“There is unfortunately a world that still exists that dismisses fashion as being a little bit frivolous and [assumes that] the people who work in it are not so smart,” notes Vogue icon Anna Wintour, the quintessential example of someone who has built a fortune through her eye for style. Far from being a frivolous pastime, fashion very much expresses where you want to head in your career and can be considered an important investment for your future.
As noted by Forbes’ Ty Kiisel, “Like it or not, you are being judged by how you look, how you dress, and how you carry yourself—and, if you’re lucky, how you do your job.” Numerous studies have shown that everyone from potential employers to new social acquaintances judge you based on your appearance. If you are new to the corporate world and you are trying to be taken seriously, you don’t need to cut down on your fashion spending… rather, you need to find new ways to afford it.
Are Your Savings in the Right Place?
There is a myth that you need to have wealth to invest in anything other than a simple savings account. Research shows that the average savings account offers a tiny 0.19% annual return. It is vital to shop around to ensure that your bank is offering you a good rate. CNBC has compiled a list of banks with good savings yields, though it is vital to look into other options if you wish to build up a bigger nest for your fashion purchases. Talk to a financial advisor or someone in your family about interesting places to invest; remember the importance of diversification: spreading your money between different asset classes, to help reduce the risk of underperformance.
Are You Ready for Entrepreneurship?
Entrepreneurial activity is definitely recovering from the recession, with data showing that the number of business openings has increased significantly in most developed countries. If you have a visionary idea to open a fashion related business, and you have performed the required market research (to ascertain demand), it might be the right time to launch your startup or small business. Present your business plan to potential investors and consider raising finance for your project by taking out a small loan, looking out for attractive interest rates and repayment options.
Consumers can apply for Best Egg loans from as little as $2,000, with a APR starting at around 5.99%. Others, like Lending Club, offers similar interest rates so long as you have an excellent credit score. If you are worried about dealing with online finance institutions and prefer to deal with people, a bank like Wells Fargo might be your option, though the APR for a personal loan would start a bit higher (at around 6.74%).
Microjobs are In
Financial experts recommend ‘microjobs’ (small tasks you can help people with) as a way to increment one’s monthly earnings. Try to stick to fashion oriented tasks so you can perform these jobs with zeal. Think uploading stories on Instagram for local fashion business, writing a weekly blog for your favorite local store, or recording imagery of street fashion for someone’s (or your own) YouTube channel.
There are many ways you can make the most of your dollar so you can continue to sport a look that expresses your sartorial flare. Whether you go small-scale (think couponing) or take a bigger risk (by starting a business or making investments), it is vital to take an active approach to ensure that shopping is never a source of stress.