Purchases worse than ROLEX: A perspective

[tudorman8276]

...WELL SAID.

...X-2!

Stan.

[casadecamporolex]

Originally Posted by JohnEaton

Purchases worse than ROLEX: A perspective

I'd say Citi or Crude futures six months ago and any Madoff investment comes to mind...
[My SS Daytona is still worth $2-3K more than I paid for it]




Re: You want to know something that really holds its value and is always in style CASH!

For deflationary times YES, but How long before inflation or hyper-inflation kicks in, how will you cash hold up then?

One of the positions I had in mid 2008 were corporate bonds in a small unknown company called Lehman Bros. Each $100 worth about 1.5 cents now. Paper cheaper than toilet paper.
Talk about a turn of events never seen before, wiping out $$$$$$$'s.
Cash is good now, gold bullion is a must for 2009.

[Whiskey]

I've had this discussion with many people. The ones who always lose are the cigarette-smokers.

I have a buddy of mine who's pretty much a half-pack a day smoker.

I've asked him to estimate what he spends in a year on smokes. I believe the figure he gave me was something like $3500 a year.

I've told him had he saved that money he could have had a nice watch, a car, or a trip.

I find that both genders tend to frown on my expensive watch.

1. Women because they figure I should be spending it on what else......a woman.

2. Men, because they believe I should be spending it on a woman.

[TempoKing]

...Wanna buy a watch...???....Or what...?....

[JohnEaton]

Originally Posted by casadecamporolex

One of the positions I had in mid 2008 were corporate bonds in a small unknown company called Lehman Bros. Each $100 worth about 1.5 cents now. Paper cheaper than toilet paper.
Talk about a turn of events never seen before, wiping out $$$$$$$'s.
Cash is good now, gold bullion is a must for 2009.

Originally Posted by TempoKing

...Wanna buy a watch...???....Or what...?....

In my opinion: Agreed...

Cash is king Now

Gold will be king next 1 to 4 years

But wait longer than that to flip your Rolex

And yes, Anastasios, I do want to buy a watch

[2careless]

Guys you reckon gold still got legs?

[JohnEaton]

Originally Posted by 2careless

Guys you reckon gold still got legs?

YOU AIN'T SEEN NOTHING YET

It is impossible to drop eight plus trillion of fiat and not have inflation...

I stated on this forum months ago I don't want to see what it feels like to live in a world where the DOW and Gold are 3000; I hope I'm at worse case scenario there. But I am thinking gold will hit at least $1500/oz before we see economy and jobs stabilize. JMHO

[ROLEX MAN]

sometimes holidays are just stress!

[rpryan55]

Originally Posted by tnt

I purchased 3 Rolexes for my husband....he says...ok...which made me feel like wasted the money

few weeks back, I bought a pre-owned Porsche 911 turbo for him, with $50k cashed out straightly from my savings..+ insurance....and he jumped to the ceiling.....he cleans his turbo everyday....I have never seen that happy as he is right now....so, I think it was a very worthy purchase for his happiness

Please send me your address so I can leave my wife and marry you.

[miked10270]

I purchased 3 Rolexes for my husband... bought a pre-owned Porsche 911 turbo for him

Originally Posted by rpryan55

Please send me your address so I can leave my wife and marry you.

Err... YOUR end of the queue is about a half mile down there!

Mike.

[tphan]

This is the reason why we don't have the M5 park in the garage. Three years from now my ss daytona might drop another thousand or so but not with the BMW.

Buy gold and/or land is the answer.

[BigHat]

I'm guilt free about all of my purchases, so I don't spend hours comparing depreciation of automobiles to watches (last I checked you can't drive to work on a Rolex though) or trying to measures in the intangible pleasures of travel to a material possession.

I suggest we make the OP sticky though. It would be perfect "ammo" and "medicine" for those starting the never ending neurotic threads (like this one) justifying the purchase to themselves or asking about what they should say / think when their friends, co-workers OR SPOUSES, make snide remarks about their fancy new watches.

[ErikAalto]

I walked out of the Toyota dealership having paid $25,300 for my Toyota Prius (all taxes/registration included). I probably could have gotten a $13,000 base model Corolla (maybe out the door for $10k less), but the fact is it would not have made driving the cheaper car any more enjoyable even if I had a Daytona on my wrist if I took the difference.

Granted, my watch spends about nearly 24 hours a day on my wrist, it is honestly secondary to all of those things that you mentioned.

We spend a considerable amount of our lifetime on our furniture, in our car, and remembering our trips. What kind of life have you lived if all you can reflect on is a bunch of watches that you bought rather than experiencing life itself?

I would not hesitate to take a $6,000 vacation with my wife over buying a new Rolex. I would not hesitate to refurnish my house with $6,000 over buying a new Rolex. I would not purchase a vehicle that was $6,000 less nice, over buying a new Rolex.

In any of those situations, if I bought a new Rolex, I'd have a pissed off wife who could have had a nice vacation, a lot of nice new furniture, or a much nicer car.

