My Tips for Growing your Passion Assets | Bags for Breakfast

Last week's blog got so much interest and questions on the topic of finance and fashion! So for this week I wanted to compile a list of my little tips for achieving your goals based on questions I've received because growing your passion assets requires some strategy and careful consideration.

So here are some of tips on how to grow your passion assets. Of course I've written this with the intention of acquiring handbags, but these tips can be applied to any kind of asset you want to acquire:

Research: Do your due diligence and research the asset you are interested in. Learn about the handbag's history, rarity, and market value to determine its potential for appreciation. Assuming you are passionate about handbags, you probably already know a lot of this kind of information, but it is always best to seek multiple sources!

Focus on quality: Invest in high-quality assets that have a proven track record of appreciation. When building a collection of handbags, focus on pieces by established designers with a proven history of increasing in value over time.

Diversify: Diversify your passion assets across different categories and types of assets. This can help mitigate risk and increase the potential for growth over time.

Be patient: Passion assets are typically a long-term investment, and it's important to be patient and hold onto your assets through market fluctuations. Luckily, Hermes bags are the only asset that has never experienced a decrease in value, which makes them extra unique.

Keep your assets in good condition: Proper care and maintenance can help preserve the value of your passion assets over time. Your bags are meant to be worn and loved, but always try to keep the key elements of the bag in good condition, this will help ensure that it appreciates its value over time. I will write a blog on little things you can do to keep your bags in the best condition while still wearing and enjoying them.

Network: Network with other collectors and enthusiasts in your passion. Remember this is meant to be a fun way to invest, so there's nothing better than supporting and connecting with others that share your interests! Instagram is an amazing place to do this, the handbag community is so supportive and welcoming. If you don't know where to start, create an Instagram page dedicated to your collection or your journey to growing a collection, and connect with other link-minded accounts. The network you create on social media will help you stay up-to-date on trends and opportunities in the market and may lead to potential growth opportunities for your passion assets, but you will also make friends and meet wonderful people who want to see you thrive in your endeavour.

Consider professional management: Depending on how many handbags are in your collection, it may be beneficial to work with a professional asset manager or advisor who specializes in your area of interest. They can provide valuable insights and advice on how to manage and grow your collection.

I hope these tips are helpful to you if you feel ready to invest in a designer handbag and need a little guidance on best practices! These are just some tips based on personal experience, I am not a financial expert, but by following these tips and approaches, hopefully I can help you grow your passion assets over time and maximize their potential for appreciation!