How do you fund your Rolex

[Yobber76]

didn't really think about buying Rolex's until the last couple of years.
I had quartz watches, timex, skagen, Seiko, etc. Then as I turned 60 I bought what I thought was an expensive watch, a Tag Carrera Chrono. I decided I would only buy automatic watches from then on. I bought a couple of Steinharts and a Christopher Ward, all good watches for the money, but last year I got the bug to look at Omegas and didn't like them in person. The same Jeweler was a Rolex AD, and I was hooked. Joined this forum to investigate models and look for discounts, bought 2 Rolexes in the span of 2 weeks in January. How did I pay for them? Out of my retirement fund, you can't take it with you.

[Snow-Dweller]

Hard work.

[Beauregard]

I funded my first Rolex by flipping motorcycles and bicycles until I had enough. Things have changed a little since those days, my latest I funded by flipping my share of our beer company to Heineken.

[TonyD]

Slowly..... earn, save, pay off debt, repeat.

[Kyle3130]

By sticking to a budget/plan and not deviating!

[redalert]

set goals, work hard. Invest in yourself first. Don't try to save up for something, go make that money. buy and sell stuff.

[Swiss Mad!]

Originally Posted by Yobber76

didn't really think about buying Rolex's until the last couple of years.
I had quartz watches, timex, skagen, Seiko, etc. Then as I turned 60 I bought what I thought was an expensive watch, a Tag Carrera Chrono. I decided I would only buy automatic watches from then on. I bought a couple of Steinharts and a Christopher Ward, all good watches for the money, but last year I got the bug to look at Omegas and didn't like them in person. The same Jeweler was a Rolex AD, and I was hooked. Joined this forum to investigate models and look for discounts, bought 2 Rolexes in the span of 2 weeks in January. How did I pay for them? Out of my retirement fund, you can't take it with you.

Good for you my friend

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[lucevan le stelle]

Originally Posted by Lt Virgil Hilts

I rob banks.

Yes, that or pyramid schemes should do it. Surprised I have not seen either or both suggested on Youtube yet.

[lucevan le stelle]

Originally Posted by Yobber76

didn't really think about buying Rolex's until the last couple of years.
I had quartz watches, timex, skagen, Seiko, etc. Then as I turned 60 I bought what I thought was an expensive watch, a Tag Carrera Chrono. I decided I would only buy automatic watches from then on. I bought a couple of Steinharts and a Christopher Ward, all good watches for the money, but last year I got the bug to look at Omegas and didn't like them in person. The same Jeweler was a Rolex AD, and I was hooked. Joined this forum to investigate models and look for discounts, bought 2 Rolexes in the span of 2 weeks in January. How did I pay for them? Out of my retirement fund, you can't take it with you.

Yes, plus you can always have a Viking funeral.

[peacocknation]

Originally Posted by locutus49

Exactly our status and philosophy. When we were young and poor, we did not buy luxury goods. I did buy my first Rolex before I met my wife, but I was in the military and bought it cheap at the PX. Paid cash.

My parents are this way as well. They think a loan or debt is bad. The business school/finance guy in me cringes a little bit at this, but I realize it's more a psychological thing....and that ultimately you wouldn't be making a ton of money on the delta between taking a low interest loan and the gains from investing the rest. Not to mention you need the cash flow to be able to make the payments. :)

[JR16]

Got my first after my first bonus and it’s been the same since... bonuses and any side gigs pay for the unnecessary things (like a Rolex). The paycheck goes to the bills, vacation, and retirement funding. My (minimal) social life at this period in my life also lends itself to more discretionary spending.


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[Rockrolex]

I've paid cash for all my watch purchases. Haven't bought a Rolex in about 15 years because the prices just keep skyrocketing. My collection is now worth substantially more than when I bought them but I won't sell any of them.

[DonBateman]

Originally Posted by airpeace

very clever, but don't you have other priorities in life that require more of your financial attention?

Good question and I definitely understand where you are coming from. When you have the responsibilities you mentioned, it takes time to save for a 10k watch, even when you make a good living. I mean if you make 500k/year buying a 10k watch isn't a big deal, assuming your other costs of living are under control. For the average Joe, 10k is a lot. My advice open a separate savings account and budget 100, 200, whatever, each month into the account until you can pay for half of it. Then, assuming your debts are manageable, get a zero interest credit card with a 12-16 month term and pay the difference off over that time frame. You might get some points from the credit card company on the purchase as well. If you are patient enough then just wait until you have the full 10k saved up. I would bet most the people on here do not have 10-20k just laying around. They probably saved for the watch in a disciplined manner. On the other side, I am sure there are some wealthy guys here that can drop that dough.

