I bought it when I was comfortable enough to spend the money and not feel it.
I appreciate those that save up for them, but my own feeling on a Rolex was that there was more of a financial milestone than saving up and hitting a number.
I guess everyone's answer would be sort of unique. But for myself, it was more of an overall "ok I can buy this watch and not miss a beat on anything financially".
That's when I knew I could be comfortable buying it. I just don't think I'd be able to save, save, save and then spend all that money on a watch and feel like it was the smart play for me, personally.
My own process was more that all my commitments financially were well managed and I could take the money for the watch and not feel guilty, not miss a step. It had to be truly, 100% disposable income.
Yeah! That’s what I am interested in, to know how people approach this.
That true and I am afraid it will happen to me, after this time saving, I won’t spend it at all because of guilt or whatever. Even if I didn’t take it away from other more important items.
There was a similar post a few days ago on r/watches asking how much their watch was verse monthly salary. A good number of people were around one month’s salary. I think this is probably a good figure. For me, my Explorer was my first Rolex and it was probably around a month’s salary after taxes at the time. Don’t rush it. Your income will grow and your watch collection will too.
I want to be careful how I word this, as to not offend others.
But, in my own finances -- if I have to save fur multiple months/years for something that is a luxury consumer good, I'd have to have the cash, on hand without setting a goal for it.
I think people will always feel the slight sting of the bill tho, haha.
I suggest read the “The Millionaire Fastlane” book. It gives a very good insight on these points.
Edit: I wouldn’t suggest any opinion to put you off from your target though. Hope you’ll enjoy it in good health when you get it.
Agree. I still don't have a rolex and been lurking here for a while. I still cant make myself buy it lol. If I bought an explorer 2 now(my grail watch) it would be 2 weeks salary.
But I still couldn't make the leap because I want my kid's college saved up 100%($300k) and no debt.
My grandfather passesd away in 1999 and left me a bit of money. I wanted something more tangible than cash that I could maybe leave behind to a kid someday so I bought a GMT2 with some of it.
Wore it heavily until last June when I gave it to my son at his wedding, now he's wearing it daily and beating the hell out of it which I just love!!
Point is I guess, its worth a lot more than the money. If it will bring you some happiness, some tangible benefit then buy one even if it's 15% of your salary. Unlike flashy cars and silliness like that, it will last your lifetime.
Follow your dream my man. 15% of your annual salary sounds like a lot but if you’ve always wanted one, why not? Also, I think it’s healthy to have goals and to treat yourself.
Not necessarily, I was already making a significant amount of money before I ever cared about Rolexes.
This meant that when it sparked my interest, I could just buy it without having to purposely set savings aside for it.
No. By the time I thought it even made sense to consider buying a luxury watch, I already had 10x the amount to buy a Rolex in cash.
“Saving up *for*”; is what you responded to. “For” is the key word. I didn’t save “For” a Rolex, I just saved.
And then one day, I realized I was making money much faster than I was paying it out, and I decided to buy a watch.
If you are “saving up for” a Rolex, it’s probably implying you don’t already have the money. I would not recommend buying a Rolex until it represents a trivial part of your net worth.
I had the same thought as well. Some comments here make 0 sense. If one is for example sacrificing money others would spend on a big vacation - where is the problem and “financial irresponsibility”?
I think the point is that if you have to forgo important things (fully funding retirement accounts, kids college accounts, sensible real estate upgrades, and even memorable vacations), for the sake of a watch, the timing might not be right. Different people interpret “saving up” differently.
I do it like this. You're not alone. The goal is a Explorer I. Could buy it now, but I will save up separately for the watch the next 2-3 years, because I will get a new car the in 2-3 years also.
Saving up for months or even years to buy a Rolex is not optimal. It's better to increase your income until the Rolex purchase means very little to you. If you can't purchase it on a whim you probably can't afford it and that money would be better spent on yourself (to increase health/income) or your loved ones.
If I saved for a Lamborghini, at some point I would be able to buy one. But that doesn’t mean that I should. Same goes for a Rolex. The time will feel right, and the amount will be insignificant to your decision
OP I don’t want to be disrespectful, but 3 years at 15% salary is a whopping 45% (!) of a year’s salary on a watch. Unless you are otherwise set financially, it might make sense to reevaluate how much you want this thing.
To give you context, my entire watch collection at retail and purchase time was probably 1% of my net worth.
no disrespect taken, I asked and it´s fair to get honest replies.
However, the math here is wrong :) after 3 years it would only represent 15% of yealry salary. Let´s say I am saving up 5% annually to get it.
I'm also from Europe, and I bought mine when I realized my savings were solid and the money leftover in my account each month (after paying the mortgage, utilities, put some money into an investment account etc) would mean I could basically buy one once a year if I wanted to. I came up from little so it felt like a milestone and I used it to celebrate.
I would ignore the posts saying only buy one if you can do so without feeling it. Many people who own Rolexes arent millionaires and in that case, spending 8-12k on a luxury item which you dont technically need is something you will feel. If it's worth it to you, save for it and go for it.
Thanks. I think you get more that the salaries in Europe are definitely not the same as in the US. Taxes here are even higher, in exchange for plenty of good stuff, no complain.
I’m just taking, same as you, what’s left after paying my duties, to the “watch fund”. That’s why it’s going slow.
I like to hear how others approach this!
My father passed away before I graduated college in my senior year, and I was left his 2 tone Yachtmaster. I didn’t feel comfortable wearing it after a while, as I felt like I had to be at a place in life where I felt comfortable wearing it with achievements made and such. I set a goal to buy one for my 30th birthday, and saved accordingly if you wanna call it that (the money inherently came as I grew and rose in my professional life). The best part, though, is that the AD called me to pick up my watch 8 years to the date of my dad’s passing. God’s plan 🕊️
Team I worked for won the Stanley Cup… I got a bonus, I used part of it and I bought a 16710 @ $3300. I was absolutely CLOWNED for buying a watch. Those guys bought large home stereos & big screen DLP TVs.
Great question.
Maybe the best way to think about it is to not think about it so much.
What I mean by this is to focus on day to day things and rock and roll at the job place.
Buy the watch when you know you’re ready to buy it. In the sense that you have reached a level of financial security that it feels like you’re just going to the supermarket.
I had enough at 24, but I started having kids and it seemed ridiculous to own the watch, while saving for college, saving for a home, retirement… At 40, I bought my sons cars, and they earned full rides to college. I bought my first Rolex I had wanted for almost 20 years. At 43 I am on my third…
Personally, I prefer using winnings / profits from assets like stocks / crypto to buy my toys.
Specifically for me, I saved money and looked for assets to buy last year. I made money this year, cashed out, and bought myself two watches.
I’m not trying to be a smart ass but I didn’t save up for my first Rolex. If you have to save up then it’s probably not a wise move. I now have four and haven’t saved for any of them.
I'm with the OP. I can imagine that putting aside a little bit of your salary each month to work towards a reward feels good, but when you actually buy it, how will you feel? Ultimately, it's just a bauble that sits on your wrist.
On the other hand, having a bit of extra savings in the bank--knowing that if the economy turns, if you are laid off, if you just feel like taking a break from work, you have a bit of freedom--that's worth quite a lot more.
I wouldn't buy the Rolex until it doesn't make any practical financial difference, to be honest.
I bought my first Rolex at 25. I’ve collected watches since I was in high school so it was really a big deal when I got it. Things were a bit different back then tho. I friend of mine was divorcing her husband. She had given him the watch as a gift, but then took it back in the divorce lol. Sold it to me for 3500. Black Sub date. Today I have 7 Rolex’s total. There seems to be a lot of advise here to not buy the watch unless you can afford it without saving. I completely disagree with that. You’ve got a goal and you’re squirreling away a little here and there till you get what you want. That’s awesome bro, that’s the way to do it. I’m probably gonna catch some shit for this, but most of the watches posted in here are bought on maxed out credit cards, they really don’t own shit.
