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RPF0224-Steveonomics_Interview


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00:00:00.000 | Today on the show we dig into frugal fashion tips for men with Steve from stevenomics.com
00:00:06.360 | he's listener of the show longtime listener and
00:00:08.520 | an expert on how to express your
00:00:12.720 | sartorial self for less
00:00:15.380 | First though sponsor of the day today is audible and I'm gonna share with you a book recommendation
00:00:22.000 | Which would be an excellent book for you to own with your audible subscription
00:00:25.800 | The book is called the success principles by Jack Canfield. I first came across this book years ago in the bookstore
00:00:32.840 | Subsequently got the audiobook and it's a book. I have returned to many times and recommended to many people
00:00:39.440 | It's a very thick book, but it's divided into very short and pithy chapters
00:00:44.360 | And it's one of the really excellent success books to go over and go through yourself
00:00:49.760 | The audiobook version as long as you get the unabridged one is about 21 hours and 11 minutes
00:00:54.760 | But what's beautiful about it is it's divided into short pithy chapters
00:00:58.400 | And this would be a good one to listen to a chapter a day in the past actually with my family at one of our
00:01:03.520 | Meals, I've gone through the success principles and read it to my family one chapter a day
00:01:07.280 | If you haven't read it before check out the book the success principles by Jack Canfield
00:01:11.960 | Get it as your free first month download which you can get at radical audio books
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00:01:22.080 | Make this your first one if you haven't read it go to radical audiobooks
00:01:28.360 | Welcome to the radical personal finance podcast. My name is Joshua sheets, and I'm your host. Thank you so much for being here
00:01:49.440 | You're tuning in for the first time. This is the show where we talk about financial independence and living the good life the rich life
00:01:57.240 | Now here's what you need to know the pursuit of financial independence is not in contradiction
00:02:03.000 | To living the good life now we support doing both of those wholeheartedly and today we're gonna talk about how
00:02:15.360 | My guest today is a listener of the show his name is Steve
00:02:18.400 | He writes a blog at Steve onomics calm and as you'll hear in just a moment as soon as I play the interview
00:02:22.540 | He was a very earlier listener of radical personal finance
00:02:26.320 | But I think you're really gonna benefit and value from some of his content today
00:02:30.360 | He's gonna share with you some ideas around how to build an excellent wardrobe
00:02:34.960 | for not much money, it's hard to
00:02:37.560 | guess I was gonna say it's hard to overstate the importance but
00:02:41.480 | Looking great is very important
00:02:45.720 | It'd be nice if people judged you like God judged you which is just look just to look at the inside
00:02:51.280 | But unfortunately, that's just not the facts
00:02:53.280 | People look at the outside God looks at the inside. So today let's talk about the outside and
00:02:59.080 | I'm convinced that it's possible to live a rich life and express your fashion sense and develop a wardrobe that's useful to you
00:03:07.520 | Without breaking the buck break without breaking the bank and today Steve's gonna share with us some ideas
00:03:13.600 | Make sure you stay tuned to the end of the show where I'm gonna share with you some things that are important for you
00:03:17.960 | To notice about Steve's story in and of itself
00:03:21.840 | To make sure that you're doing what he's doing
00:03:24.880 | Steve welcome to the radical personal finance podcast. I appreciate you being with me today. No, just what thanks for having me
00:03:32.040 | So you're a listener of the show longtime listener the show and as we begin, I just want to say thank you for your
00:03:39.280 | Longtime not only listenership, but also patronage of the show
00:03:42.760 | I have your I received an email from you in the very beginning weeks of the show
00:03:48.600 | that was one of the emails that really encouraged me to
00:03:52.360 | Continue on with creating radical personal finance
00:03:55.680 | And I want to thank you for making the time to reach out to me and and and encourage me when I was starting the show
00:04:01.280 | So as a podcast host to a longtime listener, thank you very much
00:04:05.840 | No, no problem. Yeah, you've been a big inspiration and really helped me with my with my finances over the past
00:04:11.080 | What is it? Are you are you going coming on a year now? It's been a year. Yes, since I started the show full-time
00:04:16.840 | Yeah been a year. Oh, so it's a it's an awesome. It's an awesome thing
00:04:20.680 | And I mentioned that I didn't tell you when we were chatting before I turned on the recording
00:04:24.280 | but I mentioned that just to say that if there is
00:04:26.900 | Just as a reminder to the audience if there is an independent media producer that you value their work
00:04:32.560 | Send them an email send them a note those little notes of encouragement make a big difference many time in the independent media space
00:04:38.900 | It can feel often like you're just you're kind of putting information out there into the world without much feedback
00:04:45.520 | so if there's somebody that you are appreciating the information make sure you take the time to just
00:04:50.040 | Send them a note and let them know as those little things pile up and mean a lot
00:04:54.140 | so Steve I've invited you on the show to talk about the topic of fashion and
00:05:00.040 | how to get a good bang for your buck and one of the things that themes it's important to me is
00:05:04.920 | Living frugally pursuing financial independence
00:05:09.320 | These things should not be at the cost of the good life
00:05:14.220 | There's no reason to scrimp and save and do nothing and just live like a poor person
00:05:19.520 | So that someday you can live like a rich person. I don't approach life that way rather in my mind
00:05:24.640 | It's about pursuing the intelligent strategies
00:05:29.760 | Pursuing intelligent strategies that you can use to live the good life now and live the good life later
00:05:35.800 | So I'd like to start with maybe just introduce yourself a little bit and share with us a little bit about your own personal financial
00:05:41.000 | Independence journey and your own goals and projects
00:05:45.640 | Well a couple years ago. I started you know reading the blogs I
00:05:48.920 | Saw Jacob early retirement extreme you know mr. Money mustache saw what they were doing
00:05:53.660 | I was already pretty good at saving money, so it just kind of put a plan into place
00:05:57.400 | You know for what I need to do you know following the 4% rule seeing how much I need to save how much I need
00:06:01.800 | To invest in order to eventually be financially free and you know
