Income versus Watch Collection Value - Looking for Sound Guidence

[jot_]

Originally Posted by psv

Ah, greatest ad copy ever. This was something that DeBeers Diamond came up with and pushed all over the world. For some reason, it stuck in the US and have been used as a rule of thumb by American men for some decades.

Having been recently in the market for an engagement ring - that two month figure has turned into three months salary. Wonder how that happened...

[versatile1]

When my savings account first hit 1 million I bought my first datejust.
At 10 million in the account I sprung for a new Sub.
Now that I'm about to reach the 50 million mark I'm thinking a platinum Day Date is deserved.

Is this the kind of answer you're looking for?

I started flipping omega seamasters with a 500 investment until my profits got me my first rolex and so on.

I've never used my income to support my watch habit since the initial 500.
It's purely hobby money.


BTW,
I was kidding about anything that ends in Million

[Brenngun]

Need has nothing to do with it. You're asking the wrong group. You should be asking your "better half".

[jolimont]

buy now worry later

[tedscott3]

Originally Posted by psv

If you have to ask, you cannot afford it...

I agree with this.

[Duc5150]

....sicko's you referenced so I won't even comment


Todd B. in the OC

[DC Engineer]

you can't take any of this stuff with you... so buy what you're comfortable with. Suze Orman would probably be against me buying a Porsche Carrera 4S, but @%#$ her.

[Alex Ks]

I'd say you should spend 10% of your after-tax annual income on watches.. If anything you can always sell your Rolex.

[DC Engineer]

on a side note ... i blew a bonus check on my Rolex. not sure what advice, if any, you could gather from that.

[Apdl]

Originally Posted by WML

You don't need a 25k watch..you want a 25k. However, if you need to justify it to your spouse..you may be explaining for a long time ;>)

Agreed
here is my logic..
When I finally get my grail it will mark a life milstone
Also, how many of your buddies bought a Boat, Snowmobile,Jet Ski, ATV, Hobby car etc and rarely use it? The watch is probally cheaper and you get to wear it every day of you like!
Way better than those other toys

[Tools]

If your wife is concerned with how much you are going to spend on a watch, will she have the same concern if you were buying her a diamond tennis bracelet..

[travisb]

For me, as long as my wife, kids, living expenses, vacation money and family savings are already taken care of, then all systems are a go.

[Andad]

If you have to justify ANY purchase then the bus has already left.

[GradyPhilpott]

Nobody needs a $25,000 watch and the purchase of one cannot by any means be justified, so in that regard you've already lost the battle.

The better argument in my judgement would be that you deserve to spend your discretionary income or your savings in whatever manner you so desire.

Good luck.

[SUBversive]

Good question but no right answer. Income is just one part of it. Are you married? Kids? Expenses drive the answer. Mortgage? Private school tuition? But I think you know all this op. you are trying to justify the purchase to your better half. Good luck!

[cop414]

Originally Posted by skypilot

The problem is not the amount of your income, the problem is your wife. If I had asked my wife about buying my toys, I wouldn't have gotten any of them. It is an axiom of married life that one seeks forgiveness, not permission.

Originally Posted by psv

If you have to ask, you cannot afford it...

Originally Posted by aeon888

That's okay. Most people buy cars or trucks at $25k to $60k price even though the value of the vehicle would depreciate so much in 5 or 10 yrs or 15 yrs.

But your 25k watch may have little depreciation or none at all, depends.
And dont forget the thousands of dollars you have to spend on gas, maintenance, repairs, insurance, and accessories or mods to your vehicle. That adds up.

So, go ahead buy that collectible 25k watch.

+1 on all of the above. You are the only one who knows the answer to this question. The fact that you have to ask might be part of your answer, or do you just want the go ahead from the WIS Gods to smooth things over with the wifey? In that case it's very logical, you need to have an income of at least 25K to buy a 25K watch!

[ROGERWILCO357]

wants and needs as I tell my children you want that toy you don’t need that toy.

[Gagebuilder]

Yoo need to hurry up and get a nickel allergy!

Maybe help it out, scratch your wrist raw!

Then, this would justify a "need" for gold!

[Rashid.bk]

explaining to the wife......lol

[mvmbles]

Net worth and family money/means are more important in determining the value or how much one "should" spend per year on their watch collection. I'm sure I'm not the only one here who spends more per annum on horology than I pull in from my 9-5.

[BarkMaster]

Agree on a monthly amount you can save towards the watch. When you have saved enough, there is no justification needed.

[Boothroyd]

Originally Posted by Angrypuppy

I don't think it has anything at all to do with salary.

I think it's more of a net worth issue.

I was going to type this in response, so x2. Income has nothing to with it in my view, and in my experience.

[Rockrolex]

Larry has a good point. Will your wife have trouble with your spending money on diamonds for her?

But seriously, as almost everyone here has said, only you can determine whether to get a $25K watch. And if you are asking us whether you should get it, you probably don't really want it.

[descartes]

The true cost of the watch is its depreciation. So, in a sense, a very high end watch bought "right" (e.g. pre-owned with box, papers/extract) is more affordable than the general (uninformed) public might think.

[paverman]

Originally Posted by descartes

The true cost of the watch is its depreciation. So, in a sense, a very high end watch bought "right" (e.g. pre-owned with box, papers/extract) is more affordable than the general (uninformed) public might think.

And a better "investment" than a lot of the other toys we indulge ourselves in, especially cars, IMO.

[HRV]

I think all the sound guidance has been given already ......I just want to see the pics

[Grissom]

Originally Posted by versatile1

I started flipping omega seamasters with a 500 investment until my profits got me my first rolex and so on.

I've never used my income to support my watch habit since the initial 500.
It's purely hobby money.

Exactly the same concept here, Jeff....I bought and sold watches and used some of that profit to acquire my own personal watches, as well as other stuff. I started out spending $1,000.00 and have never used any "income" funds from that moment on, and in fact, deal with all my "collectibles" and toys the same way. Nice to see that someone else has gone down the same road. I started buying and selling when still in high school......was, and still is, fun, this way!

[DiamondJack]

Financial advisers will recommend you should have at least 3-6 months net income requirements (as a minimum) retained in a liquid form to cover unexpected eventualities such as losing your job etc.

I personally would keep at least a year's worth to be safe ......

After that, it's your choice what you spend your savings on and some would argue a watch (particularly if you can source a good pre-owned with the initial depreciation taken out of the equation) is more justifiable than many other things you could spend your money on........

Therefore, irrespective of your income, if you don't have sufficient savings in place to meet that emergency fund, you probably shouldn't be thinking about a watch (or anything else) until you have.

But my advice would most definitely be to keep the Mrs on board if you want to enjoy it later.....

[caryyee]

Originally Posted by BarkMaster

Agree on a monthly amount you can save towards the watch. When you have saved enough, there is no justification needed.

This.

Anyone can afford a $25k watch on any amount of income, you just need a savings plan. Whether it be $50 a week, or $500 a week you are able to save into you 'watch' fund, eventually you will get there. It might be 10 years on $50 a week savings, or 1 year if you're able to save $500 a week into the fund.
Just make sure it's you discretionary funds you are spending from. Some save for a fancy car, or an overseas trip. If your goal is for a gold Rolex, then go for it, it can be done on any budget, eventually you will get there.

[Vincent65]

most of us 'sickos' usually buy what we can afford - maybe you can figure it out with your wife...