Who cares about depreciation? Does everything you do in life have to focus on cost? Don't you remember those Mastercard commercials? 6 round trip tickets to Barbados - $6,000, Room/Board/Activities - $4,000, spending time with your loved ones - PRICELESS?

[wzz]

I like Silver more than Gold in 2009.

[GoldenBear]

It doesn't have to be an either or thing. It would be foolish to spend all of your money on multiple watches and not travel and enjoy all of the other opportunities such as buying a house, etc. By the same token, when you do have the money, there is nothing better than getting your first really nice watch. I was into my thirties and it was worth the wait for both. For me, it is really about balance. Having several nice thing and not overloading on any one.

[SPORTSFAN]

Originally Posted by GoldenBear

It doesn't have to be an either or thing. It would be foolish to spend all of your money on multiple watches and not travel and enjoy all of the other opportunities such as buying a house, etc. By the same token, when you do have the money, there is nothing better than getting your first really nice watch. I was into my thirties and it was worth the wait for both. For me, it is really about balance. Having several nice thing and not overloading on any one.

Sounds spot on to me............

I don't want to spend any more than I already have on watches.

Regards Mike.

[stusrt]

If I had $30,000 to spend on transportation - I would get a $20,000 awesome motorcycle and a used $10,000 car.

I know it's stupid, but everyone has their priorities on what is most important when it comes to money.
So if someone wants to blow $100,000 on a Paul Newman Daytona, $75,000 on a car;
I say good for them!

[BTSinAustin]

Originally Posted by milspec

yesterday I met a friend and as we were talking, he mentioned he got a new car. I remember he bought one new car about 6 yrs ago for $18,000. Then spent money decking it up and adding accessories. He told me that the bluebook value is only $2,500 -- $4,500, after adding 80,000miles.

Just look at the money he lost: $15,000 gone, insurance $$ for the last 6 yrs and gas $$ for the last 6 yrs ....and now his car's value is steadily declining....

So I told him he should have bought a couple of ROLEXes instead, since this car was a pleasure and not a necessity ... the value and demand of a rolex would still be there ....

Another friend spent $18,000 on furniture... one stupid dining table, 2 beds and 3 cabinets .....could have done it way way cheaper for similar quality but had the $$ to throw away .... you know how hard a time he would have if he were to try to sell this stuff back?

Another friend spent $4800 on a TV and sound system last year ... one little malfunction and it is all over .....

My parents took a european cruise ... flew from Los Angeles to Spain ... spent about $6,000 and now all they come back with is a DVD of what they did and some stories and memories that are fading fast ....$6,000..that's a freakin GMT IIc ......yeah they enjoyed, had a good time blah blah blah but got nothing much to show for that $$ ,,,,,one dvd and some pics in their digital camera.....


So the lesson is that don't feel bad about your rolex purchase ... there are enough dumb things we do in our lives that make a rolex purchase seem and actually makes it a real wise decision...just think of all other places you are throwing your money and have nothing to show for it after 5-10 yrs ....apart from buying real estate, gold or investing in the long term, there is not much out there where you can make a purchase, use it and enjoy it and your item still be in demand when you sell it...

My story, somewhere around 1978 or 79 I almost bought a TT DJ, it was maybe 900.00? Instead I bought a Seiko for 200. What a bad decision.

[DHLChief]

I agree as well. This year I bought two pre owned Rolex watches from an AD, one for myself and one for my wife. Compared to my investment portfolio, that has lost 30% this year, the watches have held their own. No regrets!

[BZA]

As others have said, its all about balance. Nice watches are meant to be an enrichment to life, rather than a replacement for living life.

Wearing a nice watch whilst on holiday, at an event, etc just makes the time spent more memorable and the watch more meaningful to you

[Defiancekofb]

Originally Posted by gmh1013

I use to dress flashy back when I was young ,30-35 trying to impress the ladies ....and I did ...the wrong type. LV purse babes that took 3k+ a month
to keep them happy....I was dumb, then got smarter.
Dumped the expensive suits and cars...and the girlfriends
Now that I cant work and must be watch all our funds.
If you look at me now I look lower middle class, wife shops garage sales,Wal-mart all sorts of nasty places.
Except for the watch I like looking poor.

AMEN on the walmart thing, This is what I never got. You can get 1 Hanes Medium white undershirt at Urban Outfitters for $25, but if you go to walmart, you can get the same Hanes Medium white undershirt in a 5 pack for $17. I guess the Urban Outfitters know something I don't..........

PS - Greg I dress like a bum too, alot of people probably think my watch is fake.

[Boopie]

I agree in part with the OP and in part with others commenting. It all depends on your perspective, and what you can afford. It is helpful to always look at the opportunity cost of something, whether it's a child's birthday party, going out to dinner, financing a college education, traveling, or buying a car. I live within my means, but also enjoy what I can afford.