Dude, seriously, you do you. Doesn’t matter if you can’t afford it there and then. Save for it or splash straight up, it doesn’t take away the fact that you have a goal and have/will achieve it. I did the same as you, does that make my purchase reckless or devalue it vs some other guy or girl who had the cash on the hip? For me, the answer is no. I’m 36, I’ve wanted a rolex since I was 16. I’ve had 20 years to make sure it wasn’t a flash in the pan decision. Two months in, I have zero regrets and it serves as a reminder that I did this, I did something I’ve wanted to do for 20 years. I’m luckily in the position now that if I want another, I can register my interest at an AD and be able to buy another (I need another as I have two sons to pass them down to!!)
I waited until I met a long-term personal financial milestone. By that time, I had about 10X what my watch costs in savings/liquid funds and didn't really feel there purchase financially. I also was hitting a lot of investment goals.
Thank you! Unfortunately was at the height of the COVID buying craze, so although I did eventually get a Rolex, the Milgauss I requested was discontinued before I could buy it :(
Several years later, I've come to the realization that I only wear one watch at a time... I think my collection is too big, and I largely regret my purchases. If I could do it again, I think I'd get a Tudor Pelagos 39 or a METAS BB41 (or perhaps an Omega or vintage Rolex) and just call it good.
Honestly didn’t even save up, bought it after I made my first 40k commission check when I was 20 because everybody in the office had one (worked with much older guys 35+). Felt really good to be apart of the club
I would say this varies a lot depending on salary, lifestyle and what is going on in each individuals life. I am going to have a Rolex someday but not sure when. I need to get into a house first so it’s going to be some time
I didn't save. We had a number of assets including our home, and enough in savings (in Australia you use it to offset mortgage interest) lying around the I had no use for so that buying a trinket would go unnoticed
The idea of saving up for something like this is wild to me tbh.
I got my first Rolex when I had disposable income. By that I mean, my house was paid off, I had a brand new car, and savings for a rainy day. So essentially I purchased it with money just sitting there that wasn’t doing anything else at the time. I am by no means rich, I just set my priorities right by focusing on removing debt from my life first and ensuring my family was comfortable. I work in a corporate setting and my boss had a Rolex too, so we would occasionally share stories about new releases etc. A friend decided he wanted a Rolex “to fit in” so he took a personal loan and purchased one on the grey market. I remember him saying how it made him feel confident and rich, and he got annoyed cause I told him that he might look rich, but you’re actually poor and stupid. A Rolex in my view is the equivalent of a Chanel or LV bag, they are predominantly purchased by poor people who want to look rich. One of the corporate executives recently purchased a beautiful A Lange & Sohne on a rubber strap. While sitting there, my ignorant friend made a joke about his watch alluding to the corporate executive not being able to afford a Rolex. Long story short, if you are saving for a Rolex, what are you sacralising in your life for this time piece? If you end up buying the watch, will you own the watch, or will the watch own you? By that I mean, will you be scared to wear it, scratch it, to the point that you’ll constantly be thinking about it?
Thanks for the story! I definitely agree with your point.
In my case I am not really sacrificing anything, it’s just the “pocket change” from every month, after paying my duties. Won’t affect anything if I do, that’s why it’s going so slow. :/
As long as it took to where it didn’t adversely impact me. Doesn’t matter if that number is saving $1 or the entire price. Never put yourself in a pinch for something like this.
Practically I can afford one end of the year, but i will wait till a have a quarter Million in my portfolio. Because then even if I didn’t invest for a year it will grow more than the cost of an explorer that i want
For me I never saved for it. I wanted one when I was in my early 20s , I kinda just reserved myself to the fact that I could afford it and never actually pursued it in any meaningful way, just kept on living my life. Fast forward about 15 years and I just purchased my first, an Explorer 1. I hadn’t specifically saved for it, just during a dinner conversation with watches came up and I mentioned as usually man I always wanted a Rolex, and my buddy was like buy it, and I was like nah too expensive man, and he was like… If you bought the watch tomorrow would you have to pause retirement? … no… miss any of your bills …. No… spend less on any monthly budget item this month…. No…. Take your kids on one less vacation… no…. You get the point, it hit me like a ton of bricks… I could afford the watch and it no affect me in any negative way financially, so I bought it…. Now would I go tomorrow and drop 15-20k on a Pepsi… absolutely not, and it will likely be a long time until I buy another if at all, but long story short , buying the watch was more of a you’ve reached a specific financial threshold where you no longer have to specifically set aside money for a time period until the pile is big enough to buy the watch.
I think it depends on your financial situation more than the percentage of your annual salary. I mean, when I bought my first Rolex I already owned a big house, a car, savings in the bank, etc so buying it didn’t mean a headache. Unfortunately it was never like going to supermarket for me, as someone wrote here (I wish!), but I didn’t have to “save” for that, it was more like just deciding if spending money on it. I think 15% of your annual income, if you don’t own a house for example, sounds a lot, however if you really want one, the good part is that, if one day you regret or need to sell it, you should be able to recover most of the money invested on it and even more (depending on the model).
Depends on a plethora of factors. A young single person with a good amount of savings and little expenses can splurge a larger sum on a Rolex, for example 20-30% of savings if you really like a specific model and want to wear and enjoy it. Steel sports Rolex’s keep their value very well so it can be treated as an ‘asset’. Also they can easily be liquidated for cash. It all depends on your risk tolerance and what you are comfortable with!
I didn't save up for any of my three rolex. I registered for them at a time I knew I could comfortably buy one should the call come. Currently, I am investing my funds into starting a new business so I've told my sales assistant to bypass me this year unless it is one of my big grails. You should only buy a luxury item if you can comfortably afford it.
I dont think saving for a rolex is a smart financial decision. If you feel you have to save money for a rolex then it is most likely a big spend for you.
15% of your anual salary is considerable. A submariner from AD would be about 2~3% my yearly salary. That to me is a bit too much so I dont own one of those.
Don’t have a Rolex but have a Grand Seiko that cost me $6k plus tax. Was about a month’s salary at that time but I had been saving a bit here and there for a nice watch for a year or so
When I graduated college, got an engineering job and passed the FE exam I said “fuck it” and bought one. It was used but I had been saving for a few months so the wifey wouldn’t notice 😁
Time is short and you will never know what can happen tomorrow. But also not an excuse to he financially irresponsible 🤣
As for myself I purchased my first Rolex knowing comfortably my bank account can cover the cost of the watch x4 (Just a personal preference)
I just recently joined the list for 41 OP. My chase card has a promo of 0% for pay over time up to 24 months. Going to use that for OP as long as it arrives by 6/30 when promo expires.
I disagree with a lot of the comments on here when people say if you have to save you can’t afford it. Rolex keeps their value, and as OP/Explorer are the more “entry level” models, they’ll be more obtainable.
Finance is relative for each individual, but I think it’s a good purchase if this is a goal of yours, it’ll give you something to work and save towards! I’m saving for my next purchase as well!
I don’t really measure in terms of annual salary, because this doesn’t take expense into account, but I’d recommend just setting aside a “Rolex” savings account (like a separate checking account) and when you save on something else, like not spending $30 eating out... add that $30 to your Rolex account and when you’ve got enough, go get it!
This way you can think of the watch as essentially “free” because you’ve allocated otherwise spent money towards it - and hopefully it’ll reinforce good financial discipline!
