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Old 12 June 2019, 06:52 AM   #31
Tmac478
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Like the old saying goes - if you gotta ask...
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Old 12 June 2019, 07:04 AM   #32
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The thing is that Rolex is not all that expensive unless you get into precious metals and hard to find models.

The classic Submariner cost the following (depending on date or no date)

In 1980 it cost $950

In 1988 it cost $1450

In 2000 it cost $3500

In 2007 it cost $4525

In 2014 it cost $7500

This doesn't seem like a huge amount of money compared to what other things cost. Look at car costs in the same time frame, and you can argue that yeah but you don't need an expensive watch and I could argue that you don't need an expensive car either but most people are driving pretty expensive cars.
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Old 12 June 2019, 07:39 AM   #33
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5 months of survival money is different than 5 month of living normal money.... I have 5 years survival money but dont feel ok to buy a 3d now..
Yes I agree. I am equally paranoid about the liquidity of asset; nothing beats cash in time of need.
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Old 12 June 2019, 07:47 AM   #34
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I guess you don’t want all your cash tied up in watches - as nice as they are.

So if you have plenty of previous savings tucked away elsewhere then go for it. If buying the watch puts you back down to zero, I would pass.
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Old 12 June 2019, 11:59 AM   #35
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The way I think about it is like this - Would I wince lighting that amount of money on fire in comparison to my total liquid assets? If the answer is yes, then I can't afford it. If no, then I pull the trigger.
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Old 12 June 2019, 12:19 PM   #36
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When I can buy the watch I want with the "interest" on my savings!
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Old 12 June 2019, 12:27 PM   #37
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I think it’s as simple as if I’m questioning whether I can afford something, then the answer is I can’t.


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Old 12 June 2019, 01:23 PM   #38
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Once I had enough cash to air condition the sun I decided to live a little and buy a few watches


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Old 12 June 2019, 01:39 PM   #39
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how does one know if they can afford watches?

Can’t answer this question., 5 months of savings is different to each person. And what kinda watch.



SKX

OP

iWatch

Casio

Tudor

Rolex



Age. You max out your Roth first. You have no house ?




< 200
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Old 12 June 2019, 06:37 PM   #40
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I think a lot of the people responded here have a safety cushion of maybe 3-6 months ''savings'' but the rest might be in stocks and investments and is much more, is that right? Because once i started a similar topic and the guys there responded that they would not even think about spending more than 1 procent or so of their net worth on a watch, so my guess is that they would not splurge 300k a month on just living(savings) survival money
Survival money for me would be just the money i need to sleep, eat, shower, not walk in underwear and have enough funds to transport me from A to B for example..
A safety net of 5 months is just 5 months costs… Are you comfortable that you are just 5 months covered? Do you have a own house etc.?
I don't for example, and i allready calculate like 20k in for furniture when i need to...
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Old 12 June 2019, 07:45 PM   #41
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Generally speaking, if the Bailiffs come to the door and repossess ones watch, it is a good indication that one cannot afford it.
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Old 12 June 2019, 08:54 PM   #42
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Generally speaking, if the Bailiffs come to the door and repossess ones watch, it is a good indication that one cannot afford it.
Lol, if you won´t get in debts but have like no food on the table you are able to?
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Old 12 June 2019, 10:35 PM   #43
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Generally speaking, if the Bailiffs come to the door and repossess ones watch, it is a good indication that one cannot afford it.
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Old 12 June 2019, 10:38 PM   #44
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I tend to think of it as throw away money. If you can throw away that amount of money and not feel anything then I think it's ok.

Don't believe necessarily in saving for these kinds of items.
That’s about it.
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Old 13 June 2019, 09:37 AM   #45
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I tend to think if you’re asking an internet group of 30-40 something dudes (yes I’m generalizing) you’ve never met if you can afford something, that’s a solid “no”

If you’re looking for validation, then justify whatever you’d like.