00:06:05.040 | My views have kind of changed over the years before it was like I'm gonna be financially independent
00:06:09.760 | I'm just gonna lay on the beach with my wife and then you know like well
00:06:12.360 | You know what that actually might be a little boring
00:06:13.680 | so, you know, I'm looking forward to making it to that goal through the years, but
00:06:18.560 | You know plan to to do a little bit of work as well. And yeah
00:06:24.240 | That's that's how that's been. I did a lot of traveling after college, but now I'm working in Silicon Valley working in sales
00:06:30.760 | So I always appreciate when you're you're chatting about sales
00:06:33.040 | I think it's a great profession for a financial independence, especially if you're not on the engineering side
00:06:37.040 | you didn't study engineering in in school and a lot of the
00:06:39.240 | Financial bloggers out there did so I think it's another good good path to to get there
00:06:44.440 | All right, you know the harder that you work the more money you can make so I really enjoy that
00:06:47.680 | So I enjoyed your writing because and this is also demonstrating one of the things that I continually talk about
00:06:53.800 | You maintain a personal finance blog at Steve onomics calm
00:06:57.800 | I'll link in this in the description in the show notes, but you're not a real active blogger. You're not
00:07:02.840 | Dedicated to you're not you're not trying to become the next big mega personal finance blogger
00:07:09.120 | You're just sharing a little bit about your experience
00:07:11.200 | but what that allowed me to do as a media host was gain a little bit of insight into you and into who you are and
00:07:17.720 | That's ultimately what's brought us forward to bringing you on the show today
00:07:23.000 | In your blogging before we get to fashion
00:07:25.560 | I want you to talk about your wedding and I'm springing this on to you because you wrote an article
00:07:30.280 | About your wedding of how you and your wife
00:07:32.920 | Built and designed a frugal wedding and it became went viral basically on I think huffington post of memory is right
00:07:39.760 | Talk a little bit about how you and your wife planned for your wedding
00:07:42.160 | Okay. Well, I mean I was a I met my wife in in Korea when I was teaching English over there
00:07:48.400 | You know after doing some some traveling we came over here
00:07:51.680 | We decided we wanted to get married but you know
00:07:53.960 | We're looking at the money in the bank and we were like, you know
00:07:55.920 | This is probably better for a house down payment or something than one day, you know, what do you think?
00:07:59.520 | She felt the same way. So
00:08:01.520 | How can we do this frugally? So
00:08:03.720 | Yeah, so we just started going at it luckily my family, you know was very helpful, you know, my my aunt made a cake
00:08:10.720 | You know another family member made a you know bouquet
00:08:13.400 | We ended up going to San Francisco City Hall, you know, it's beautiful City Hall. We got some great photos
00:08:18.400 | I asked my my college friend. This is my big brother
00:08:22.040 | my fraternity - if he would you know take some pictures because I knew he was a photographer and
00:08:26.600 | You know, he did him on the house, which I was pretty surprised
00:08:29.800 | I was willing to pay him some money, but that was a you know, definitely very nice
00:08:32.480 | And then you know, we like we like clothing as we're gonna get into so
00:08:35.960 | You know, I ended up getting a tuxedo off of eBay Brooks Brothers one
00:08:40.080 | I got it altered a little bit, you know got it for a quarter of the the retail price and you know my wife
00:08:44.880 | She actually found a beautiful wedding dress at a at a thrift store and I was a little hesitant because I'm like, you know
00:08:50.920 | We like thrift stores, but your honey your wedding dress doesn't have to be from a thrift store, you know, right?
00:08:54.840 | But she put it on and it was perfect and she's like, I love it
00:08:57.280 | You know, like I don't care what the price is. It's it's perfect for me and I looked great on her and you know
00:09:02.640 | So she picked it up and we went from there and you know, our photos look good and we had a great day up in
00:09:07.800 | San Francisco. I
00:09:09.560 | Will make sure to link to the article so people can read the article with details and see some of the photos
00:09:14.520 | But two comments and the reason I sprang that on you number one
00:09:17.720 | I think the thrift store dress is an awesome example of
00:09:22.240 | Being willing to spend money
00:09:24.800 | But also knowing what you're looking for first and not looking just at a price tag
00:09:29.960 | My wife and I actually did something similar with our wedding
00:09:33.360 | We spent a lot more than $1,000 that you did but her dress was actually not a wedding dress
00:09:39.780 | It was a bridesmaids dress that she ordered in white
00:09:42.560 | so when she was going around and looking at
00:09:44.960 | wedding dresses and all the
00:09:47.800 | Stores, she didn't find one. She liked didn't find when she looked and she starts looking and sees this cute bridesmaids dress
00:09:53.560 | Asked about it was able to order it in white make a couple of alterations to it
00:09:57.880 | and I think the price tag was something like
00:09:59.880 | $250-$300 for the for it because it was a bridesmaids dress instead of a thousand or two thousand dollars because it was listed as a
00:10:07.080 | wedding dress and
00:10:08.840 | It was just a neat example of how if you know what you're looking for
00:10:12.080 | You don't have to judge it spending more money is not necessarily a virtue get what you want and spend the money you need to spend
00:10:19.160 | Yeah, sometimes people just like to you know, brag about how much it costs or something
00:10:23.080 | But it's all about getting you know, the best quality for for low prices to me
00:10:27.000 | So and then did you use the savings for for something fun instead of spending it on the wedding? No, I mean right now
00:10:34.000 | We're still just saving so we're you know saving towards a financial independence
00:10:37.920 | You know, maybe if houses get a little cheaper out here in Silicon Valley, they're a little pricey right now
00:10:42.080 | Maybe we'll buy something in the future. So yeah right now it's just you know, tucked away safe
00:10:46.560 | well, the other thing the other theme that I wanted to just mention is
00:10:50.760 | when talking about
00:10:53.580 | Doing things like having a frugal wedding
00:10:55.580 | in my mind you can't beat something with nothing and so often the
00:11:01.720 | Decision criteria that people have I know that I struggled with it when I when my wife and I were planning our wedding
00:11:08.460 | Was the fact that well, you know, I want to provide the best. I want to provide the best for my family
00:11:14.980 | I want my wife to know how much I care about her. I want it, you know the day to be very special and
00:11:20.400 | so if you're looking at saving money on a big event like that and if your
