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2016-04-15 03:12:43
50 Cent says he s done it. Why not you? The art and science of leasing a
lifestyle.
By Mark Johanson
13 April 2016
Scroll through rapper 50 Cent s Instagram feed and you ll find a preponderance
of photos where he basks in unimaginable riches.
There s the shot where the rapper, real name Curtis James Jackson III, can t
seem to find his legs because they re buried under $100 bills. There s another
where he s stocked his refrigerator with bundles of greenbacks. More confusing
still is a snap where the rapper arranges his lunch money ($100 bills) to
spell out the word broke .
Do you know someone who leases a lifestyle to live above their means? Tell us
about it here.
That last image is the most telling. Jackson filed for bankruptcy in July last
year, claiming debts of between $10m and $50m, according to court documents.
But when the 40-year-old was summoned to a Connecticut court in the US this
February, the judge explained that she was having trouble reconciling the man
in front of her with the man in those Instagram photos.
The rapper s creditors had tipped her off to the Instagram account, according
to the New York Times. Jackson s response was as simple as it was unexpected.
The piles of notes were prop money , he wrote in documents filed to the court.
Just because I am photographed in or next to a certain vehicle, wearing an
article of clothing, holding a product, sitting next to what appears to be
large sums of money or modelling expensive pieces of jewellery does not meant
that I own everything in those photos.
Everyday people are leasing a lifestyle beyond their reach in order to project
an image of power.
The rapper is hardly the first person to prop up his public image with borrowed
finery. It s an open secret in Hollywood that much of the clothing and
jewellery worn by celebrities has been seeded , or loaned, to them by fashion
brands. And those lavish cars? They re often leased (or even rented) from
high-end dealers who specialise in working with athletes and stars.
And it s not just celebrities; an increasing number of everyday people are
leasing a lifestyle beyond their reach in order to project an image of power
and authority they hope will give them an edge.
Worth the investment?
Image consultant Marian Rothschild, author of the book Look Good Now And
Always, said making small lifestyle changes to give the appearance of wealth or
power can often prove to be a good long-term investment for professionals.
Consider it investing in your personal brand.
People these days are realising, I need to up my game for what I believe my
potential is, where I want to go, and how I want my life to be. So I m going to
make this investment by buying this Rolex watch, or leasing this gorgeous car,
or overextending myself on my wardrobe for this season , she explained. It s
kind of like a peacock extending its feathers and saying, look at me .
A recent survey from global staffing service OfficeTeam found that 80% of
executives take clothing choices into account when considering an employee for
a promotion, while a similar study at Korea s Yonsei University found that
interviewees with clearly branded luxury clothing were more likely than their
competitors in cheaper clothing to not only win the job, but also receive a
higher salary.
It s kind of like a peacock extending its feathers and saying, look at me .
The study concluded that the job candidates instantly increased their status in
the eyes of others by actively signalling that they could afford the luxury
brands and were, thus, seen as higher up in the hierarchy of capitalism.
Carol Megehee, a co-author on the study and professor of marketing at Coastal
Carolina University in the US, said that how and when you wear a prominent
brand can have a big impact on your target audience s unconscious bias. But it
might not always be positive.
If you re a woman who is going in to interview with another woman you may not
want to over flash with luxury brands because it might actually work against
you, she explained. Megehee noted in her study that brand logos had
considerable benefits in most interactions, but there was a clear gender bias
between women where, at least anecdotally, she believes jealousy may be at
play.
Renting the runway
Julie Fisk had a 25-year career as a radio host when she lost her job in 2014
and decided to relaunch herself as a full-time film critic. The new role
required her to appear on two TV stations, as well as make public appearances
in her hometown of Dallas, Texas. That included attending events where she d
have to interview famous actors and directors.
Faced with the prospect of more time in the spotlight and a need for statement
clothes she turned to Rent The Runway, a service that allows people to borrow
for a fee designer dresses at a fraction of the cost of buying them.
Never would I be able to just go out and buy a Carolina Herrera dress for a
one-off situation, but I could rent one, Fisk explained. Then she rented
another dress for a different event, and, meanwhile, her new career blossomed
and the number of public appearances she booked increased.
Eventually she went out on her own and inked partnership deals with local
businesses in the Dallas area that would loan out clothing and accessories in
return for promotion, including plugs on her blog Julie Says So.
If you feel strong and magnetic and feel like you look like a million bucks,
then that s going to translate.
Even if an employer or the person who s attention you re trying to get doesn t
recognise that you re wearing a designer dress or fantastic suit, how you feel
inside of it definitely makes an impact, Fisk said. If you feel strong and
magnetic and feel like you look like a million bucks, then that s going to
translate.
Studies show that how we dress for an occasion does indeed affect the way we
feel about ourselves. That, in turn, influences how others may perceive us.
Researchers at Northwestern University, near Chicago, Illinois, call it
enclothed cognition, noting in a 2012 study that dressing for the part helps
us to mentally prepare for the task at hand.
Ownership is so last year
Ron Conway, a prominent Silicon Valley super angel investor, proclaimed at a
recent Goldman Sachs conference that there had been a seismic shift in the
American Dream . People, he said, now prize access over ownership.
Rent the Runway is but one example of the many ways this burgeoning trend has
crept into the professional arena. Comparable services like Girl Meets Dress
and Yeechoo are available in the UK and Hong Kong respectively, while others
like Eleven James (available in the US, with plans to go global) focus on
delivering luxury watch rentals under an annual membership model. Some
services, like LeTote or Gwynnie Bee, send an entire wardrobe for use and
return, on a monthly subscription model.
There are similar services where one can rent designer suits, jewellery or
bags. And if leasing a luxe sports car isn t flashy enough, you can join a
private jet membership club like JumpJet or NetJets for steep discounts on
chartered flights. Or use a service like Victor, which offers empty leg
flights (the return portion of a booked one-way trip) at up to 75% off the cost
of a conventional charter.
How much is too much?
Of course, leasing a lifestyle can turn from a wise investment to an unhealthy
ego trip pretty quickly. Being honest with yourself about overextending your
budget without tangible professional results is key to avoiding that trap, said
Rothschild.
Are you spending rent money on renting clothes, for instance? Maybe you ve gone
too far.
Rothschild believes if you want to be seen as responsible, reliable, worldly,
and competent, then it s important to strike the appropriate balance between
being genuine while ensuring that every element of your personal brand stays
in alignment with how you wish to be known.