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Investment Pieces: your thoughts?

Kristen

(website)

Veteran

I read a great article on Get Rich Slowly on looking at clothing items as "investment pieces" that rang so true to me, and really articulated why I have never been comfortable with the concept.

http://www.getrichslowly.org/b.....nt-at-all/

I linked to it on my blog, where a lively discussion is ensuing. Here is what I said:

This is how I feel: if you're going to spend money on an item you want and can afford, then spend it and enjoy your pretty new item. Get lots of use out of it, and don't feel guilty. If you can afford it, if you've got your bills paid and your savings squared away and some money tucked away for a charity, then get the shoes, dress, purse, jewelry, that you want. Don't try to hide it behind the "investment piece" curtain. Wear it loud and proud!

http://lowfatdressing.blogspot.....loney.html

What do you guys think? I know it's a term that gets bandied about here on YLF. Is this making you re-think how you're using it, or do you still think an expensive clothing item as an investment piece?

General

23 replies

Latest reply was from Kristen

krishnidoux

Veteran

That's interesting Kristen. Thank you for the links!

Polly (thunalata)

Veteran

Very interesting! I think of an 'investment piece' as being something expensive that is of good enough quality and has enough of a wow factor to 'pay you back' over the years of wearing it because the cost per wear comes down so much.

I was trying to think if I have any of these, and I certainly have a leather jacket and a coat that were expensive but pay their way. The leather jacket is looking shabby in places now but still pulls a basic outfit up a notch in style when I put it on. A bright pink handbag does the same. Both are about 10 years old.

By comparison, I recently bought an expensive (for me) jacket. It will be looking dated in a couple of years so is not an investment piece. So for me, expensive and investment are different things, and I would argue that they do 'pay me back' in terms of still giving to me years on.

Does that fit in with what you're saying?

celia

Veteran

Great article.Personally the concept of 'investment piece' always makes me cringe because it sounds like a life sentence.
I agree that there are items that cost more but will last longer and be more versatile but I wouldn't call them an investment.They are just good and more reliable items that you won't have to substitute next year.
After all, no matter how we try to justify it's just Stuff and it's not like in my grandmother time when clothes would be used for a lifetime sometimes.
If you have the money and if you will wear it, buy it. Otherwise do not try to justify it as an investment.

Vani

Veteran

Hey Kristen *waving*.

That is one of my favourite PF blogs.

I personally feel like I need a balance of investment pieces versus wear to death but for short time pieces. My first black pencil skirt was purchased from Target but considering how much I wear it and the fact that it is a fairly classic design that isn't subject to volatile trends, I am considering investing in a better fitting, better looking and more durable item to replace it. I am willing to spend the money because it only makes sense to me. The cost per wear will soon fade to nothing.

On the other hand, I love my teal peep toe wedges to pieces and I do know they are falling apart and will only last another season. Still, I don't regret having bought them because I enjoyed then every single time they were on my feet. Oh, how about that memorable Marc Jacobs skirt, skirt twin? What I paid will most likely be easier to justify for an investment piece, but I do not consider it classic or timeless. But it makes me happy every time I think about it in m y closet

modgrl

(website)

Veteran

Clothing and shoes wear out. They are not meant to be investments. They are meant to be used and enjoyed. I am particularly hard on my clothes, I have small kids and dogs and things tend to get messy and worn out fairly quickly no matter how great the quality. If I buy something expensive, like the perfect pair of shoes, a bag or jeans, it's because I know I'm going to get a ton of use out of it, not because I think it's an investment that's going to last for years. Styles and bodies change. You may not have the desire to wear the same styles for years and years, no matter how great they once were.

cheryl

Veteran

I dont own anything that would be considered an investment piece. I buy what i love and wear what i buy and usually i get it at a great price lol.

Mo

(website)

Veteran

I guess I thought of the term in a totally different way. As in, investing time and effort into yourself and your image, not as in, a purchase that will give me a return on my money. I think the author simply took a very literal monetary translation of the word investment.

julijuli

Now that you bring up the topic, I'm not sure I really like the term "investment piece" either as it does seem to be more of a feel good way to justify spending on an item that most likely is never going to give you a monetary return on your investment. However, as I get older I do feel that having fewer, quality pieces works better for me. I feel happy when I wear those pieces. Perhaps the way to look at it is that the return on your investment is a psychic return rather than $. But I do agree that it doesn't make sense to buy an investment piece if you don't have the money to spend.

Anonymous

Kristen, that is an interesting article. I think of investment pieces like Vani and the black pencil skirt..something to be worn often and is of great quality and fit.
I doubt anyone expects to sell clothing items for more than they paid for it, but I can understand buying good brands to wear a season, then selling them while they are still stylish and in good condition. Top designers will bring the best price but probably just a fraction of what you paid. I suppose the real investment clothing is to own something worn by Elvis or Jacque Kennedy or excellent vintage pieces that you got for a song and can sell for a profit.

Isabel

Veteran

OMG !!!! Someone said it !!! I have been griping to my husband and some friends for years about this. There is no return on investment in clothes or cars. I do agree that spending a little more for quality saves you in the long run ( if you actually put that "extra" away in a savings account).

