Fashion & Investing – The Little Black Dress

As every woman knows, the key to building a wardrobe starts with the essentials – the tailored white shirt, slacks, a good pair of jeans and, of course, the little black dress. And obviously, you will need the correct shoes to go with all those outfits.

With the beginning of each new season, the fashion industry will let us know what the hot trend of the season is and the must-haves for the everyday woman.  Following trends in the fashion industry can be quite expensive and the fashion industry benefits with each new purchase of the must-haves for the fashion forward.

 

Just like the little black dress, certain styles never go out of fashion like sound financial planningThe fashion industry can be compared to the financial services industry, with new products being marketed and the hot new trend that you must have in order to be successful.

Rather than investing in the trends, you should approach investing based on long-term research and the principles that have been tried and tested in many market environments. This approach includes working with the market and taking only those risks worth taking, diversifying your portfolio in a number of asset classes, keeping costs low and managing your behavior.

The best way to achieve success in investing and fashion has always been with the tried and true basics.

 

Jim Parker of Dimensional Fund Advisor writes

To paraphrase the legendary designer Coco Chanel, investment fashion changes, but style never goes out of fashion.

Click the silver button below for Jim Parker’s article “The Devil Wears Nada” in which he discusses this topic further.

The Devil Wears Nada

About Maureen Crimmins

Maureen Crimmins is co-founder of Crimmins Wealth Management and a fee-only independent financial advisor. Have a financial question? ASK MAUREEN

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