registered to because the idea of "self insurance" being a business practice seems a bit odd. Most people in the world call that a savings account. You'd be amazed...it can actually help you replace more than your iPhone
Your question is a valid one. Without getting into personal specifics, suffice to say that if one is very well capitalized with substantial & immediately available resources, conventional insurance as used by the greater majority is not always mandatory nor as beneficial as it appears.I'm not talking about one specific insurance, I'm talking about an individual insuring his car, home, life, etc.
I don't think height of drop matters, its the angle of the drop that determines whether your screwed or not.
Okay why has nobody pointed out the fact that the glass is VERY strong and it's actually the angle which it lands+surface it lands on.
Your question is a valid one. Without getting into personal specifics, suffice to say that if one is very well capitalized with substantial & immediately available resources, conventional insurance as used by the greater majority is not always mandatory nor as beneficial as it appears.
The topic is complex, the solution a bit more so, yet with a full understanding & experience in structuring complex financial plans. The practice has very significant benefits.
That said, reverting to my earlier example as it relates to technology products, the same basic technique also saves one money on a smaller yet equally important scale. The bottom line, no matter what ones financial position is, it can be improved & leveraged through smart financial planning & practices. Something that is all to often overlooked or dismissed.
A dollar is a dollar, and when managed carefully can be grown into a sum that would shock many who are so busy spending, they forget to learn how to manage their money. It's all about educating yourself & getting started. Effort equals results... Always
Today at work I had my iPhone 5 in my front shirt pocket. I bent down to pick something up while I was outside and my iPhone 5 fell out from knee height, if not lower because I was slightly crouched, and landed screen first. It shattered like it was going out of style. I have checked out the threads on here about not using a case and I have even started one questioning the use of a screen protector. I'll tell you this much, you NEED some sort of case. THANK GOD I bought applecare+!!
As always: one data point does not define a trend. There are drops that will shatter a device's screen and drops that won't shatter a device's screen. You can make such broad, sweeping statements based solely on a single drop.Today at work I had my iPhone 5 in my front shirt pocket. I bent down to pick something up while I was outside and my iPhone 5 fell out from knee height, if not lower because I was slightly crouched, and landed screen first. It shattered like it was going out of style. I have checked out the threads on here about not using a case and I have even started one questioning the use of a screen protector. I'll tell you this much, you NEED some sort of case. THANK GOD I bought applecare+!!
I agree, glass is way too weak! They need to start making the screen out of something else.
Never put anything valuable in your front shirt pocket, you will bend down and forget something is in it.
Like what? The glass they use is very brittle. By being brittle it help protect against scratching. Make it softer and it will scratch like crazy. The phone is just fine but you can't drop it. A penalty must be paid for ultra lite and thin
Self insuring is a long standing practice in many businesses. It's done to save a very substantial amount of money, not to make one feel good. Although thats a by product of the money one saves. Money that millions of people pay to their various insurance companies.
That's how companies like State Farm, Progressive, as just two examples operate. They take your money in exchange for a promise to fix your car if in an accident. After you've paid in for years, and still having to pay a deductible. The reason most people don't do it is either they don't have the discipline, they don't have the money, they're unaware, or just too lazy. Money management is not high on some people's priorities.
By reading the previous posts carefully, you will find I've already answered this question. Or to spell it out, those funds are already in place (not inherited), for any conceivable series of extreme catastrophic events.how are you going to save potentially hundreds of thousands of dollars to be ready for that?