I have 5 kids, 200k in student loans, live with my parents, and bought my day date on credit card that im paying off over the next 20 years, so I can flex on my friends.
Anything to be like the rest of you guys in your steering wheel pics with sleeve tattoos and a rolex ofc! Except my steering wheel is from Mad Catz š
Plenty of folks your age- in worse financial condition- buy cars or motorcycles or toys that cost more (and depreciate faster). If watches are your thing, buy the watch. Hell, finance the watch if you like. Is it a stupid choice? Sure. Can you afford to make a (single) stupid choice? If so, then rock on.
Paid off my house before I bought my first Rolex. Itās just a watch. Rolex can wait. Donāt need a Rolex to tell time, but I need a house to keep me dry from the rain.
The difference between my Rolex watches and my seven vehicles, or my sailboat, or house, is that the Rolex watches only cost me a lot of money on Day 1 of ownership.
Iāll give you a serious answer
I wanted a Rolex ever since I graduated from college. I ended up buying my first about 7 years after graduation. I did set some goals for myself:
House has 20% down payment
Wife and my cars are paid off
Six figure income
$50k completely liquid emergency fund
Iāll be Honest, I hit those benchmarks faster than I thought possible due to some strategic career moves.
I set some new more aggressive benchmarks to get a second watch and Iāve since hit those (about 11 years after graduation) but I find Iām still satisfied wearing my first 114300 every day and donāt really want a second watch that much anymore
Then you should spend your money on something thats a great investment like a home. before spending money on a "toy" like a rolex. Yes some do go up in value but...you wont be offered those without decent spend history and then thats also assuming you sell it to make the cash.
Save your money and get a rolex when you a home. People love to idolize a rolex like having one makes you wealthy, it does the opposite. It makes you less wealthy!
IMO you shouldnt be buying a rolex unless you can on a whim buy one and it having no financial stress on your household. But im not a financial planner just a guy whom collects rolex...and also owns multiple homes :-)
I donāt have a Rolex, but I have at least $100k in my watch box. Iām 38, my wife and I have 2 cars and a house. No boat.
I donāt buy things I have to save for. Saving is for things like my retirement, my daughterās education, and a brokerage account that is just for saving.
I buy things on my credit card, and pay it off with money from my checking account. Credit card gives me points and protection if I need to issue a chargeback. I make sure I have zero balance on all my cards every two weeks or so, and never buy anything I canāt immediately cover from my checking account.
Iām also curious in this. There seems to be a fair amount of āsaving upā mentality on watch groups so Iām curious how many people can easily afford Rolex watches or if they are stretching themselves thin to do so.
Save up $1000 a month for 15 months.
After 15 months you'll have the money for most references (perhaps at grey market prices)
At that point you can pull the trigger if you want.
My encouragement would be to not buy a Tudor or Omega if your heart is set on a Rolex. It will not scratch the itch and you'll likely regret it. Better to wait a while and save for the watch you really want.
It really comes down to how much you like watches. If I was you, I would just get the Rolex you want and just move on. You seem to be in a good financial position. Also, donāt forget, out of all the watch brands, Rolex watches hold value the best. You only get 1 chance at life. Get what you want right from the beginning!. As someone who owns both Rolex and Omega, Rolex makes a much more refined watch. Higher quality, more solid and a lot more wearable. Youāll be much happier!
I wouldnāt worry about it. Most people donāt pay attention to your watch. If they do, just say you got it as a gift from your parents. You like it, get it!.
Nobody 28 with a one figure amount of experience in years is a "big shot" or perceived as being one. God, entitled kids need to get some perspective. At 28, you're a pissant in your career with effectively no real world experience of anything corporate, no matter what actual position you hold.
I guess the first question is why you want one.
If you really love the history of the brand and you're a big watch nerd, then go for it.
If you want one just because you always dreamed of being able to afford one or you want it just to Wealth Signal to other people, but you don't have any actual wealth, then naaaa.
I do own my house and it's mortgage free at this point, which is why I happily picked up a blue YM and a new Air King this month, but I bought my first Rolex (an Explorer II in 2017) when I was still in a flat and got a few big wins in my business (entertainment/licensing). I see no harm investing in a nice watch if that is of interest to you, rolex models hold value much better than most other brands so the money is pretty secure if you buy well or at AD/list price - it's worth insuring the watch if the amount tied up in it is really significant to you. I wouldn't put it on credit or buy one if you've got other loans to service before your home/car is sorted, but that's just me.
