How do you pay for yours?

[redshirt1957]

Originally Posted by Chozn1

Yeah, but you're still technically in debt. It's a valid point. Personally I wouldn't go borrow money against my house to pay for a Rolex, and most people would say it's not the same, but the fact is you're taking away money that could be applied to the debt of your home so...

I realize I'm the minority here, but I waited to purchase my last two Rolexes until the house was paid off. Was it fun? No. Did I pay cash? Yes, and it hasn't really bothered me since I don't have any other payments. Again, I realize this isn't popular, and I certainly wouldn't hold it against anyone to go get a Rolex when they have a mortgage as long as they aren't falling behind on it or getting 2nd mortgages or something. The home will in the long run appreciate, so if you're going to owe on something, that's the way to go.

That is my point and thank you because I seem to be inept in explaining. Why make 3 to 5% on a CD, which means you are giving the bank your money, then they loan it back to you at 6% if you have a home mortgage or even higher is you have a car loan. If you have credit card debt, why are you buying a Rolex in the first place? Don't get me started on factoring in taxes and risk into ture ROI. Here is a real life example based on the advice of experts. My wife was talked into taking out a loan on our house, which is paid for, and to invest into the market. She was sold on the idea that the mortgage rate was ONLY 5% and the investments were going to return 10%; which is true over a period of time, say ten years. Now, she understands all about dollar cost averaging, but she took the money and dumped it into the market three months ago. Needless to say, when you try to time the market you can get screwed. Last time I looked the investments were down 20%. No big deal as they will go up. But, what if SHE needed the money today? It was a good lesson for my younger wife to learn and now she yells for all to hear...DEBT IS BAD.

[Chozn1]

Originally Posted by redshirt1957

That is my point and thank you because I seem to be inept in explaining. Why make 3 to 5% on a CD, which means you are giving the bank your money, then they loan it back to you at 6% if you have a home mortgage or even higher is you have a car loan. If you have credit card debt, why are you buying a Rolex in the first place? Don't get me started on factoring in taxes and risk into ture ROI. Here is a real life example based on the advice of experts. My wife was talked into taking out a loan on our house, which is paid for, and to invest into the market. She was sold on the idea that the mortgage rate was ONLY 5% and the investments were going to return 10%; which is true over a period of time, say ten years. Now, she understands all about dollar cost averaging, but she took the money and dumped it into the market three months ago. Needless to say, when you try to time the market you can get screwed. Last time I looked the investments were down 20%. No big deal as they will go up. But, what if SHE needed the money today? It was a good lesson for my younger wife to learn and now she yells for all to hear...DEBT IS BAD.

Right. You're paying 5%, and markets average 10% in a decent mutual fund in the long run, but 2 things aren't being taken into account. Taxes and risk. You'll be taxed around 30% on your income which takes you down to 7%, and 2% just isn't worth the risk IMO. 100% of homes in foreclosure have one thing in common: a mortgage. Sorry to hi-jack the thread, but I guess it relates to some extent.

[shanegg]

Cash.

Never credit.

[Greenring]

On my credit card to get air miles, then pay off the card balance in total, as I usually do. So essentially, indirectly, CA$H.

Rolexes are not an essential item for me (cept to satisfy my wants and not needs) so buying on credit uses up my card available credit that I want to reserve for business travel, or emergencies. Don't want to put myself in the position of those credit card commercials where one gets stuck with the bill at a business meeting and one has maxed out his card on the Rolex on one's wrist.

[SLS]

Cash

[MrRetep]

I dont pay for them

[ratae1950]

Card for airline miles then immediate payment.

[eric23]

Cash always!

[Time Traveller]

American Express charge card.

[Welshwatchman]

I pay for mine with the TRF Staff Credit Card and Steve settles in full with the Rolex sponsorship cash.

[Ed Rooney]

My cards are usually maxed out, so when I pay one down enough, I go buy a Rolex or write a cash advance check to pay my mortgage.

[Mr. K]

For me it is cash or US postal money orders.

[TimeOnHand]

I always put aside "play money" every month... and I use that saved up cash for my watch collection madness...

[scottjal]

Interesting point about the mortgage but if I am making payments on time and maybe even extra ones I don't see how it's not OK to put money aside to save and a smaller percent aside for "toys"? I think I would go insane if I couldn't. I have a toy budget that I stick to but it takes some discipline.

