Promotion at Work

[chris_nor_cal]

:cheers::cheers:Beers and Cigars (If I could still damn well smoke) around for all:cheers::cheers:

Not a massive promotion, but a nice one. My career is starting to take shape nicely. After jumping some rather large hurdles, including outliving several mutinous psychotic co-workers, placating an HR witch hunt, appeasing revolving management directives, and babysitting jealous bickering competition in the form of people I am supposed to be working hand in hand with. My baptism of fire into corporate America has concluded and I'm happy to say I was rewarded quite well at the end of the year. (Not well enough however, I feel comfortable swiping up another Rolex rightnow though) hah.

I need to actually get more serious about saving. How do you all who aren't yet pulling down the BIG bucks determine when its appropriate to buy another watch. I don't' own a house, I have no debt, singe/no kids, and It's with little fervor and much angst that I'm saving blindly for a future home somewhere in the overvalued overpriced California housing market.

Any career sales guys here? I'd love to hear some like stories.

[Elaine]

hey congrats !!!! Hope all goes well at work !

[chris_nor_cal]

thanks elaine

[astcell]

Chris, if you can buy it without putting it on a credit card and making the minimum payment for 8 years, get whatever you want. Seriously.

[chris_nor_cal]

I'll add a little more info. I don't have a credit card. Well, I technically do but its in a safe. I don't use them. I would be paying cash in the store. The question is just do I really need another multi thousand dollar watch or do I need to be saving the money to buy a house. Lol, I do realize by asking in this venue I may get some slightly skewed answers, but thats part of the fun right?

[astcell]

Buy a house because you want a house. Do not buy it for the supposed tax savings or any other reason like that. Yes it is an investment but if it brings you no joy, invest elsewhere. I enjoy rare coins and they are an investment as well so I am lucky in that regard.

You can start a 401k or other retirement plan if you like. Even if you buy ten Rolexes, when you sell them you will have something to show for it. But if you buy rounds at the pub every Friday night for five years, you have nothing.

If you need "another" watch is something only you can decide. When you have the cash in had your get serious and say, "Hey! This is $50,000, I can do a lot of other stuff with this!" and that is when you decide what you can really buy. Maybe you say at that point that you want a Rolex. Or a Patek. Or a Porsche.

The good news is that unlike a coupon or a sale, cash does not expire. If you are unsure, bide your time and wait another day, or week, or month.

[jasonbellevue]

Pass the virtual Cohiba, congratulations on the promotion Chris! Do we see a Rolex reward in the near future? :thumbsup: :cheers:

[chris_nor_cal]

Robert thanks for the wise words. Especially regarding the pub. Plenty of men blow money on things that are gone forever. I'm not that guy. I do, however, have a gear locker full of top of the line gear form every sport/hobby I've ever been into--some of which I haven't done in years and may never do again.

That aside, I'd like to have a watch collection. Honestly I feel like I want a house when I have a wife a kids to live in it with me, is that stupid financially speaking? I don't really need much more that a one or 2 bedroom apartment. Its just me. I've got nice stuff and I'm 26. I like golfing, going sailing, working out, biking, spending time with my woman, going on vacations, going out to eat and nice places and i LOVE QUALITY TIMEPIECES. I know you guys always say do what makes you happy. I think your advice to bide my time and wait is what I'm going to do. Money is not burning a hold in my pocket.

[cmr]

congrats on your promotion! if i were you i would save as much money as you can and buy a house when the market finishes crashing. the people with the money to do it when that happens will do very well i can assure you. now obviously since we are all watch/rolex freaks, if you can fit one in there somewhere thats all the better!!:thumbsup:

as far as it just being you, i built my present house when i was single and it is 4,000 sq ft. you need room to move around, you know, what if you get tired of being in the same room? lol :smokin:

[Robb]

Congrats!!

[Carolina]

:thumbsup:

[Tools]

You have to do your part to help the economy..

Buy that watch..


You should have a plan for saving for a house...A regular, regimented and automatice plan. One you don't have to make choices about at the end of the month..Then live with what you have left...Use that to buy your new Rolex....


