back to indexRPF0224-Steveonomics_Interview
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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 00:00:15.380 |
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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 00:02:37.560 |
guess I was gonna say it's hard to overstate the importance but 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 00:02:53.280 |
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 00:07:25.560 |
I want you to talk about your wedding and I'm springing this on to you because you wrote an article 00:07:32.920 |
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? 00:08:03.720 |
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 00:09:09.560 |
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 00:09:24.800 |
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 00:09:47.800 |
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 00:09:59.880 |
$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 00:10:08.840 |
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 00:10:55.580 |
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 00:12:51.560 |
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? 00:13:36.200 |
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 00:15:26.720 |
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 00:15:51.440 |
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 00:15:59.960 |
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 00:16:48.360 |
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? 00:17:57.080 |
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 00:18:22.080 |
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 00:18:44.000 |
So I finally I finally found it and I was you know willing to pay a little bit more for that 00:18:49.440 |
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 00:19:02.360 |
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 00:19:23.480 |
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 00:19:41.620 |
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 00:20:15.700 |
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 00:20:29.620 |
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 00:21:39.060 |
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 00:21:47.580 |
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 00:23:21.740 |
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 00:23:53.660 |
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? 00:23:59.940 |
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 00:24:19.820 |
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 00:24:37.940 |
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 00:25:10.900 |
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 00:25:30.500 |
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 00:26:01.860 |
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 00:27:18.900 |
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 00:27:34.180 |
You're not you know, if you're trying to lose the weight you might but it's better just to you know 00:27:40.020 |
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? 00:28:03.760 |
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 00:28:32.760 |
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 00:29:01.340 |
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 00:29:39.340 |
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 00:30:01.260 |
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 00:30:18.500 |
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 00:30:48.820 |
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 00:31:24.000 |
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? 00:31:46.480 |
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? 00:33:16.800 |
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 00:33:49.720 |
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 00:34:28.040 |
So I have in there, you know way too small. It's like nine and a half. I'm soon 11 00:34:36.200 |
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 00:34:58.200 |
The things that you get so excited about at a certain point in your life the ability to make ten bucks on a transaction 00:35:12.920 |
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 00:35:51.680 |
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 00:36:08.720 |
the principles are very important because my wife and I I mean we we got into the early retirement community reading the blogs and 00:36:17.000 |
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 00:36:26.440 |
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 00:37:39.840 |
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 00:37:53.760 |
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 00:38:02.440 |
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? 00:38:28.560 |
Enjoy your you indulge your fashionista tendencies, but you also ride a bike to work. Is that right? 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 00:39:17.720 |
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 00:39:41.160 |
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 00:39:52.080 |
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 00:40:06.800 |
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 00:40:48.800 |
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 00:41:28.440 |
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 00:41:34.400 |
He's a name and a website and then obviously I could go to his website. I can read a little bit about him 00:41:40.360 |
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 00:42:02.000 |
Gonna be launching a website sponsor here soon, but you go to get a WordPress site get something. It should be self-hosted 00:42:11.240 |
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 00:42:42.280 |
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 00:42:53.880 |
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 00:43:15.720 |
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 00:43:37.240 |
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