Are you one who rarely sees a month go by without buying more clothes? Many Americans do. Unlike most other countries are closets are packed full and often we have to schedule times each year just to clean them out.
My budget never has any amount assigned until it is needed. Money set aside for clothing is not included each month. That obviously differs from family to family. Families with growing kids may feel the need to buy more clothes each month.
Whether you buy each month or not – where do you purchase your clothes? What is your objective in buying, obviously outside of the need for covering? For many it is to impress others whether it is the product that they wearing or their family.
Last week, I read a very interesting blog by Dr. Thomas J. Stanley. He is, in fact, the author of the book, The Millionaire Next Door and other subsequent books on personal wealth. In this blog, Dr Stanley highlights the recent USA Today picture of NFL coach Jim Harbaugh shopping at Walmart for his clothes. He speculates, and I believe rather accurately, that coach Harbaugh is likely more to be improving his personal financial situation than trying to impress people who, generally speaking, he does not know. Simply put, he is not interested in spending money to impress people with his clothing. He shops at Walmart?
My favorite place for buying clothes is listed as the top one that “socioeconomically successful people” shop at – Costco. I had no idea! He includes a list of those top retailers.
He asks this one question that should capture your attention, “why is it that most people in America are not as wealthy as they should be?” I will leave that for you to answer.
It is an interesting blog and you can read it here.
Where do you shop and why?