OWN IT, USE IT WHEN YOU NEED TO.
Suits are the ideal formal attire because of how professional, stylish and guarded they make a person look. If looking sharp and professional is your goal, you are not going to do better than a three-piece suit.
A three piece suit is rather practical. The vest is a valuable addition to the suit- it can make even un-ironed suits look just fine. Vests also make the shirt look much more fitted than it actually is.