00:11:26.040 | Comparison is between I want to provide the best. I want to provide a very special day
00:11:32.400 | I'm just gonna do this frugal cheap thing and
00:11:35.400 | Be a financial bomb and everyone's gonna look at me and say can't that person spend some money? Well, generally we're gonna
00:11:41.920 | We're gonna make the decision to say I'm gonna provide the best
00:11:45.160 | but if we expand the definition of what providing the best is and
00:11:49.960 | Let's say that we're a young couple. We're financing everything ourselves parents aren't stepping in and if the question is between
00:11:57.000 | Okay, we could spend thirty thousand dollars on one special day or we could spend
00:12:01.820 | $5,000 on a special day and put twenty five thousand dollars on a down payment on a house or perhaps for some people
00:12:08.780 | We could spend a thousand dollars on a special day
00:12:11.160 | And then we could take the next year off and instead of having a one-week rushed forced honeymoon
00:12:15.000 | Because we spent all the money on the day to get all our friends drunk on our dime
00:12:19.160 | Rather we're gonna go travel the world together for the next year and have a one-year honeymoon
00:12:23.240 | All of a sudden now you're not taking something and trying to beat it with nothing. You're not trying to take Oh special day versus
00:12:28.960 | You know, I'm a cheap jerk rather you're saying I'm gonna take something and I'm gonna substitute something better
00:12:35.480 | That's more in line with our life goals. And I like how you
00:12:39.600 | Bring that out in your article and also in your other writings on fashion where it's not about cheap versus crappy
00:12:47.560 | It's cheap versus inexpensive and better
00:12:51.560 | Exactly. Yeah, and as far as traveling, I mean we met in Korea. We went to you know, 12 countries in Asia
00:12:57.000 | We you know, we lived in Australia for a year. So we were already, you know, we were kind of tired of traveling a little bit
00:13:02.700 | So we're like, you know, we're gonna take it easy
00:13:03.720 | We're gonna go, you know up up to San Francisco and we went to Tahoe for our honeymoon. So we kept it local
00:13:09.240 | We had a family friend let us stay in her cabin, you know free of charge old family friends
00:13:14.680 | So, you know, you got to use those connections and never had a you know, necessarily the money connections
00:13:18.660 | But you know people are always willing to lend a helping hand. So it's good to use your network
00:13:22.720 | So let's jump into fashion. You're a bit of a fashionista and yet you also consider yourself a frugal
00:13:29.480 | Financial independence oriented guy. How do these two things? How are they able to coexist?
00:13:33.800 | You know, I think
00:13:36.200 | You know if you have a list of I make a list of things that I want to buy and I just wait
00:13:40.480 | You know, I make I'm very patient make sure I get the best deal on it. Make sure I really love it
00:13:45.680 | You know, I don't I'm not very good at spontaneous buys, you know outside of maybe groceries or something like that
00:13:50.680 | Everything is very methodical and planned out, you know, have you heard the saying good fast cheap, you know pick two, right?
00:13:56.840 | So, you know, I don't necessarily need a fast. I after a while you kind of have everything so
00:14:01.660 | Yeah, I just think you can have both and you can dress really well for you know, surprisingly
00:14:07.880 | Not very much money, especially if you kind of know what you're looking for
00:14:11.560 | Do you approach fashion as something that is just purely a hobby that you enjoy?
00:14:16.260 | perhaps an expression of a creative part of yourself or do you approach it from a utilitarian perspective of as
00:14:23.160 | An example, I'm gonna raise other people's perceptions around me by being a well-dressed person. I
00:14:28.760 | Don't know maybe a little both. I mean, I like to dress well
00:14:32.880 | But I think it's fun to be a little bit of creative as far as you know
00:14:36.300 | I think everybody kind of needs their own personal style like Alice, you know, I'm in California
00:14:40.880 | It's a little warm here. So but outside of summer. I'm usually wearing a sweater
00:14:44.600 | To the office the office is always cold. So that's kind of my own little like personal
00:14:48.740 | You know personal piece of fashion so, you know, they see me Oh Steve you're the you're the guy wearing the you know
00:14:55.080 | The cool sweater, so that's kind of my little fun thing
00:14:57.640 | So I think it's a it's a cool way to be creative whether it's you know
00:14:59.920 | The pocket square a tie or some fun socks or something like that. So
00:15:02.820 | You know, you get kind of boring if you do the same thing every day
00:15:06.640 | So I'm looking at an empty closet and I'm looking at a bank balance that I know I need to buy some clothes
00:15:12.000 | But I want to be careful and make good decisions. Where do I start with?
00:15:16.080 | Outlining a blueprint for the things that should be in my closet
00:15:20.720 | Well, I mean, I guess it depends a little bit on on where you work say
00:15:24.740 | We're a little casual here
00:15:26.720 | But you know, you want to wear button-ups and in pants as far as button-ups for me. I'm kind of an awkward size
00:15:32.920 | I'm a 15 half neck, but I'm kind of thin with long arms
00:15:36.080 | So it's actually really tough for me to find a you know, 15 and a half by 35 shirt
00:15:40.200 | So to be honest, I go to the Brooks Brothers sale
00:15:42.460 | And at the end of June it just happened and at the end of December 40% off shirts. I pick up a few shirts there
00:15:48.980 | You know go to the mall
00:15:51.440 | Check out, you know, five six stores all at all within an hour
00:15:55.300 | Try on all the pants see which ones you like the most, you know and wait for the you know
00:15:58.640 | 30 to 50 percent off sale
00:15:59.960 | That's what I do for for that because thrift stores you have to be a little bit more patient
00:16:04.280 | You're not gonna go in there. You're not gonna find a navy suit, you know your first try
00:16:07.160 | Thrift stores I would say are more fun for adding to your collection make a list of things you would like and then you know
00:16:13.800 | Go in there and browse but don't expect to come up with you know, some Savile Row suits that you know, the Prince
00:16:19.680 | You know donated what's the most number of years of service? You've gotten out of a Brooks Brothers button-down shirt
00:16:28.700 | Have some that I bought two or three years ago. I just bought a few more
00:16:32.040 | Actually, I've been I've been exercising a lot. So actually the extra slump that are getting kind of
00:16:36.760 | They're shrinking and I'm growing a little bit. I'm getting a little stronger
00:16:40.880 | So I went with the regular slump at this time. They're getting a little snug, but the quality is still there
00:16:46.160 | I just I guess is it shrunk a little bit?
