Sunday, April 28, 2013

About Buying Quality Goods: Don't Go Into Debt Doing It! Plus Tips on How To Maintain Your Investment Purchases

You know quality counts.  Just about anyone will tell you that it's about quality not quantity in your investment purchases.  French fashionistas believe in buying quality goods versus cheap crap.  Cheap crap will cost you more in the long run because it needs more repairs, doesn't last and isn't timelessly classic.

Case in point: just a few weeks ago I blogged about basically paying $50 over the course of six years for a brand new, authentic Louis Vuitton Neverfull tote.  I sold it on ebay in March for a little less than the full retail price I paid for it in 2007.

But there's a caveat about this whole "buy quality" thing: don't buy something if you can't afford it!

It serves you no purpose to buy a great handbag or piece of jewelry with the hope of selling it in the future if you bought it on credit while paying 16.39% interest.  If you can't afford it, don't buy it!

That $1000 purse can end up costing double what you paid for it if you take years to pay it off on your credit card.

I get it, ladies.  The lure of a sumptuous, designer handbag is intoxicating.  But the hangover that is bad credit and debt stays with you for years.

If you want something so badly it hurts, put aside a bit of money for it every month.  It makes the purchase that much more rewarding when you can afford to pay cash for it.  It also forces you to really assess how badly you want it. 

Want to earn extra cash to help pay for that bag you covet?  Sell older items you no longer love on ebay or take them to consignment shops to sell for you.

I have developed a nice wardrobe of designer goods over the course of 20 years by following my own rules:
  • Don't buy it if I can't afford it.  Again: don't buy it if I can't afford it.
  • Buy quality, authentic items that are timeless.
  • Take care of those investment purchases. 
  • Store them in their original dustbags. 
  • If you plan on reselling them, keep the original packaging and receipts.  They're worth more in original boxes and bags.
Every piece I own has been paid in full at the end of every month using cards that give me cash back or mileage.  Bad credit and debt scare the heck out of me.  I live below my means and only buy what I can afford.

No handbag or piece of jewelry is worth buying if you can't afford it.  Even if you buy with the intent of reselling something a few years down the road, the broken record still applies: don't buy it if you can't afford it.   

Like the approach of scoring quality for the best price possible?  Here are some tips on scoring luxury designer goods for less.  Also, here are the details of one of my favorite stores in the world: the Prada outlet in TX

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