what percentage of your income goes to clothes?

[tiger02]

And especially now that there are advocates to bring him back

 

[thinman]

My wardrobe was dismal, so I probably spent 15% of my after-tax income on clothing last year. Two navy suits (one MTM Oxxford and one Chan), one odd jacket (MTM Samuelsohn) and shoes accounted for the bulk of my spending. This year, the focus will be odd jackets and shirts. I can find OTR trousers and shoes that fit, so I buy them (and ties) on sale, ebay, or at outlet stores. Unfortunately, my chest-to-arm length ratio means that suits, odd jackets, and shirts need to be MTM in order to fit, so they get expensive.

To finance my "hobby", I've stopped eating out, my vacations are tied to professional conferences, and I've begun flipping a few items on ebay. I never carry credit card debt, so I don't have interest payments. I'm focused on buying classics right now, so my next purchases will be a navy blazer, a charcoal suit, another odd jacket, and lots of shirts. My only regrets are a sale suit I picked up this year that doesn't fit quite right (trousers are really too short, with a minimal cuff). My weakness (addiction?) is ties. I rarely wear ties, but when I see one that I like it's either a classic that everyone should own or I tell myself it's unique and I need to own it.

How's that for rationalizing? I find that the smaller purchases really add up after a while, so I need to apply my "one-week rule" more rigorously.

 

[NewYorkBuck]

Rich people only pay in cash.

How do you mean "cash"? If you mean w a credit card used like its supposed to - a free 20 day loan w cash back, then sure. If you mean cash as in greenbacks, Id say no.

 

[Luc-Emmanuel]

Not that much. Much less than in wines, taxes or rent.

!luc

 

[aportnoy]

I really don't have much left to spend after I pay for my crystal meth and hookers.

 

[RJman]

The RJ cat's food is very expensive in Paris. Science Diet, not Fauchon.

 

[billiebob]

I spent 46% of my pretax income over the last 12 months on clothes. This was the result of the following convergences:

1. I had spent maybe $500 on clothes in the last 10 years (20-30 years of age), so I had nothing at all to start with.

2. My appearance suddenly matters more, as I'm switching from an academic research job to finance. Granted, in the 10 or so interviews I've had, my Ed Greens don't get a second look, but it matters to me.

3. Really fantastic deals appeared, which may not occur again soon, such as the Asprey sale in which I picked up 4 pairs of EGs and a pair of Lattanzis for Asprey for an average price of 320 each.

If the last couple of months are any indication, I won't be spending more than 5% this year, unless of course Asprey goes to 90% off again, in which case I'll drop thousands.

 

[billiebob]

God have mercy on the hooker who winds up with a crank fiend.

 

[Beckwith]

Aportnoy-
Are those your code words for JL and EG's?

 

[aportnoy]

Originally Posted by Beckwith

Aportnoy-
Are those your code words for JL and EG's?

 

[poorsod]

This thread got me thinking. My clothing habit has increased at least 20-30x since I started reading this forum just over 12 months ago. That's not good is it?

 

[tiger02]

Originally Posted by NewYorkBuck

How do you mean "cash"? If you mean w a credit card used like its supposed to - a free 20 day loan w cash back, then sure. If you mean cash as in greenbacks, Id say no.
Read the thread I linked.

 

[DocHolliday]

Originally Posted by poorsod

This thread got me thinking. My clothing habit has increased at least 20-30x since I started reading this forum just over 12 months ago. That's not good is it?

Have you started upgrading your upgrades yet?

 

[Noctone]

Originally Posted by poorsod

This thread got me thinking. My clothing habit has increased at least 20-30x since I started reading this forum just over 12 months ago. That's not good is it?

It's not that ridiculous. I had a sort of "fashion awakening" over winter break myself. For years and years I was a very minimalist sort of guy. I just assumed the only difference between everyday brands and high-end stuff was just the name. Then it just hit me one day that what your wear is very important. A couple of weeks ago I put on one of my old pair of jeans and it shocked me how terribly bad-fitting they were. It's the same thing with a bunch of my old shirts that have been sitting in a corner for months now.

So...I have nearly $5000 of credit card debt right now. I've basically had to completely start from scratch, and I'm a college student, so I'm a bit beyond my means. The worst part is that I know that there's a lot more stuff that I need and want. I don't even have a suit yet. I'm not worried though, because it just takes hard work and discipline. I'm working 40+ hours a week between my two jobs right now, which surprisingly doesn't cut into my studies too much. It'll take me months to pay everything off, but it was worth it because I've gotten loads of quality items. For example, I paid $700+ today on two pairs of glasses today, but they're an important part of my look so the cost is justified to me.

The only thing I regret is some of the things that I first bought that I thought were good, but in fact were pretty ****. It's like a couple of other people mentioned -- I bought four crappy shirts that I've worn maybe once or twice, and will never wear again. I could have bought one or two good shirts that I'd wear on a regular basis.

I think the important thing is what a number of people have mentioned -- keep it under control. Obviously for some of us it's going to be disproportional at the start, but once you build a decent wardrobe you just need to budget well and exercise patience.

 

[tiger02]

Originally Posted by Noctone

So...I have nearly $5000 of credit card debt right now...it just takes hard work and discipline...I paid $700+ today on two pairs of glasses today...I think the important thing is what a number of people have mentioned -- keep it under control...exercise patience.
Dude. Stop. Now. I'm not so naive as to say 'all debt is bad;' but credit card debt is always bad, let alone when you're a student and trying to build a credit history. $5k in credit card debt is *not* displaying discipline and $700 on glasses is *not* exercising patience.

The way most people start--the responsible way--is thrifting, vintage, ebay, secondhand. Doing without the really expensive stuff. Paying by eating ramen for a month. But NOT going deep into debt--it's not worth it. Please, for your own sake, don't be stupid.

Tom