00:16:48.360 | So I'd recommend air drying all your shirts when I was in college
00:16:52.260 | I had a reason I say that's just because my Brooks Brothers story when I was in college
00:16:56.000 | I had a business a boss that it was kind of a mentor and I needed some clothes
00:17:00.480 | and so he trotted me down to the Brooks Brothers store and we bought a few Brooks Brothers shirts button-down shirts and
00:17:04.840 | I bought the one that I most remember was just a blue oxford a blue long-sleeve oxford
00:17:10.360 | I bought it so that would have been about two thousand and perhaps two thousand and five and I wore that shirt
00:17:15.840 | Multiple times per week for approximately five or six years and what I loved about it
00:17:21.680 | I love to travel with it because I could wear in every single context where I would you know
00:17:26.400 | I could wear it with a suit and tie I could wear it with jeans
00:17:29.000 | you know taking the suit off tussled on with a pair of shorts and
00:17:32.400 | sometimes I'd wear it to the beach and it was it didn't wrinkle it lasted for years and
00:17:37.560 | That convinced me of the value of at times paying for quality when there's quality
00:17:44.080 | How do you approach quality versus cost when it comes to clothing?
00:17:49.560 | Well, I'm willing to you know
00:17:57.080 | I'm making a little more money now, so I guess I'm willing to you know, splurge a little bit more for for quality
00:18:01.920 | But you know if you're patient, I think you can get the you know, the good stuff for cheap as well
00:18:05.880 | I was in a San Francisco thrift thrift store and I ended up getting you know
00:18:10.320 | Three of the Brooks Brothers shirts actually in my size in dry cleaning bags and that was you know, probably the best
00:18:15.200 | You know time I ever bought shirts. I was pretty happy about that
00:18:18.600 | Recently I got a
00:18:22.080 | Shot racer. It's a leather jacket and I've been wanting this thing for years and I wrote about it a little bit. I had a
00:18:27.680 | You know what? I talked about your alpha strategy that that you mentioned John Pugsley the author
00:18:32.120 | So I've been you know, I wanted to finish my outerwear collection
00:18:36.680 | So I really wanted this jacket and then about $800 new. This is it's pretty expensive
00:18:40.120 | So I was scouring eBay and you know, I needed a 38 long
00:18:43.160 | I got the long arm
00:18:44.000 | So I finally I finally found it and I was you know willing to pay a little bit more for that
00:18:48.640 | I wasn't gonna you know
00:18:49.440 | I wasn't expecting to get that for $50 like I would maybe at a thrift store
00:18:52.600 | So I pay a little bit more for that. So it's it's definitely worth it if you really need it
00:18:56.680 | I mean, I highly recommend the list
00:18:59.320 | make the list go through the list and just
00:19:02.360 | Just wait for for the perfect deal and don't just you know buy things be like, oh, it's a fun polka dot shirt
00:19:08.080 | Like do I need this polka dot shirt? Am I gonna wear this polka shirt every time I wear it?
00:19:11.240 | Everybody's gonna remember it. It's a lot better probably to wear a blue or a white shirt the just to
00:19:16.340 | refresh people who may not have heard when I've talked about the alpha strategy in the past the idea is
00:19:20.800 | in order to avoid the
00:19:23.480 | damaging effects of changing currency valuations, especially inflation if
00:19:28.140 | You can simply buy everything that you need for the rest of your life
00:19:31.780 | Then you can avoid having to pay more for things in the future. So there are some things that are obviously consumable
00:19:39.620 | you can't buy all of the
00:19:41.620 | Raisin brand that you're gonna need for the rest of your life because it'd be stale in a couple of months
00:19:45.380 | But there are some things that are durable goods where you can go ahead and make a careful decision and by buying something once or
00:19:52.840 | Stockpiling something today, you will probably never need to purchase it again in the future, which means that you've converted
00:19:58.900 | financial assets which are subject to the effects of inflation into durable goods, which are not subject to the effects of inflation and
00:20:07.940 | Clothing in my mind is one of the good places where you can apply this to some extent
00:20:14.100 | What is the longest?
00:20:15.700 | like what are some of the the clothing items that you've had where it's kind of the buy it for life concept where you've bought it and
00:20:21.300 | It's lasted for an incredibly long amount of time where it was worth paying for high quality. I
00:20:26.300 | Would say you know outerwear and shoes are
00:20:29.620 | Are definitely good for that. I mean you can buy like I said leather jacket
00:20:33.940 | Maybe military pea coats are good to buy at thrift and vintage store, you know, London fog trench coats wool overcoats
00:20:41.580 | Harris tweed sport coats and you know, I would recommend putting them in a bag so that you know
00:20:45.540 | Moss don't eat the wool but outerwear I think is great for that also shoes you get the Goodyear welt meaning
00:20:51.460 | You can actually it's sewn the bottom is sewn to the upper
00:20:55.020 | So if it starts to wear you can actually replace the entire sole
00:20:58.580 | My recommend brands like all then Allen Edmonds and the vintage floor chime Imperials. Those are all made in USA
00:21:04.940 | They're made, you know, really strong and it's pretty cool when if something goes wrong you take it to the cobbler
00:21:09.820 | They fix it up. I recently had a couple pairs of shoes where the heels
00:21:12.460 | Split and I just take it to the cobbler and they can either glue it or sew it and it's it's pretty inexpensive
00:21:17.780 | And I think those I mean, I've had a maybe five years
00:21:20.520 | I've been wearing them, you know off and on and they've been fine for that
00:21:23.260 | But I imagine I'm gonna keep them, you know, 10 20 years plus you just get them polished up put in shoe trees
00:21:28.260 | So I think I mean I shoes and outerwear definitely great for that and those can also be found at a great price assuming you're
00:21:33.960 | your patient
00:21:35.940 | Yeah, I agree with you shoes
00:21:38.180 | especially
00:21:39.060 | For years of the dress shoes once I learned that trick then I switched to making sure to buy dress dress to me dress shoes
00:21:45.660 | that could be resold and
00:21:47.580 | Then consistently just resoling them from time to time
00:21:50.060 | Makes a big difference as far as not just looking at the upfront cost
00:21:55.580 | But rather looking at the total lifetime cost amortized out over a period of time and then even you know
00:22:01.900 | You Allen Edmonds, I mean you're gonna pay 300
00:22:03.900 | Well, I mean 300 plus bucks if you're getting it new without getting a deal on a pair of shoes
00:22:08.260 | But sometimes my experience even other types of shoes if you just think about it if you don't impulse purchase something
00:22:14.720 | And you just do a little research and do a little bit of thinking about it
00:22:18.180 | You can buy a pair of shoes that can last you for a lifetime
00:22:21.620 | I have a couple I have two pairs and I wound up when I was in high school
00:22:26.220 | I went to a high school that required uniforms and uniform shoes and at that time
00:22:32.140 | Doc Martens were quite fashionable. And so I bought a pair of black just Doc Martin shoes black leather shoes, which were intended for
00:22:39.900 | To wear with my uniform that was in 2000 it would have been
00:22:45.820 | 1999 to be 98 that I bought those shoes. I still have them and I still wear them occasionally and
00:22:51.940 | They're not quite as fashionable as they were back in the 90s
00:22:55.860 | But they're perfectly functional serviceable shoes and I wore them every day for four years all through middle school and high school
00:23:02.260 | And then beyond that I've continued to wear them routinely and they've lasted for years and just that convinced me of
00:23:09.460 | Not necessarily buying it now at that time again. This is I'm dating myself here with the brands
00:23:15.380 | But at that time I had previously purchased some Skechers shoes a Skechers brand
00:23:20.300 | They fell apart in a year or two
00:23:21.740 | but the Doc Martens brand which were twice the cost have lasted for almost 20 years and
00:23:25.620 | in my mind as long as the price that's associated with the brand is
00:23:30.740 | Connected to quality and is not exclusively associated with the image of the brand
00:23:36.700 | It can be a really valuable way to go for extending the value of your dollars
00:23:41.420 | Yeah, absolutely. And yeah, don't worry about dating yourself. I think we're about the same age
00:23:48.180 | As well, yeah, I think the best way to buy clothing where you know
00:23:52.820 | It's not gonna go out of style
00:23:53.660 | Look at Don Draper's shoes and and buy something that looks a little similar in the some of the brands that I mentioned, right?
