Purses, money and opportunity costs
- Thread starter paculina
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You're right, but both ends of the spectrum can exist. I'm aware there are probably those who live in debt for bags, or put on a show, but there are also those who can legitimately balance things out. I don't think members here are clumped at only one end of the spectrum.
I think when I read your first post I took sacrifice to mean the big things like debt and retirement as those were the main things referenced.
I do have to say that I don't think spending money on one thing is directly denying something else though. And I don't think changing my mind about how I will spend money can be defined as a sacrifice. It's just changing my mind.
I'm not working at this moment while I'm busy in school, but I will when I'm less busy. When I do, I'll have my hobbies/entertainment/leisure fund. A certain amount will be put aside and pretty much just sit there until I pick something to do with it. It's not my savings, that's something separate.
Anyway, after typing that out I think I should say: my life is really simple right now cause I'm not really living in the real world yet. Also, I don't anything nicer than a nylon longchamp and mainly I've been lurking/looking at pictures/daydreaming and only very recently posting..,,not an average tPFer I don't think....so take everything I say with a grain of salt
Hi there. I think you're right to post this. A little while ago, I couldn't have fathomed spending a lot on handbags, either.
Here's my story.
In October 2012 I got a payout from a childhood lawsuit settlement. I paid off my debt- only about $2000- and decided to get some nice things for myself, some books, a religious statue, etc. I also decided to buy a Coach bag because I was fed up with sub-standard quality on the $40- $80 dollar bags I was buying at Marshall's, Bergner's and the like. To me, $40 to $80 is a lot to spend on a bag only to have it fall apart in only a few months. I'm not hard on my bags by any means, for that matter.
I remember the first time I visited the Coach website. Everything looked amazing. I chose a black Lindsey with brass hardware and matching wallet. I can't tell you how hard it was to put that order through. I had NEVER spent $400 on a handbag and it scared me a little. When it arrived, I was on cloud nine. It was beautifully packaged, came with a dustbag and the leather was sooo soft and wonderful. Then I smelled it. I love the smell of a new handbag. Also, the hardware was gorgeous and durable, the lining is this intense purple.
I ended up purchasing several more Coach bags, some Louis Vuitton's and a Gucci. I thought about each purchase and did some research so as to cultivate a small but well-rounded collection. Now it's 2014 I haven't purchased any bags on almost a year and I'm very content. I'm still happy with my choices and get lots of compliments. I'm on a bag ban for now both because there's nothing I urgently need and because I'm putting my money to other things, plus saving.
Just know that the quality is amazing and the styles can be more timeless and versatile. That's what I've found. Shortly after getting my Coach bags I gave my cheaper bags to goodwill. I will never go back to the poor quality bags ever.
Everyone had their interests and hobbies that they're willing to spend money on. I have friends and family that gamble a lot, go to Vegas several times a year, plus other vacation spots. Some spend on books, techno gadgets, shoes, you name it. I like my handbags because it's like art that you wear, and a handbag is one of a woman's most intimate possessions.
Hope this helps.
P.S. My handbags still smell amazing over a year later.
I relate to so many things in this post! I got out of debt last May and I've been trying to balance saving an emergency fund with wanting to have some nice things. I'm not sure that I always do very well at it. My emergency fund is still lacking quite a bit.
I think I'm going to be like you on the buying pattern. I'll probably buy several things in a short period of time and then be content for quite a while. I've been doing a ton of window shopping online and see so many things that I would love to buy! But I'm trying to think through how I use my purses and be realistic about what I would really use. It sounds like a ton of fun to be a fashionista and match my bag to my outfit or whatever, but the truth is I'm much too lazy and much too broke for that! So a small, but versatile and well-rounded collection is right up my alley. I'd like a variety of designers though - I'm eyeing Marc Jacobs and Kate Spade in particular.
And with just one Michael Kors bag, one TJ Maxx Coach bag (which seems to me like a wicked step-child, lol), a Coach cell phone pouch thing and a Coach tote bag on the way, I can already see how it would be hard to go back to the poor quality stuff and I probably won't either. The MK bag replaced a $10 Avon bag that was perfect in lots of ways, but the inside lining and the seam between the pockets just came apart.
