How do you save for the next one?

[brkanand]

I confess my weakness to my wife. She has a job but I handle her finances. I end up transferring her earnings into my account. Dont get me wrong. Even I work hard and have my own decent income. Eventually I buy a Rolex of my choice. My wife is not a wee bit interested in Rolex waches. That helps! She has contributed up to 45% of the cost of my two watches! The third should be on my wrist by October - a TT-GMT

[Chipmunk]

By eating bread and water twice a day and cup o noodles at night.

[GradyPhilpott]

I'm cutting back on everything for the time being.

Lucky for me that I need a break from all the things that have been draining my bank account.

I probably won't beat the next price increase though and honestly, I'm not sure that I'm going to be willing to plunk down more than 7k for a 14060M.

[Keeperoftime]

I'm not sure I'm an "Average Joe." but I save money in general and of course purchase with the intent to sell some pieces I come across. The profits or losses (happens to the best) allows me funds to purchase new pieces.

[jyyanks]

I don't really 'save' specifically for a Rolex. I normally end up getting obsessed with buying something and then I start finding ways to find extra money to pay for it. Usually the items I start obsessing over are less money such as rain boots or an iPad. However once I find something I need to have I start finding ways to get cash such as using my transportation reimbursement money. Now that I have my Rolex, my next purchase is a new folding bike (bromton?) and then maybe in feb, my Cartier.

[bluemartinifan]

Originally Posted by mboverst

Haha, 1 Rolex and all it cost you was 200 pairs of shoes and 50 purses!

Hey Matt - your Avatar needs a watch!!!!!!

[blackmsport]

Originally Posted by Chipmunk

By eating bread and water twice a day and cup o noodles at night.

so sad .... we become Rolex Slaves... so so sad

[baybombers]

Originally Posted by evilfij

I don't buy anything I have to worry about the price on. I sleep better at night that way. At least with a rolex, you can get most of your money back if you fall on hard times.

So, to answer your question, I allocate my disposable income and if I have money to burn, I spend it. So basically the same as you, the only difference is that what I consider a cost is the net cost between purchase and a forced sale at a discount plus the cost of capital. Ie a 10k watch is 2k (what I lose on a forced sale) + $225/year (2.25% is my current cost of capital).

Make sense? Probably only to me. ;-)

I look at it similarily but for my cost of capital I look at what I could be earning on the money if I invested it. Right now that puts my opportunity cost at close to zero. That is how I am rationalizing getting a DJ II when I complete the CIMA (Investment management not accounting) this year.

[roger0770]

i work at my second job for fun because it is such great place to work at. the money earned is saved and used for purchases on new toys. my regular job pays the bills.

[horseco]

0% financing (if your credit allows), is offered by some of the bigger AD's... I got my first nib Rolex GMT Pepsi that way in 1994... no regrets at all on that purchase... none...

[gwozhog]

Rule #1 if you have to change anything in your life to own a rolex your are peeing in the wind. Im sure your wife or girlfriend really wants to hear that we are staying in this weekend because I blew my wadd on a watch. But Honey its a Rolex.

[tulsaokusa]

I'm a one watch type of guy. However, I put myself on a super strict budget for three months once I set my mind to purchase my SubC. My AD offered me a three month layaway, thankfully.

I buy quality & put a LOT of thought into each and every major purchase I make. I've learned that major purchases come easier & faster when I identify ALL the minor purchases that can be weeded out.

I find more lasting enjoyment in handfuls of major purchases, then endless minor purchases. The bottom line remains the same, except I always have something to show for in the end - something that makes my life easier and less stressful, etc.

It is nice to know that (God-willing) I will never have to buy another watch again. Pretty much everything I own fits in this catagory (outside of clothing) - with the inventories growing.

My mobile recording studio is on the current agenda for the next three months...

After that is in hand, it'll be on to the next pursuit...

Cheers,
jason

[ericdube]

All the watches that I've been buying recently I just charged on my credit card.

As for paying it off, usually it's generally combination of selling a few items that I no longer have a need for (such as older watches) and paying off the remaining balance as part of my regular income. Typically, that means within 1-2 months I have the watch paid off so there's really never a finance fee (or very little if that.)

Although, I do have to continually keep reminding myself to say "no" to that new Daytona I've been wanting every time I go by the AD! :)

[expensivetaste]

I completely disagree with gwozhog's "rule #1"......not everyone is fortunate enough to make thaws types of purchases on a whim. There are many things in life that some must budget for, dinners on special occasions at an upscale restaurant for instance, or even a birthday or anniversary gift. Does that too mean that they shouldn't do thslese things because they must budget for them? To be clear I am by no means trying to pick a fight, simply trying to point out there there are less fortunate individuals. I myself lost my only Rolex in an explosion while deployed to Iraq, and due to my medical situation have not been able to replace it. It has been several years and I do not know when I will be able to, rest assured though I am saving slowly but surely.

