There’s nothing wrong with expensive clothes, unless you pretend they’re an “investment.”
For nearly two decades, I lied to myself to justify my irresponsible spending habits.
“Scoring these $425 dress shoes is like purchasing shares in my future success.”
“Plowing money into this $900 wool coat is an expenditure that will yield untold gains.”
“Financing this $3,000 slim-fit suit is an advantageous investment, even if I need to put it on a credit card.”
Each time I was in the fitting room, I could have looked in the mirror and been honest with myself: clothing is not an investment.
An investment is the action or process of investing money for profit. And according to insurance actuary tables, most clothes, even couture brands, lose 50% of their value the moment the cash register tolls its triumphant ding. Further, most garments are essentially worthless just 36 months after the retailer celebrates its win over your bank account.
Mull that over.
An investment that is virtually guaranteed to lose 50% on day one, and nearly 100% within three years, is, by definition, a terrible investment.
So buy that Saint Laurent Bomber Jacket, those Ferragamo T-Strap Stiletto Pumps, that Prada Deconstructed Grisaille Skirt, those Chloé Judith Leather Clogs, that Hermès Birkin Matte Alligator Bag if you wish.
Designer clothes aren’t bad if you can afford them. In fact, some luxury items last longer than their fast-fashion counterparts. But please understand, you’re not investing your hard-earned income on an asset that will generate dividends; you’re playing dress-up with a fashionable liability.