00:23:58.660 | Yeah, it is true
00:23:59.940 | if you go when I was in when I was younger I would read all these books on on style for men and that is
00:24:06.260 | The reality is although maybe perhaps the size of the lapel changes a little bit from time to time
00:24:11.860 | You can pretty much go with some standard fashions and they haven't changed much in 50
00:24:17.820 | or 100 years
00:24:19.820 | unless you're at the cutting edge in which case they're changing every season because we got to
00:24:23.780 | Extend the lapel an inch or cut it down or widen the tie or skinny the tie up
00:24:29.020 | But you can with a little bit of thought you can have some fashions some fashion that will stand the test of time
00:24:35.180 | What other ideas and tips do you have?
00:24:37.940 | Regarding how to get the best bang for your buck
00:24:40.580 | I would recommend finding a good seamstress because when you go
00:24:45.300 | Buy vintage and thrift clothes, you know, they might not fit perfectly
00:24:48.140 | But you have to know what you can alter what you can't alter, you know a shirt you can take in the body
00:24:52.100 | No problem. You can take in the sleeves. No problem on a suit, you know
00:24:55.460 | If the shoulders are off, you're not gonna be able to do anything
00:24:58.100 | But a lot of times you can lengthen the sleeve or shorten the sleeve, you know
00:25:01.700 | Of course, you can him pants and take in pants. It always cracks me up when people say oh the waist is perfect
00:25:07.980 | But the pants are too long
00:25:09.820 | You know
00:25:10.900 | One you could probably figure out how to how to him them yourself or have a family member that can him a more you can
00:25:15.660 | Just you know, hey a seamstress $10. They can take up those pants for you
00:25:18.780 | So I think finding a good seamstress is very helpful
00:25:21.140 | You know and that'll help, you know clothing last test time especially with suits
00:25:26.260 | You know, I would recommend I
00:25:30.500 | Recently read a really good book a tidying up book
00:25:32.820 | I know it's become pretty popular right now and I got rid of a lot of things after reading that, you know
00:25:36.940 | You need a perjure closet if it doesn't bring you joy
00:25:39.020 | If it doesn't bring you happiness if you're not wearing it regularly, you know, just get rid of it donate it
00:25:43.660 | I like to give back to the you know, thrift stores that I buy from already
00:25:46.940 | It's like a you know, the circle of life is some of the stuff so cheap
00:25:49.940 | It's like I'm renting it for free anyways, so then I you know, I give it back to them
00:25:54.060 | Yeah, it's it makes all the difference in the world if you have
00:25:57.820 | We live in an age where we
00:26:01.860 | More is not necessarily how you demonstrate. Well things have gotten so cheap that
00:26:08.820 | it's almost much harder to have fewer things than it is to have more things and
00:26:13.140 | It's a lot more satisfying to have five shirts that you rotate through and that you love and wear each of them
00:26:20.300 | For me anyway than to have 30 shirts of which I actually like three
00:26:24.060 | Yeah, absolutely. And that's recently what I did and it feels so much better and I ended up getting some new shirts
00:26:30.020 | But you know, I got rid of more than I then I just purchased
00:26:33.120 | So yeah, it feels good to just be able to hey I can wear any of these shirts
00:26:36.740 | You know assuming it matches my pants and my shoes and you know not have to worry about it
00:26:41.220 | And there's not any shirts that I you know, absolutely hate wearing
00:26:44.020 | So that's always a great feeling as far as you know
00:26:47.680 | Go into thrift stores a lot of them. They're kind of in clusters together like I really you know anybody up in Northern, California
00:26:54.100 | I really like San Francisco the Mission District
00:26:55.660 | You know, they'll have ten thrift stores and they're all right connected to each other and you can you know
00:26:59.640 | You can spend the whole day just walking through the different shops and you're gonna find some pretty cool stuff some pretty cool donations
00:27:04.020 | So recommend, you know doing the cluster doing the rounds one of my uncles
00:27:08.060 | He likes a thrift store shopping as well. And my wife does too. So sometimes the whole family will drive through over in San Jose
00:27:13.680 | So we'll go to four or five and they're just kind of in a in a circle
00:27:16.580 | so, you know you check them all out and
00:27:18.900 | You know just be picky because say your favorite item is a 10 out of 10
00:27:22.780 | Don't buy anything that's lower than like a 7 out of 10 because you're not gonna wear it
00:27:25.860 | Even if it's a good deal, it's a good brand. Oh, I love this brand
00:27:28.100 | Oh, but it's a you know, it's a size 32 waist and I'm kind of a 33 34 now
00:27:32.920 | You know, you're not gonna wear it
00:27:34.180 | You're not you know, if you're trying to lose the weight you might but it's better just to you know
00:27:38.340 | Buy your current size and you know
00:27:40.020 | Make sure that you love it coming out the gate not have to do you know tons of alterations to it and stuff like that
00:27:44.820 | Are there places that you or resources that you would suggest?
