Expensive Watch at a Young Age

[gwalker]

Well here is a pic of me at 10 wearing the Rolex GMT Master my ex-stepfather gave me. No I didn't wear it everywhere and my parents were always with me when I wore it until I hit 10th or 11th grade. Boy I look goofy with that pinky ring...

I'm 32 and if I can find the PP platinum Nautilus that isn't marked up $40-60k I will Buy it in a heartbeat at MSRP which I think is right around $90k. I know the value of that watch will go up and imho it's a great looking watch.


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[watchwatcher]

I wouldn't put 20k into a watch at your age. Get yourself a nice complementary piece to your GMT (like a DJ maybe) and put the bulk of your money to work for you.

[yessir69]

Buy it. Your watch is something that you put on your wrist every day. You can't wear your portfolio.

[gwalker]

Originally Posted by watchluxus

The wonder of compound interest?

I was just reading Forbes this AM on the exact subject. 30 years ago the average family needed $650,000 to retire Forbes estimates in 30 more years that number will be around 2.2 to $2.5 million. That was on 3% inflation. check out what additional 10 years of compound interest gets you. Einstein said compound interest is the most powerful force imaginable. I wish I would've really started more seriously about 10 years ago but boats, a new truck, a new corvette, going to AC and NYC almost monthly, taking the 3 day cruise to Bermuda 4-5x a year plus other bigger trips often, and a big house payment made since. I guess since when I finished grad school and had a great job as a government contractor and my ex wife was a nurse practitioner my 23 year old self and her 26 yr old self thought we had it made. I would be willing to say 95% of the US would be happy to make what we did. I started out at almost 6 figures and my ex made more than me. And the sad thing is we lived paycheck to paycheck for a while and weren't doing separate savings other than 401ks. We did pay cash for most things but our mortgage was huge in my opinion and property tax in Cape May was I think $1250 a month for our house. After about 18 months we got better but my company lost our contract. I got a severance but when people in their 20's blow through almost $450,000 in less than 2 years is depressing. Together we only brought home around $13500 a month and we both come from families that have always allowed us to spend. I was able to purchase part of a parasail/jet boat/jet ski rental company and did that until our divorce which was a lucrative job until the insurance hit about $200k for everything after the accident in Panama City in 2013 since there is only one AAA rated insurance company. I'm just saying unless you have a family that is willing to help I don't think I would spend $20k on a new watch. If u must buy a $20k used one and you won't get killed if you need to liquidate. Now I've been a Captain for a gentleman from Philly for several years and couldn't be happier until my car wreck that has put me out of commission all summer except for transporting the boat to various locales.


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[MCO1]

20K is plenty for a watch at any age I cringed at dropping 12k for a Daytona. That said if you are like most of us when the fever takes over the fever takes over. I wish I had invested a bit better early on but I have had a blast.

[Oceanlover914]

Originally Posted by directioneng

I wish I knew then what I know now....dada..dada...dada...

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

[PascalSwiss]

The truth is, it doesn't matter.
Just buy the watch.
You always will have your parents backing you up. Until heritage. So, It just doesn't matter. It it also doesn't mean anything else but that you have rich parents and were born into a wealthy family. What means, me personally, I do not respect it at all because it basicly got shoved up your ass and I'm no whore. Call me a hater if you want. Sorry to say, but I had a very tough living and worked very hard to be where I am now. So little rich showoffs kids like you make me sick. Maybe one day you will see the real life. Till then, stay in your little dream world. Buy the watch as soon as possible. These days, you never know what tomorrow holds. Might get ran over by a truck in London, with all that crazy stuff going on in the world...

[chad362wiley]

No. wait until you have at least a few hundred k saved up. you could get fired or whatever then youre screwed

[PascalSwiss]

Originally Posted by Cibbersicks

I don't quite understand this thread.

Why would you turn to a group of people online who'm you've never met to ask advice on whether to buy a watch or not? If you want to buy a Rolex, you buy a Rolex. A modern intelligent man can make decisions for himself, especially of that magnitude, and that's strong attribute to have. This in itself clearly indicates you're not in a mature enough state of mind to make that move.

I'm sorry, but this thread stinks of a "Hey everyone look how fortunate I am!" thread.

What I'm trying to say, is that most people who are in a position to spend more on a watch than the annual salary of a HUGE amount of people in the UK, don't go talking about doing it on the internet. Grow up dude.