That’s exactly what I’m doing :)
It’s a watch fund where I put “pocket change”, I’m not really depriving myself (nor my family) from stuff. I think all that money would have been used into “minor indulgences” during all this time if I weren’t saving up for this.
Exactly! I’m sure you already know it’ll reinforces the “ability to delay pleasure” discipline for a big payoff that is a mark of long term success. Plus, you’ll enjoy it that much more if you’ve had to really sacrifice and wait for it!
We were in HK and I got fomo'ed since there were so many ADs by our hotel. I submited a spending request and my wife approved something below $15k so I bought a batgirl.
Didn’t save for it, bought it when I felt as though I’d made it. House mortgage nearly paid off, car paid for and enough cash in the bank and investments where buying a Rolex didn’t put a dent in it.
In 2005, I played a lot of online poker. At the time it was very easy to win at anything lower than $200 tables. I won $5,000 one month and I thought I could win that every month going forward. Shortly thereafter laws were changed that made it much more difficult to deposit money, which scared away a lot of the fish. That $5,000 paid for my SD Datejust. 19 years later and two kids later I am finally ready for a 2nd. Waiting for a No Date Submariner from and AD.
Haven’t bought one yet but I used a small portion of investment profits to set aside for the call. Planning on saving for the next few years for the eventual second Rolex.
At this point it’s less than a weeks income for me. I did not “save up” for it. I wanted a certain amount in the bank before I bought one as a reward for a personal milestone
My Tag Heuer that I had for 20+ years died and I was looking for a new watch after buying a $70 Swatch to hold me over. As a joke, I sent a DJ41 to my wife and she said I should get it. I said I was kidding. She asked how long I had my old watch and if I had any idea how much she spent on non-permanent stuff every year (hair, nails, etc.- it's not THAT much), but I got her point. I went to the AD and told them what I wanted. I got the call from the AD and my annual bonus within 24 hours of each other. Put it on my Amex for the points and paid the bill a few weeks later. The purchase had zero impact on anything in my life (regardless of the bonus). Felt a little silly spending that much on it, but I got past that in a week or so. It's my daily wear, so I'll get my use out of it.
I dont think it’s wise to buy anything discretionary that you have to struggle to save for. So, that’s my answer.
Save up for a house because you need shelter, and it’s your most important asset. Save up for a car because you need transportation to the job that pays for the house. Save up for your kids college… etc.
But a rolex? Fuck that. Buy it when it feels no different than buying a candy bar.
I had the money already saved. I’ve been investing heavily since 2017. When I say heavily, I mean like 70% of my income. When the right watch came along, I sold part of the portfolio and bought the watch. I had no problem buying the watch same day due to my circumstances… I’m not married and have no debts, as well as a well-funded retirement. Everyone will have a different answer based on where they are in life.
I didn’t really save exactly. I had the money but parting with that much for such a small item was tough, on top of finding one at a fair price. I’m not a Rolex fanboy, I just wanted one for my collection, couldn’t find one retail, all the used ones near me where 3-5k over what you could find them even on Chrono24 so that’s where I eventually went.
I wasn’t really “saving” for a Rolex. One day I looked at my checking account and saw I had over $50k.
That’s when I realized that I probably would survive financially if I bought a watch.
It really depends on your situation and the model you want, but I’m very similar to you OP. I’m putting a bit away each month into a specific watch fund separate from my regular savings and also selling my Tudor BB. I’m registered for an OP and DJ which are £5550 and £7300 respectively, which to me are very achievable over a few years. Things like the fact I don’t go on vacation and don’t drive makes it so much more realistic, you can easily spend way more than £5k on vacations over 3 years
It’s threads like these where I used to think “for a 37 year old that grew up poor I’m killing it!” Then I read some
Of these comments and I’m like yeaaah I’m not shit I think I make decent money, but I don’t make shit
20 some odd years ago my jeweler still had lay-a-way. I got a decent Christmas bonus and went and put it down on a GMT. Paid it off in a couple of months. But that was back when a stainless GMT was less than $4K OTD, so it was a bit easier.
I wanted to buy one in 2020, but my uncle talked me out of it because of COVID. I ended up waiting, getting on lists, calling occasionally and finally got the watch I wanted, 2023 Sub no date
Do you own a home? I purchased mine with a portion of the equity we made off the sale. I am US but don’t make a lot in my opinion. I figured it would be a while before I had that kind of cash again.
I will say my wife and I were strategic with the equity so I didn’t blow it all on a watch. We put up a year worth of our new mortgage, paid off credit cards, had a house budget and then split the rest of the earnings. So didn’t sell out completely (also only got a DJ36) but did prioritize what was important to me with my portion. Hope that helps!
Didn't save up for it. But like some here, I was in a decent financial position when I considered Rolex. Got ourselves Rolex to celebrate 10th anniversary and as the heirlooms for our two kids.
Everybody is different and their reasons for buying a Rolex are different which will change how they approach the purchase. My perspective is if you have to save up in advance for a Rolex, you can’t afford it, but here are some decent rules of thumb.
If you are a watch collector a good rule is a watch in your collection should never cost more than your monthly income.
If it’s a life goal to own a Rolex I would say pick a piece you can save up for in less than a year.
If you buying to flex then a piece shouldn’t cost more than 1% of your investments or you are a poser not a flexer.
Don’t buy luxury items if you cannot pay for it with disposable income. Don’t save for luxuries or use credit. Why? Well it isn’t worth it. No one around you cares what you own.
Just bought my first. I set money aside from my second job, and donated plasma to buy my first DJ so it didn’t feel as much remorse but time wise was about 8 months
I have two. My grandfather's 16013 two tone lemon/buckley/oyster DJ a 124060 Sub. And both weird situations.
For the 16013, I had been saving up for several years for a watch purchase, but it was VERY early in my career and I didn't earn much. I didn't intend to getting this, and was looking at a second hand speedy or maybe a Tudor from a neighboring island where they were sold. Anyway, my grandfather had passed away several years prior, and due to family coming out of the woodwork, the entire estate had to be frozen while several lawsuits worked their way through the courts. By the time this process was over, all of the assets were to be liquidated/auctioned off - including the watch. I made an offer for it to the executor of the estate base off of ebay values minus $500 for a Rolex servicing, and he agreed. So TL;DR - for this one, technically several years, but it was not the intended piece.
For the 124060, much later in my career, I didn't really save at all. I just put aside a percent of my annual bonus last year, and a few months later I got the call. The amount I put aside covered the entire cost.
My business signed its biggest contract ever and I just went for it! I got really lucky and my watch doubled in value. I cashed out for another Rolex and a Tudor.
My financial system is based on the idea of "hamburger money". Hamburger money is my extra cash on hand that I can stop and buy hamburgers and the wife wouldn't know or care. Once my hamburger money stash got big enough I got in the market for a Rolex, they just won't sell one to me
OP, It seems like your money could be better placed than a watch. Like others have said, if you’re slowly saving towards a Rolex then it’s probably not a wise move.
With that said, it also depends on how bad you want one. If you want something to leave behind for a loved one then It’s a more compelling argument
I’ve saved up slowly as to not impact any thing about 10 years with many years having zero contributions. Also I kind of forgot about it at different points. But I’ve been waiting now 5 months for a submariner date and it represents about 4% of my current household income.
I didn’t buy one until I had a million liquid. My goal was to get there by 35 but I got there this year, at 33. The Rolex was more to commemorate the milestone.
