Wednesday WTF: Clothes
Happy hump day friends! Welcome back to “Wednesday WTF,” my weekly rant on what things that waste your money. This week’s victim is clothes. I know many people who blow stupid amounts of money on clothes. Clothes are one of the worst things you could ever blow your money on. In this post, I am going to go over some of the reasons you should never waste your money on clothes, especially if you are on a budget.
1) They are essentially worthless
Have you ever looked into exactly how much clothes cost to produce? It’s literally pennies. It is shocking how little people get paid to produce the designer clothing we wear daily. If that doesn’t bother you then the fact that it is virtually worthless once you wear it should. Don’t think so? Try selling any of your old clothing and you will get 10 cents on the dollar if you are lucky. So before you spend $200 on jeans think about what that money could have gotten you. Probably could have gotten a lot more than $1 of denim.
2) No one really cares how much you spend on anything
There are plenty of people I have served at restaurants in my lifetime that sit down wearing designer clothing and fancy jewelry and then can barely afford the bill. If you are wearing $1000 on your body and don’t have $1000 in the bank then you messed up. Now I’m not saying that you shouldn’t have nice clothes. All I am saying is that you should acquire them over time and take care of them. I personally have some very nice shirts and pants but I wear them sporadically mixed with my usual t-shirt and jean combos. To be honest I have had some of my clothes since high school. Fashion is cyclical so even if they are dated, sooner or later they will come back in style.
3) Sales are not really sales, don’t fall for it
Do you really think foot locker is selling you one pair of shoes and giving you one for free? Nope, they jacked the price of one pair to get you the second pair for “free.” Telling you that you are getting one for free is their way of getting you in the door, and it worked didn’t it? So the next time you use the excuse, “Well it was on sale,” think about what those clothes actually cost. Also, think about the company itself. Do you think they sell clothes without making a profit? $75 on sale from $300…..ya right.
The older you get the more you start to realize none of that stuff really matters. I am more impressed with large investment accounts than full closets. In fact some of the richest people in the world dress very blandly. Mark Zuckerberg and Bill Gates are prime examples. They don’t care what their outfit looks like and neither should you. Wear clean clothes, iron your shirts, and lay off polka dots. Easy enough right? Work on boosting your bank account not your Burberry collection.
Thanks for reading my post today and tune in tomorrow for “Thursday Trim the Trash Time.” Have a great day!
“Fashion is about dressing according to what’s fashionable. Style is more about being yourself.” – Oscar de la Renta
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Joseph James Francis is a Financial Advisor. You can find him on various social media platforms and at budgetboss.ca.