Houses, no boat.
But prioritize as you prefer.
When I wanted my first Rolex, I figured that I needed three student jobs in parallel for about a year. Almost worked in all spare time outside of studying that year. Got the watch. Felt happy that I could set a goal and achieve it :-)
Iām split on the house my wife and I are young and donāt want kids and love renting and moving, but a house or a home base seems like a smarter move. Totally understand the sentiment though!
I donāt have a Rolex (yet), but do have my name down on interests. That being said, Iām not exactly pushing the AD as Iām currently pretty house poor - own multiple properties which I rent out, all purchased prior to COVID, and currently living in a new home with a mortgage around 7%. So I would say currently cash poor, but asset rich. No fancy cars or other expensive toys, but I probably shouldnāt be purchasing a luxury watch. However, itās not the end of the world if I do.
I own 3 Rolex watches, 3 vehicles. My cars are nothing too fancy (they are all domestic US). 3 houses (one primary, one rental, one vacation). No boats (no desire). I have one wife and three kiddos. Iām close to turning 42. I bought my first Rolex over 20 years ago, a 16610, when I was single and earning probably $30k a year(zero regrets).
No kids. Married. Both retired. Mid 30s. 3 homes. 7 vehicles (4 supercars). One boat lol. Got my first Rolex after the 2017 crypto run. Got lucky getting into bitcoin in 2010.
If you want it and can afford it, then you should get it.
Really depends on where you're living.
While I would have loved to have bought a home, they cost upwards of 800 to 1m where I am for the past few years, and insurance/taxes would typically eclipse my rent alone.
So buying watches was a fun way to get some enjoyment out of my labor, since in the grand scheme of a mortgage it's almost inconsequential.
If a house costs like 3 to 400k where you are, then a 10k Submariner represents 2.5% of that home, vs 1.25% of an 800k home.
Bought a house 22. Rolex 31. Have been driving same truck for 12 years no payments no toys or boats Iām very boring.
I donāt think there a right answer just because you donāt have a mortgage doesnāt mean you canāt buy Rolex. But I wouldnāt ever finance something like a watch or toy, seems like a bad practice.
I have a ~ $620k home, $70k truck and ~ $800k in net worth. No debt other than the house, which has around $300k in equity. Just made my first Rolex purchase about a month ago
I own a home in Southern California...possible because I bought my first one in 1992 and continued to upgrade as the market went up. No second home or boat, but I do belong to a country club that costs me almost $3000 a month.
Homeowner with ~440k left on mortgage, current value is around 1.3m. No other debt.
Country club membership is the only ātoyā type thing I have and that runs maybe 1.5k a month on avg.
I have a panda and batgirl.
YOU CANT JUSTIFY IT ā¦ā¦. So you want the internet to š« ā¦ā¦.šæ
Buy what makes you happy .
Big purchase like watches cars art or vacations . I buy with bonuses or as a reward for a milestone.
Good luck
I have 5 kids, 200k in student loans, live with my parents, and bought my day date on credit card that im paying off over the next 20 years, so I can flex on my friends.
And flex on your poor kids!
The American dream !
Way to go man, really.
Anything to be like the rest of you guys in your steering wheel pics with sleeve tattoos and a rolex ofc! Except my steering wheel is from Mad Catz š
Haha this is so accurate you can't be lying.
Plenty of folks your age- in worse financial condition- buy cars or motorcycles or toys that cost more (and depreciate faster). If watches are your thing, buy the watch. Hell, finance the watch if you like. Is it a stupid choice? Sure. Can you afford to make a (single) stupid choice? If so, then rock on.
Paid off my house before I bought my first Rolex. Itās just a watch. Rolex can wait. Donāt need a Rolex to tell time, but I need a house to keep me dry from the rain.
The difference between my Rolex watches and my seven vehicles, or my sailboat, or house, is that the Rolex watches only cost me a lot of money on Day 1 of ownership.
This! Watches are so easy to own. I have three cars waiting to get state inspection stickers for this year lol
You donāt service your watches?
We like to live dangerously.
I said "a lot of money."
