Financial Freedom
Lets talk about designer clothes and living in debt.
Right now, I’m focused on debt reduction, investing, and retiring early. But that does not mean that I know nothing about luxury clothes, online shopping, and consumerism.
Unfortunately, I know a lot. Ive spent a lot on designer clothes and I am paying the price today.
Ralph Lauren is not my friend. I’ve spent so much money on designer clothes over the years that I don’t even want to think about it.
But I need to think about it to figure out why I spent money the way I did and whether or not I’m going to miss it if I stop.
For me the question came down to this:
What’s really important? Becoming debt free or designer clothes?
Even though I own a lot of Ralph Lauren clothes, I rarely purchased it them at retail stores. I usually bought them at Outlet Stores. Luxury at a discount. What could be better?
And I spent a fair amount buying designer clothing online as well. But, Who hasn’t?
Related post: Why You Don’t need Lululemon to work out here.
Luckily, I discovered Ebates a few years ago. I use Ebates and they give me cash back for nearly all of my purchases. Ebates gets a commission from stores you shop at and they share the commission with you. Average cash back is about 7%, which is great. Right now, they’re offering a Free $10 Gift Card when you join and spend $25. More about Ebates Here.
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Financial regret: There is nothing I can do about the money I spent on designer clothes. You live and learn. Perhaps you can learn from my mistakes.
Right now I choose to focus my energy on debt reduction, investing, and retiring.
- I was able to create a plan to pay off $17K in debt last year. More on that here.
- And that led to me paying off my car. More on that here.
I can’t go back in time. But, I can take control of my finances from this point forward.
Am I never going to buy another luxury item? No. But, in order for me to shop at an online luxury retailer these days, I need to love it and it has to be worth the inflated price.
I’m sick of living in debt. My job is to make myself wealthy. Not make Ralph Lauren wealthy.