The new iPhone just came out and folks are lining up to get their hands on it. While everyone else rejoices about the new phone, it seems like we in the personal finance community collectively shake our heads. I recently read a few articles about the financial evils of buying a new phone and found this puzzling. I’ve never thought of a new phone as a financial sinkhole. And when you do the math, it’s not very expensive if you plan it out in advance. So why are people saying not to upgrade the single most important piece of technology most of us own?