So I buy with Amex, pay the card in full at the end of the month and collect that cash back from Amex too.

[hienpham04]

Cash is the safest way for me I can't manage my $$$ too well.

[marshallr47]

Cash, bank transfer or CC. All of mine are paid for thank God.

[dcmachead]

I got a good deal on my Daytona and GMTIIC paying with my American Express. When all was said and done, I got a combined 15% discount plus all the frequent flier miles--works out to a free plane ticket, too. :) Then promptly pay off the AmEx when I get home.

Getting a Rolex is a sign you've arrived--get it when you're prepared and don't put yourself in a financial pinch for a luxury item.

[MrCowboy99]

$,$$$ before the increase, now $$,$$$

[dcash0615]

I used my credit card for all my watch purchases, except one I paid cash. When I use my credit card, I pay it off at the end of the month every time so no interest is paid. I like using my credit card because I get points.

You are going to see more AD's offer same as cash financing for 12 to 24 months between now and the end of the year. This helps sell more watches during the holidays. If you can finance a portion of the cost using this method, go for it. Just make sure the amount you finance you can pay off by the time the free interest financing term expires. Just pay equally monthly payments to pay it off in the number of months you get interest free financing. If that monthly payment is outside your budget, I would recommend you wait until you can afford to pay for it in full.

Originally Posted by ahoude23

just curious, how do you pay for your watches, cash, finance, or combination? I'm trying to save the money to pay cash, but may get impatient and do half down/half payments. AD near me usually has no interest for 18 mth, could swing that if I can't wait.

[Bluehinder]

Only cash, ever, for toys. Otherwise don't buy it.

[Launch Mini]

Glad to see I got some people thinking.
Now, IMO, there is nothing wrong from "Cash flowing" your purchase.
ie, tuck some $$ away, aside from your "regular bills, mortgage etc", then you have some Play money.
Just don't use a LOC on your house for your toys. ie INCREASE your debt load.

That was a loaded question. I use that on my clients as an "eye opener" to help them realize the "true" cost of things they finance.

[redshirt1957]

Originally Posted by Launch Mini

That was a loaded question. I use that on my clients as an "eye opener" to help them realize the "true" cost of things they finance.

How come I ain't a client? Maybe you need a redneck to round out your business.

[Launch Mini]

Originally Posted by redshirt1957

How come I ain't a client? Maybe you need a redneck to round out your business.

I have many a redneck clients.
If you up this way ( Vancouverish), drop by, I'll buy you a drink ( or two or....), then I can write them off. (Potential client meeting)

[DSJ]

I got bamboozled into paying part of my first Rolex purchase (Bluesy and wife's Rosie DJ) with an AGS (Wells Fargo) card. I had all the cash I needed and paid it off, but a big snafu cost me a lot of time and trouble. Cash only for Expy2 and for any future purchase.

[golfball123]

cash as it is the cheapest (best discount)

[WatchTimes]

I pay cash...
Just how I am....
My AD loves when he sees me coming in.
We go into the back office and the wine comes out.

When I went in for the DSSD he said surely you are charging it?
(as I had never bought anything beyond the SD price from him)
and when I said are you kidding me? He just smiled and said
come on back!

I just figure with things like watches, if I can't afford to pay for it
all at once I do not need it... I owe on my car and my house
(I own WAY more than I owe in both as well)

That is just how I was raised, if you are good with your credit,
are confident in your job and your ability to pay your bills for
at least 6 mths IF something happens with your job or health
I guess go ahead and finance it.

[sea-dweller]

Credit card at the AD, then full cash payment on the credit card bill 30-50 days later (free loan from the credit card company).

[Yume-sama]

Certified check... Usually get some freebies with a cash payment, since they save A LOT on processing fees.

[Interlaken]

I use credit card to earn the extra miles

[bodybump]

Originally Posted by ahoude23

just curious, how do you pay for your watches, cash, finance, or combination? I'm trying to save the money to pay cash, but may get impatient and do half down/half payments. AD near me usually has no interest for 18 mth, could swing that if I can't wait.

I pay mine with hard work..and overtime and hard work and overtime and hard work again and over time and hard work again then a 2nd job then work hard with the first job then overtime then go to the 2nd job and work hard again then overtime and on and on and on and on..Im not going to stop until i complete the slots of my 8 watch winder!!!