2:35 PM
@BESW Michael is correct that for something to fit the definition of "investment" it needs to be expected to yield a return in excess of the invested resources. It doesn't have to actually perform (a bad investment) and in general usage it doesn't necessarily have to yield financial returns directly. Time is generally a component as well as it is expected to be a recovery over time of the initially larger investment.
I would, however, argue that one could "invest" in a new TV if the amount of enjoyment they would get from that TV over time is worth more to them than the financial cost of it. Especially if they can map it to financials (for example, I bought my TV by factoring in how much I would save on movies I could watch at home instead of in theaters.)
I suppose it still indirectly links back to financial return though, because most of the time I'm applying valuations to things to calculate if it is a good investment of resources
to maximize benefit for resources consumed
it wouldn't meet the terms of "investment" in the business sense though
I think that's where the difference comes in is what level of indirect financial benefit you can entertain
for example, if you were to say that the difference in enjoyment between current TV A and new TV B is $5 an hour, then how many hours do you need to use the new TV for it to be worth acquiring, and does that make it a good purchase. It isn't a valid business expense since you are still deriving the benefit for yourself, but one could easily argue it is still an investment in the general sense since it is still generating a return relative to your valuation of your time and experience.
where as I wouldn't say something like paying the power bill could be considered an investment as I don't have any way to say I expect to get more back out of it than I put in. I'm just paying for a consumable that I need to do other things I want to do. There's no additional forward benefit after the cost is consumed that can outweigh the cost
now, that said, I also still tend to agree with him in application to lenses where it is not going to be used commercially. It depends on the cost, but generally it's pretty hard to justify unless you use it an exceptionally large amount or put an exceptionally high value on having it. I would tend to classify them more as a necessary outlay for a tool I want to be able to work with than something I can realistically say was worth it in terms of long term benefit to me
I could try to argue indirectly via the amount I'd save over having images taken by a portrait studio, but at the same time I wouldn't have that many photos at a portrait studio
but then again, that's also why I didn't get a really good camera until I had a means of paying for it by using it