Buy Rolex and other useless crap with only money that if you instead lit on fire, your life would not be impacted in any way. That’s how you know can “afford” a Rolex.
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Old 13 June 2019, 10:12 AM   #46
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Not sure how old are you are OP, but buy a Rolex once and you have it for 50 years.. do not worry about wives or Moms.. better to do it now, while young... good luck sir
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Old 13 June 2019, 07:10 PM   #47
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I don't give a toss about debt, I want a Rolex watch. As long as I can afford the 2% interest and payments and the kids don't starve, who gives a f@#k? My mate's wife is going into a hospice tomorrow, she's 58. Life's too short to worry about money.

Besides, if you find yourself on skid row, you'll always get at least half your money back. I also agree with the many who opine, that a stranger's thoughts and opinions are immaterial, be a man and decide for yourself.
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Old 13 June 2019, 07:21 PM   #48
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Quote:
Originally Posted by filsgreen View Post
I don't give a toss about debt, I want a Rolex watch. As long as I can afford the 2% interest and payments and the kids don't starve, who gives a f@#k? My mate's wife is going into a hospice tomorrow, she's 58. Life's too short to worry about money.

Besides, if you find yourself on skid row, you'll always get at least half your money back. I also agree with the many who opine, that a stranger's thoughts and opinions are immaterial, be a man and decide for yourself.
I love this post. It’s hard for me to live this way, but I agree with you. Life is too short and extremely uncertain.
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Old 13 June 2019, 08:04 PM   #49
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I love this post. It’s hard for me to live this way, but I agree with you. Life is too short and extremely uncertain.
Yea we can be somewhat jealous on this lifestyle indeed but.. Many times you see people that live this way will find theirselves in a difficult situation more than once and than they tend to account on other people, whats worse than begging for money at your friends? I think thats the highest rank of inmaturity
Everyone can get into problems but just be able to save yourself for a year or 2 or so and have the patience to build a solid safety net instead of a few thousands bucks..
And in the USA you should have more, much more than this.
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Old 13 June 2019, 08:05 PM   #50
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Have we checked in with the wife yet?
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Old 13 June 2019, 08:11 PM   #51
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Pay cash for it and it should a small percentage of your saving, it is not an investment. You could muscle through hard time without a need to sell it.
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Old 13 June 2019, 08:44 PM   #52
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I understand your point of view, Crazy Michael, but not your logic. My watch will be paid for in a year and once paid for, it will be like money in the bank.

What is the difference between putting £420 a month in a bank as savings or as a loan payment? Of course, if the world fell in, I would lose half of that payment, but then I would not have had the pleasure of wearing the Rolex. No different from paying for your family car on finance.

The difference for me is, I would rather pay the 2% interest, or £100, or let's break it down further, a daily interest charge of 27 pence, for the privilege of not wasting a year saving up. Much the same principle as obtaining your chosen Rolex at a grey dealer and paying a premium for the privilege, instead of being on the waiting list.

At the end if the day, I like the watch, but I'm not covetous. If the SHTF, I would sell it in a heartbeat.
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Old 13 June 2019, 09:13 PM   #53
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I understand your point of view, Crazy Michael, but not your logic. My watch will be paid for in a year and once paid for, it will be like money in the bank.

What is the difference between putting £420 a month in a bank as savings or as a loan payment? Of course, if the world fell in, I would lose half of that payment, but then I would not have had the pleasure of wearing the Rolex. No different from paying for your family car on finance.

The difference for me is, I would rather pay the 2% interest, or £100, or let's break it down further, a daily interest charge of 27 pence, for the privilege of not wasting a year saving up. Much the same principle as obtaining your chosen Rolex at a grey dealer and paying a premium for the privilege, instead of being on the waiting list.

