Here’s a good tip. When you need to replace something, buy the best you could ever imagine yourself using. For instance, I could never imagine myself wearing $500 shades, but I could imagine myself wearing $100 shades. In fact I do, and I have been wearing a the same set of Rayban Predator II for 8 years now. Annual cost $12.50.
Good things last longer, look better, and they are reparable. For instance, my 3 layer Goretex jacket which cost $400 in 1995 is 12 years old resulting in a current annual cost of $33. It comes with a life time warranty. This means if I make a tear or a rip in the sleeve I can send it in and have it replaced for free. My $250 full grain hiking boots – bought in 1997 – have probably gone the first 10000 miles. The soles have been replaced at least 5 times. Annual amortized cost? – about $30. Good clothes makes you feel like and feels like a million bucks. Just compare and contrast a pair of $100 ski gloves with a pair of $20 ski gloves.
Of course this requires some savvy shopping skills and knowing when you’re buying quality or merely a fashionable brand name. Frugal people seem to know exactly how much quality they are buying and how much fluff and hype they’re paying for.
Another great thing about quality is that it does not depreciate when you “drive it off the lot”. For instance, thanks to inflation my HiFi sound system costs more today than what I paid for it 10 years ago. Hard to believe right, but the price almost behaves like a classic car or a classic motorcycle. I spent several months picking components, but now it sounds much better than the 5 CD-changer, built-in spectrum analyzer spaceship looking systems you can get from “Buy More”.
I often notice consumers having maybe one set of good clothes and then maybe 20 sets of bad clothes or 8 pairs of cheap sun glasses or 4 mp3 players some of which they never use. In particular they don’t use the good stuff because they’re “saving it”. Instead they go and buy average stuff and lots of it. The alternative is to have maybe 3 or 4 sets of good clothes and wear it. Always focus on quality over quantity. It improves the quality of life and radically cuts down on the clutter and expenses.
So my financial tip of the month is: “Buy Quality!”. Remember: This is not an excuse to go shopping right now, rather it is something to keep in mind the next time you really need to buy something.
Here is a collection of some more tips courtesy of Mrs Micah.
Check them out!
PS: If you want to check out some overcoats – that is of course presuming that you just worn out the one you’re already wearing – that will probably last you a life time go to Filson. You can still make it in time to get free shipping. I have, however, noticed that other websites often sell Filson clothing at cheaper prices!
Personally I own the double mackinaw cruiser. It is good at 25F and below.