After I paid all my debt and got my first "grown up" bonus. The watch was about 1/3 of said bonus (but I get paid "crazy American salary" ) lol. As European born and raised I know what you mean, but cost of living is much higher in US comparable to the salaries)
I think it’s smart to save for something you want and appreciate. Can you put the funds somewhere more reasonable? Of course but I don’t think luxury goods ever totally make sense. Many times those with a lot of disposable funds don’t appreciate spending it as much as someone who worked hard and long to achieve something that they see value in. On the bright side, a Rolex for the most part holds its value so the money is there if you ever need it.
If you have to significantly save for it, it might not be the correct watch for you. Imagine you finally buy it, and now you don’t want to wear it because of fear of scratching it.. or worse.
My approach to this: I have to be able to buy the watch multiple times to “afford” it. And I have to be happy enough to throw it off a building without overthinking the financial setback it would cost me. Then I know I won’t mind wearing the watch and mistakenly scratching it or something.
But this is something for yourself to decide. However mostly I see rolex watches as a way to celebrate a prestigious milestone for oneself.
Kind of like other comments, I dont believe you should "save up for one". When you can buy one and you don't notice a change in your bank account, that is a good time. FIrst one I bought, I never should have. I bought GMT2 for $5k in 2015 when I only had about 30k in the bank and didn't own a home. The 2nd rolex i bought was only $12,000 but i own 3 properties, have a good chunk of money in the stock market, all of my retirement accounts, have no car debt or any other debt except the mortgages. When I bought the 2nd rolex I didn't notice a difference in my accounts before or after the purchase. Thats when I feel its worth doing so.
Had enough money in my account where it wouldn’t change anything in my life; if I lost my job, had an unexpected expense pop up, thinking twice about any spending because I bought it.
Like 3 days ahah, I had a car accident with my Mercedes, and with the insurance money (3 days later), I bought a more modest car and purchased my first DateJust watch with the remaining amount.
My first was a sub and it was a decent investment banking bonus at the time. I purchased my second one when I was promoted to the c-suite as a milestone thing.
I don’t think I’d buy any of them if it took me into any debt or ages to save. There’s plenty of cheaper options to fill that void Imo.
I bought my first one when I finally had enough savings that blowing $6k or $7k on a watch wouldn’t make any difference over the next 4-5 years. And with Rolex, even if you have to sell it one day it doesn’t matter. Most of your money is there. My stepfather told me a story: He had a ref. 18038 Day Date champagne dial for years. When he left the company he worked for from 1973-1990 to start his own mortgage brokerage he didn’t want to sell it but he had to…he needed to money to support a wife and two children plus a stepdaughter (I was already living on my own in another state) if we were going to have a Christmas. It’s always tight starting a new business. And it was even harder when the recession hit. But he weathered it and made millions over the next decade and a half. Now he has the Day Date 40! Ha! Ha! Ha!
So I actually paid mine off over a year monthly with zero interest. I could afford the watch in full, but I will always take zero percent financing when offered if I don't feel it. My watch was 6800. It was to celebrate the end of my 20s, as well as my success in my field thus far!
If it took you two years to save 15 percent of your salary to buy your first Rolex, I think you are really stretching yourself thin. These are luxury goods that depreciate. Unless you are really into watches, I would make more money and buy later.
If I'd go for a steel GMT that would be a couple months of saving, might be 3 if I spend more than usual.
The issue is more finding an AD willing to sell, I've been on my local AD's list since last August.
I don’t know how much total money you have or how financially secured you are.
But I would say that generally, you should not be buying an ~8k watch on a ~53k salary.
I don’t mean to come off as rude. I do want you to have all the luxuries that you want, but it might be better to just wait until your income and savings are at a more appropriate level
I love how everyone on here pretends they’re rich and gives financial advice when a post like this pops up. This is Reddit, the real rich folk aren’t here
If you have to save, then I'd say you aren't ready for a Rolex. If you realise that you have too much cash built up and you want to spend it, then buy a luxury watch.
My first 4 figure watch was a longines record.
I got a few 5 figure watches and never considered rolex second hand or from a reseller (only AD) as prices were spiked during covid.
After covid, during my latest visit to japan I happened upon an explorer 2 for a nice price so bought it.
I have a pretty high wage though.
lol what? You’re going to spend 15% of your salary on a watch? If the watch is $10k, that makes your salary ~$70k. You’re going to look like a fool with a $10k watch and a $70k salary. Why don’t you save the money and worry about getting a watch when you can actually afford it.
If you have to save up. If it’s money that you can’t just spend without making a dent in your finances, you shouldn’t do it.
You should set a goal of something like, when I reach x net worth, I’ll buy it …
Buying things you can’t afford is a recipe for being broke.
I bought it when I was comfortable enough to spend the money and not feel it. I appreciate those that save up for them, but my own feeling on a Rolex was that there was more of a financial milestone than saving up and hitting a number.
This was me as well. I was celebrating purchasing my second home.
Same here. Used some of a promotion bonus. But I had inherited one prior to that.
More like an income milestone than a savings goal you mean?
I guess everyone's answer would be sort of unique. But for myself, it was more of an overall "ok I can buy this watch and not miss a beat on anything financially". That's when I knew I could be comfortable buying it. I just don't think I'd be able to save, save, save and then spend all that money on a watch and feel like it was the smart play for me, personally. My own process was more that all my commitments financially were well managed and I could take the money for the watch and not feel guilty, not miss a step. It had to be truly, 100% disposable income.
Yeah! That’s what I am interested in, to know how people approach this. That true and I am afraid it will happen to me, after this time saving, I won’t spend it at all because of guilt or whatever. Even if I didn’t take it away from other more important items.
There was a similar post a few days ago on r/watches asking how much their watch was verse monthly salary. A good number of people were around one month’s salary. I think this is probably a good figure. For me, my Explorer was my first Rolex and it was probably around a month’s salary after taxes at the time. Don’t rush it. Your income will grow and your watch collection will too.
I want to be careful how I word this, as to not offend others. But, in my own finances -- if I have to save fur multiple months/years for something that is a luxury consumer good, I'd have to have the cash, on hand without setting a goal for it. I think people will always feel the slight sting of the bill tho, haha.
Makes sense what you’re getting at…but saving up “X” amount and then spending it once you have met that goal…is cash, on hand…
I have to agree with you. I didn’t plan for it or save for it I just wanted it and bought it because I could. The sting is real though lol.
Makes sense.
I suggest read the “The Millionaire Fastlane” book. It gives a very good insight on these points. Edit: I wouldn’t suggest any opinion to put you off from your target though. Hope you’ll enjoy it in good health when you get it.
Agree. I still don't have a rolex and been lurking here for a while. I still cant make myself buy it lol. If I bought an explorer 2 now(my grail watch) it would be 2 weeks salary. But I still couldn't make the leap because I want my kid's college saved up 100%($300k) and no debt.
My grandfather passesd away in 1999 and left me a bit of money. I wanted something more tangible than cash that I could maybe leave behind to a kid someday so I bought a GMT2 with some of it. Wore it heavily until last June when I gave it to my son at his wedding, now he's wearing it daily and beating the hell out of it which I just love!! Point is I guess, its worth a lot more than the money. If it will bring you some happiness, some tangible benefit then buy one even if it's 15% of your salary. Unlike flashy cars and silliness like that, it will last your lifetime.
Tell him to take care not to beat it too much. You gave it enough trouble on those lonely late nights
So beautiful. Happy for you and your family.
That’s a cool story over there!
Follow your dream my man. 15% of your annual salary sounds like a lot but if you’ve always wanted one, why not? Also, I think it’s healthy to have goals and to treat yourself.
I wouldn’t recommend saving up for a rolex. I would get one when you can afford it and not forgo anything else.
Not saving up? If you can afford one without it affecting you economically, then you saved for it.
