Hi guys I'm Eileen. Today I want to talk about the things I would do differently if I could start my
journey of luxury shopping over again. So I bought my very first luxury handbag about 10 years ago,
which kind of started my obsession for luxury handbags. At one point I had close to 20 bags,
but then recently I've downsized them to about 10, which I'm a lot happier with because it
just works a lot better for my wardrobe. Anyway about four to five years after my bag obsession,
I started looking into fine jewelry as well, but in the last two years I've also let go of
several pieces from my collection. When I sit down and look back at my journey of luxury shopping,
I really think I could have saved so much time and money. I certainly went through a phase where I
was relying on shopping for happiness but when I bought something, that excitement typically
only lasted for a few weeks if not a few days. And very soon after that I would find myself
looking for the next wish list item again. And because I was buying so mindlessly, I then had
to sell the pieces that I didn't reach for. So I was in a cycle of constantly buying and selling.
Now I now speak a lot about intentional shopping tips, but that's really because I've learned my
lessons the hard way. So I thought it'd be interesting to share with you my regrets
and the things I would definitely do different if I could turn back time.
First of all I would definitely tell my younger self that luxury pieces are not investment. Now I
sometimes talk about how a Louis Vuitton handbag or an Hermes bag is a good investment piece,
but what I really mean is, the bag is a good fit in my wardrobe, and it's something I use a lot
and will be keeping for a long time. For me, that is the definition of a good purchase because
I've made my money's worth. But strictly speaking, an investment is something that will either
generate a cash flow or appreciate in value over time. Now you might say a luxury handbag typically
will go up in value. In fact, the price increases for Chanel handbags can be so steep that I used to
get a false sense of security. I felt like I could just buy any Chanel handbags without thinking too
much because the price increases would protect me from losing any money if I had to sell. Well I've
sold a lot of items from my collection and most of the times I ended up making a loss. Now certain
luxury items can actually sell for more than the retail prices. For example the Hermes Birkin bags
and Kelly bags, but you do have to factor in the purchase history which you need in order
to get the bag in the first place. Moreover, if you're selling via a consignment service,
the hefty commission they charge will most likely wipe out any profit you might have. So
if you ask me, luxury items are not investment, they are consumers products and it's perfectly
fine if you buy them for personal enjoyment but I would just not rely on them to make me a profit.
I just really wish I recognized this simple truth earlier because I definitely would have shopped a
lot more intentionally. Another thing I wish I knew earlier about luxury shopping is that
what you wear on the outside doesn't really change who you are on the inside. Don't get me wrong,
I like the look put together because it makes me feel good about myself, but I just wish I didn't
feel almost less of myself when I didn't look a certain way. Growing up in quite a humble family,
I was never really in the position to buy anything expensive. So when I finally made my own money,
I had the mindset that owning something nice would mean I had accomplished something. In
fact part of me felt like I would be happily ever after if I could finally buy a certain handbag.
And truthfully, when I went shopping I felt better if I was carrying a Chanel handbag because I knew
I would be treated more seriously. To be honest, I now see that as a form of insecurity because I
felt like I needed to look the part. But now after having a collection of luxury items,
I realize I'm still the same person on the inside but the difference now is, I no longer
really care about how other people see me just from what I wear or display on the outside.
Some days I would wear very casual and on those days the treatment I receive can be different but
it just doesn't bother me anymore. I still buy luxury items but on the basis that I enjoy them
rather than having them to prove that I've made it or relying on them for happiness. I also want to
point out that a lot of successful people are very low key. In fact, many people took me by surprise
so now I will never judge a book by its cover. Another thing I really wish I didn't do is
buying luxury because I felt like I needed to reward myself. In the past, when I had a long
day or if I felt like I was overworked, I would go shopping because I deserved it.
And when I bought something nice and shiny, I would tell myself it's all worth it. Now shopping
does give you that instant gratification but it's never a long lasting feeling.
In fact many times I would feel worse soon after buying something, because I would think to myself,
have I actually worked so hard just so I could spend all my hard earned money so mindlessly?
