We Dared to Ask a Financial Expert the Truth About Our Shopping Habit
Nicole Lapin is a veteran financial journalist, serving as an anchor on CNN, CNBC, and Bloomberg. Her first book Rich Bitch: A Simple 12-Step Plan for Getting Your Financial Life Together...Finally ($21) was published in 2015 and you can follow Nicole on Facebook, Instagram, Twitter and at NicoleLapin.com for smart financial advice and unconventional money tips.
After the Who What Wear editors asked me whether or not their shopping habits were paying off, I did some digging and found that, sadly, fashion is not the best investment in the long term. There are three big reasons for this:
1) Trends are so unpredictable; it's hard to determine if a style is really a classic and will come back around.
2) It's more difficult to preserve fine clothing and accessories than, say, artwork, cars, or other more durable goods.
3) Fashion is largely size specific; unlike say, a house or a piece of artwork, it can't be passed down and utilized the same way; it has a limited market of users.
That being said, fine jewelry and leather goods are typically better investments than fabrics (most clothing, scarves, etc.) because they hold up better over time and aren't susceptible to the same "wear and tear" concerns we have with fabric goods, such as fasteners rusting, elastics disintegrating, or color bleeding. Also, in general, these pieces remain classics (think Chanel jewelry, Prada sunglasses, and Hermes leather goods) and, in fact, their value only increases over time! So if you're looking to make a really good fashion investment, your best bet is to go for the Birkin.
Scroll down to discover and shop the items and brands which deliver the best bang for your buck!