The best clothes are timeless. Their cut, design and quality of fabric are such that with care, they can last for years. That’s what both men and women expect of the basic suits or outfits they wear through the varying demands of their day to day life. When building the basics of your wardrobe ask yourself:

• What is my fashion objective?
• What style do I want to project?
• How much can I spend?
• Which designers offer the best quality?
• Which manufactures makes garments that hold up well over time?

And get this. Those are the same questions you should ask yourself when building your investment portfolio.

• What is my investment objective?
• How much can I invest?
• What style of investing is for me?
• What type of return do I need to reach my investment goal?
• How much risk can I tolerate in order to get that return?

The goal is to establish some sense of order to your investing. Once you answer those important questions you can develop a strategy to put together a wardrobe of investments that are appropriate for your needs, your circumstances and that will endure through good times and bad.

Remember, your savings are precious and the investments you choose to provide for your financial future should be able to hold up to the task and fit into your long-term investment strategy.

So what kind of companies should be in your portfolio? Ideally, you want to buy shares in companies that are well established. Merck, MCI Worldcom, and American International Group are examples of reliable growth stocks. The have:

• Experience in their field.
• Solid management that’s dynamic enough to meet challenges of the future.
• Proven product, name brand recognition & well established markets.
• A stock price that reflects reasonable earnings expectations.

Limit your risk during radical market movements by diversifying your portfolio. Invest in an assortment of companies within industries that are expected to thrive in the coming decade, like pharmaceuticals, telecommunications, and finance. A portfolio that reflects several business sectors as opposed to being heavily weighted in one has a better opportunity to participate in the overall growth of our economy.

Okay, so now you’re on the right road to obtaining your basics. But buyer, beware! There are still twist and turns along the way and if you’re not careful you could easily end up on the wrong side of the road or even on a dead end street. Remember you’re building a foundation here and with fashion so it is with finance, avoid the "trendy" fashionable stocks until your infrastructure is complete. I know the word on the street is, "hot stocks" have the potential to make you rich. But here’s an even more important phrase, their potential to make you poor is even greater and that’s a risk only a well-heeled investor can bare.

"Hot Stocks" are running rampant in today’s market and the temptation to invest recklessly is greater than ever. But, resist the temptation! Keep your long-term investment strategy in mind and acknowledge the red flags that suggest some hot stocks aren’t hot. Hot stocks may not be so hot if:

• The company is relatively new.
• The management is inexperienced.
• The product is unproven.
• Earnings not yet reported.

One way to avoid the trendy fashions or hot stocks is to seek the advice of, in the case of fashion, a knowledgeable personal shopper or a fashion consultant. Within the investment world you would consult with an experienced and capable investment management firm to assist you in determining and meeting your financial and investment objectives.

So remember, with "Finance and fashion" it’s very important to:

• Set your objectives
• Determine your style
• Decide how much to invest/spend
• Expect a reasonable return
• Investment for long term
• Diversify
• Seek professional advice

Finance and fashion parallel in many ways, but perhaps the most important similarity is, "YOU CAN’T LEAVE HOME WITHOUT THEM!"