Why I Decided to Spend My Money on Materialistic Things

It’s okay to have nice things, just don’t let nice things have you. -Tyler Perry

What is an asset?

In simple terms, an asset is something of marketable value. Your home and other forms of property, your car, electronics, stocks, and even high-end valuables all fall into this category. Anything that is personally owned, and can be transferred into some type of economic value (I.e. money and cash equivalents), is a physical or abstract monetary item.

As someone who is barely breaking mid-20s, I never felt like I had a comfortable amount of assets, if any, that I could utilize to my financial advantage. In order to obtain an asset, one must invest in purchasing that asset. For a recent college graduate who does not yet have a well-established career, it’s close to impossible to throw down thousands of dollars to close out on a house, or to build a million-dollar business.

What could you do now, to build your financial profile?

I’m a girl. I like girly things (if there’s even such a categorical reference for what’s deemed ‘girlish’ and ‘guyish’). I started my makeup-and-shoes-and-hair-and-nails-and-eyebrows-on-fleek phase in high-school, and it just kind of blossomed into an excessive shopping habit since then. It came to a point where I was spending all my earnings from my internship at a local hospital on newly-released sneakers, and Spring cleanings consisted of white, gallon trash bags filled to the brink with clothes that weren’t even a year old. It wasn’t until I went to a local Buffalo Exchange that I had the realization that my clothing items were potentially worth something. And that something was money.

Like, someone actually wanted my used clothing items. And they were willing to pay for it.

The only thing is: I ended up selling a mere two tops to the clothing store, for a total of $6.00. $6.00. The store did not purchase the other 4 pounds of clothes I dragged to the exchange counter from the car.

But why?

Well, for a multitude of reasons. The items were probably worn and torn, washed, snagged, stained, second-handed and small. They weren’t marketable. What I didn’t realize at the time, however, is that the brand(s) of my clothing was a primary contributor in determining the marketability of my items. A large percentage of my items at the time were from unknown brands sitting in large-chain retail stores. I liked them. In fact, I loved all my clothing items, but it was predetermined by the store that it’s consumers wouldn’t.

What made those two clothing items, that sold for $6.00, marketable you say?

• They were popular
• They were in great condition
• They were, because of the first two points, profitable

Even though I knowingly spent WAY more than the $6.00 I received at Buffalo Exchange on those items combined, I was content with it. I would rather have $6.00 than nothing, right? It directly gave me an insight onto an e-commerce business concept of which I (at the time) had absolutely no idea of.

I started looking at my purchases in an entirely different limelight since then. Having that realization of a consumer-supplier construct gave me the hint that my purchases don’t have to always be a loss: I can buy things of value now, and pass on those same things, at a cost to the consumer, later on. It’s my personal return of investment (ROI).

So, how is this a game-changer?

I now have a strategic plan set in place when deciding to expand my wardrobe, even if it’s by one item: in short, I only buy things that are marketable throughout time.

Remember, I stated above that owned clothing is marketable if they are popular, in great condition, and they are overall profitable.

I purchase items for personal use, but I mainly purchase items for direct-resale. I can make anywhere from $10-$200/item in profits, and it supports anything from my food addiction, to emergency usage.

I don’t want to go into grave detail (because who wants competition, right?), but I have compiled a list of what I think is vital when building, buying, and selling a marketable wardrobe:

1.) Buying is an investment; you have to spend money to make money — self-explanatory

2.) NEVER pay full price — Paying full price will not maximize your ROI. Buying the items at the lowest clearance price possible will, however.

3.) Keep track of when you purchased an item — If you want to return it because the item isn’t selling, you want to make sure you have 30–60–90 days to do so. You don’t want to lose money!

4.) Stay away from fast-fashion — Fast fashion items may be popular now, but they call it “fast” for a reason. Here is a list of top popular fast-fashion brands you should avoid if you want to make some cash (yes, I know its Wikipedia).

5.) Co-signment, thrifting, and second-hand retailers are your te amòs — I have found amazing deals at shops like these, and items that are from popular brands/designers, but their specific styles are less known, tend to end up here.

6.) Take your time, and give time, too — Markets always has its up’s and down’s, and to be honest, sometimes it takes a while for certain items to sell. This is why you need to a.) know your target audience and b.) know your selling seasons

7.) ALWAYS keep original tags — this includes all original packaging: dust bags, boxes, and wrapping; when you have everything intact, they sell for a lot more.

8.) Be weary of material — Some materials wear and fade throughout a shorter timeframes. For clothing, this includes polyester, nylon and rayon. For shoes and bags, this includes faux, man-made leather (including ‘vegan leather’),

9.) Don’t settle for any offer — Some people low-ball for a great deal, but good things come to those who wait. Other offers will come.

10.) Use this opportunity to build your credit — If you’re buying things from large retailers, use this as an opportunity to open up a credit card. You can build you credit by using the card, pay it back immediately, and have money to spend when you make a sale. It’s a win-win.

11.) Use multiple selling platforms — I started off in high-school with eBay and Facebook Market (when I was an ameteur), but I’ve expanded to Poshmark. In the future when I’ve expanded my resources, I will surely have my own platform to formally sell and grow my concept.

12.) Treat yo self! — If you want to keep something that you’ve purchased, go right ahead! It’s your money, and if you like it, then so be it.