Five Reasons to Wait Before Buying an iPhone

Sure, it's sexy and the hottest gadget around, but if you don't have an iPhone, pat yourself on the back.

Avoiding first-generation, "must-have" gadgets, such as Apple's(AAPL Quote) much-hyped cell phone, when they first hit the market is a financially wise step. While your friends are flashing their new iPhone around trying to make you jealous, be satisfied with the knowledge that by waiting to purchase yours, you will get a higher-quality product for a lot less money. And your finances will be a lot healthier than those who went out and purchased one right away.

Here are five reasons that you are better off waiting before purchasing a first-generation gadget: ...