If you are like me who personally enjoys luxury items but you’re not sure how you will be able to afford one or if you can even afford one at all, let me give you some hot tips that I personally did that allowed me to buy my own luxury bags.
- Choose your “luxurious category”
Unless you have an unlimited supply of money, you have to prioritize what you want as a luxury. It may be jewelries, bags, cars, dresses, etc. In my case, I chose bags. I feel like you can get a lot of value out of bags more than what you can get from clothes so usually my bags are a lot more expensive than my clothes.
- Cost per wear
If you were to wear an item or use an item every single day, I would say it’s more worth it to splurge on those compared to items that you only work for special occasions.
Especially in buying luxury items, I would personally consider cost per wear as one of the key deciding factors.
- When in doubt, go classy
Another thing that I like to consider in buying my luxury items is it’s being timeless and classy. You wouldn’t want to buy something that’s very seasonal. Personally, I usually pick anything black as it is very timeless. Monogrammed items are also a good option. One good example is Louis Vuitton monograms or maybe other branded monograms.
- Sell what you don’t use and stop overbuying cheaps
I used to buy a lot of my clothes from Forever 21 and H&M but upon realizing this, I had to adjust my shopping habits. If you want to sell your preloved items, I would definitely say do not get a lot of cheap brand clothes because if you can get a new one for 10 bucks, most likely no one’s going to get your old one for five bucks even though that’s 50%.
Where can I sell my items, you may ask. Personally, I prefer to sell mine over Facebook Marketplace and so far the platform is treating me pretty well compared to eBay.
- Work part-time jobs
Especially if you’re a student, you most definitely have some time to work at a coffee shop, or as a librarian, or as a tour guide on campus; there are many options out there. Basically, getting a job is always the most direct way to get money because you can’t sell items forever. Your items will run out and you don’t get that much money from selling your stuff.
Alternatively, you could also start your own business or you can explore Youtube and start your own channel which you can eventually monetize.
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Luxury goods are definitely not the ultimate answer to life and there’s so much more to life than luxury. For me, I just personally enjoy this stuff and it marks little milestones in my life.
Just a friendly reminder that there is absolutely no shame in spending your money in other areas of your life as long as you enjoy it and it makes you happy.
If all of this is overwhelming and you’d rather let an expert assist you, I’d love to be a part of your journey to wealth building.
I will work with you and set up a SMART (Smart, Measurable, Attainable, Result Oriented, Timely) plan to develop an investing strategy that is aligned with your goals.