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Go to a nice store like JCrew or Banana Republic that I'm guessing is higher-end than you usually shop. Tell them you have $1,000 or $1,500 or whatever and that you want a new wardrobe. A personal shopper should easily be able to select 10-20 stylish items that you can mix-and-match for years to come. Then, stop by Saks or Bergdorf and buy a really nice pair of shoes- Ferragamo or Gucci are great picks for qualify, a nice tie or two (if you'd ever wear them), and maybe a good camel-hair dress coat for winter. You should be able to pick up one on sale in January or early February thar is classic and will last for 20-30 years. This whole shopping excursion will cost under $3,000.
Unless you are ready to drop $10,000-20,000, you still really can't afford the designer stores like Prada or Louis Vuitton or Gucci or Hermes. A sportcoat averages $2,000-3,000. Dress shirts run $500-1,000 a piece. Even a wallet is $500+. If you want something "status" - not logo'd out, just something where you can say "thanks, it's Gucci"....do it with a tie or shoes. Don't bother wasting your inheritance on Prada dress shirts and slacks. It's unlikely anyone in your everyday life will appreciate it. A well-dressed man, they CAN appreciate. And you can accomplish that goal at a Banana Republic or JCrew.
^^^^ Totally agree!!! To the OP: You don't have to spend a fortune on clothing to look nice. I suggested the outlets, but I think J Crew or Banana Republic might be a better idea. Gap also has some nice jackets, similar to the one in the pic you posted.
Don't blow all this money on clothing. I'm sure your Aunt who left you the money wouldn't have wanted that..
You can also make an appt with a personal shopper at one of the nicer department stores. The service is free and they will pick items that work for you that are from various brands and designers. I would recommend going to the nearest major Nordstrom's near you.
The only thing that is as bad as putting clothes and stuff on credit cards is blowing a chunk of capital on perishable goods. Invest the inheritance and then buy yourself something when it has generated some income.
Lumps of capital are hard to come by.
Something seemed weird about OP and by reading his other posts, I figured it out: OP is a TEENAGER.
OP, you need to SAVE this money. Quite frankly, you're too young to blow a lot of money on "designer" clothes. If you needed a professional wardrobe, that would br one thing. But you need to get through high school, college, and start a career. Who knows where along that path you'll need auntie's inheritance- for tuition, for books, to study abroad, to pay for flights to fly to internship or job interviews, for a deposit on your own apartment, etc.
I promise, if you blow this money on clothes, your adult self will probably never forgive you. Most peoe only see a tiny inheritance once in their lives - if at all- so take care of your windfall and it will take care of you.
Take a small piece of it- say 5-10%- and blow it on ONE item. Then put the rest of that money in a savings account, money market account, or Roth IRA and DO NOT TOUCH IT until a real want/need comes along.
OT, but with banks paying virtually zero percent on savings, and CDs in the 1%-2.5% range (depending on length of maturity) I would definitely invest in the stock market right now. Don't necessarily heed a message board poster like myself, of course, but I like Citibank (Citigroup) right now. It's under 5 bucks a share and I think has a positive outlook. But there are plenty of good companies out there.
Heck, even Con Edison stock pays a bigger dividend than banks will pay on a CD. Their current dividend yield is 4.8%!
really, that's it? does that depend on how much money the bank gets? say if i inherited $100 million, would i get a higher percentage in interest in a cd account because it's so much vs. if i inherited $100,000 and put it into a cd account? does the bank offer higher interest rates to accounts with more money?
really, that's it? does that depend on how much money the bank gets? say if i inherited $100 million, would i get a higher percentage in interest in a cd account because it's so much vs. if i inherited $100,000 and put it into a cd account? does the bank offer higher interest rates to accounts with more money?
The interest rate usually varies by CD term, not the amount you put into CD's. The longer the term (say, 3 or 5 years vs 6 months), the higher the annual interest rate.
Also, you'd be a fool to put $100M into CD's as the accounts are only FDIC insured up to $250,000.
As I said, it's best to educate yourself on your investment options and make a wise decision with your inheritance than blow it on a tacky Gucci logo jacket.
^^^^ Not to mention, if this person had $100M, they would have a financial advisor helping them to create a diversified portfolio --- stocks, bonds, CDs, cash, gold, investment properties, etc.
As for the OP, he only has a few thousand. If I only had that amount of money, I would put it into a CD. The return may be smaller but at least it's a guaranteed return unlike the stock market where you can invest $1K and have $200 left in 6 months.
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