Most of us enter our closets daily.  We happily go about filing it with favorites and are always making some change to it.  Not far from our minds we hang and tug and bundle its contents.  But do you think of it as an investment?  Rather than mere savings which is often just managed by putting more and more into it until its full and overloaded go ahead and rethink about what goodness you are stocking it with.  5 Tips to get you started: 

 

Much like how we research and ponder what portfolio to stock our IRA’s with, let's consider some portfolio techniques to keep your closet paying dividends.

 

  1. Draw a personal road map: What’s in there now?  What needs replacing? What do you have too much of?  What areas need updating?  Make a list and keep it handy. When you find something you like, consult your list before buying. 

  2. Evaluate your comfort level for the future: Step into the future and consider the season we are entering. What upcoming plans may warrant something different then what you currently have.  Keep this with your list. 

  3. Consider an appropriate mix: What clothing types do you tend to buy? Have 20 pairs of jeans?  Walk through Athletica a bit too much?  Take stock and work towards balance.

  4. Be careful of investing too heavily in one designer or one particular item: Again, how many white t-shirts and black skirts do you need?  Maybe a lot if you are a musician or server.  Maybe you should consider a bit of color or a floral blouse to break into new styles.  Vacation coming up?  Need a sun hat?  Keep that on your list too. 

  5. Create and maintain an emergency fund: Save up for items that are high quality and long lasting. Research and take your time. Try things on.  Don’t just buy because something is on sale. 

 

If we focus on our closet as a long term investment rather than a saving account we will be better positioned to  to buy the best we can afford, be smart about the quality over quantity and buy items that add value to our lives and that of Mother Earth.  After all this hard work, sit back, put your feet up and let your portfolio grow.  

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