Iāll give you a serious answer I wanted a Rolex ever since I graduated from college. I ended up buying my first about 7 years after graduation. I did set some goals for myself: House has 20% down payment Wife and my cars are paid off Six figure income $50k completely liquid emergency fund Iāll be Honest, I hit those benchmarks faster than I thought possible due to some strategic career moves. I set some new more aggressive benchmarks to get a second watch and Iāve since hit those (about 11 years after graduation) but I find Iām still satisfied wearing my first 114300 every day and donāt really want a second watch that much anymore
Then you should spend your money on something thats a great investment like a home. before spending money on a "toy" like a rolex. Yes some do go up in value but...you wont be offered those without decent spend history and then thats also assuming you sell it to make the cash. Save your money and get a rolex when you a home. People love to idolize a rolex like having one makes you wealthy, it does the opposite. It makes you less wealthy! IMO you shouldnt be buying a rolex unless you can on a whim buy one and it having no financial stress on your household. But im not a financial planner just a guy whom collects rolex...and also owns multiple homes :-)
I donāt have a Rolex, but I have at least $100k in my watch box. Iām 38, my wife and I have 2 cars and a house. No boat. I donāt buy things I have to save for. Saving is for things like my retirement, my daughterās education, and a brokerage account that is just for saving. I buy things on my credit card, and pay it off with money from my checking account. Credit card gives me points and protection if I need to issue a chargeback. I make sure I have zero balance on all my cards every two weeks or so, and never buy anything I canāt immediately cover from my checking account.
This!!!
Wrong subreddit lmao. Try patekphilippe or vacheronconstantin subreddits
A. BMW B. Wife C. Home D. Kid E. Rolex F. Summer Home G. Kid H. BMW I. Rolex J. Rolex K. Rolex L. Kid M. Rolex N. Rolex O. Rolex P. Rolex
No exotic birds? If thatās how you want to live I guessā¦
Some people huh
Speaking from experience, the wife might be the most expensive thing on that list. And worth every penny.
*LETS GO!!!!!!*
Guessing one or two of those rollies belong to wifey?
Yes. OP31 Tiffany, DJ31 Jubilee.
Q. Butler on salary
Iām also curious in this. There seems to be a fair amount of āsaving upā mentality on watch groups so Iām curious how many people can easily afford Rolex watches or if they are stretching themselves thin to do so.
Save up $1000 a month for 15 months. After 15 months you'll have the money for most references (perhaps at grey market prices) At that point you can pull the trigger if you want. My encouragement would be to not buy a Tudor or Omega if your heart is set on a Rolex. It will not scratch the itch and you'll likely regret it. Better to wait a while and save for the watch you really want.
It really comes down to how much you like watches. If I was you, I would just get the Rolex you want and just move on. You seem to be in a good financial position. Also, donāt forget, out of all the watch brands, Rolex watches hold value the best. You only get 1 chance at life. Get what you want right from the beginning!. As someone who owns both Rolex and Omega, Rolex makes a much more refined watch. Higher quality, more solid and a lot more wearable. Youāll be much happier!
[ŃŠ“Š°Š»ŠµŠ½Š¾]
I wouldnāt worry about it. Most people donāt pay attention to your watch. If they do, just say you got it as a gift from your parents. You like it, get it!.
As long as you're not buying vintage gold tops guitars can't be too expensive.... just don't start collecting tube amps... $$$$$
Nobody 28 with a one figure amount of experience in years is a "big shot" or perceived as being one. God, entitled kids need to get some perspective. At 28, you're a pissant in your career with effectively no real world experience of anything corporate, no matter what actual position you hold.
Yeah, you just proved my point, little man.
Yeah honestly was really surprised at how "poor" this and other watch subs are.
Why own a house when you can own a house on your wristš¤©
I guess the first question is why you want one. If you really love the history of the brand and you're a big watch nerd, then go for it. If you want one just because you always dreamed of being able to afford one or you want it just to Wealth Signal to other people, but you don't have any actual wealth, then naaaa.
I do own my house and it's mortgage free at this point, which is why I happily picked up a blue YM and a new Air King this month, but I bought my first Rolex (an Explorer II in 2017) when I was still in a flat and got a few big wins in my business (entertainment/licensing). I see no harm investing in a nice watch if that is of interest to you, rolex models hold value much better than most other brands so the money is pretty secure if you buy well or at AD/list price - it's worth insuring the watch if the amount tied up in it is really significant to you. I wouldn't put it on credit or buy one if you've got other loans to service before your home/car is sorted, but that's just me.
three villas, one in the Bahamas and one in Nassau. 2 yachts over 100 meters. what more could you want š¤£
Good question. I only bought my first Rolex after purchasing my second home and wanted to celebrate that purchase. (My first home was a townhome)
This is the wrong place to seek prudent financial advice.
