Shamed for my Rolex I Think???

[Dave Harris]

In my opinion most people (even financial planners) are terrible with money.
Large numbers and relative expense seem to go right over their heads.
Consider that to a billionaire a $750,000 Richard Mille is equivalent to a $750 watch to a mere millionaire.

[BLACKHORSE 6]

Amazing how rude some people can be.

It would have been a better example to point to someone with a Rolex and show them something to aspire to. For everyone it's something different: bigger house, foreign car, travel to exotic locations, art, guns, jewelry. Watches just happen to be one of many ways that a person can find enjoyment come out of their hard work.

[Desibaba]

Originally Posted by BLACKHORSE 6

Amazing how rude some people can be.

I find that a lot of those "Rude" individuals are simply jealous of your success and go through life complaining instead of trying to figure out how they can make it themselves and learning from those who are successful.

[rebel_1]

You could have said "that's what poor people think"!

On a serious note, I'd bet the most people here have worked hard for their money AND decided to spend that money on what they enjoy. I don't have an airplane (although I am a pilot) and I don't own a boat (although I live on the coast). I did not get any student loans. I received an ROTC scholarship. I spent many years in the US Military on the back end to compensate this country for my education. I would have probably provoked that idiot to within an inch of his demise. You are a better man than me.

[hbombkid]

Does not surprise me I lived in DC for 12 years now live in Richmond. Not all bad, but living there takes a toll on you. Money is the biggest driver and people always think they are better than you, in your business etc. I have a lot of great memories but I do not miss the DC area

[dumbo12345]

All priorities, I suppose. People look at something "flashy" and complain about it, but feel it is entire sensible to spend $500/month eating out, or driving a new car that deprecates like mad. Or maybe they smoke or drink too much beer. Even having cable is a waste of time and $. But many people will nickel and dime themselves, yet criticize others for making that "big" purchase. And with a Rolex, look at the lack of depreciation: it honestly doesn't cost that much to own. I bet a buyer could get a nice watch like mine on the forum here for $6k, wear it 5 years, and sell it for close to that. With what an investment would have made in that time period, the wearer is out say $1500? Over 5 years, that isn't too bad, around 80 cents a day. I know a lot of people who would pay 80 cents a day to wear a GMT Master II.

I drive a Toyota Tacoma. A 2001 (in mint condition) that I paid $10k for. For me, a car is just a way to get to and fro and haul stuff in (I often pedal myself the 16 miles to work each way; much more fun). I have a nice GMT ceramic. It's always a trade off, but some guy driving a new car and paying $600 a month in deprecation could have bought my watch in 1 year. I also pack my own lunch, saving me probably $7-10 per day. Adds up. I am always amazed at my employees, constantly complaining that they have no money: yet it is a breakfast burrito at the store AM, lunch and coffee at a local restaurant, then drinks and possibly dinner out after their shift is over. And then hitting a couple of concerts on the weekends. Of course you have no money, guys! But it isn't really my fault you can't manage your money. But if they saw me wearing my GMT, I would never hear the end of it....how I should be paying them more.

[breitlings]

You seemed to handle it well.

[AlexMachine]

Originally Posted by Desibaba

Im a 32 year old car salesman and I make on average about $70k or so a year. I don't have a wife or kids and I have a fairly decent (around $600k) inheritance headed my way. My two most expensive toys would be my $47k Mercedes that I have leased and my used $6800 Rolex Sub. A lot of people at work and friends think I waste my time but they spend a small fortune on their kids, day care expenses and on their wives which I don't. Everyone's situation is different so what is frivolous for one person isn't the same for another even if they make the same amount of money. And yes if I had kids, child support and alimony to pay every month I definitely wouldn't be rocking the benz nor the Rolex.

This. I have a wife but no children. We both have a white collar middle class jobs and we are not parsimonious, but we think every day where we put our money. First, pay as much our mortgage as we can every month. A house is good solid investment for the future.
Second, put some money to savings account every month.
I we some more money left, we buy some stocks or save for a nice watch.
And after that, if we still have some extra money left = Holiday, long weekend in a spa etc.

I am 44 and shes 34. After 8 years together, we now have paid about 1/3 of our house, got some nice watches, some stocks and savings. We are by no means rich, but no we live comfortable and have nice "Financial Cushion" in case something unexpected happened.

Meaning, pay the most important things first, make sure you save some, and diversify some of your capital if possible. But make sure you enjoy your life and some of the best things in life are still free of charge!

[adamlea]

The great thing about being a grown-up and making your own money is getting to spend it however you want.

The good news is if I want to put my mortgage payment under the mattress each month instead of paying the bank and apply those payments to a PP Grand Complication, or a Platona, or an ALS Zeitwerk - knowing the bank will foreclose on my house if I don't pay the mortgage - I can do that.

The bad news is there will never be a shortage of folks who want to tell me what I should and should not do with my money - usually while they're camped out in front of their glass house skipping stones. It is what it is. Fortunately for me, I no longer feel the need to justify anything. To anyone.

[KenKun]

What a douche!

[Muzz]

The young couple would save a lot more money if they cut his commission out of the equation. Probably buy a few Rolexes over a lifetime. But hey that just this old guy thinking lol.

[Robin_NL]

To the OP, wow, I only thought those situations would occur here in the Netherlands, the liberalistic/socialistic/equality issue is so in your face here but also in the USA. I'd have said: Einstein, mind your own business, and that's why you probably don't own one.;)

Cheers
Robin(SD4K, just because it's a not in your face watch)

[GolfPunk]

I'm a UK Financial Adviser and there is nothing wrong in having a Rolex. It is almost its own easily tradeable commodity akin to Gold bullion.

