I’ve got a list of 4 things you no longer need to own, because renting is cheaper or technology has made some former “must-haves” obsolete.
For example: You no longer need to own a home. Despite low prices and interest rates, the mortgage meltdown made a lot of people skeptical about the future of real estate so they’re renting instead. And those who still plan to buy are waiting until they have a 20% down payment, so their mortgage will be more affordable.
You also no longer need to own a car. According to Triple-A, it costs $730 a month to buy and maintain a car. But most big cities have good public transportation. And don’t forget car-sharing services. In Los Angeles, members of ZipCar pay $50 bucks a year, and $8 an hour. So, if you use a car less than 90 hours a month, you’re saving money.
You also don’t need to buy expensive power tools. Because you can rent almost every tool you’ll ever need at a home-improvement center. The only time buying is better is if you expect to use the tool all the time.
The final item you no longer need to buy: A television set. Thanks to today’s technology, you can watch almost any TV show or movie on your laptop, tablet computer, or smartphone – without a cable contract.