april showers…taxes & your closet…

this is an excerpt from my april monthly newsletter…enjoy!

what do you think of when you think of april?

spring? april showers? taxes?

while we have had an abundance of april showers these last few weeks…actually more like storms =) i keep thinking about how good my yard is looking…and then i don’t mind it so much…

a few weeks back i finally met with my tax guy…while this is usually not a thrilling exercise for me…it feels good when its done…and my tax guy loves how prepared i am…truth be told…the days when my life was consumed with accounting…and the world of finance…ends up helping my tax guy…because he loves how complete my spreadsheets are that i present to him…

while preparing these lovely spreadsheets…of income & expenses…of assets and liabilities…of hoping and praying that i am once again…not in the red…

makes me think about your closet…yes…there is a correlation…how is your closet looking…are there assets or liabilities hanging behind those doors…

read on…to find out the five checkpoints to assess YOUR fashion equity…

when it comes to assessing your “fashion” equity…the goal is to maximize your assets…and minimize your liabilities…let’s face it…we all want a nice portfolio…or in this case…a nice wardrobe…one that will take us through every area of our life…whether we are at work…being the soccer mom…or on a date…

here is a five-point checklist…to get you started…

1. are you utilizing your assets? think about your most valuable assets…the thing that makes you…you…is it your curves? perhaps your long legs…a tiny waist…great cheekbones…once you know what your assets are…you are then able to make sound purchases that naturally highlight what your assets are…just remember…assets do change over time…so be sure you’re focused on what’s working for you now…rather than what has worked for you in the past…

2. is your inventory low? it is nearly impossible to be able to put great outfits together if your inventory is low. so before each season begins…whether it is spring/summer or fall/winter – do an inventory count. and be honest with yourself! do your clothes fit and flatter you? if the answer is no…then it is time to get rid of these items…and restock your inventory. set aside some time for a thorough edit and create of a list of what you need. and while you are at it…take a look at your basics…for example…tees only look good for so long…replenish them when needed…and if there is inventory in your closet that is not currently working for you…cut your losses…it is time to write them off
(on a side note: think about consigning these items to re-coop some of your loss…fabulous finds consignment boutique was started because i wanted to help clients get back some of the money they had spent on items that weren’t right for them)

3. are your liabilities handicapping you? sometimes we get into a buying rut…an end up purchasing items that are wrong for us…here are some helpful tips…
– shopping for a lifestyle that’s no longer yours.
– giving up on shopping because there are too many choices and it’s overwhelming.
– inaccurate or out-of-date self-image.
– getting all your fashion advice from an opinionated friend or family member but never finding your personal style.
– investing in high-end fashion without a wardrobe plan.
– using shopping to fill an emotional void and never feeling satisfied.
– buying too many novelty pieces that don’t go with anything else you have.

4. is your fashion portfolio diverse enough? when you take a look at a smart investor…they have a nice diversified portfolio…smart dressers have clothes for every part of their life…what does a diverse fashion portfolio look like? it would include outfits that touch on every area of your life…the perfect dress for a party…informal social gatherings…work clothes…weekend clothes…exercise clothes…and great travel capsules…just to name a few off the top of my head…if your wardrobe is not meeting your needs…there is help available…

5. are your fashion choices accruing interest? your clothes should be a shining example of your personal style…they tell the story of who you are…and you should be getting results from investing time and money into your wardrobe. and…there should be results…whether it be a confidence boost…compliments…or just plain feeling good about yourself…it could also result in a promotion…a new job offer…new opportunities…that is the accrued interest you are looking for…

another way of looking at accruing interest…is what i call good ole fashioned “fashion accounting 101…”

so…what did the checklist reveal about your fashion equity? are you feeling like you are in a fashion fog? whether you need to maximize your assets…or minimize your liabilities…by taking note of those liabilities and taking responsibility for them…get out of your liability debt by getting help…making a plan…and breaking out of habits that aren’t benefiting you…perhaps you need to diversify…or accrue more interest…hopefully the check-list will help discover where your strengths and weaknesses are…and if you fell short on any of the checkpoints…don’t fret…they are easy fixes…and i am here to help…don’t let any more time go by…call me for an appointment so that we could start working towards getting the most out of your fashion investment…