I would not sacrifice other areas of your life to buy the watch, like reducing retirement savings, adding more debt, or taking away from a college fund for a kid. If you have to do something like that then you cant afford the watch to begin with.

[arika]

Originally Posted by airpeace

very clever, but don't you have other priorities in life that require more of your financial attention?

I fund and pay off the other priorities first and the leftovers get stuffed in to a brokerage account. Will likely fund purchase via options premium from said account.

[Tangier11]

I work for Barone Sanitation and own a club called Bada Bings in Jersey

[rexG]

Cash, not credit.

[Merlin_AZ]

Originally Posted by mjclark32

Just had our first kid, so probably won't be buying any more for a little while and that's fine by me

Research good 529 plans. The one in Utah is great.

[THC]

Originally Posted by rockmastermike

Living beneath my means for an extended time and discipline to stay focused on the prize

Totally agree, live small save BIG

[greeneyedguy]

My rule of thumb is I never spend more than what I have made in one week on a watch. It pushes me to innovate and strategize. So far I'm at 5k for a watch. I bought my lady the blue faced oyster perpetual and me the tag autavia. 5 k each. How to fund a more expensive piece, multiple income streams!

[Kneecough]

Originally Posted by roger0770

Company stock options

Same. Crazy how many people don’t take advantage of it at my workplace.

[CJJ]

D.I.N.K. Her: private wealth manager. Me: attorney.

[edyu]

Originally Posted by greeneyedguy

My rule of thumb is I never spend more than what I have made in one week on a watch. It pushes me to innovate and strategize. So far I'm at 5k for a watch. I bought my lady the blue faced oyster perpetual and me the tag autavia. 5 k each. How to fund a more expensive piece, multiple income streams!

I have a rule similar in that I follow the 1/100 or 1/1000 rule, which means I don’t spend anything more than 1/100 of the money I have in the bank but if I want anything between 1/1000 to 1/100, I can. Of course it doesn’t mean I do because a 10k or 50k rolex costs way more than 10k or 50k because if I invest the same money I can make way more. I’m just “cheap” like that. :)

I have kids wife and multiple mortgages but I work hard.

[bellesdad0417]

I'm a trust fund baby

[ras47]

I paid cash for an early DSSD and then traded it for my only Rolex, a GMT2 Pepsi.

[Sarosh]

I worked hard, and for 14 years always kept the end goal in sight - to buy a Rolex the year I turn 30.

[GarageBMW]

Originally Posted by beshannon

By working

This and a bit of hustling

[jimcarver]

I didn't buy my first one until I could buy it without it making a significant dent in my savings.
Depends how old you are though, I was around 35. If I was I my mid 20's and had wanted one I doubt I would have been that sensible. Like others have said, don't buy unless you have the cash and get the cash by either putting away a bit each month or selling some other stuff you have or doing a little side business.

[thomaswentworth]

Looks like a couple of people have tried to fund their Rolexes using gofundme lol - One guy got $20. Maybe it was a shill $20 to get the ball rollin'

[robotkiller]

If you can't pay for a watch in cash, you can't afford it.

[No SUBctitute]

Originally Posted by tng11

Had a business and sold it off for a good amount of money. Have a well paying day job and income from investments. Also, I tend to be frugal in everyday life (I pack my own lunch, don't spend money on coffee, don't drink much, shop for deals, etc.)

^^THIS^^

In order to get more money you have to a) make more money or b) spend less money.

Spend less money by cutting back on: alcohol at bars/restaurants, eating out, buying snacks and drinks out. Call your cable company to ask for a discount on your TV/web services or cut back on them. Examine your car choices. Over five years, a base level 3 series BMW will cost $15,000 more than a loaded Honda Accord. A base-level Honda Accord will save you another $7,000 over five years.

Once you are maxing out your IRA and your 401k and you have six months of living expenses in the bank account, then it seems like any extra cash you have can be made available to buy a Rolex.