Now we all live in a very busy world and work a very stressful job, so having a channel to
distress and unwind can actually be very healthy, but I just wish I had considered other options,
which are cheaper and more nourishing for my body, soul, and bank account. For example,
taking a hot bath, watching a nice movie, or just taking a day off to relax and meditate.
For me, after a lot of impulse purchases and wasted money.
I've now learned to really slow down and enjoy the simpler things in life. I feel like it's perfectly
okay to buy something nice to celebrate an accomplishment or an important milestone,
as long as we don't see shopping as a temporary escape. Along the same line with rewarding myself,
I also wish I didn't always associate special occasion with shopping. For example when it's
my birthday, wedding anniversary, christmas and you name it, I liked to mark the occasion
with buying something nice. I remember there was one wedding anniversary where I spent the entire
day in a shopping mall walking from one store to another trying to look for something nice to buy.
Looking back, I really wish I had just spent that time celebrating the milestone and focusing on my
poor husband instead. He's really not that into shopping but he does it for me to keep me happy.
So now I try to see gifting as a bonus rather than the highlight of the occasion. In fact many
times I feel like, cooking a nice meal together and going out for a nice walk can actually feel
way more satisfying than looking for things to buy. I also wish I recognized peer pressure
earlier on my journey of luxury shopping. When I say peer pressure, it includes my social circle,
social media, and even YouTube videos. I'm not sure if you can relate to this, but I feel like
when I hang out with certain people, or when I consume certain content on social media,
I would go into a shopping mode. This is not to point finger at anyone because I
should be taking responsibility for my own spending, but I think it's important
to recognize that kind of influence and then work on limiting the exposure to yourself.
I'm certainly a lot more intentional now and it takes me a lot longer to decide on any purchase,
but in the past I have definitely spent considerable amount of money on the things I
otherwise would have not bought. Now I'm quite happy to watch unboxing and haul videos because
I feel like I can admire beautiful things without the burning desire to own them. But if you feel
like you need more self-discipline, then it's probably a good idea to not tempt yourself with
this kind of content too often. If I could turn back time and start again, I would definitely
tell myself that it's perfectly okay to miss out on any luxury items, regardless of how classic,
beautiful, and sought after the item is. I feel like this is probably easier said than done,
especially if you're quite new on your journey of luxury shopping. I remember many years ago when
I was in the market for a small Chanel classic double flap, the SA told me that I had to go on
the waiting list. And that, immediately gave me the feeling that the bag must be hard to get and
therefore I had to get it. Anyway a few weeks later the SA called me to say that the bag was
available but she could only hold the bag for about 48 hours. And there I was, worrying if I
would be able to get to the store in time. And my husband, bless him, saw how desperate I was
and he drove me all the way to the shopping mall after a long day of work. On another occasion,
I was shopping with my husband and I saw the Celine nano luggage tote in a red color. This was
back in the days when they were really popular and always sold out. To be honest, I actually
wanted one in the black color but the SA told me that it was impossible to ever get one in black,
and I was lucky that a red one was even available. Deep inside me I knew I should pass on it because
red is never my color. So we left and went to another shopping mall. But a few hours after that,
I was still debating if I should get the bag, so my husband drove me all the way back to the
first shopping mall. And in short, I bought the bag because of the fear of missing out.
I wore the bag probably less than 10 times and it was in a brand new condition when I sold it,
and I sold it for about half the price I paid for. Looking back, I still can't believe how
much trouble and chaos I went through just to lose out on so much money. I mean, I could have just
enjoyed a nice day out with my husband instead of getting so stressed out because of a bag. So now,
I definitely have a more carefree take on luxury shopping. If something nice comes my way,
I would think about buying it, otherwise it's perfectly okay as well. There you have it,
those are my regrets and the things I wish I had done differently on my journey of luxury shopping.
As you can see, I've made a lot of mistakes and wasted so much money. This is why I
love spreading the message about intentional shopping because I wish I knew better earlier.
Now that I'm buying less, I feel like I'm also able to appreciate the things that I do have,
rather than always focusing on what's missing from my collection.
So that's it from me, I really hope you'll find this video helpful,
and don't forget to share, like, and subscribe. I will see you in my next one, have a nice day.