Several people mentioned the hobby bit, and I understand that. I also have a hobby that can suck up a lot of money if I don't watch it. And it makes sense from a budgeting perspective as well.
Oh, I have no doubts about that. Have you ever read The Millionaire Next Door by Thomas Stanley?
What brought you here? It must have been something to do with handbags. For all the posts you read about (what you consider to be) expensive bags, there are many more who don't spend all their time here bragging and buying. Although, give us a good sale and all bets are off.
Welcome to tPF, and do let us know what brings you by? Set a spell, have a cup of whatever refreshes you, and let's get to know each other.
I actually got referred here from another forum to get a purse authenticated. I've been on online forums for various subjects for years and always enjoy a good active forum, so I started looking around when I got here. Seems like a good place so far - just completely different from anything I know.
I only recently became interested in designer bags and that's only because now I'm at that stage in life where I can afford it. I'm working full time, have a salary, plus I live at home, no debts, no bills. I only spend my money of food, traveling and designer stuff. So I can afford to buy bags for the time being but I know in the future I won't be able to because of a mortgage and other things.
I am in a fairly financially secure position where I have decent savings, no debt and a middle class professional's income. After bills, a certain % to savings and paying off whatever CC debt from the month before, I use the remaining disposable income (about 20% of take-home pay) to enjoy little luxuries in life. So to me, the real opportunity cost for buying a bag is probably forgoing some theatre trips, spa trips and nice food.
One could argue that the opportunity cost is a smaller contribution to my nest egg (because I could always try to save more to build up my net worth), but if I were being honest, what "play money" I don't spend on one luxury usually just ends up funnelled into another luxury. If it's not bags, it's shoes. If not shoes, then beauty products. So while it's nice to think that potentially I could have saved the money I had spent on a bag, I know realistically that wouldn't have happened anyway.
Also, I don't have children and don't plan to have any. While it's in no sense a "sacrifice" to me personally because I genuinely don't want children, that is a sizeable chunk of money that many people need to account for which I don't.
One could argue that the opportunity cost is a smaller contribution to my nest egg (because I could always try to save more to build up my net worth), but if I were being honest, what "play money" I don't spend on one luxury usually just ends up funnelled into another luxury. If it's not bags, it's shoes. If not shoes, then beauty products. So while it's nice to think that potentially I could have saved the money I had spent on a bag, I know realistically that wouldn't have happened anyway.
Also, I don't have children and don't plan to have any. While it's in no sense a "sacrifice" to me personally because I genuinely don't want children, that is a sizeable chunk of money that many people need to account for which I don't.
Like other TPF'ers on here, I didn't always buy designer goods. Then my financial situation changed for the better and now I do buy luxury handbags. As others have said, it's more of a hobby...for me anyways. If you invest In classic pieces and take care of them, they can last for a looong time. Not only will they last, but they will retain their value and almost always be in style. Some people invest in Yoga, buy only organic foods, go to concerts, golf, etc....I buy luxury handbags and shoes. My sister spends tons of money on MAC makeup, but won't consider buying a nice Louis or Gucci handbag. It all depends on what makes you happy.
I remember a thread in which a lady posted pictures of very very expensive bags she bought every week or every month. It represented huge amounts of money.
Of course I asked myself questions. How could she agfford so many high end bags in very short periods of time?
Either she was wealthy, but as Indiaink said above, I don't think a wealthy woman would brag about her purchases this way.
Or.....it was all lies.....
DrDior is right.
It's true that some ladies are in serious debt too . Have a look at the money forum and you will see.
Personally I am very careful. I used to buy expensive bags when I had the money, maybe once a year. i didn't make any sacrifice as I don't go out, I am not interested in expensive clothes or shoes, I don't have a car. Bags are just something I have loved since I was a little girl.
That being said, if I fancy a bag and cannot afford it, I won't buy it....
Of course I asked myself questions. How could she agfford so many high end bags in very short periods of time?
Either she was wealthy, but as Indiaink said above, I don't think a wealthy woman would brag about her purchases this way.
Or.....it was all lies.....
DrDior is right.