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I agree with this. Major lack of discretion. So not Swiss ;-)

[gwalker]

Originally Posted by PascalSwiss

I agree with this. Major lack of discretion. So not Swiss ;-)

I personally don't agree totally with this. Yes if the only object in life is money then this should be the investor forum with the sole purpose of collecting only money. I understand ur point but to say you need $200k to buy a watch easily liquidated with minimal loss is a little over the top. I have spent more on a boat than I probably should've but I sold it when I went through a divorce at a small loss. Buy smart and you can enjoy life's finer things. As for the rich kid comment no one chooses their family. I was also very fortunate. My grandfather and father had a successful construction company and my mother remarried into a family that has around 15-16new car dealerships when they got married. Yes I had opportunities others didn't but I was not a spoiled brat. I worked around the house. We have cattle and chickens and I remember waking up at 5 to pick dead chickens all summer. But yes I was given nice things too. I got to go places others didn't. I respected others and always worked hard in school. I never looked down at the less fortunate. If I acted like some self entitled ass I guarantee I'd still have trouble sitting down 25 years later. If anything I have the drive to work harder to prove I'm the one that got me where I'm at. I have 3 degrees right now and working on my MBA of Accounting online. I could not have a real job and just play on the farm if I wanted or sit at the construction office and play golf every afternoon but I moved 1000 miles away from everything I knew to do things on my own. I asked for no help to help me get a good job. The only major thing I was ever helped out with was my education and a little help when I bought into a parasail company. Just be careful how you judge people because not all books can be judged by the cover.
Maybe the OP just wanted a little advice from others who had the same question and to see what they did and how it turned out. If I need drama I can always turn on the news hahahaha.

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[Boaters]

Right now market is good invest take your spoils and buy the watch .. May take a year or two though.

[Hoangoneone7]

I would start with a preowned watch around $5-7k and work your way up on the next watch. Your taste in watches will change in the next year or 2.

[PascalSwiss]

@gwalker I wasn't talking to you. But I understand your point.
@OP Best talk to your father and listen to what he has to say.

[gwalker]

I in no way meant to come off harsh. Every situation is different. I will say I went to a boarding school for 2 years and students included several members of the Royal Saudi Family and the Grandson of the lawyer Matlock was based on. After 2 years I asked to go back to a public school bc you are right about how entitled some of those kids are. I went to graduation and I have pics of Porsches, Range Rovers, and one of the Royals got a Ferrari and a pet cheetah... the cheetah wasn't there but the family had an artist paint a portrait and it was next to the Ferrari 575. That's was nuts. Over the top graduation gifts and most already had brand new cars of every make and model. The coolest thing about the school was on of the extra curricular activities was getting your pilots license in single and double engine planes. I didn't take it but many did. Like I was once told by a very smart man if I have the money to buy a plane I'll pay a pro to fly it. No need to be another Steve foster.


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[Melchizedek]

Ahhh.... gotta love the internet... some kids need to get off the keyboard and get back to their homework.


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[MrInternational]

Well this escalated quickly! Thank you to the OP for a thoroughly fascinating thread!



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[CYKBC]

Originally Posted by watchluxus

Hi everyone!

Thought I would try and get some insights from TRF as many of you seem to be quite successful and forward looking

Basically, I find myself in a very fortunate position and would like to see what others would do in my position. I am currently a student and have no expenses thanks to my very generous parents. Parallel to my studies I have started a job which has me set to net me roughly 40-70K USD/yr.

I have always been a HUGE watch geek (started IG watch page, wrote my dissertation on watches, etc.) and would love to purchase a new watch to add to my collection which currently stands at a 116710LN.

My question is: am I silly if I spend roughly 20K USD on a timepiece at my age, and invest the remaining money ( 20-50K USD) in building up a trading portfolio? I try and justify purchasing a watch as I am truly passionate about watches, but I can't help but feel I am cheating myself. Even though I would still be saving a good amount of money for a student with the purchase, I would only be able to do this thanks to my parents, not myself.

Thank you very much to everyone for reading and I would truly appreciate your thoughts/opinions!

you're young. enjoy life. you'll make mistakes. you'll celebrate victories (hopefully). get it if you want it. the world doesn't revolve around u or your expensive watch.

[AK797]

Originally Posted by PascalSwiss

The truth is, it doesn't matter.
Just buy the watch.
You always will have your parents backing you up. Until heritage. So, It just doesn't matter. It it also doesn't mean anything else but that you have rich parents and were born into a wealthy family. What means, me personally, I do not respect it at all because it basicly got shoved up your ass and I'm no whore. Call me a hater if you want. Sorry to say, but I had a very tough living and worked very hard to be where I am now. So little rich showoffs kids like you make me sick. Maybe one day you will see the real life. Till then, stay in your little dream world. Buy the watch as soon as possible. These days, you never know what tomorrow holds. Might get ran over by a truck in London, with all that crazy stuff going on in the world...

You are a hater, and you are just the same as those rich snobbish kids looking down on you. You have exactly the same attitude and it is not pretty. Stop judging everyone and be nice and humble, or all your struggles will have been for nothing if this is the bitter and twisted man you have become.

[myc ritz]

Unless you have much more coming from your parents, or a large increase in income in the near future a $20k watch seems a bit much. I'd find another classic to compliment the GMT IIC for between $5-$8k and invest the rest. You will not believe how expensive life will get once houses, wife(s), kids and other wonderful things come about. Keep a nice stash of money invested and save gradually for those killer watches.

[gwalker]

Originally Posted by myc ritz

Unless you have much more coming from your parents, or a large increase in income in the near future a $20k watch seems a bit much. I'd find another classic to compliment the GMT IIC for between $5-$8k and invest the rest. You will not believe how expensive life will get once houses, wife(s), kids and other wonderful things come about. Keep a nice stash of money invested and save gradually for those killer watches.

Those wives get much more expensive when an ex goes in front.....


