Salary vs Suit prices - Page 4

I think your 1% rule is a good one. In the past I've generally budgeted to spend no more than 5% of my gross income (before commissions and bonuses) on clothing per year, total. I was in a fairly unusual situation, though - dual income, no kids, no debt, cheap rent. We've recently purchased a condo, so my new budget is no more than 0% of my gross income

I really feel like anyone who could make such a statement is either very young (college age or lower) and has no real concept of real-world costs of living, or they are of such substantial means that they have no real concept of real-world costs of living. You'll notice a common theme.

If you make $50k and have multiple $3k suits, you'll be the most dapper gentleman sitting at home eating Ramen noodles.

Good to see another finance guy.

I was about to say, there is a ton of subjectivity inherent to this discussion. For what it's worth, that first set of figures was absurd, You're not spending a month's take-home pay on a suit realistically. That's absurd. I'd also argue that there's going to be a steepening of the curve the farther along the income axis you get: someone who makes any amount in six figures a year probably isn't going to get that different a suit from someone anywhere else in six figures. Over seven figures, people are probably far more inclined to spend more on what the hell ever they want with distinctly less regard to cost, whereas when you're in the five figure income range, you're weighing the opportunity cost of all your purchases far more seriously.

Its all a matter of want. I have MTA workers, Artists and teachers that spend more with me than some of the hedge fund managers I work with.

I have always spent about 50% of my disposable income on clothes for myself.

This is kind of dumb, because it doesn't work like that at all.

Of course I get everything for cost, lucky me.

thats great. But on average, you know that thats not the case.

It is for my business. The bankers seem scared shitless of spending money on clothes in particular. I have to be sneaked into HSBC, Lazard, ICAP and Deutsche. They also seem too busy to set up appointments often.

I wish it wasn't so of course, could do with some Gordon Geko style clients. The 80s one not the new one. I mean they made a big deal of him buying three pairs of Crockett and Jones in money never sleeps.

This depends.. are we talking about MSRP or Market Value here?

I'm still doing $500 suits and $200 shoes. I rather spend more money dining out among company of friends.

Then come to some real firms.

Good business is where you find it.

i'd be surprised if you could take home even that much per month. totally agree with the sentiment though, i'm in the upper 50k-100k bracket and have trouble justifying >1k on a suit. at my level, 1k is about the mental threshold where I need to question how much I really need something.

Getting off topic, but not sure how you could be spending more than that amount regularly on suits while simultaneously planning for retirement.
Edited by mrclam - 8/29/11 at 8:51pm

The shopping logic of SF is so vastly separated from the average American that comparing the two borders on absurdity.

Most Americans suits will be bought at a major lower-mid level mass market department store (Penney's, Macys's, Dillard's, Lord & Taylor, and Nordstrom). At the top (for most) is Brooks Brothers, probably at the $1500 price point. Beyond that, you're dealing with a clientele that would be statistically irrelevant if they weren't quite wealthy.

When I bought my first suit, my mother offered to pay and wanted "a good one." After looking at price and quality, she choked up $800 for a Burberry. A professional with a master's degree grudgingly was willing to pay $800-1000...or 1.25% of her yearly salary. One begins to do a cost-benefit analysis...ie..."Will I really get 'more' out of this $2000 suit than I will out of the $750 one? Both are Italian, fit me like a glove, and are wool." Take a guess which one wins.