“Why do you smash so extensively money on clothing’s? You wear them only two to three times and then it goes to waste. Only stuffing your closet.”
My house help, who was also my nanny and kind of a mother figure to me, spoke loudly as she was cleaning my closet. Martha was my nanny, and she has been a portion of my home ever since I can recognize. She was a wise woman who managed to send her only son to Oxford without any loans because of her smart finance management.
She was my preferable instructor and instructed me on everything from books to finances. She used to advise me to save money and be wise with money. It’s because of her that I can call myself financially responsible. At least my friends call me that.
But all this sense of responsibility goes out the window when I cross a dress shop. I want to check out the new season arrives and buy. I can say that half of my monthly income goes into buying designer clothes. Once, when I was in college, I took out loans for unemployed with bad credit without a guarantor from a direct lender to buy a Birkin bag. But I found the right person.
Hearing Martha’s words gave me an idea to research if I could make some money from my fashion choices. Guess where I went to find the answer; where every millennial goes, the internet. After some digging, I did find out some ways to make money out of your clothes, bags and accessories.
So, buckle up, friends. Today, we will talk about ways to turn your love for fashion into a well-planned investment. Therefore, next time you look at your stuffing closet, it does not worry. Instead, it makes you happy, smiling and secure about your financial choices.
From Fashion to the Investment
We are all guilty of spending huge sums of money for a small limited edition statement piece from the designer we worship. Some of us have overloaded our credit cards for that designer, an extremely rare bag to die for.
Have you seen those bags; can you blame me for spending my money on such precious things? When I carry it in my hand, I feel confident. When I buy those statement scarfs, they make my eyes sparkle. Therefore, in my opinion, my fashion choices are already an investment in terms of mental health.
However, let’s be real and talk about some ideas to turn these into real money. After all, we are adults, and we must make some smart decisions. I want to be very clear about one thing, not every dress or item will make the cut.
In addition, the more you use an item, the lesser its value is. So always take utmost care of your fashion items. Follow the instruction for maintenance. Keep them away from direct sun exposure, dust or any other things that might hurt the glory of a piece.
Here are some tips to turn your old stuff into pure investment.
Identify Your Existing Investments
Here is where we begin. Make a list of all the things you have and categorise them into designer and vintage. Do you have any limited-edition designer stuff? Have you ever bought of kind bag or dress? Keep those in a separate category because they will take you, Richie, rich?
Now that you have made a list of stuff, it’s time you understand how it will work, ladies. Pay attention to the next part. Keep the limited-edition stuff aside. They are your most prized possession. They will bring you money, if not today, then in future. How you ask?
Most designers these days are launching new lines as a tribute to their early collections or their most successful lines. If you have got any of those by chance, you just invested.
Another thing, every decade fashion old fashion makes a comeback with a bang. Therefore, if you have saved a clutch or a corset from your mother’s collection, you just might have something worthwhile.
Sometimes a celebrity wears something vintage, and suddenly, it makes the price go up, so you must also keep an eye on those.
Buying From Prestigious Brands
Brands such as Rolex, Birkin, and Chanel have built reputations for themselves. Keep an eye open for their upcoming launches. Their products are almost forever. And if you could grab one of their limited-edition pieces, guard them with your life.
This is especially true for things that aren’t sold online and aren’t limited to editions. When it comes to investment items, it’s typically best to stick to names that have a timeless appeal.
Remember, the name of a brand should imply quality in the now as well as the future, which is harder to anticipate with newer businesses. Hermès, Tiffany & Co., and many other luxury brands have developed a long-term worth.
Jewellery: the best friend forever
If you love jewellery, be it ring or earing, those delicate anklets or some statement piece. I love having a collection of necklaces and bracelets. If you are buying a piece of jewellery, try to focus on the material it is made up of. I am not talking gold or diamond alone.
Silver, pearl, emerald, sapphire, platinum, white gold, even threads, silk the jewellery are made with various materials. If it comes from a prestigious brand made of precious metal, your jewellery is not just a fashion piece, but it is undoubtedly an investment.
It will fetch you more money than you can think of in future. So keep them as safe as you can.
You can transform your passion for fashion into a well-thought-out financial venture. From fashion to investment, make a list of everything you own and sort it into designer and vintage categories.
The more you utilise something, the lower its value becomes. When it comes to investment products, it’s usually advisable to stick with brands with a long track record of success. Every decade, old fashion resurfaces with a vengeance. If you happen to have any of those, congratulations, you’ve just invested.
Many luxury brands, like Chanel, Rolex, Birkin, Tiffany & Co., and many more, have built a long-term value. If you’re buying jewelry, pay attention to the material it’s made of.