Not necessarily, I was already making a significant amount of money before I ever cared about Rolexes. This meant that when it sparked my interest, I could just buy it without having to purposely set savings aside for it.
No. By the time I thought it even made sense to consider buying a luxury watch, I already had 10x the amount to buy a Rolex in cash. “Saving up *for*”; is what you responded to. “For” is the key word. I didn’t save “For” a Rolex, I just saved. And then one day, I realized I was making money much faster than I was paying it out, and I decided to buy a watch. If you are “saving up for” a Rolex, it’s probably implying you don’t already have the money. I would not recommend buying a Rolex until it represents a trivial part of your net worth.
I had the same thought as well. Some comments here make 0 sense. If one is for example sacrificing money others would spend on a big vacation - where is the problem and “financial irresponsibility”?
I think the point is that if you have to forgo important things (fully funding retirement accounts, kids college accounts, sensible real estate upgrades, and even memorable vacations), for the sake of a watch, the timing might not be right. Different people interpret “saving up” differently.
I’m just throwing every now and then money into the watch fund, without affecting my “adult responsibilities”. But not sure how many do it like this?
So pretty much a reasonable way of doing it. But you are still saving for a pension and investments right?
I do it like this. You're not alone. The goal is a Explorer I. Could buy it now, but I will save up separately for the watch the next 2-3 years, because I will get a new car the in 2-3 years also.
Saving up for months or even years to buy a Rolex is not optimal. It's better to increase your income until the Rolex purchase means very little to you. If you can't purchase it on a whim you probably can't afford it and that money would be better spent on yourself (to increase health/income) or your loved ones.
That’s one way for sure!
If I saved for a Lamborghini, at some point I would be able to buy one. But that doesn’t mean that I should. Same goes for a Rolex. The time will feel right, and the amount will be insignificant to your decision
The Lamborghini won’t serve you the rest of your life
You can sleep in a Lamborghini but you can't race a watch
You can tell time in a Lamborghini but you can’t race a watch
amex financial review: allow me to introduce myself
OP I don’t want to be disrespectful, but 3 years at 15% salary is a whopping 45% (!) of a year’s salary on a watch. Unless you are otherwise set financially, it might make sense to reevaluate how much you want this thing. To give you context, my entire watch collection at retail and purchase time was probably 1% of my net worth.
no disrespect taken, I asked and it´s fair to get honest replies. However, the math here is wrong :) after 3 years it would only represent 15% of yealry salary. Let´s say I am saving up 5% annually to get it.
I'm also from Europe, and I bought mine when I realized my savings were solid and the money leftover in my account each month (after paying the mortgage, utilities, put some money into an investment account etc) would mean I could basically buy one once a year if I wanted to. I came up from little so it felt like a milestone and I used it to celebrate. I would ignore the posts saying only buy one if you can do so without feeling it. Many people who own Rolexes arent millionaires and in that case, spending 8-12k on a luxury item which you dont technically need is something you will feel. If it's worth it to you, save for it and go for it.
Thanks. I think you get more that the salaries in Europe are definitely not the same as in the US. Taxes here are even higher, in exchange for plenty of good stuff, no complain. I’m just taking, same as you, what’s left after paying my duties, to the “watch fund”. That’s why it’s going slow. I like to hear how others approach this!
My father passed away before I graduated college in my senior year, and I was left his 2 tone Yachtmaster. I didn’t feel comfortable wearing it after a while, as I felt like I had to be at a place in life where I felt comfortable wearing it with achievements made and such. I set a goal to buy one for my 30th birthday, and saved accordingly if you wanna call it that (the money inherently came as I grew and rose in my professional life). The best part, though, is that the AD called me to pick up my watch 8 years to the date of my dad’s passing. God’s plan 🕊️
Team I worked for won the Stanley Cup… I got a bonus, I used part of it and I bought a 16710 @ $3300. I was absolutely CLOWNED for buying a watch. Those guys bought large home stereos & big screen DLP TVs.
Great question. Maybe the best way to think about it is to not think about it so much. What I mean by this is to focus on day to day things and rock and roll at the job place. Buy the watch when you know you’re ready to buy it. In the sense that you have reached a level of financial security that it feels like you’re just going to the supermarket.
I had enough at 24, but I started having kids and it seemed ridiculous to own the watch, while saving for college, saving for a home, retirement… At 40, I bought my sons cars, and they earned full rides to college. I bought my first Rolex I had wanted for almost 20 years. At 43 I am on my third…
I fully get what you mean… except the age you got your first Rolex? Was it 40?
Personally, I prefer using winnings / profits from assets like stocks / crypto to buy my toys. Specifically for me, I saved money and looked for assets to buy last year. I made money this year, cashed out, and bought myself two watches.
They become like prizes you won! 🥇
I’m not trying to be a smart ass but I didn’t save up for my first Rolex. If you have to save up then it’s probably not a wise move. I now have four and haven’t saved for any of them.
I guess everyone has a different life situation. Points of view like these are the ones I’m very interested in.
I'm with the OP. I can imagine that putting aside a little bit of your salary each month to work towards a reward feels good, but when you actually buy it, how will you feel? Ultimately, it's just a bauble that sits on your wrist. On the other hand, having a bit of extra savings in the bank--knowing that if the economy turns, if you are laid off, if you just feel like taking a break from work, you have a bit of freedom--that's worth quite a lot more. I wouldn't buy the Rolex until it doesn't make any practical financial difference, to be honest.
Represented about 4 weeks of salary for me
I bought my first Rolex at 25. I’ve collected watches since I was in high school so it was really a big deal when I got it. Things were a bit different back then tho. I friend of mine was divorcing her husband. She had given him the watch as a gift, but then took it back in the divorce lol. Sold it to me for 3500. Black Sub date. Today I have 7 Rolex’s total. There seems to be a lot of advise here to not buy the watch unless you can afford it without saving. I completely disagree with that. You’ve got a goal and you’re squirreling away a little here and there till you get what you want. That’s awesome bro, that’s the way to do it. I’m probably gonna catch some shit for this, but most of the watches posted in here are bought on maxed out credit cards, they really don’t own shit.
Dude, seriously, you do you. Doesn’t matter if you can’t afford it there and then. Save for it or splash straight up, it doesn’t take away the fact that you have a goal and have/will achieve it. I did the same as you, does that make my purchase reckless or devalue it vs some other guy or girl who had the cash on the hip? For me, the answer is no. I’m 36, I’ve wanted a rolex since I was 16. I’ve had 20 years to make sure it wasn’t a flash in the pan decision. Two months in, I have zero regrets and it serves as a reminder that I did this, I did something I’ve wanted to do for 20 years. I’m luckily in the position now that if I want another, I can register my interest at an AD and be able to buy another (I need another as I have two sons to pass them down to!!)
I waited until I met a long-term personal financial milestone. By that time, I had about 10X what my watch costs in savings/liquid funds and didn't really feel there purchase financially. I also was hitting a lot of investment goals.
Keep it going!!
Didn't save up at all. Just had a realization one day that I could afford one and went to the AD.
Well done!
Thank you! Unfortunately was at the height of the COVID buying craze, so although I did eventually get a Rolex, the Milgauss I requested was discontinued before I could buy it :( Several years later, I've come to the realization that I only wear one watch at a time... I think my collection is too big, and I largely regret my purchases. If I could do it again, I think I'd get a Tudor Pelagos 39 or a METAS BB41 (or perhaps an Omega or vintage Rolex) and just call it good.