00:27:49.220 | It's hard a little bit hard in an audio format to talk about how to discern the quality of one
00:27:54.380 | suit over another how to discern the quality of a pair of pants that you get from
00:27:58.500 | H&M versus a pair of pants that you get from Brooks Brothers, but are there resources?
00:28:02.300 | websites books
00:28:03.760 | YouTube channels that you find to be particularly helpful on that subject. Yeah, absolutely when I first got into it
00:28:08.960 | I was reading them all. I think my favorite book is called gentlemen. It's by a journal. It's a return a German man
00:28:15.060 | I can't remember his name. I think it's Bernard perhaps but you can find that pretty easily on Amazon probably about $30
00:28:21.220 | So gentlemen, that's a great book as far as websites. I've been reading this website put this on for a long time
00:28:26.560 | There's one website called
00:28:30.700 | We're the guy he only shops at thrift stores
00:28:32.760 | Oh an affordable wardrobe and he only shops at the resource
00:28:35.620 | He talks about all the quality and it's it's pretty interesting and his title something like, you know being poor is no excuse
00:28:42.180 | For you know dressing dressing poorly. So I enjoy that website. There's another one. He changed the name a couple times
00:28:48.900 | It was a style blogger and now I think it's articles of style
00:28:51.020 | That's a little more high-end, but he started out with really really basic tips
00:28:54.600 | But I think those websites are pretty good in that that book as well as far as figuring out quality
00:28:59.340 | What's next on your outline there?
00:29:01.340 | Um, I'd say like for eBay and Etsy those are for things you specifically
00:29:08.220 | Want you know the exact size, you know, that's the the jean jacket in the 38 long, you know
00:29:14.540 | You need that exact one. You're not gonna go to a thrift store and just find it
00:29:17.400 | I think the thrift store is great for perusing you have your list
00:29:19.980 | You're looking for you know, some some cool items, but don't expect to find them all the time
00:29:25.540 | But if you need a specific item, you know eBay or Etsy I think are are the way to go
00:29:30.420 | For me the internet helps a lot because you know, I'm a seventeen and a half thirty seven
00:29:36.500 | We have an unusual size for shirt
00:29:39.340 | You can find 35 inch sleeves all day long. But if I want my sleeves to fit properly, it's 37
00:29:45.100 | So the internet helps a ton. I almost never find something that I can wear
00:29:49.220 | Thrift store. I basically give up same thing with shoe size. I'm a size 16 shoe
00:29:54.260 | So the way that I shoot shoe shop as I walk into the store and ask the ask the clerk
00:29:59.580 | Do you have anything in a size 16?
00:30:01.260 | They go in the back and they come out and they say nope and I go out of the store
00:30:04.340 | The internet has been a real boon for oddly shaped people like me
00:30:09.060 | Yeah, I mean you and me is a 35 you can find but then the neck will be 16 16 and a half
00:30:14.700 | So then you know if I wear a tie, it's gonna look funny
00:30:17.020 | So it's it's kind of hard, you know
00:30:18.500 | Especially with kind of the fast fashion brands which they're doing medium
00:30:22.620 | So medium will be my next size and then the sleeve will be you know, 33
00:30:26.180 | So it's like well, I guess I can wear this with a sweater
00:30:28.780 | But you know again, it'll be brand, you know, say it's brand new for $100
00:30:32.500 | I'm gonna pay $100 for a shirt that doesn't fit perfectly, you know, no, thanks
00:30:35.660 | I'll wait for a sale or you know when I was living in Asia
00:30:38.020 | I got a lot of things custom-made so that's kind of nice because still pretty cheap
00:30:41.140 | I was going I was just going through some of the clothing. So I mentioned the outerwear and
00:30:46.820 | The shoes are great for
00:30:48.820 | For thrift stores. Also, I you know, I love sweaters. I'd mentioned that, you know, look for wool and cashmere
00:30:53.900 | You know double check for holes hold it up to the light and actually my favorite sweater is is navy in color
00:31:00.580 | It's you know, it was woven in the United Kingdom, you know, it was about $15 at a vintage store
00:31:05.820 | And actually my cousin she was teasing me. She's like you're gonna pay $15 for you sweater
00:31:09.500 | That's kind of a lot and I was like, but it's perfect and it's navy and you know
00:31:12.780 | I need this color and I got it and now I wear that thing all the time. So
00:31:16.760 | You know, you can you can find some great deals out there and yeah shirts I usually buy new pants
00:31:22.000 | they can be slimmed or hemmed so
00:31:24.000 | You know once you find out what brand you like the most whether you know jet gap gate J crew
00:31:29.960 | Brooks Brothers or you know, whatever you decide you like then you can just you know
00:31:33.920 | Look look for them at the thrift store. Look for the plain khakis and you know pick those up
00:31:38.200 | You're a watch aficionado. What's the deal with your interest in watches?
00:31:44.480 | They're cool
00:31:46.480 | No, I don't know I like looking what goes into the watches so you just look at all the craftsmanship
00:31:52.640 | You know, these are handmade in one shop and in Switzerland
00:31:55.760 | You look at all the pieces that go into it and it's just something that I can really appreciate
00:31:59.440 | You know how much time and effort was put into to building, you know
00:32:03.780 | such a device versus in digital watches are gonna be a little bit more accurate, but
00:32:07.160 | You know, it's not quite as um, you know, I don't know. It's not quite as exciting
00:32:12.040 | I like the old the craftsmanship, you know, I always like I was like vintage things
00:32:15.320 | I like the you know, the classic styles that aren't gonna go out of fashion. Is there actually any
00:32:20.360 | Functional difference between less expensive watches and more than higher priced watches
00:32:26.280 | The movements the movements can be a lot more complicated, you know, some of these companies
00:32:33.240 | They're just completely reinventing the movements
00:32:35.240 | But you know, you can go down the rabbit hole and you can spend a lot of money on watches
00:32:39.520 | So you got to be careful. It's not the best for
00:32:41.520 | Someone trying to reach financial independence. That's that's the point. I'm at I got a I
00:32:46.080 | Got an old Omega Seamaster a few years back off of Etsy from an antique store and you know
00:32:52.440 | I love that thing and it wasn't it wasn't too expensive
00:32:53.960 | but now I'm looking at Rolexes and you look at Patek Philippe's and you start, you know going up and up and you're like
00:32:59.320 | Wait five thousand ten thousand twenty thousand for a watch like I should probably
00:33:03.120 | You know get out of here. I should I should stop looking at these beautiful instruments
00:33:07.480 | Have you ever successfully made money with any of your knowledge with watches or or?
