I had a very funny friend in graduate school who objected to the idea of “investment” clothing. “If it’s on your ass,” she would say, “it is not an asset.” She had a point: With the exception of a very small niche of pieces, clothing has no resale value. But that doesn’t mean that investing in your wardrobe is a waste of money — on the contrary, investment dressing is a smart financial and fashion strategy, particularly in a bad economy.
Before you start to lecture me about how frivolous shopping is and how you’re not paying $45 for a t-shirt, listen up: When you buy well-made basics, your wardrobe will go further and last longer. Investing in your closet doesn’t mean forking over thousands of dollars for designer ready-to-wear; it means choosing the best quality that you can afford, and sticking with pieces that will work for your lifestyle.
The key to investment dressing is to do three things: Identify your go-to basics, decide what your budget is, and then buy pieces that can be accessorized.

We love Mrs. Obama because she wears the same things over and over — like this Tracy Feith dress. Photo courtesy of Mrs.O.org.
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