Is a big shoe collection financially smart?

Before you go, we thought you'd like these...
Before you go close icon
Last night I was accused of being "womanly" by a friend who thought my shoe collection was excessive. The point of this post is not to call my friend a misogynist pig but rather, I want to offer my defense.

First, my shoe collection isn't that bad -- I probably have about 8 pairs of shoes, all of which I wear regularly. So Imelda Marcos I am not. I also almost never pay more than $30 for a pair of shoes. I buy them at stores like TJMaxx, generally off the clearance rack. I've gotten several pairs of Pumas for $20 this way.

Not only is my shoe collection harmless but I would argue that it's financially savvy as well. In his great book A Million Bucks by 30, cheapskate-savant Alan Corey offers this tip: "Buy one pair of multipurpose shoes a year. Don't buy any others."

I respectfully disagree. First, unless you live in a brand new condo and never venture outside, your shoes will look pretty ragged after wearing them every day for a year. Second, this won't really save you any money because one pair of shoes worn every day lasts just as long as one paid of shoes worn once every five days. I own a lot of shoes for a guy, but they're all in great shape and I'll have them for a while because I don't wear them every day.

In the long run, I won't end up spending any more money on shoes than someone who buys them less frequently and I'll actually save money because I buy them opportunistically -- not by running into the first store I can find after my current ones fall apart.

And mixing it up in the footwear department makes you at least seem classy.
Read Full Story

Markets

S&P 500 2,386.06 -2.71 -0.11%
DJIA 20,954.60 -26.73 -0.13%
NASDAQ 6,049.53 0.60 0.01%
DAX 12,444.07 0.28 0.00%
NIKKEI 225 19,196.74 -55.13 -0.29%
HANG SENG 24,615.13 -83.35 -0.34%
USD (per EUR) 1.09 0.00 0.27%
USD (per CHF) 0.99 0.00 0.06%
JPY (per USD) 111.53 0.30 0.27%
GBP (per USD) 1.29 0.00 0.30%

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners

Large Numbers Of Horses Are Being Stuffed Into These Crates For A Despicable Reason Large Numbers Of Horses Are Being Stuffed Into These Crates For A Despicable Reason
13 People Recount Their First Kiss Horror Stories 13 People Recount Their First Kiss Horror Stories
Man Suspects His Wife Is Cheating On Him - Then His Daughter Reveals What's Really Going Man Suspects His Wife Is Cheating On Him - Then His Daughter Reveals What's Really Going