I am going to put a bit of a spin on this question. Since this is Thrifty Investing, we want to make sure that the topic matches our website and what we are here for. And what are we here for? Thrifty Investing Tips!
The question: “What’s the oldest things you’re wearing today?” Well, that answer is simple, yet loaded! I am wearing a shirt that I have had for at least 6 years, shorts for a few years, and socks that, as long as they don’t get too big of holes I will keep. How does this have anything to do with Thrifty Investing?
I’m glad you asked! I am currently reading “The Millionaire Next Door” and it’s very interesting the relation of millionaire’s who watch their spending and don’t particularly purchase brand named clothes or accessories. Instead, they watch how much they spend on the clothing category, stretching the dollar to buy what is needed.
It’s a duality of being Thrifty! Not only can you be thrifty in your finances as well as investing, but you can be thrifty in what you shop for. If you want to be wealthy, affluent, part of the millionaire class, then you have to mind your spending.
A perfect harmonizing of thrift! My wife and I don’t seek out name brand clothing or accessories, instead, we usually buy what we need, when we need it, rather than go on spending spree after spending spree. Our retirement is worth more than sitting at home in our $100 jeans or t-shirts. There are plenty of great deals out there to help you with your thrifty needs, especially with stores like (name drop) TJ Maxx, Gabriel Brothers, and others.
If you know your appetite for brand name is growing, but your wallet isn’t, it’s time you face the music. You cannot possibly be saving or investing if you are pouring your money into what wealthy people “should” dress like. Same goes for cars, houses, watches, and jewelry. If you have to put it on credit, make sure you don’t regret it!
That was much longer than I imagined when I first saw this writing prompt. It spoke to me as a great way to help/assist the ones in an endless parade of spending. When you are old and gray, will those fancy items help you on your journey of retirement? Or are they going to cause you to have to work through your retirement? Don’t let the things you own, own you!
Tell me, what’s the oldest thing you are wearing today? Do your spending habits align with your investment and savings approach?
Thrifty Investing 
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