3 In Bomb Life 101/ Claire's Life/ Featured/ Finance/ Gucci

Stock Tips from My Dad: Investing in Fashion

Our community is entering into a new era of empowerment. No longer shackled by slavery or set back by discrimination, we have been able to make our own way thanks to our innovation, creativity, and intelligence.

Can’t find a job? We are creating our own jobs by the millions, excelling in music, entertainment, and fashion. It really doesn’t matter where you come from–whether you started off as a stripper or went to an Ivy League. Everyone can win.

While we are great at making and spending money (witnessed by the numerous posts I’ve compiled showcasing celebs wearing Gucci), we need to keep this money going for generations. Enter saving and investing.

Most people who are new to making a lot of money get nipped by the IRS. It’s not that we don’t want to pay taxes, it’s that we don’t have the knowledge as to how to account for taxes before they become a problem. Ditto with investing. Wouldn’t you hop on investments if it were explained to you–and if you were shown how to make investments from a young age?

I do not profess to be a financial expert AT ALL, but some mistakes have gotten me thinking about money differently. Also, I’ve been using my parents, including my Dad, as resource to give me tips on how to prepare for the future.

Since I was young, my Dad has been telling me that I can actually take ownership in the brands I love. I remember I was a teenager, and we were eating out when he dropped the knowledge. I asked, “Even Guess Jeans?” because Guess jeans were popping back in the day. He replied, “Yes, you can buy stock in every brand you see at the mall.

How to go about it? I am a fashion writer and author, not an investment banker. Your first step would be to visit an investment bank. My Dad banked (and probably still banks) with Fidelity Investments. I currently bank with Morgan Stanley. Seems intimidating, but you can find an advisor who can walk you through buying stock. From what I understand, you can even buy stock online. I remember doing that back in the day (I bought some Apple stock, but sold it. I’m still learning).

It’s great to spend thousands on Gucci bags and shoes. But we all know those things depreciate in value. Get something that can appreciate in value.

It was a little disheartening to read some of the comments on @FashionBombDaily when I introduced the idea. Most people’s kneejerk reaction was to say Gucci wasn’t publicly traded (it’s not, but it’s parent brand, Kering, is). Then others said it is only traded in Europe, as if it’s impossible to buy foreign stock. Stop making excuses and educate yourself. It’s not about being rich, it’s about creating generational wealth. And if you don’t have a Dad who will tell you (even though I don’t listen half the time), I’ll tell you: By all means, look fly! Buy all the latest and greatest that your bank account can afford. But also invest and save your money for a rainy day.
Thank me later.
Love & Light,

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