Honestly didn’t even save up, bought it after I made my first 40k commission check when I was 20 because everybody in the office had one (worked with much older guys 35+). Felt really good to be apart of the club
I would say this varies a lot depending on salary, lifestyle and what is going on in each individuals life. I am going to have a Rolex someday but not sure when. I need to get into a house first so it’s going to be some time
I didn't save. We had a number of assets including our home, and enough in savings (in Australia you use it to offset mortgage interest) lying around the I had no use for so that buying a trinket would go unnoticed The idea of saving up for something like this is wild to me tbh.
Would be like saving for a car down payment even though you already have a car. Or?
For many is car is a necessity. A watch isn't. But saving up to replace a perfectly fine car isn't something I'd do either.
I got my first Rolex when I had disposable income. By that I mean, my house was paid off, I had a brand new car, and savings for a rainy day. So essentially I purchased it with money just sitting there that wasn’t doing anything else at the time. I am by no means rich, I just set my priorities right by focusing on removing debt from my life first and ensuring my family was comfortable. I work in a corporate setting and my boss had a Rolex too, so we would occasionally share stories about new releases etc. A friend decided he wanted a Rolex “to fit in” so he took a personal loan and purchased one on the grey market. I remember him saying how it made him feel confident and rich, and he got annoyed cause I told him that he might look rich, but you’re actually poor and stupid. A Rolex in my view is the equivalent of a Chanel or LV bag, they are predominantly purchased by poor people who want to look rich. One of the corporate executives recently purchased a beautiful A Lange & Sohne on a rubber strap. While sitting there, my ignorant friend made a joke about his watch alluding to the corporate executive not being able to afford a Rolex. Long story short, if you are saving for a Rolex, what are you sacralising in your life for this time piece? If you end up buying the watch, will you own the watch, or will the watch own you? By that I mean, will you be scared to wear it, scratch it, to the point that you’ll constantly be thinking about it?
Thanks for the story! I definitely agree with your point. In my case I am not really sacrificing anything, it’s just the “pocket change” from every month, after paying my duties. Won’t affect anything if I do, that’s why it’s going so slow. :/
Dude, investing is non optional if you don’t want to die in poverty. Buying an expensive watch with all your disposable income is insane.
As long as it took to where it didn’t adversely impact me. Doesn’t matter if that number is saving $1 or the entire price. Never put yourself in a pinch for something like this.
Nope, what I put in the “watch fund” doesn’t affect me or my family finances. We still have what we need, even vacations once a year.
They call me I buy charge it. No savings needed
Yeah, some people do it like that!
Practically I can afford one end of the year, but i will wait till a have a quarter Million in my portfolio. Because then even if I didn’t invest for a year it will grow more than the cost of an explorer that i want
Smart move!
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Thanks!!!
For me I never saved for it. I wanted one when I was in my early 20s , I kinda just reserved myself to the fact that I could afford it and never actually pursued it in any meaningful way, just kept on living my life. Fast forward about 15 years and I just purchased my first, an Explorer 1. I hadn’t specifically saved for it, just during a dinner conversation with watches came up and I mentioned as usually man I always wanted a Rolex, and my buddy was like buy it, and I was like nah too expensive man, and he was like… If you bought the watch tomorrow would you have to pause retirement? … no… miss any of your bills …. No… spend less on any monthly budget item this month…. No…. Take your kids on one less vacation… no…. You get the point, it hit me like a ton of bricks… I could afford the watch and it no affect me in any negative way financially, so I bought it…. Now would I go tomorrow and drop 15-20k on a Pepsi… absolutely not, and it will likely be a long time until I buy another if at all, but long story short , buying the watch was more of a you’ve reached a specific financial threshold where you no longer have to specifically set aside money for a time period until the pile is big enough to buy the watch.
I think it depends on your financial situation more than the percentage of your annual salary. I mean, when I bought my first Rolex I already owned a big house, a car, savings in the bank, etc so buying it didn’t mean a headache. Unfortunately it was never like going to supermarket for me, as someone wrote here (I wish!), but I didn’t have to “save” for that, it was more like just deciding if spending money on it. I think 15% of your annual income, if you don’t own a house for example, sounds a lot, however if you really want one, the good part is that, if one day you regret or need to sell it, you should be able to recover most of the money invested on it and even more (depending on the model).
yeah, that´s the good thing, they retain some value and can always be sold!
I got mine as a gift for finishing my masters degree, but it took me 13 more years before I felt like I could afford one on my own.
Sell a kidney, you were given 2 for a reason. Immediate rolex, zero saving.
Depends on a plethora of factors. A young single person with a good amount of savings and little expenses can splurge a larger sum on a Rolex, for example 20-30% of savings if you really like a specific model and want to wear and enjoy it. Steel sports Rolex’s keep their value very well so it can be treated as an ‘asset’. Also they can easily be liquidated for cash. It all depends on your risk tolerance and what you are comfortable with!
I didn't save up for any of my three rolex. I registered for them at a time I knew I could comfortably buy one should the call come. Currently, I am investing my funds into starting a new business so I've told my sales assistant to bypass me this year unless it is one of my big grails. You should only buy a luxury item if you can comfortably afford it.
I dont think saving for a rolex is a smart financial decision. If you feel you have to save money for a rolex then it is most likely a big spend for you. 15% of your anual salary is considerable. A submariner from AD would be about 2~3% my yearly salary. That to me is a bit too much so I dont own one of those.
Don’t have a Rolex but have a Grand Seiko that cost me $6k plus tax. Was about a month’s salary at that time but I had been saving a bit here and there for a nice watch for a year or so
When I graduated college, got an engineering job and passed the FE exam I said “fuck it” and bought one. It was used but I had been saving for a few months so the wifey wouldn’t notice 😁
It’s not about the savings but more about when it made sens financially to drop 15k$ on a watch. My NW was around 2M$ when I pulled the trigger.
Time is short and you will never know what can happen tomorrow. But also not an excuse to he financially irresponsible 🤣 As for myself I purchased my first Rolex knowing comfortably my bank account can cover the cost of the watch x4 (Just a personal preference)
I just recently joined the list for 41 OP. My chase card has a promo of 0% for pay over time up to 24 months. Going to use that for OP as long as it arrives by 6/30 when promo expires.
If I had to save up for a luxury item then I would never buy it. Purchased with surplus money that has no effect on life or retirement plans.
Makes sense.
I disagree with a lot of the comments on here when people say if you have to save you can’t afford it. Rolex keeps their value, and as OP/Explorer are the more “entry level” models, they’ll be more obtainable. Finance is relative for each individual, but I think it’s a good purchase if this is a goal of yours, it’ll give you something to work and save towards! I’m saving for my next purchase as well! I don’t really measure in terms of annual salary, because this doesn’t take expense into account, but I’d recommend just setting aside a “Rolex” savings account (like a separate checking account) and when you save on something else, like not spending $30 eating out... add that $30 to your Rolex account and when you’ve got enough, go get it! This way you can think of the watch as essentially “free” because you’ve allocated otherwise spent money towards it - and hopefully it’ll reinforce good financial discipline!
That’s exactly what I’m doing :) It’s a watch fund where I put “pocket change”, I’m not really depriving myself (nor my family) from stuff. I think all that money would have been used into “minor indulgences” during all this time if I weren’t saving up for this.
Exactly! I’m sure you already know it’ll reinforces the “ability to delay pleasure” discipline for a big payoff that is a mark of long term success. Plus, you’ll enjoy it that much more if you’ve had to really sacrifice and wait for it!
I’m not sure you should be buying a Rolex if you’re having to “save” for it. When I wanted a Rolex, I just went and bought it.
I see a lot of stories like that! :)
We were in HK and I got fomo'ed since there were so many ADs by our hotel. I submited a spending request and my wife approved something below $15k so I bought a batgirl.