At the end if the day, I like the watch, but I'm not covetous. If the SHTF, I would sell it in a heartbeat.
Hm yes, but i guess you still have some kind of buffer somewhere?
By the way, you and i are not from the USA so we can get along with much less safety money than the USA guys. I just feel ''relaxed'' and sort of safe when i know that i have enough money in the bank besides a quite lucrative Rolex wrist watch that i wear for pleasure and not for some kind of investment potential
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Old 13 June 2019, 09:31 PM   #54
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As I've said, the watch would in some way, be a buffer . Where have I indicated that I saw a Rolex as an investment, I've always thought, that an investment brings about some sort of profit. I'll profit from enjoying the watch, I've never said owning one would achieve a financial profit. I proposed the exact opposite, stating "you would at least get half your money back."
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Old 13 June 2019, 09:47 PM   #55
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As I've said, the watch would in some way, be a buffer . Where have I indicated that I saw a Rolex as an investment, I've always thought, that an investment brings about some sort of profit. I'll profit from enjoying the watch, I've never said owning one would achieve a financial profit. I proposed the exact opposite, stating "you would at least get half your money back."
I have had a watch on interest free, I couldn't have afforded it otherwise, not once in my working career did I earn over £30K a year. I am now retired, no mortgage, no debt, good pensions and a fist full of watches. Have I been in debt throughout my life, yes, of course, who hasn't? (Mortgage, car etc) But I have never been at the stage where I could not pay it back, my "buffer" was the same as yours, I would have sold the watch without batting an eye.

I have had cancer and recovered, it was a leveller. I agree with all you say Phil. One life. Live it.
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Old 13 June 2019, 10:04 PM   #56
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Originally Posted by Tha Baron View Post
I tend to think if you’re asking an internet group of 30-40 something dudes (yes I’m generalizing) you’ve never met if you can afford something, that’s a solid “no”

If you’re looking for validation, then justify whatever you’d like.

Buy Rolex and other useless crap with only money that if you instead lit on fire, your life would not be impacted in any way. That’s how you know can “afford” a Rolex.
I think this is true with cars, but a Rolex is an easily liquidatable asset. Anyone who can afford a second car, or can afford to replace their car every 3-5 years, can afford a Rolex by choosing to be a one car/same car guy.


Quote:
Originally Posted by filsgreen View Post
I don't give a toss about debt, I want a Rolex watch. As long as I can afford the 2% interest and payments and the kids don't starve, who gives a f@#k? My mate's wife is going into a hospice tomorrow, she's 58. Life's too short to worry about money.

Besides, if you find yourself on skid row, you'll always get at least half your money back. I also agree with the many who opine, that a stranger's thoughts and opinions are immaterial, be a man and decide for yourself.
If you can get a loan on a watch at 2% or less and can afford the payments, why wouldn't you buy the watch? That's almost free money for the satisfaction of having something you really desire.
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Old 14 June 2019, 03:29 AM   #57
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I have had a watch on interest free, I couldn't have afforded it otherwise, not once in my working career did I earn over £30K a year. I am now retired, no mortgage, no debt, good pensions and a fist full of watches. Have I been in debt throughout my life, yes, of course, who hasn't? (Mortgage, car etc) But I have never been at the stage where I could not pay it back, my "buffer" was the same as yours, I would have sold the watch without batting an eye.

I have had cancer and recovered, it was a leveller. I agree with all you say Phil. One life. Live it.
Well said. It's a very good perspective.

In calculating value of things in life, time is indeed often overlooked. A day lived without meaningful experience is a day wasted forever.
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Old 14 June 2019, 10:31 AM   #58
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how does one know if they can afford watches?

Say the watch you are looking for is $10K. You said 5 months savings which means you are saving $2K per month or $24K per year?

$hit buy it already. You worked hard so reward yourself.
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Old 14 June 2019, 10:46 AM   #59
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Say the watch you are looking for is $10K. You said 5 months savings which means you are saving $2K per month or $24K per year?

$hit buy it already. You worked hard so reward yourself.
Yes, the first post didn't make much sense to me either.

And money in savings may be a buffer but at current interest rates it should be put to better use.
If you can buy the 'right' model then go for it.
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Old 14 June 2019, 10:55 AM   #60
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I don't give a toss about debt, I want a Rolex watch. As long as I can afford the 2% interest and payments and the kids don't starve, who gives a f@#k? My mate's wife is going into a hospice tomorrow, she's 58. Life's too short to worry about money.

Besides, if you find yourself on skid row, you'll always get at least half your money back. I also agree with the many who opine, that a stranger's thoughts and opinions are immaterial, be a man and decide for yourself.
One of the greatest posts here!!! I just can’t live that way... lol. But, I do admire you.
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