Firstly, let me state that this is a judgement free zone. As previously admitted, I am happy to take out a small mortgage on a pair of boots but wince at spending $20 on a taxi – as long as you stick to the overall budget, it’s up to you what you spend on.
Personally, I don’t believe in designer dresses for a 10yr old. My kids get most of their clothes on the Myer sale – cute, good quality and very reasonably priced. It is completely appropriate for their age and intended purpose. (You have to be insanely boring and practical in some things so you can leave room to be wild and exciting in others)
So back to that Camilla dress. For two years my daughter and I walked past the Camilla shop in Bondi and it became our little tradition that we would each pick out a dress. When it was her birthday I thought I may get her one as a surprise. I peeked in the shop and looked at the price of the one she wanted $179 – eek a little insane for a flimsy beach dress that would probably be worn for one season.
So, I started to do some research – they put last season’s dresses on sale – online only. They are first reduced by 20% then 50% then when they have a general store sale they are reduced by another 20%. So now we are looking at $71.60. But here comes the interesting part – there is a massive market for 2nd hand Camilla dresses online. I am talking Facebook groups with over 10,000 members looking to buy swap and sell. So, if I bought the dress on sale, I could resell it 2yrs later for the same price (give or take $10). So worth it!
Of course, you could then use the same logic and buy a whole Camilla wardrobe – but so much bohemian print would be boring, you are taking a little risk and you are tying up your capital…Not to mention all the explaining I would have to do – I would literally have to pin this article to her back.
I recently had a similar experience with a Fund Manager. I really loved their approach but they were pretty expensive. More recently they changed platforms (similar to a fund supermarket) and became quite reasonably priced so I jumped at the opportunity and made some investments for my clients.
It is all the same – understand what is the purpose of the fund or dress, always buy good quality and feel free to add some designer pieces provided you can get them at a very good price.
If you would like further info on designer funds or clothes – get in touch.