I don't drive an ultra-luxury car (no Porsche Cayenne or BMW 7 series for me) but I have had a MBZ (C-class) and currently have an Acura MDX. They have both been very pleasant to drive, and are safe for my kids. Frankly I have enjoyed having leather seats and other creature comforts. When I was in college, I owned a stripped-down Toyota Tercel with hand-crank windows, no A/C, and cheesy cloth-covered seats. That's all I could afford then, and there was no shame in owning it. I graduated from college and law school without debt, in great measure because I didn't outspend my means. That being said, I prefer my luxury cars, just as I prefer my Rolex.

While I don't have high-end designer clothing (e.g. from Neiman Marcus or Barney's), I do get most of my casual clothes from Nordstrom, not from J.C. Penney. All of my business suits are designed by me and custom made for me by a Hong Kong tailor. I realize that probably all of my clothes have zero resale value. But, in my line of work I'm just not going to wear a polyester outfit that I got from Target for $80. So, yeah, I easily could have bought a Daytona with the money that I've spent on clothes on the last 10 years.

I fly coach and don't stay at the Four Seasons or Ritz Carlton when I travel, but I don't stay at the Motel 6, either. Spending money on travel, when you can afford it, is money well spent for the experiences and memories.

I cherish my Rolex because we could afford to buy it. If we had gone into serious debt to buy it, then it wouldn't be worth it.

[rpryan55]

Originally Posted by Boopie

I agree in part with the OP and in part with others commenting. It all depends on your perspective, and what you can afford. It is helpful to always look at the opportunity cost of something, whether it's a child's birthday party, going out to dinner, financing a college education, traveling, or buying a car. I live within my means, but also enjoy what I can afford.

I don't drive an ultra-luxury car (no Porsche Cayenne or BMW 7 series for me) but I have had a MBZ (C-class) and currently have an Acura MDX. They have both been very pleasant to drive, and are safe for my kids. Frankly I have enjoyed having leather seats and other creature comforts. When I was in college, I owned a stripped-down Toyota Tercel with hand-crank windows, no A/C, and cheesy cloth-covered seats. That's all I could afford then, and there was no shame in owning it. I graduated from college and law school without debt, in great measure because I didn't outspend my means. That being said, I prefer my luxury cars, just as I prefer my Rolex.

While I don't have high-end designer clothing (e.g. from Neiman Marcus or Barney's), I do get most of my casual clothes from Nordstrom, not from J.C. Penney. All of my business suits are designed by me and custom made for me by a Hong Kong tailor. I realize that probably all of my clothes have zero resale value. But, in my line of work I'm just not going to wear a polyester outfit that I got from Target for $80. So, yeah, I easily could have bought a Daytona with the money that I've spent on clothes on the last 10 years.

I fly coach and don't stay at the Four Seasons or Ritz Carlton when I travel, but I don't stay at the Motel 6, either. Spending money on travel, when you can afford it, is money well spent for the experiences and memories.

I cherish my Rolex because we could afford to buy it. If we had gone into serious debt to buy it, then it wouldn't be worth it.

This could've been written by my wife and I. Could not agree more.

[Mrdi]

Odd discussion.
I imagine most here to be relatively affluent.
This is not an either or forum.
Second base is not better than third or first.
You gotta touch'em all.
Happy New Year.




Mrdi

[Denny M]

Originally Posted by GoldenBear

It doesn't have to be an either or thing. It would be foolish to spend all of your money on multiple watches and not travel and enjoy all of the other opportunities such as buying a house, etc. By the same token, when you do have the money, there is nothing better than getting your first really nice watch. I was into my thirties and it was worth the wait for both. For me, it is really about balance. Having several nice thing and not overloading on any one.

Wise words, i believe it's about balance too.

I think along the lines of having 1 good house in a nice area (until i can afford more), 1 reliable car, 1 quality watch, 1 overseas holiday a year etc. Having multiple watches and constantly upgrading/changing cars, especially if not in a financial position to do so, seems excessive and not a good use of funds. I estimate my brother has spent over $100k on cars in the past few years and now only has the one average car to show for it and a large mortgage to boot.

[East Bay Rider]

My story is contrary to many of yours.
My wife and I have not really vacationed away since our honeymoon in '92. We rented for a few years and saved as much as we could, then had a baby, then bought a house etc. We do go away for a couple of weekends away every year or two. We were saving for a nice vacation but then my wife got a new job and couldn't get away for the trip so she took the vacation money and bought me my watch for our 15th anniversary gift. Maybe I don't have great trip memories etc. but I'll tell you what, when I look at my watch I see a loving sacrifice made by my wife and this watch is a symbol of that. I guess she thought that I was worth more than that trip as well.
I agree with the OP that there are many things we spend $$ on and at the end of the year there is nothing to show for it. My older cars have been paid off for years and are considered low mileage. The smart thing to do is to keep them now and just use them. My house is small, efficient, well maintained and suitable for small family of 3. Not very impressive to many I'm sure but the fact pointed out by the OP is that the watch is still valuable as our consumerables become worthless.
A wise man once said "Live within your means, not your dreams."