Social media is often saturated with images of celebrities wearing "label attire", which makes viewers feel inferior unless they have clothing by Tommy, Gucci and so on. If you want to be aspirational and not manipulated, take a step back, and do an online search for images of billionaires.
Steve Jobs: black skivvy and jeans, probably $30 each from Kmart. No visible labels.
Bill Gates: boring clothes, definitely not a label guy.
Warren Buffett: nice suit, no visible advertising. Is often seen with a can of Coca-Cola, but he does own millions of Coke stock.
Jeff Bezos: would only wear Tommy if they paid him $100 billion, and they don't, so he doesn't.
Oprah: fine quality clothing, but no visible labels.
Donald Trump: totally not a billionaire, according to many sources, including his accountants, so he doesn't count.
Elon Musk: even if he's loopier than a can of spaghetti, nary a label to be seen.
Oftentimes, our opinion is skewed, as celebrities are PAID to endorse famous labels. Sure, if you are a major influencer, then by all means: wear that Gucci shirt, if they are paying you a *lot* of money to do so.
Oftentimes, our opinion is skewed, as celebrities are PAID to endorse famous labels. Sure, if you are a major influencer, then by all means: wear that Gucci shirt, if they are paying you a *lot* of money to do so.
Otherwise, and this is important:
"DO NOT DO FREE ADVERTISING FOR MULTI-MILLION DOLLAR COMPANIES"
"DO NOT DO FREE ADVERTISING FOR MULTI-MILLION DOLLAR COMPANIES"
You can spend $300 on a shirt, and it will probably get holes in it and wear out just the same as a $10 shirt. Eschew the labels, especially if they are bold and ostentatious, and just seek quality items that will look decent and last you a long time.
Which is more impressive, the guy with a limited-edition $1000 Tommy Hilfigger shirt and $0 in the bank, or the guy with a $10 Walmart shirt who walks with the confidence of a guy with $1000+ in the bank (or better, $1000 in Bitcoin!) ;)
Social media will tell you that every decent guy should wear a Rolex, but there are watches out there that cost ten times as much (and are arguably 100 times better quality). In any case, a decent Swatch will tell the time and make a retro statement if you need a conversation starter.
Seek quality attire and functional accessories. Do what the billionaires do. If you cannot resell or pawn your item for half of what you paid for it, it is an expense, not an investment.
In my entire wardrobe, I only have three items with visible labels: a Billy Idol shirt because I have loved his music for 30+ years, and two shirts from companies that I own stock in. I believe in the companies, I support them, and I make money when they make money. I refuse to do free advertising for multi-million-dollar companies (unless they pay me to do it!)
Some luxury items are worth the money, such as good quality art, vehicles, jewellery and other items which you will hold for 5+ years. Good quality items will hold their value over time, and if you need cash in a hurry, you can usually sell them for a decent price.
Before buying something, check out how much the item is selling for second-hand using online marketplaces. Do the math, and if you are happy with that, then make the purchase. If not, seek a decent quality alternative (preferably with a long warranty in the case of vehicles or electronics), and put your spare cash into saving and investment.
Billionaires are not made overnight (celebrities often are, but they can fall as quickly as they rose). Have the discipline to do what your favourite billionaire does, and build wealth slowly.