It’s been a wild few months for Robert Pattinson. His first real love affair – with Twilight – turned into a massive success. The movie not only made a megapackage out of the book on which it was based but also introduced the world to the beautiful creatures called vampyresses. After Twilight, Pattinson became one of the most in-demand actors of our time, starring in major blockbusters like The Lost Symbol and Out of Sight, as well as the soon-to-be-released Twilight Saga: Breaking Dawn – Part 2. But all that fame came with a price – and it’s one that Pattinson is still paying off, as he recently revealed in an interview, “I work incredibly hard, and I don’t really have time to spend with my family or myself. I feel like I’ve been spending all of my time trying to fulfil my responsibilities as an employee, rather than being an employee at all.” So how does one buy the luxury item of the year, without risking financial ruin? We’ve examined some of the best practices for achieving this rare feat, and what you should know before you make a purchase. Let’s get started.

Know Your Price

It’s important to know your price otherwise you’ll never know how much you should actually be paying for something. While researching this article, we came across a handy tool on the Price of Luxury website, which helps you determine how much a particular luxury item should cost in your local currency. Type in the price of your luxury item (whether it’s new or used) along with the currency you’ll use (USD, GBP, or EUR) and you’ll get a good idea of how much you should be paying. For example, if you type in the price of a luxury item (500 USD) along with the currency you’ll use (EUR), you’ll see that 500 USD is equivalent to 532 EUR. So you shouldn’t expect to pay half as much as the going rate for luxury goods in Germany, for example, but you’ll know what you’re getting into if you decide to buy a BMW in Germany, because you’ll be expected to pay a lot more than you would for a standard car.

Use Scarcity To Your Advantage

There’s a limited number of things that are genuinely scarce in this world, and it’s important to know when to use that scarcity to your advantage. One of the best examples of this is the limited edition, collectible Louis Vuitton handbags and accessories. These are genuinely scarce items, and knowing when to buy them is one of the best gifts you can give yourself, or anyone else for that matter. The best time to buy a Louis Vuitton handbag is when they’re on sale, otherwise you’ll lose out in the long run. A similar example is the Cartier Tank watch, which is produced in a very limited number. You may get one chance at buying a Cartier Tank watch, and you won’t want to miss out on that chance. Similarly, you may want to possess a Richard Mille RM 062 watch, but you know that there will only be 124 of them made before they’re all sold out. This is why it’s best to buy them when you see them on sale, otherwise you may lose out in the long run.

Know What To Look Forward To

It may not be easy to believe, but luxury items are often sold under normal retail conditions, which means you’ll be able to find them at your local retail store. This may not seem like a good thing to some people, because you’re more likely to be able to get a better deal if you purchase an item that’s on sale, but there’s also a huge advantage to knowing where to look. It’s important to remember, especially if you’re planning on buying a luxury item that’s on sale, that there will be various taxes and delivery charges that you need to account for. So if you want to buy an LV handbag on sale (which is a great idea!), you’ll need to add a little something extra to your spending account to pay for all these extra charges. But at least you’ll be able to enjoy the luxury item you so richly deserve.

Be Patient

There’s no doubt that luxury items are great to possess, and it’s well worth the extra money. But remember that this is a serious investment, and it’s important to proceed with caution. It takes time to build up a sizeable investment in luxury items, and it’s important to be patient. Sometimes we’re so focused on hitting the big score that is fast becoming the cliché in today’s society, that we forget just how much hard work comes with keeping up appearances. If you really want to invest in luxury items, build up a small savings account first, which you can then use to purchase items that are on sale, or that are limited edition, or even manufacturered in a limited number. In the long term, this can prove to be much more cost-effective than buying items outright, because you’ll know what you’re getting into, and you’ll be able to enjoy the benefits without having to worry about the financial ramifications.