:cheers:

[roadcarver]

Congrats on the promotion. You're still young, I say you start saving even $100 a month in a good balanced fund.

Let the power of dollar cost averaging do the work for you. What does this mean? Each time you purchase a mutual fund, its price will differ, it could be high or low. If you buy high, you will own less units, if you buy low, you will own more units. You'll never be able to time the market, this is why monthly scheduled savings is a good idea.

Remember if you're saving for retirement, think long term. The fund will fluctuate, but eventually it will even out. Look for a fund that has a good 5-10 year track record.

There is a theory called the rule of 72. If you can find a fund that can average 10-12% rate of return, it can help double your investment.

How does rule of 72 work? You simply divide 72 / ROR (rate of return). This will give you an idea of how long it will take for your money to grow.

Everyone will eventually need to retire, this is why saving for retirement no matter how young you are, should start early.

Oh, when you are saving money you have the following bins:

1. Savings that will have at least 3 months of pay saved aside;
2. Play money fund;
3. Retirement fund

Hope this helps Chris.

Regards,

Vernon

[CPTL]

I just typed out a long post on why I don't think buying a house is a good investment. Then I deleted it, because this isn't a financial forum.

Plus, that's not the point. Congrats on your promotion!!! That's the point.

[JJ Irani]

Congrats, Chris.....well done.

You lucky bachelor....if I were a girl, you could have dated me!!! :rofl::rofl::rofl::bartmoon:

[chris_nor_cal]

lol. lucky me jj. lucky me

[chris_nor_cal]

and thanks everyone

[frostie]

That's great news :thumbsup: Wish you the best with you work :cheers:

[Teofilo]

Like all financial investments you buy when the market is low and sell when the market is high. My understanding of the American housing market is that 2 million homes will be taken back by the banks this year (source BBC News 23.1.08). This indicates to me that there will be a huge stock of housing available at a good price over the next 2 to 3 years. Keep saving like fury until the housing market has reached rock bottom, then get your first house.
Good luck..........

[Dan Pierce]

Congrats on the promotion!:cheers:
Save, keep your debts low, don't pay interest, invest in your nest egg, then spend like hell on things that add value and enjoyment to your life.:thumbsup:
dP

[Letsgodiving]

Congrats Chris. It's a good feeling to be rewarded/recognized for hard work.

As far as the house/watch dilemma all I can say is when I was your age my then wife talked me into buying our first house when I wasn't ready to make that commitment and next year it will be paid off. Best move I could have made looking back but it was a struggle at times. Everyone's situation is different but the next couple of years does look like a decent time to buy but you never really can time these things.

[East Bay Rider]

There is a big difference between owning a house and writing a rent check once a month.
Houses need landscaping, constant lawn cutting, painting, little fixes here and there, services for furnace, plumbing, fix the leaky faucet or running toilet - it never ends. If you have a family it really is the best way to go but if you don't there is just so much more freedom to renting. Of course as was previously mentioned, houses multiply in value while you live there. That's a good thing. Also keep a lawyer in mind if you own a house before meeting Miss Right.

Congrats on the promotion.

[Gaijin]

Congrats Dude!!

[Paulie]

Awesome! Soon you'll have the pointy hair... :chuckle:

[slojoh]

save for the house!!! this market downturn wont last forever and if you hit it right california real estate may get you whichever watch you want. within reason of course.

[CEG]

Buy a watch that won't do much dough (GMT IIc, Sub LV, S/S Daytona, S/S Sub etc) and enjoy it...

If a lucky lady comes along, or a kiddie, and you need more space and funds are limited - sell the watch.. Chances are in a few years you'll get back what you paid for it + you've had the enjoyment for several months/years :thumbsup::thumbsup:

[HoustonRider]

my advice would be to move out of California.. maybe not right this second, but I would work towards that. its crazy housing prices there. I can buy 6,000 sq ft in Texas for what you guys pay to get into 1000 sq ft buys.