THE RULES. Minimum net worth required for a Rolex?

[cookqster]

I grew up in a wealthy suburb of San Francisco. At one point before I launched into the corporate world my father told me there were RULES that applied to possessing luxury goods. This is late 1980's. Here are THE RULES as I remember them:

1. Every corporate culture has different set of rules around display of luxury goods (suits, watches, cars, handbags, etc.).
2. Don't ever wear anything more fancy than the boss. Take your cues from senior management as to what's acceptable in your workplace.
3. You should be a millionaire before you wear a Rolex on your wrist.
4. You should be independently wealthy to wear anything beyond a Rolex (i.e. Patek Philippe, etc.).
5. Corporate world is inherently competitive. Don't hand people a reason to judge you (either by being too ostentatious or by being too cheap). Aim for a middle ground.

Old school for sure, but do THE RULES still apply? What do y'all think?