[Jinder]

My wife sets aside £150 a month for the Rolex passion

[Melanotaenia]

Second job

[AAP8]

So basically, everyone here is a baller, since only 2 people said that they need to save for one :)

[mboverst]

I'm an impulse buyer and if I can wait more than about 48 hours the urge to buy usually passes. But.....usually I can't wait 4 minutes, much less 48 hours!

So, I usually just buy whatever it is and enjoy it over a few stress free nights of whiskey before I finally sober up and have to face the financial consequences

[Melanotaenia]

Originally Posted by AAP8

So basically, everyone here is a baller, since only 2 people said that they need to save for one :)

I went 12 years between Rolex purchases, and not because I wanted to, but because saving for one took me a very long time. It would be nice to be able to buy one whenever I wanted, but I definitely don't have those kind of means.

[AAP8]

Originally Posted by Melanotaenia

I went 12 years between Rolex purchases, and not because I wanted to, but because saving for one took me a very long time. It would be nice to be able to buy one whenever I wanted, but I definitely don't have those kind of means.

Yeah, I think that there are quite a few people who are in the same boat, myself included.

I just find it funny that so many can just walk into a store and buy one, but hey, this is a Rolex forum, much like the Ferrari/Lambo/Corvette/Viper forums, people here probably have a little more disposable cash.

[Mr. K]

Originally Posted by AAP8

Yeah, I think that there are quite a few people who are in the same boat, myself included.

I just find it funny that so many can just walk into a store and buy one, but hey, this is a Rolex forum, much like the Ferrari/Lambo/Corvette/Viper forums, people here probably have a little more disposable cash.

Makes sense.

I saved for many years to get my DD. I bought other watches along the way but nothing ever touched my DD account.

[eric23]

Originally Posted by Melanotaenia

Second job

2X

[scarab007]

Originally Posted by gwozhog

Rule #1 if you have to change anything in your life to own a rolex your are peeing in the wind. Im sure your wife or girlfriend really wants to hear that we are staying in this weekend because I blew my wadd on a watch. But Honey its a Rolex.

x2....you should not have to alter your life to buy a watch. I know my wife would not understand if I said we had to stay in because I bought a watch.

[LordNinja]

I own my own business and I worked very hard in the past at a very young age instead of going out and drinking when I was a teenager.. now I can walk in and buy on the spot if I see something I want, but as other members have said.. It does not mean I have to spend it either. I love the pre-owned game/tradeup past time.

Ultimately it does not matter how we end up with the watches as long as we enjoy them :) Some people do not own cars or stayed single/no children.. so that can play a role. I have an ex-wife and a wonderful daughter I support. If I could not support her I would not have any of my toys.

My opinion is that I would never wear anything on my wrist I did not have in the bank/cash. I know peoples opinions differ but that's my own view on it. I could not look at my wrist with the kind of pride I do.

[gwozhog]

If you are saving for a rolex IMHO you are making a huge mistake. You should buy it now considering that the price goes up 1-2 times per year. I would put it on a credit card and then fill out a credit card app that has zero interest charge on balance transfers for 24 months. If you cant pay it off in time then repeat the process again. I get them in the mail every day. I think doing it this way you will come out way ahead then just setting aside funds in a savings account.

[horseco]

Why have all of you ignored the 0% financing option? While I agree it does not make much sense on TT or Gold, because you get no discount on the retail price when you choose this option. I cant see why you wouldn't choose to do this on sport SS models...

[Time2time]

The price rises are so often now, (8 in the last 12 months), that i'm considering getting one on interest free credit offered by an AD chain here in the UK.

Deposit of around £1500 then about £150 per monthx36 . That way I get what I want now at today's price without the wait and chasing all these price rises!!

[AAP8]

Originally Posted by horseco

Why have all of you ignored the 0% financing option? While I agree it does not make much sense on TT or Gold, because you get no discount on the retail price when you choose this option. I cant see why you wouldn't choose to do this on sport SS models...

Who offers 0% financing on Rolexes?

[Time2time]

Originally Posted by AAP8

Who offers 0% financing on Rolexes?

Goldsmiths. (UK).

[AAP8]

Originally Posted by Time2time

Goldsmiths. (UK).

Ok, thats hard for me to do with it being in the UK, anyone in the US? If it's at 0%, I might as well just save up 50% now and pay it off over 1-2 years