[ADINVA]

IMO, I think that guy has very little knowledge about Rolex.

I remembered buying my very first, so-called branded time piece in 2002. I remembered paying almost US$1,800 for an Omega Seamaster. I was in my 30s then. I also remembered a Rolex GMT Master II was selling at around US$2700 to US$2800.

Today, my Omega can be sold for little less than $1,000 but the Rolex GMT Pepsi is going for more than $5,000.

The math itself proves that Rolex was a much wiser choice and I clearly was not properly advised!

[Lord]

It's great advice! Save, scrimp, be rude and mean.... Then you'll have enough saved to buy your way out of hell

[kaiserphoenix]

A rolex is a pretty decent purchase, principally a Seadweller....He should have said, look at that man over there wearing a Rolex Seadweller, a perfect example of someone who wants something classic, functional and will gain enjoyment (utility) out of it every day all the while facing mostly upsides in price.

[Jhquek]

It's all about fulfilling the needs then the wants.
For bulk of us it's already stabily fulfilling our needs and living our wants.

Let's all just stay cool sipping that coffee and rocking those rolexes.

[GermanyMatt]

Starbucks is a far larger waste of money than a Rolex.

[Headshrinker]

I'm just the end product of all that financial planning...nuf said!

[seand442]

What's the point of earning money if you are never going to do anything with it? I get that the millennial generation has grown up under some interesting circumstancesand that saving money is being shoved down people's throats. After you have payed the bills you need to and put some away in savings, retirement, etc., why not spend it on something you like and get enjoyment out of? Having a real big bank account is great, until you croak the next day. Some folks travel, some buy cars, some buy watches. So long as it's not going to cause you excessive financial hardship, spend it how you want. You can't take it with you when you kick the bucket.

[El Cascarrabias]

Originally Posted by Roll the Lex

. . . Regardless, maybe the guy was a wis. He spotted the SD immediately?

Geez! I was impressed he noticed an SD as a Rolex, too. No cyclops and the style is copied all the time.

That's one of the reasons I got the SD, it travels so well under the radar.

[Ruud Van Driver]

With all the sugar and crap in a Starbucks, I'd be amazed if anyone lived long enough to enjoy their savings after regularly drinking that garbage.

[azguy]

Honestly, I think people make up these stories to have something to post...just saying..

Like a previous poster said, it's about choices...People may think I'm balling big time with multiple cars, two Harleys, a sailboat and half dozen watches but all that doesn't add up to one college education or all the BS that came before that, or a wife, or a huge mortgage (actually no mortgage at all I rent a condo), yada, yada, yada, yada...

I buy everything used, havn't had a new car in over 10 years and save more than my half of my take home pay every month.

[Tools]

Originally Posted by azguy

Honestly, I think people make up these stories to have something to post...just saying..


. . .

Yep, pretty much..

[Kingair]

Originally Posted by azguy

Honestly, I think people make up these stories to have something to post...just saying..

Like a previous poster said, it's about choices...People may think I'm balling big time with multiple cars, two Harleys, a sailboat and half dozen watches but all that doesn't add up to one college education or all the BS that came before that, or a wife, or a huge mortgage (actually no mortgage at all I rent a condo), yada, yada, yada, yada...

I buy everything used, havn't had a new car in over 10 years and save more than my half of my take home pay every month.

X 2 ;)

Sent from my SM-N910T using Tapatalk

[watchwatcher]

There are a few people whose opinion matters to me...family, friends, and some even right here on this forum. Everybody else falls into the second category...the one of I couldn't care less.

I believe this gentleman would fall into the latter.

[Tri-Tip]

If he had qualified his statement to them that currently, a Rolex or other high-end watch is not a prudent purchase, but at some point, when they have no debt other than a mortgage, a retirement plan in place, emergency fund, and other savings, then it is time to reap the benefits of hard work and splurge on a Rolex.

[jjnd08]

Originally Posted by tkerrmd

He should have used you as an example of a man of wealth, success and good taste reaping the benefits of years of hard work and great financial planning

x2

[123Blueface]

I would have very politely pointed out to him that while he may possibly posses a very high intellect relative to investments, and while that jury may still be out deliberating on that thought, he certainly also blatantly possesses a significant level of social ineptness. All awhile nodding in approval as you did earlier as you listened to his conversation.

What a jack *ss if you ask me.

[Phelony Jones]

I'm noob here, please bare with me. I will tell you a story of frugality.

My parents had a married couple as friends. Nice people, one son whom we will return to after some background.

Her father was a pharmacist in Oelwein, Iowa. He was killed in a robbery of his pharmacy early in the 1930's, the Depression. Hence, she knew what poverty and want and going hungry once in awhile was like.

Her son was raised with the same kind of frugality that got her and her mother through. He went to school and went to DC where he made a good career. His folks gave him a '65 Mustang which he still had at last call.

Got married to a like minded girl and they got down to the business of getting wealthy. They bought a turkey once a week and ate it every day in some form or another. Showers at the Y, finally bought a nice condo and furnished it out of dumpsters. They saved and saved.

Now, his broker flies into town to take him to lunch. They travel Europe often but backpack and hostels to save some $$. A rolex would probably make him recoil in the extravagance of it.

Side note. After mom's death, dad was shocked to find out that there were bed sheets in colors other than white. Cleaning out her things, they discovered shoes and boxes stuffed with US Treasuries, something like $300,000 or so. She wasn't going to go without ever again. The simple rule, as ever, if yo want to be rich, don't spend.

Just wanted to add some perspective. Me? I rather enjoyed living while I was young. Had an Oyster Perp for 30 years and sold it. Now, I want another one. but that's just me.