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[PascalSwiss]

@AK797 I guess i deserved this one :-) No worries though. In reality I don't care about other peoples lives. There are so many different lives and everybody has his own way to go. I just go mine. Others just go theirs. I take care of my family and that's good enough for me. To each his own. I should just have kept my mouth shut anyways...never mind.

[gwalker]

Originally Posted by tyler1980

unless you are actually going to save, buy the watch.

After college i spent money on all kinds of stuff other than watches and i don't have any of that stuff today as it was all either disposable goods or cars and those get old and have to be replaced. At least with a nice watch you will probably always have it so its not a bad choice necessarily.

Bingo. I lost so much of my butt on my corvette bc it was pretty heavily modded, I sold it for a lot more than a regular vette but nowhere near what I had put into it, I got killed on our RV that went on 3 trips and about 10000 miles and of course we purchased a house right before the bubble popped and had to sell after my divorce. I lost so much of my butt I slide out of a chair when I sit down. Only really large purchase I didn't. Get killed on was my 2009 Boston Whaler 320 outrage but I did repower it but still took a hit but not those $100-150k hits that's people that buy new boats in that range every few years. I just couldn't justify buying a $350000 center console and trying to sell it for $200000 18-24 months later. Just FYI I got it as a repo steal as I'd never take a 15 yr loan for a boat.


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[AK797]

Originally Posted by PascalSwiss

@AK797 I guess i deserved this one :-) No worries though. In reality I don't care about other peoples lives. There are so many different lives and everybody has his own way to go. I just go mine. Others just go theirs. I take care of my family and that's good enough for me. To each his own. I should just have kept my mouth shut anyways...never mind.

No problem. I know where you are coming from we've all seen the rich insta kids, but this forum is more civilised so let's just keep the tone more polite that's all.

[CYKBC]

Originally Posted by gwalker

I was just reading Forbes this AM on the exact subject. 30 years ago the average family needed $650,000 to retire Forbes estimates in 30 more years that number will be around 2.2 to $2.5 million. That was on 3% inflation. check out what additional 10 years of compound interest gets you. Einstein said compound interest is the most powerful force imaginable. I wish I would've really started more seriously about 10 years ago but boats, a new truck, a new corvette, going to AC and NYC almost monthly, taking the 3 day cruise to Bermuda 4-5x a year plus other bigger trips often, and a big house payment made since. I guess since when I finished grad school and had a great job as a government contractor and my ex wife was a nurse practitioner my 23 year old self and her 26 yr old self thought we had it made. I would be willing to say 95% of the US would be happy to make what we did. I started out at almost 6 figures and my ex made more than me. And the sad thing is we lived paycheck to paycheck for a while and weren't doing separate savings other than 401ks. We did pay cash for most things but our mortgage was huge in my opinion and property tax in Cape May was I think $1250 a month for our house. After about 18 months we got better but my company lost our contract. I got a severance but when people in their 20's blow through almost $450,000 in less than 2 years is depressing. Together we only brought home around $13500 a month and we both come from families that have always allowed us to spend. I was able to purchase part of a parasail/jet boat/jet ski rental company and did that until our divorce which was a lucrative job until the insurance hit about $200k for everything after the accident in Panama City in 2013 since there is only one AAA rated insurance company. I'm just saying unless you have a family that is willing to help I don't think I would spend $20k on a new watch. If u must buy a $20k used one and you won't get killed if you need to liquidate. Now I've been a Captain for a gentleman from Philly for several years and couldn't be happier until my car wreck that has put me out of commission all summer except for transporting the boat to various locales.


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life is what happens while you're making other plans blah blah blah

[gwalker]

Originally Posted by AK797

No problem. I know where you are coming from we've all seen the rich insta kids, but this forum is more civilised so let's just keep the tone more polite that's all.

This is true. There are plenty of wealthy people on here and I'd say almost everyone is a smart person that works pretty damn hard. Most of the spoiled kids with nice watches could prob just tell you they have a Rolex and that's it. They don't tend to show up on here. I'm sure many on here have worked for every penny but I'm sure there are privileged ones too. Imho doesn't matter where you come from. Attitude matters to me much more.


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[jimtoronto]

Hey man.. if you got it.. ball out!

Buy the watch.. you're 21. I wish I bought expensive watches in my early 20s.Then maybe I'd still have something tangible to hold. Hell at that age I was spending more than 20 a year on drinks. I didn't grow up with money.. so I didn't know what to do with it. No investments, no car, no property, no dependables... ugh I've spent something like 1st time buyer's deposit on a detached home in my city just on cab fare by my mid 20s.

One thing no one's mentioned though. You're 21.. there's a lot ahead.. everyone's talking about portfolios but really the most important thing you can do for yourself at your age is train hard if you don't already. Money comes and goes. Watches are for fun. You only get 1 body. That's the advice I would give myself. I took myself seriously when I was 26.. wish I did earlier. Now I'm 30... don't drink.. no drugs.. eat healthy.. everyone has their own path.

But what do I know.. I'm probably in better shape and way broker than anyone who posts here. Anyways, having a nice apartment is important and don't waste time on mediocre women