"I am a better investor because I am a businessman, and a better businessman because I am no investor."

-Warren Buffett, Forbes.com - Thoughts On  The Business Life

{Photo from Forbes.com}

No investor? I beg to differ, and so do Mr. Buffett’s billions. Modesty aside, Warren Buffett is a household name because of his investment savvy, not in spite of it. Over seven decades of investing have earned him billions of dollars along with an immeasurable amount of influence and respect. As the most successful and celebrated investor of all time, the "Oracle of Omaha" seems to have a sixth sense when it comes to investing wisely, which is why his investment principles have been adapted for Part 1 of this guide to looking great on your 9-to-5 grind.

Principle #1: You DON'T have to be a fashion guru to look great on the job.

{Warren Buffet & Jay-Z at the 40/40 Club}

Warren’s Wisdom: "You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ."

-from Warren Buffett Speaks by Janet Lowe

Your Work-on-Wardrobe (WOW) Tip: A degree neither in aerospace engineering (AKA “rocket science”) nor in fashion design is required for you to have a great work wardrobe. Though it certainly helps to know what fabrics and styles flatter your figure (I always say, "Dress for the life you want and the body you have"), it's not a deal breaker if you don't know which designers are showing at Mercedes Benz Fashion Week or what hue has been hailed as the color of the year by Pantone.

Principle #2: "Price" and "value" are NOT synonymous when it comes to socks or stocks.

{Photo from myfashioninspiration.creatorsofdesire.com}

Warren’s Wisdom: "Long ago, Ben Graham taught me that 'Price is what you pay; value is what you get.' Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down."

-from Letter to shareholders, 2008

Your WOW Tips:

• You don’t have to pay full price or even shop at the most expensive stores to have a wardrobe full of quality pieces. These days, major retailers and local boutiques have "Once-In-A-Lifetime" (but more like Once-Every-Other-Weekend) promotional sales to keep merchandise moving. Savvy shoppers (or Wardrobe Investors, *wink*) know when to hit the stores and how to find valuable work wear in racks upon racks of discounted clothes.

• Additionally, there are inexpensive pieces that aren't as high in quality, but they look just as good as the designer version and they will last long enough to be worth the purchase. Coco Chanel, the queen of wearable fashion, was known to incorporate faux pearls into her high-end ensembles, and most people couldn't tell the difference.

Principle #3: The Golden Rule of (Wardrobe) Investing

{Photo from traderzinn.com}

Warren’s Wisdom: "Rule No. 1: never lose money; rule No. 2: don't forget rule No. 1."

-from The Tao of Warren Buffett by Mary Buffett and David Clark

Where the first two principles dealt with common misconceptions about what it takes to create a great work wardrobe, this principle addresses the most important truths of investing: losing money is bad for business.

We've all done it: purchased that suit, that dress, or those work shoes that just didn't work out for one reason or another. If you’ve lost money in your quest to look your best as a professional, you are not alone.

Your WOW Tips: If you've wasted money on pieces that you just had to have, but ended up in the back of your closet with the tags still attached months later, cheer up. There is hope, and these tips can help you to get some money back on your not-so-great wardrobe investments.

• Play Matchmaker: If it's still in good condition, it still fits you well, and you still like it, then grab that garment (or pile of them, for you super-compulsive shoppers) and head to the mall or a nearby shopping plaza. Give yourself a good two hours and at least 2-4 stores (two for department stores and four for smaller specialty stores) to find something to go with the item(s) that has/have been held captive by your closet. It's time to set them free and set them up with the right pieces so that you'll actually wear them.

  • Bonus! – Find two or three new things to go with two or three items you already have and create an ensemble collection, perfect for packing light for business trips. If you want to learn how to create ensemble collections like a pro, you can be among the first to get access to a Professionista audio training along with several other free resources when they are released at www.TheProfessionista.com/SISCollection

• Return to Seller: If it has been less than 30 days since you purchased that closet hostage must-have item that just didn't work out, then take it back to the store. There's no shame in returning things you don't want/need...unless you’re a habitual return fiend, in which case we need to have a talk.

{Photo from ehow.com}

• Sell It Solo: You can always put your clothes, shoes, and accessories up for adoption on websites like eBay and Amazon or with local consignment store that offer up to 70% of the profits from the sale of your item.

{Photo from divafabulosa.com}

Plan It Out Next Time: A wise person (probably Warren Buffett or one of his illustrious friends) once said, "Failure to plan is planning to fail." Oftentimes, we make purchases just because something catches our eye, whether for the style or the color or the price of the item, and not because we actually need it. If you've fallen into this trap more times than you would like to admit, again you are not alone. Shopping with a written plan that outlines exactly what you need will not only keep you from breaking the Golden Rule of Wardrobe Investing, but it will also help you to save time--another  rather precious commodity that none of us want to waste.

{Photo from youqueen.com}

Try these WOW Tips on for size and leave a comment below to let us know how they work for you. Want more image development tips and tricks improve your image from the inside out? Visit www.TheProfessionsita.com and get the free image resources you need to get started.

Jodi Bigby, founder and Principal Image Consultant at The Professionista, teaches modern professionals how to invest in their best—from their wardrobes to their personal brands—so that they can increase their influence with their unique, authentic image. Her Secrets to Image Success Collection, a compilation of image resources designed to help you take your image upgrade into your own hands, makes its debut on TheProfessionista.com on Monday, September 15th. To get exclusive access to the Secrets to Image Success Collection, visit www.TheProfessionista.com/SISCollection

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