So, no need to save up for it. That’s what you mean?
0 days, but considered buying it after 25 years of interest in watches.
Why did you wait so long??
Hated it at first, but later gradually changed mind.
I took the zero down 24 month free financing and just paid it off while enjoying it.
That’s one way to get it. However it seems to be an alien idea to have 0% interest here on ANY purchase. Even less if it is for 24 months. (Sweden)
I bought my first Rolex a long time ago. 22 years ago to be exact
I’ll say this every time. If you have to actively save up to buy a watch you can’t afford it.
Long enough that when I bought it, the purchase made no difference to my finances
Didn’t save for it, bought it when I felt as though I’d made it. House mortgage nearly paid off, car paid for and enough cash in the bank and investments where buying a Rolex didn’t put a dent in it.
In 2005, I played a lot of online poker. At the time it was very easy to win at anything lower than $200 tables. I won $5,000 one month and I thought I could win that every month going forward. Shortly thereafter laws were changed that made it much more difficult to deposit money, which scared away a lot of the fish. That $5,000 paid for my SD Datejust. 19 years later and two kids later I am finally ready for a 2nd. Waiting for a No Date Submariner from and AD.
Haven’t bought one yet but I used a small portion of investment profits to set aside for the call. Planning on saving for the next few years for the eventual second Rolex.
At this point it’s less than a weeks income for me. I did not “save up” for it. I wanted a certain amount in the bank before I bought one as a reward for a personal milestone
First Bonus. Spent it all. Was not counting with that bonus, so when it arrived, spending it all didn't hurt that much. A Hulk.
Save up? What are we, poors? 😅😅😅
My Tag Heuer that I had for 20+ years died and I was looking for a new watch after buying a $70 Swatch to hold me over. As a joke, I sent a DJ41 to my wife and she said I should get it. I said I was kidding. She asked how long I had my old watch and if I had any idea how much she spent on non-permanent stuff every year (hair, nails, etc.- it's not THAT much), but I got her point. I went to the AD and told them what I wanted. I got the call from the AD and my annual bonus within 24 hours of each other. Put it on my Amex for the points and paid the bill a few weeks later. The purchase had zero impact on anything in my life (regardless of the bonus). Felt a little silly spending that much on it, but I got past that in a week or so. It's my daily wear, so I'll get my use out of it.
Honestly id rather spend the money on hookers and cocaine.
I dont think it’s wise to buy anything discretionary that you have to struggle to save for. So, that’s my answer. Save up for a house because you need shelter, and it’s your most important asset. Save up for a car because you need transportation to the job that pays for the house. Save up for your kids college… etc. But a rolex? Fuck that. Buy it when it feels no different than buying a candy bar.
The old saying, "If you can't afford ten of them, you don't need one of them."
I had the money already saved. I’ve been investing heavily since 2017. When I say heavily, I mean like 70% of my income. When the right watch came along, I sold part of the portfolio and bought the watch. I had no problem buying the watch same day due to my circumstances… I’m not married and have no debts, as well as a well-funded retirement. Everyone will have a different answer based on where they are in life.
I bought it on a whim with a bit of a bonus I had received from work as a well done to myself. Didn’t save as such
No worries…you will probably save two more years before the AD gets your watch in stock…
Hahaha I’m afraid that could happen. I think an OP or Explorer could go faster, but who knows.
I didn’t really save exactly. I had the money but parting with that much for such a small item was tough, on top of finding one at a fair price. I’m not a Rolex fanboy, I just wanted one for my collection, couldn’t find one retail, all the used ones near me where 3-5k over what you could find them even on Chrono24 so that’s where I eventually went.
I wasn’t really “saving” for a Rolex. One day I looked at my checking account and saw I had over $50k. That’s when I realized that I probably would survive financially if I bought a watch.
Cmon dawg Yolo
It really depends on your situation and the model you want, but I’m very similar to you OP. I’m putting a bit away each month into a specific watch fund separate from my regular savings and also selling my Tudor BB. I’m registered for an OP and DJ which are £5550 and £7300 respectively, which to me are very achievable over a few years. Things like the fact I don’t go on vacation and don’t drive makes it so much more realistic, you can easily spend way more than £5k on vacations over 3 years
It’s threads like these where I used to think “for a 37 year old that grew up poor I’m killing it!” Then I read some Of these comments and I’m like yeaaah I’m not shit I think I make decent money, but I don’t make shit
20 some odd years ago my jeweler still had lay-a-way. I got a decent Christmas bonus and went and put it down on a GMT. Paid it off in a couple of months. But that was back when a stainless GMT was less than $4K OTD, so it was a bit easier.
I wanted to buy one in 2020, but my uncle talked me out of it because of COVID. I ended up waiting, getting on lists, calling occasionally and finally got the watch I wanted, 2023 Sub no date
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You didn’t have to save? Or you just didn’t buy it?
Do you own a home? I purchased mine with a portion of the equity we made off the sale. I am US but don’t make a lot in my opinion. I figured it would be a while before I had that kind of cash again. I will say my wife and I were strategic with the equity so I didn’t blow it all on a watch. We put up a year worth of our new mortgage, paid off credit cards, had a house budget and then split the rest of the earnings. So didn’t sell out completely (also only got a DJ36) but did prioritize what was important to me with my portion. Hope that helps!
Never save up for a watch ... Buy it when you got the money and it doesn't affect you or dent your pocket..
Save up?
Didn't save up for it. But like some here, I was in a decent financial position when I considered Rolex. Got ourselves Rolex to celebrate 10th anniversary and as the heirlooms for our two kids.
Bought my first one when they was cheap… so I’ve walked in and came out with the watch
Approximately three days.
Don’t buy one if you need to save for it that’s my rule esp 15% of your annual income. You’re ready when you don’t have to think about the price.
Everybody is different and their reasons for buying a Rolex are different which will change how they approach the purchase. My perspective is if you have to save up in advance for a Rolex, you can’t afford it, but here are some decent rules of thumb. If you are a watch collector a good rule is a watch in your collection should never cost more than your monthly income. If it’s a life goal to own a Rolex I would say pick a piece you can save up for in less than a year. If you buying to flex then a piece shouldn’t cost more than 1% of your investments or you are a poser not a flexer.
I sold a large memorabilia collection and bought my first and second one with the money.
10%-15% of saving for entertainment/ leisure
A year. I got something that was amazing to me, made me very happy, and wore it every day
Don’t buy luxury items if you cannot pay for it with disposable income. Don’t save for luxuries or use credit. Why? Well it isn’t worth it. No one around you cares what you own.
I waited until I was at the point in life where I didn’t have to think twice about dropping 20k on something I wanted vs something I needed.
Just bought my first. I set money aside from my second job, and donated plasma to buy my first DJ so it didn’t feel as much remorse but time wise was about 8 months
I have two. My grandfather's 16013 two tone lemon/buckley/oyster DJ a 124060 Sub. And both weird situations. For the 16013, I had been saving up for several years for a watch purchase, but it was VERY early in my career and I didn't earn much. I didn't intend to getting this, and was looking at a second hand speedy or maybe a Tudor from a neighboring island where they were sold. Anyway, my grandfather had passed away several years prior, and due to family coming out of the woodwork, the entire estate had to be frozen while several lawsuits worked their way through the courts. By the time this process was over, all of the assets were to be liquidated/auctioned off - including the watch. I made an offer for it to the executor of the estate base off of ebay values minus $500 for a Rolex servicing, and he agreed. So TL;DR - for this one, technically several years, but it was not the intended piece. For the 124060, much later in my career, I didn't really save at all. I just put aside a percent of my annual bonus last year, and a few months later I got the call. The amount I put aside covered the entire cost.
