I can still remember the very first time that I dug into my savings account to buy a handbag–it was on my 18th birthday. It was a beautiful Coach handbag – they just don’t make them the way they did anymore. It’s burgundy and a mixture of suede, leather, and the classic canvas material that they use. I still have it in my closet. To me, that translates to a “good buy.”
Years later, whenever the world lost one of our fashion hero’s, Alexander McQueen, I told my husband that we needed to invest in some McQueen. He responded, “Will you be selling these items for a profit someday?” I responded, reluctantly, “No.” It was in that moment that I knew I needed to educate myself a bit on investing wisely whenever it came to my fashion purchases.
It’s interesting how we are so strategic whenever it comes to financial planning and investing in stocks and businesses, but for some reason we don’t think the same way whenever it comes to fashion–but we should! We touched on this concept slightly last week, as we dissected the cost of 5 handbags we felt you all could rest assured that you were investing wisely in, but its important to learn more.
The Fashion Guide to Investing Wisely
Think before you buy.
Just like we think things through before making a financial investment, investing wisely in our fashion choices also means to think before we buy. Weigh the pros and cons on adding this item to your wardrobe. If it’s something that you have been thinking about indulging in for a long time and planning for the purchase, then go ahead and take the plunge. But on the other hand, if this is a spontaneous purchase that you haven’t really thought through–give yourself a week to mull it over. The rule of thumb that I always go by is that if I’m still thinking about this item a week later, than I will figure out a way to have it in my life permanently. Here’s 5 Questions to Ask Yourself Before Buying on Impulse.
Do some trend researching.
Trends fade…quickly. Unless you have a huge expendable income, don’t invest in something that trend forecasters are already moving past in the next season. The fashion pieces that you are investing in need to have staying power and are classic enough to last you many years to come.
Find out what its made of.
Listen closely, there are many designers out there that are charging an arm and a leg for handbags and garments that are made poorly, outsourced, and constructed from shitty fabrics–then have their designer tags cheaply sewn in the back. Be conscious of this! Find out what these items are made of, how they are being constructed and where they are being constructed. It will matter if you plan on keeping these items in your life for years to come. Here’s How to Decode That High Price Tag.
Calculate in the cost of the upkeep.
The great thing about purchasing high quality items is that most of the time whenever they wear out, you can take them to a cobbler or seamstress for easy repair. But, it’s also important to look into how much the upkeep is going to cost you. The same way fixing a dent in a Ferrari costs the owner a pretty penny, the upkeep of a designer item can break the bank, too.
Ask yourself: will you love it for years to come?
Whenever you are doing your research on future trends, take some time to think about your personal style and if this item will fit into your overall aesthetic for years to come. Here’s Our Ultimate Guide to Trends vs. Style.
Ask yourself: are you buying it because a fashion magazine told you to?
Don’t EVER buy something out of your price range only because you saw it in a magazine! Make sure that you are in love with the item because YOU are obsessing over it, not the magazine editor.
Ask yourself: are you trying to prove status with the purchase?
I read an article recently that rounded up major magazine editors’ opinions on purchase of uber expensive handbags, and most of them related their reason back to proving stats–not cool in my eyes. Spend a ton of money on a piece of fashion because you truly love it and feel amazing in it–not because it will let the world know that you can afford it.
What are your rules for investing wisely? Share with us!