00:33:12.680 | fashion
00:33:14.800 | flipping any
00:33:16.800 | Item of clothing that you find underpriced and finding the right buyer for it
00:33:19.880 | You know I did for a while when I came back from Australia. I wasn't working at the time
00:33:25.160 | I was kind of you know, it's hanging out for a few months
00:33:27.440 | I started to apply for jobs casually and I would go to thrift stores, you know get the Harris tweed
00:33:33.280 | You know sport coat that didn't fit me and you know
00:33:35.960 | I'd get it for five bucks and I'd put it on Etsy and sell it for $40
00:33:38.780 | But after a while, it just got kind of tiring and then once I started working
00:33:42.120 | I just realized that the opportunity cost wasn't quite there right now. I have
00:33:46.780 | excuse me a lot of a
00:33:49.720 | Lot of clothing I've been meaning to sell and then now it's getting to the end. It's at my
00:33:54.920 | So my parents house right now and now I'm starting to think you know what I can make some money on this
00:33:59.880 | But how long is it gonna take me to sell and how much you know?
00:34:02.680 | What time is it worth to make you know, five hundred or a thousand dollars selling this?
00:34:06.120 | So now I'm just starting to think I might just donate it. But you know, it can be done
00:34:10.280 | I know I've seen people that do it they go and they buy a suit
00:34:13.440 | It's not on their size or they buy some nice shoes not in their size and then they just sell them
00:34:17.280 | See, I got a pair of Alden's one of the most beautiful pairs of loafers
00:34:20.160 | I've ever I've ever picked up at a thrift store and you know, these shoes are you know, four or five hundred dollars new
00:34:25.880 | I think I got them for under ten
00:34:28.040 | So I have in there, you know way too small. It's like nine and a half. I'm soon 11
00:34:33.780 | But I was like, oh, I'll just I'll sell them
00:34:36.040 | You know
00:34:36.200 | I can get a hundred bucks for these on eBay and
00:34:38.200 | My brother-in-law came came down from our for our wedding and he brought some sneakers and my wife was like, what do you mean?
00:34:44.240 | You're wearing, you know, I know our weddings casual, but you can't wear sneakers to our wedding
00:34:47.280 | So I was like, hey, why don't you try on these shoes? They fit him perfectly
00:34:50.440 | So, you know, I gave those to him. So he was pretty happy has some nice pair of dress shoes
00:34:56.000 | It's definitely interesting because
00:34:58.200 | The things that you get so excited about at a certain point in your life the ability to make ten bucks on a transaction
00:35:05.440 | a later point in your life
00:35:08.120 | It just becomes not worth the time invested
00:35:12.920 | If you weren't paying attention to those things, it's almost the principle of it
00:35:16.400 | If you weren't paying attention to it, you probably wouldn't have gotten to the point where you cut your time was worth more
00:35:23.760 | Always hate to diminish the value of saying, okay
00:35:26.800 | You can find this little thing here for seven dollars and you can turn around and sell it for forty
00:35:30.640 | because that's what ultimately leads on for the ability for you to find a value of something price at seven hundred thousand and
00:35:36.920 | Know that if I can connect this with the right market, it'll be worth a million four and you make the spread
00:35:42.720 | so I love to encourage that and I love how different people can
00:35:47.040 | research a market find something out and
00:35:51.680 | Learn in that market whether it's selling fountain pens online or whether it's flipping
00:35:57.080 | Classic shoes or figuring out how to deal in watches. It's all commerce
00:36:02.000 | It's all buy and sell and we can learn the lessons of successful investing no matter where we are
00:36:06.960 | Yeah, I agree
00:36:08.720 | the principles are very important because my wife and I I mean we we got into the early retirement community reading the blogs and
00:36:14.720 | You know talking to different people in it
00:36:17.000 | We got pretty hardcore and we were you know cutting out everything and then after a while, it's like alright
00:36:21.280 | Well, let's have a little fun. And then once you started making more money and we're still spending about the same
00:36:25.280 | It's like, you know
00:36:26.440 | We don't really have to have to stress anymore about this because of the principles are in place where you know
00:36:31.720 | Rent cars food. Those are you're gonna be your three most expensive things. We have those in check where they're always, you know, very cheap
00:36:39.240 | So, you know if we want to eat out every now and then that's gonna be fine because the other principles are in place
00:36:43.680 | So, you know, we're on track if anything, you know
00:36:46.120 | It's more important probably just to make more money because there's not a lot of things that we can cut at this point, right?
00:36:51.200 | Right you go through phases and and at one phase the big wins are
00:36:58.160 | Well at one phase in life the big wins are the short-term wins are cutting expenses
00:37:03.080 | But you get quickly to a point if you're good at it to where the marginal benefit
00:37:07.760 | the overall benefit of a small marginal decrease in expenditure is
00:37:12.560 | not nearly as great as the marginal benefit of putting effort into earning and
00:37:19.000 | short term long term, that's what I love about finance and
00:37:21.920 | What I appreciate you bringing that out because it's not that it's anything is right or wrong
00:37:27.320 | It's a matter of what phase am I in with this particular aspect of my financial life?
00:37:31.760 | Yeah, absolutely. Any other tips on your outline there? I
00:37:35.560 | Think we pretty much, you know covered it
00:37:39.840 | I would say, you know, just really focus on the classics folks focus on your personal uniform what you like to wear
00:37:45.040 | You know, this isn't a costume contest, you know
00:37:47.280 | A lot of times at the vintage stores you get the you know, like a leopard print coat like winter
00:37:51.760 | You know, when are you gonna wear that?