Kristen, I completely agree with you ! Wear it, love it, but don't trick yourself into believing that it is a strategic financial move.

anne

Veteran

I wonder if the idea is that investment dressing is an investment in your future, in the personal success that may come to you if you are approriately (and expensively) dressed? Linked to the idea that you dress for the position you want, not the one you have.

Isabel

Veteran

Anne, I had never thought of that ! That is actually a very interesting thought. So have we gone from that to saying it about everything ?

Angie

(website)

Fashion Stylist

High five, Kristen! I am sooooo with you. Great article.

rae

(website)

Veteran

I think I have a similar attitude as you do, Kristen. To me, an "investment" is something that you buy now with the intent of gaining returns on later. In my mind, "returns" have to be monetary, because the "investment" is monetary. This means selling the item down the line in order to make a profit, or wearing the item with the express purpose of making money. Therefore, the only items I consider investment pieces are those bought to sell or those worn to job interviews/client meetings. Anything else is a straight-up purchase -- not an investment. I feel the same about houses, too - if you don't plan to sell when the market is up, then your house is NOT an investment.

Aziraphale

Veteran

A very good article. Thanks for the link, Kristen! I absolutely agree with the author that clothing items are not investments in the traditional sense -- i.e. they don't go up in value if you try to sell them -- but then, how many of us buy clothes with the intention of selling them later? Maybe if you're into thrifting, you might buy something and take it to the consignment store a year later, but I don't think most women do that.

Isabel: what you say is true. Clothing can indirectly work toward your investments, if you actually invest the money you don't spend on it! For example, say you need a pair of tall boots. You might actually spend less money overall on a $300 pair of boots that last you ten years, versus four or five $100 pairs over the same time period. If you put that extra $100 or $200 into the bank, rather than use it to replace the lower quality boots, then the investment is real. However, where I (and probably others) fall down is that I don't just buy ONE expensive pair of boots every ten years; I inevitably find a new, beautiful pair every two or three years that I simply must have! So that extra money never goes into the bank.

So yes, I do think of my expensive shoes/boots as luxuries, not investments. But I get a lot of pleasure out of fine footwear, so it's worth it. Also, having expensive footwear also means I have to give up other luxuries that I might otherwise have -- like, say, a luxury car. And that's fine. We all choose which luxuries we're going to indulge in!

rosee

Veteran

ditto to what Kristen, Isabel (MA), and Rae said -- actually I think most of us are at least in partial agreement here.

MsMary

Veteran

Anne, great thought -- that makes more sense than the (overly?) literal interpretation of "investment" in the linked article. Because really, I don't think ANYBODY thinks that clothing is an "investment" in the actual financial sense of the word.

Kristen, I am totally with you, 100%. If you can afford it, buy it and enjoy it and don't muddy the issue with all this talk about "investment dressing!"

anna

For me, the word "investment", is not at all only about money. I think of my workouts as investing in my health, taking time for a date night with my man is an investment in our relationship. "Investing" in my wardrobe is when I have managed to find something that is "just right", that fits my body and my personality perfectly, that will last, bring me joy every time I wear it.

taylor

Veteran

I am also with you Kristen...If one can afford something very high end...make no apologies wear and enjoy!
I do look at some items as investment pieces..."I will have this Burberry trench forever" so it is worth the extra $ to me:)

Queen Mum

Veteran

well, technically an investment is something that appreciates in value isn't it? A house or diamonds are investments. Clothing is not an investment. I know the idea behind giving the term to clothing, but it is misleading.
I agree with you. If you can afford it, buy it and wear it, but don't try to justify it by calling it an "investment piece" It's a luxury... and there is absolutely nothing wrong with that.

Now, having said that, by "investing" in an expensive coat, you've possibly saved yourself money in the long run if it keeps you from needing a replacement every year, but still....

taylor

Veteran

I can't speak for others, but when I use the term Investment piece....,
I am usually referring to a rather high end high quality item...be it a handbag, scarf coat etc. Not that I expect it to appreciate in value , but rather is it a good value for the $$ pay for it. Will I wear it enough, love it enough and get a good return for my money. Most of my investment pieces actually are very expensive and well worth the investment because I will have them forever.
I actually own a pair of Louis Vuitton sunnies that are still being marketed at 200 dollars more than I paid for them 3 yrs. ago. I know because my friend bought the exact pair a few weeks ago. So they actually did go up in value.

Angie

(website)

Fashion Stylist

Quite right, Taylor. I agree with your logic.

I will have Ms. Valentino forever. The YLF community invested for me

Kristen

(website)

Veteran

Such a wide variety of responses! One of the many things I love about YLF.

I think my problem with the phrase is that it means almost the same thing as the financial one, and it gets too easy to conflate the two. I do think there are some items of clothing that have better cost per wear, last for years, and are worth the higher cost (I have several excellent Coach bags that I use one of every single day), but calling them an "investment" just feels like the wrong term to me. A real investment would have been if I put that money in a CD before the interest rates tanked.

Loved hearing everyone's thoughts! Thank you so much for chiming in!