It's true that some ladies are in serious debt too . Have a look at the money forum and you will see.
Personally I am very careful. I used to buy expensive bags when I had the money, maybe once a year. i didn't make any sacrifice as I don't go out, I am not interested in expensive clothes or shoes, I don't have a car. Bags are just something I have loved since I was a little girl.
That being said, if I fancy a bag and cannot afford it, I won't buy it....
I like to spend more on bags(and other accessories as well) because I believe they make or break your whole outfit, I like my bag to be made out of a good piece of leather with perfect stitching, I love sleek and minimal designs with no excessive display of designer label or logo because the purpose is not to brag or try to fit-in, the purpose is to let the quality and craftsmanship speak for itself.. A good example for this is Dior's Diorissimo, I only own a few pieces and my collection isn't complete yet, and I'm not even aiming for a large collection, only a timeless one with what I need, Thankfully I don't have any depts to pay.. I also don't have a boyfriend or kids.. So I'm enjoying my freedom and purchase what I want but I like to do a research prior to making my next purchase because I don't like to add clutter and unwanted pieces to my closet.
Many wealthy people brag about their purchases, post pictures of them online and on social media, and I'm talking real wealthy ones with mansions and multiple luxury vehicles.. The majority of them are riche nouveau and a few are "old money" but happen to be a little gaudy..
Many wealthy people brag about their purchases, post pictures of them online and on social media, and I'm talking real wealthy ones with mansions and multiple luxury vehicles.. The majority of them are riche nouveau and a few are "old money" but happen to be a little gaudy..
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There are some forums that attract megabucks and some that only spring to life about sale time. Everybody's different, have various budgets and like variable things. Some people save up for a lifetime and some don't even think about spending 10K.
I bought one bag last year and it took me a year to find.
I think you may be surprised how many on tPF don't binge on bags and then dispose of them on e_bay infinitum. Some people come on here to learn so that their next purchase is the best possible.
I bought one bag last year and it took me a year to find.
I think you may be surprised how many on tPF don't binge on bags and then dispose of them on e_bay infinitum. Some people come on here to learn so that their next purchase is the best possible.
Different reasons:
These times are a "I deserve this" mentality. A lot of celebrity influence, reality TV, etc.
Some people are up to their eyeballs in debt.
Some people have compulsive tendencies and those tendencies manifest themselves in overspending. With women, a lot of times that shows itself in shoes and handbags.
Some people are rich and have plenty to live on, plenty to retire with, and just love handbags.
Some people work in environments where their appearance is very important and they need to wear quality attire.
on and on and on
Some people have husbands who pay for living, retirement, etc, and the wife buys what she wants with her money.
Skewed priorities.
Some people refuse to spend their money on cheaply made bags, end up buying higher quality bags, end up loving them more and more, end up going overboard and it turns into a vicious habit. (This is the category I fit into)
None of these reasons undo the fact that handbags are a material object and no one REALLY needs an expensive one. We need something to carry our life essentials with us, whether that be in our socks, in our pockets, in our ... whatever. In the end, they are just pieces of leather (usually), sewn or woven into a shape that items can be carried in.
It's all relative.
What I hope for you is that tpf does not slowly turn you from such a practical thinker into one of us. Stay like you are. You will have more money in your pocket.
My grandparents saved and saved and shared hamburgers and split meals, only bathed in a couple of inches of water. They saved $14,000. When they got too old to live on their own, they went to nursing homes. Their money lasted until it ran out (duh), and then the government took over paying for the nursing home.
See my point? Life is unexpected. You could save and save and live like a queen later. You could save and save and life throws a curve ball at you.
Love your question.
Stay sweet.
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Exactly- never get into 'keeping up with the joneses' mentality. It's impossible to tell what really goes on. I am also very wary of 'celebrities' projecting fashion trends, such as fur and crocodile bags which are ridiculously inappropriate for most people, not to mention cruel and expensive - and making them appear as 'desirable'
Another thought: I would imagine some wealthy women may love their bags so much they are excited about them and so much enjoy having a place to come and share their excitement with people who don't look down at them or think they are crazy, just like us regular folk like to share our new things.
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