00:37:53.760 | You know things like that. Like if I'm gonna wear something fun, it'll be you know, say I wear a fun sport coat
00:37:58.360 | But then I'm gonna wear a plain shirt or I wear a fun pocket square
00:38:00.800 | So I'm gonna wear a plain tie
00:38:02.440 | So that would be you know, one of the tips, you know focus on the classics think, you know
00:38:06.200 | 10 20 years down the road when you're looking at pictures, you know
00:38:09.200 | Cuz there's always gonna be pictures out there now with all the social media, you know
00:38:12.480 | Are you gonna be embarrassed that your pants were you know, so tight that you know, you can see your change or something
00:38:16.960 | You know or they're they're so short you can see your whole sock
00:38:19.480 | So, you know try to think a little bit long-term and realize wait
00:38:22.400 | Is this fast fashion or is this gonna you know, stay in style for a long time?
00:38:25.960 | last question for you Steve you
00:38:28.560 | Enjoy your you indulge your fashionista tendencies, but you also ride a bike to work. Is that right?
00:38:36.240 | Do you still do that?
00:38:37.240 | You know, I recently switched jobs
00:38:38.960 | So I don't because I work so early in the morning that there's no traffic
00:38:44.120 | I'd prefer just to drive there because I can get to work and you know about 15 to 20 minutes
00:38:48.680 | So, but how were you doing that when you were actually riding a bike?
00:38:51.940 | Well when I was it was about the same distance but in a different direction, but I worked at a later time
00:38:57.280 | So it was taking about you know, 40 minutes to ride my bike there, but it would take you know
00:39:03.200 | 25 to 45 minutes to drive there depending on the traffic
00:39:06.400 | So I did enjoy riding the bike and then you know, that was another thing. I wasn't even saving a ton of money
00:39:11.160 | I drive in you know an older Japanese car. It's not that much to maintain
00:39:14.480 | Gas is really isn't that high but you know
00:39:17.720 | It kind of it helped that because I would listen to your podcast or other podcasts while I was writing listen to ebooks
00:39:22.200 | I was getting my exercise and I was learning and I was saving money
00:39:25.040 | So it's a great, you know trifecta of things to do. So I still enjoy I'm riding my bike on occasion
00:39:30.620 | I'll ride downtown right around the city. But as far as going to work now, I know I just drive just because you know
00:39:36.160 | It's so quick no traffic and I'm getting up pretty early most days
00:39:39.160 | So I need I need a little more sleep
00:39:41.160 | That's the priority understood. Well Steve. Thanks so much for coming on the show. I I love when I can profile not only a listener, but
00:39:49.400 | just the little things that
00:39:52.080 | Everyday people can do and I really was looking forward to bringing you on
00:39:56.000 | to just share as one friend to a few others some of the tips and ideas of how you can indulge a
00:40:03.160 | specific interest without necessarily
00:40:06.800 | Sacrificing the overall goals of financial independence. I appreciate you're coming on today. All right, Joshua. Thanks for having me. I appreciate it. I
00:40:12.440 | Hope you found some of that information to be useful and inspiring as we go today
00:40:18.640 | I want to make sure that you notice a couple of interesting things about Steve story and
00:40:24.800 | Here I want you to recognize the importance of how he actually wound up on the show
00:40:33.640 | The reason he wound up on the show is because he has a website. It's a very simple website
00:40:38.480 | Check it out at Steve onomics comm but it's beautiful and he has a couple of interesting articles listed there on the website
00:40:46.800 | the reason that's important is
00:40:48.800 | Steve side is not popular and Steve. I'm not insulting. I'm just stating it's not popular
00:40:52.800 | You'd be the first to say that first thing you should do anytime
00:40:55.360 | You're thinking about a website wanting to find out how popular it is
00:40:58.240 | Go to Alexa comm and type it in Steve's Alexa rank is 2.8 million globally
00:41:03.720 | This is essentially invisible on a global basis and he doesn't actually publish that many blog articles
00:41:09.800 | He publishes it looks like I would say one a month
00:41:12.080 | That's his standard posting rate is one a month
00:41:14.680 | But the reality is he's got a dozen or two articles a few dozen articles there and that brought him to my attention
00:41:22.120 | So instead of being another just a name which many of you who listen to the show who write me emails
00:41:27.000 | I thank you for doing that
00:41:28.440 | But you're just a name because I don't you don't have a site that I can that's linked in the signature of your website
00:41:32.840 | Steve is more than a name
00:41:34.400 | He's a name and a website and then obviously I could go to his website. I can read a little bit about him
00:41:39.080 | I could get a sense of who he is
00:41:40.360 | Even though it's not intensely personally doesn't have a lot of personal pictures on there
00:41:43.680 | I could get a sense of who he is. Now. Here's my question for you, and I'm gonna kill the music here for a moment
00:41:50.000 | Do you have a website?
00:41:55.400 | Do you
00:41:57.400 | If not, you need to you need to and
00:42:02.000 | Gonna be launching a website sponsor here soon, but you go to get a WordPress site get something. It should be self-hosted
00:42:08.760 | But you need a website
00:42:11.240 | Because this is the thing that's gonna happen to you
00:42:13.520 | You need an online presence and you don't need to be the next top, you know hundred thousand sites in the US
00:42:20.720 | But you need a site to back you up with the right person the right perspective employer the right interviewer the right
00:42:27.620 | Person the right potential spouse. I don't know you need a site to back you up
00:42:33.920 | So make sure that if you don't have a site that you go and do that. It's extremely
00:42:39.280 | extremely important and Steve's
00:42:42.280 | winding up on radical personal finance today is a perfect indication of why
00:42:48.960 | If you don't have a personal website of some kind
00:42:51.560 | Go get one today
00:42:53.880 | I should be launching right as I say this the website sponsor trying to get Squarespace to sponsor the show
00:42:59.400 | Squarespace is awesome. I'm convinced of the value there
00:43:02.280 | I've got a WP engine look for in the in the I've switched to WP engine get use my WP engine affiliate link
00:43:09.560 | It's wasted. I shouldn't waste the opportunity to plug a website manufacturer. Anyway, I ran out of music. I'm out
00:43:14.360 | Thank you all so much for listening
00:43:15.720 | If you'd like to support the show, please become a patron of the show go to radical personal finance comm slash patron
00:43:20.240 | Or make sure that you go just use some of our affiliate links
00:43:23.340 | That'll get create commissions from me, which will be hugely helpful go to radical audiobooks comm
00:43:28.120 | download the success principles by Jack Canfield or use the affiliate link for
00:43:32.880 | WP engine which will be in the description for this show. Cheers y'all
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