Avoid these financial mistakes when you shop for clothes.
These are the secrets and rituals of rich and successful people.
They remain rich, and young and middle-class people often face financial crisis.
1. Stop Impulse Buying.
Companies Brainwash you, emotionally and psychologically to sell you more and more.
With the help of Artificial Intelligence and a complex algorithm, corporations are bombarding highly targeted and repeated ads, so that people can buy their products. This whole process creates a neurotransmitter surge in the brain (dopamine), it's the same as drinking or gambling.
Rich and successful people are emotionally strong. They don't make an emotional decision, but take time and do research.
Take pause. Shop when you really need clothes, not to satisfy your hormones.
2. Avoid buying clothes at the start of the month.
This is a very common financial mistake that most of the young Indian generation is doing. Young professionals who recently got jobs in corporates are committing these mistakes.
When they get their salary, they immediately spend on clothes. Often they end up in crisis at the month-end.
During your first week, spend your salary on stocking monthly ration. Spend it on food.
Spend money on clothes, only and only at last week of the month.
By doing this, not only you are saving money for an emergency but also you are living debt free.
This is what rich people do. They plan and allocate budget. They set priorities.
3. Choose Quality over Quantity.
Consider these two scenarios.
1. A shirt which costs Rs.1000, low-quality fabric, low-quality stitching, loses its the charm in few washes. Shelf life 6 months.
2. Another shirt at cost Rs.2000, made of premium quality fabric, high-quality stitching, which will last 2 years.
If the shirt is made of linen, then it will last up to 2-3 years.
You can see here, cheap clothes are expensive in long run, on the other hand, quality made shirts are economical in long run.
Rich and mature (wise) people know this.
In India, Linen shirts are most popular among mature men only, because they understand the math here.
Young generation people don't buy linen shirts, instead, they buy fast-fashion use and throw clothes, which is a reason why they often face financial crisis.
Quality is an asset, cheaply made products requires maintenance, hence are a liability.
4. Mimicking Bollywood.
Do you know the fact that film stars don't pay for their clothes?
Their clothes are gifted by clothing brands free of cost.
Now, tell honestly, a successful film star earning 5-6 crore for one movie is not spending for his/her clothes, then why middle-class and youngster are spending their hard earned money to mimic their fashion.
Narayana Murthy, Mark Zuckerberg, Bill Gates, Steve Jobs and all successful people (except those who are in show business) wear simple quality clothes.
5. Social Pressure (Biggest Mistake).
This is my personal experience (I am a founder of Privee Paris). I am from a middle-class family.
When I was in college I used to spend a lot of my father's hard earn money on buying unwanted new clothes, just to flaunt.
When I got a job in IT Company, again I was still living in the same mentality. Again I used to spend my most of salary on clothes, just to flaunt.
Whenever I faced the crisis in the month-end, I use to borrow money from my father.
I never saved anything.
When I found a goal in my life at age 24, I left the job and started working to establish this brand. My father died. I had education loans, my father had his loans, we faced an acute financial crisis.
We kept working, we made shirts in small quantity for locals, and grew slowly and managed our debt.
The biggest mistake I did, the young students are doing, young professionals are doing is not saving money. Buying clothes to impress society is the biggest mistake that we do.
We buy things, that we don't need, to impress people who mean nothing to us.
-Varun (Founder Privee Paris)
Buy less, buy Quality. This is our brand's philosophy.
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