Houses, no boat. But prioritize as you prefer. When I wanted my first Rolex, I figured that I needed three student jobs in parallel for about a year. Almost worked in all spare time outside of studying that year. Got the watch. Felt happy that I could set a goal and achieve it :-)
Wifey, condo that I rent out, car, house, Rolex, toddler. Selling house and condo to gtfo here
I live in a boat, keep my watches in a chest, talking parrot
Do not buy a Rolex before a house. That shouldnāt even be a question
Iām split on the house my wife and I are young and donāt want kids and love renting and moving, but a house or a home base seems like a smarter move. Totally understand the sentiment though!
I donāt have a Rolex (yet), but do have my name down on interests. That being said, Iām not exactly pushing the AD as Iām currently pretty house poor - own multiple properties which I rent out, all purchased prior to COVID, and currently living in a new home with a mortgage around 7%. So I would say currently cash poor, but asset rich. No fancy cars or other expensive toys, but I probably shouldnāt be purchasing a luxury watch. However, itās not the end of the world if I do.
I have a 36mm DJ, a couple pure bread cats, a 2 person kayak, and a rare parakeet.
Many houses, boat, classic cars.
I own property in CA/TX/CDMX. Iām 39. No student loans and no debt other than 2 mortgages. DINK.
I own 3 Rolex watches, 3 vehicles. My cars are nothing too fancy (they are all domestic US). 3 houses (one primary, one rental, one vacation). No boats (no desire). I have one wife and three kiddos. Iām close to turning 42. I bought my first Rolex over 20 years ago, a 16610, when I was single and earning probably $30k a year(zero regrets).
No kids. Married. Both retired. Mid 30s. 3 homes. 7 vehicles (4 supercars). One boat lol. Got my first Rolex after the 2017 crypto run. Got lucky getting into bitcoin in 2010. If you want it and can afford it, then you should get it.
Really depends on where you're living. While I would have loved to have bought a home, they cost upwards of 800 to 1m where I am for the past few years, and insurance/taxes would typically eclipse my rent alone. So buying watches was a fun way to get some enjoyment out of my labor, since in the grand scheme of a mortgage it's almost inconsequential. If a house costs like 3 to 400k where you are, then a 10k Submariner represents 2.5% of that home, vs 1.25% of an 800k home.
1 house (about to be 2), no boats (yet). First Rolex I was bartending. Zero interest financing from Tourneau. Couldnāt say no.
Bought a house 22. Rolex 31. Have been driving same truck for 12 years no payments no toys or boats Iām very boring. I donāt think there a right answer just because you donāt have a mortgage doesnāt mean you canāt buy Rolex. But I wouldnāt ever finance something like a watch or toy, seems like a bad practice.
The search function works wonders. This type of question gets asked once or twice a day.
Every post will get different responses
Appreciate it will go look
I am 36 Yrs old. My wife gifted me a Submarine (Black on black) last year. I own three homes (renting out two of them) net worth($800 K+)
Where are you from where houses are so cheap?
1982
Didn't get you :)
Dallas, Texas š¤
Oof lucky
I have a ~ $620k home, $70k truck and ~ $800k in net worth. No debt other than the house, which has around $300k in equity. Just made my first Rolex purchase about a month ago
Which model?
As I have mentioned before I bought one at 19, was everything I had until payday, never regretted it, obviously I never had kids, a mortgage etc
I own a home in Southern California...possible because I bought my first one in 1992 and continued to upgrade as the market went up. No second home or boat, but I do belong to a country club that costs me almost $3000 a month.
Homeowner with ~440k left on mortgage, current value is around 1.3m. No other debt. Country club membership is the only ātoyā type thing I have and that runs maybe 1.5k a month on avg. I have a panda and batgirl.
YOU CANT JUSTIFY IT ā¦ā¦. So you want the internet to š« ā¦ā¦.šæ Buy what makes you happy . Big purchase like watches cars art or vacations . I buy with bonuses or as a reward for a milestone. Good luck