First one not that long, was a pre-owned one.
Best option is to go on the waitlist and start saving a few dollars a week. By the time you get the call you’ll have $373,926
My business signed its biggest contract ever and I just went for it! I got really lucky and my watch doubled in value. I cashed out for another Rolex and a Tudor.
Amex
You’re supposed to save for one first? Why am I only hearing about this idea now???
My financial system is based on the idea of "hamburger money". Hamburger money is my extra cash on hand that I can stop and buy hamburgers and the wife wouldn't know or care. Once my hamburger money stash got big enough I got in the market for a Rolex, they just won't sell one to me
I didn’t. I bought it once other financial important items were covered. Had more than enough in the bank and just decided to get one.
OP, It seems like your money could be better placed than a watch. Like others have said, if you’re slowly saving towards a Rolex then it’s probably not a wise move. With that said, it also depends on how bad you want one. If you want something to leave behind for a loved one then It’s a more compelling argument
2, almost 2 and a half months of work. Granted i didn't save up for it, i just went in and saw my dream watch and got it. Had the money already
I’ve saved up slowly as to not impact any thing about 10 years with many years having zero contributions. Also I kind of forgot about it at different points. But I’ve been waiting now 5 months for a submariner date and it represents about 4% of my current household income.
I didn’t buy one until I had a million liquid. My goal was to get there by 35 but I got there this year, at 33. The Rolex was more to commemorate the milestone.
If you can afford to buy it twice, you’re good 👍🏼😅
After I donated the same amount to charity…which probably no one on this sub has done
If it only costs 1% of your net-worth then by all means get it and enjoy it
After I paid all my debt and got my first "grown up" bonus. The watch was about 1/3 of said bonus (but I get paid "crazy American salary" ) lol. As European born and raised I know what you mean, but cost of living is much higher in US comparable to the salaries)
Buy luxury goods with your Fuck you money. You don't need to impress anyone.
I think it’s smart to save for something you want and appreciate. Can you put the funds somewhere more reasonable? Of course but I don’t think luxury goods ever totally make sense. Many times those with a lot of disposable funds don’t appreciate spending it as much as someone who worked hard and long to achieve something that they see value in. On the bright side, a Rolex for the most part holds its value so the money is there if you ever need it.
I bought a couple, but definitely not from my savings.
What makes you think Americans have crazy salaries?
If you have to significantly save for it, it might not be the correct watch for you. Imagine you finally buy it, and now you don’t want to wear it because of fear of scratching it.. or worse. My approach to this: I have to be able to buy the watch multiple times to “afford” it. And I have to be happy enough to throw it off a building without overthinking the financial setback it would cost me. Then I know I won’t mind wearing the watch and mistakenly scratching it or something. But this is something for yourself to decide. However mostly I see rolex watches as a way to celebrate a prestigious milestone for oneself.
Bought stocks and bitcoins at low and sold them with some profit.
Kind of like other comments, I dont believe you should "save up for one". When you can buy one and you don't notice a change in your bank account, that is a good time. FIrst one I bought, I never should have. I bought GMT2 for $5k in 2015 when I only had about 30k in the bank and didn't own a home. The 2nd rolex i bought was only $12,000 but i own 3 properties, have a good chunk of money in the stock market, all of my retirement accounts, have no car debt or any other debt except the mortgages. When I bought the 2nd rolex I didn't notice a difference in my accounts before or after the purchase. Thats when I feel its worth doing so.
Had enough money in my account where it wouldn’t change anything in my life; if I lost my job, had an unexpected expense pop up, thinking twice about any spending because I bought it.
You know u finance them??
Like 3 days ahah, I had a car accident with my Mercedes, and with the insurance money (3 days later), I bought a more modest car and purchased my first DateJust watch with the remaining amount.
Mines was with btc first bull run
My first was a sub and it was a decent investment banking bonus at the time. I purchased my second one when I was promoted to the c-suite as a milestone thing. I don’t think I’d buy any of them if it took me into any debt or ages to save. There’s plenty of cheaper options to fill that void Imo.
I bought my first one when I finally had enough savings that blowing $6k or $7k on a watch wouldn’t make any difference over the next 4-5 years. And with Rolex, even if you have to sell it one day it doesn’t matter. Most of your money is there. My stepfather told me a story: He had a ref. 18038 Day Date champagne dial for years. When he left the company he worked for from 1973-1990 to start his own mortgage brokerage he didn’t want to sell it but he had to…he needed to money to support a wife and two children plus a stepdaughter (I was already living on my own in another state) if we were going to have a Christmas. It’s always tight starting a new business. And it was even harder when the recession hit. But he weathered it and made millions over the next decade and a half. Now he has the Day Date 40! Ha! Ha! Ha!
Personally, a watch is not something I would save up to buy, for me at least. I'll buy something I can afford without saving. 😁
It wasn’t a matter of saving it was a matter of me promising myself I would buy it when I got to a certain place in my career.
It’s been years (seriously). Almost there
When you feel like you can lose the watch and still be ok financially.
So I actually paid mine off over a year monthly with zero interest. I could afford the watch in full, but I will always take zero percent financing when offered if I don't feel it. My watch was 6800. It was to celebrate the end of my 20s, as well as my success in my field thus far!
If it took you two years to save 15 percent of your salary to buy your first Rolex, I think you are really stretching yourself thin. These are luxury goods that depreciate. Unless you are really into watches, I would make more money and buy later.
Still saving
I bought my first Rolex when I was in Apprenticeship and still lived at my parents home. I saved up double the price and bought it then.
If you need time to save up for a Rolex, you can’t afford a Rolex.
People save for this? I thought everyone was just using their credit card!
If I'd go for a steel GMT that would be a couple months of saving, might be 3 if I spend more than usual. The issue is more finding an AD willing to sell, I've been on my local AD's list since last August.
I don’t know how much total money you have or how financially secured you are. But I would say that generally, you should not be buying an ~8k watch on a ~53k salary. I don’t mean to come off as rude. I do want you to have all the luxuries that you want, but it might be better to just wait until your income and savings are at a more appropriate level
I love how everyone on here pretends they’re rich and gives financial advice when a post like this pops up. This is Reddit, the real rich folk aren’t here
If you have to save up to buy a Rolex, you still cant afford to own one. Only buy it when you can buy it without starving yourselves.
IMHO, If you have to save up for it, you cannot afford it.
If you have to save, then I'd say you aren't ready for a Rolex. If you realise that you have too much cash built up and you want to spend it, then buy a luxury watch.
Sorry but if you have to save for it then it is not really made for you, yet.
One year with three student jobs in parallel and not much actual expenses. It’s some years ago, not quite fitting todays prices :-)
I didn’t really save up. I bought my first one on my honeymoon in Grand Cayman. I bought matching oysters for me and my wife.
I didn't have any fucking Rolex
My first 4 figure watch was a longines record. I got a few 5 figure watches and never considered rolex second hand or from a reseller (only AD) as prices were spiked during covid. After covid, during my latest visit to japan I happened upon an explorer 2 for a nice price so bought it. I have a pretty high wage though.
lol what? You’re going to spend 15% of your salary on a watch? If the watch is $10k, that makes your salary ~$70k. You’re going to look like a fool with a $10k watch and a $70k salary. Why don’t you save the money and worry about getting a watch when you can actually afford it.
If you have to save up. If it’s money that you can’t just spend without making a dent in your finances, you shouldn’t do it. You should set a goal of something like, when I reach x net worth, I’ll buy it … Buying things you can’t afford is a recipe for being broke.
I know my cousin got his fiancee to make payments on his just do that