Expensive Watch at a Young Age

[Nimszy]

It sounds like you have the luck of having been born into a wealthy family; never feel ashamed of that. Id get my folks a holiday on the Amalfi Coast and spend some quality time with them, which is priceless. Then buy a 16613LB lol. Much classier watch and 1/3 of the cost

[watchluxus]

Originally Posted by AK797

I started trading my own stocks/share account when I was a teenager and through University so I can identify with you, you young blade! What I would do is put $50K into a trading account and then if you make your target say 10 or 20% in 6 months or a year, then I would buy a Rolex from that.

Kind of scared to put it into the S&P500 after it has been riding so high and mighty recently, haha

[returntorolex]

Wait.

[watchluxus]

Originally Posted by beshannon

IMHO that amount is far out of proportion to your overall salary and net worth.

Save for your future, plenty of great watches for 1/4th of your budget.

Can't disagree! At that point, as I have a GMTIIC I would rather just save it all Thanks!

[watchluxus]

Originally Posted by Nimszy

It sounds like you have the luck of having been born into a wealthy family; never feel ashamed of that. Id get my folks a holiday on the Amalfi Coast and spend some quality time with them, which is priceless. Then buy a 16613LB lol. Much classier watch and 1/3 of the cost

I will be working so I won't be able to It can be their romantic getaway

[watchluxus]

Originally Posted by returntorolex

Wait.

[worldfamoussam]

Up to you to do what you want with your money, so no judgement here. I would suggest, however, that you consider an "entry-level" Rolex (5-8K) and save the rest of that for a down payment on a house!

[peterpl]

At your age I'd spend the $20k or whatever you have on booze, women and coke money :)

You need to life live and experience when your younger. I'm now over 30 and dont regret my partying years at all.

Rolex =! Sex

hahahaha

[Nimszy]

Originally Posted by watchluxus

I will be working so I won't be able to It can be their romantic getaway

I'm gonna be reckless and say just spend the 20k on the watch you wan

[watchluxus]

Originally Posted by peterpl

At your age I'd spend the $20k or whatever you have on booze, women and coke money :)

You need to life live and experience when your younger. I'm now over 30 and dont regret my partying years at all.

Rolex =! Sex

hahahaha

Hahaha! I guess one of the benefits of my job is that one of my clients is a high-end club so I don't even need to spend on that! Best answer so far

[Banks]

While you are young and fortunate to be in this position, you should still exercise some level of sensibility.

You state that your net income will be 40 - 70K. Is this net after tax or net after living expenses? If just net after tax, I don't see how you can put 20k into a watch and 20 - 50 into investments?

You certainly don't need to save it all but now is the time to commence saving. You are young but you will hit plenty of milestones in your life, likely in your 20s, which require a large outlay such as an engagement, a car, a house etc.

Perhaps get a watch, but maybe don't shell out 20k. Something in the 10k range would seem more sensible to me.

[watchluxus]

Originally Posted by Banks

While you are young and fortunate to be in this position, you should still exercise some level of sensibility.

You state that your net income will be 40 - 70K. Is this net after tax or net after living expenses? If just net after tax, I don't see how you can put 20k into a watch and 20 - 50 into investments?

You certainly don't need to save it all but now is the time to commence saving. You are young but you will hit plenty of milestones in your life, likely in your 20s, which require a large outlay such as an engagement, a car, a house etc.

Perhaps get a watch, but maybe don't shell out 20k. Something in the 10k range would seem more sensible to me.

Hi mate! My net salary would be between 40-70K USD. So if I spend about 20K on the watch, I would end up with 20-50K in savings. Thankfully I already have some cash saved up.

Given I already have a watch in that price range, I would rather save up, rather than buy another one at that price Thank you for your time!

[Banks]

I think you have made your mind up!

[hugs]

That is a decent salary but 20k is way too much to blow. I would aim to cap it around a months salary (after tax).

That said everyone is different. There are people who wear their life savings on their wrist and there are multi millionaires who feel guilty buying anything more than a SS Rolex...

[watchluxus]

Originally Posted by Banks

I think you have made your mind up!

[zengineer]

What kind of job has so much uncertainty that you can't narrow it down beyond $40-70K?

Then again, sounds like the parental funding is steady so sure, buy another watch. Do you anticipate having to support yourself at some point in the future...if so, save the money, living is expensive.

[watchluxus]

Originally Posted by zengineer

What kind of job has so much uncertainty that you can't narrow it down beyond $40-70K?

Then again, sounds like the parental funding is steady so sure, buy another watch. Do you anticipate having to support yourself at some point in the future...if so, save the money, living is expensive.

I am doing social media marketing for some very niche luxury brands. My pay is based on a fixed fee as well as a performance fee, hence the very large variance

I will definitely support myself in the future once I graduate.

[zjd168]

As a parent I already prepared the college funds so that my kids can go to any university in the world if they can get accepted. But I would be very disappointed if they spend 22k on a watch with a 70k paid first job.

[watchluxus]

Thank you very much to everyone for their input! I have decided that I will put off on my watch purchase until 20K is one month of my net salary. It would be silly to spend such a disproportionate amount of my salary on a watch just because of the fortunate position my parents put me in. This way, rather than SPENDING more, I'll be more focused on EARNING more!

Thanks again everyone!

[watchluxus]

With that said, if anyone has investment advice beyond the standard throw it into the stock market and it will yield you 5-10%, I would love to hear it

[CPRWATCH]

Personally I would put my money into property , My father gave me this sound advise when I was only 20, & haven't looked back. And probably the only advise I have ever took notice of too. Good luck with your choices & in 10/20/30 years time you can look back & say , if only I would have invested in this or bought that, but that's the great unpredictability of life & hindsight.

[mjclark32]

I'll go against the grain just because...

You're young, blow the money now before you start getting some larger responsibilities.
Yes it's a large amount vs what you're making/have, but you're young and will continue to make money. You'll be fine. Buy and enjoy now. Once homes and a family comes along it'll be harder to justify; just ask me

[mjclark32]

Originally Posted by watchluxus

With that said, if anyone has investment advice beyond the standard throw it into the stock market and it will yield you 5-10%, I would love to hear it

maybe we can jumpstart this thread back up:
https://www.rolexforums.com/showthre...ghlight=stocks

[Speed]

Oh boy...another one of these.

[melrob1]

Buy it right and enjoy it. Being able to look at it daily should keep you motivated. If you ever need the money and you purchase it right you can easily sell it.

[watchluxus]

Originally Posted by Speed

Oh boy...another one of these.

Apologies if this has been brought up before in a similar situation. I usually see each situation as unique, and thought I could receive some valuable advice from the successful and kind members of TRF

[watchluxus]

Originally Posted by CPRWATCH

Personally I would put my money into property , My father gave me this sound advise when I was only 20, & haven't looked back. And probably the only advise I have ever took notice of too. Good luck with your choices & in 10/20/30 years time you can look back & say , if only I would have invested in this or bought that, but that's the great unpredictability of life & hindsight.

I like the idea of property. Unfortunately I have been raised very "anti-property" due to the way my parents invest their money

[mahefa]

Do what you like, just don't get yourself in to situation where you are wealthy man with no money. Other than that, where do you need money? Does your business grow and scale without big investments before profit is achieved. If you dont need money, spend the money.

[904VT]

Not buying depreciating assets is always a plus. As others have said there are worse things you could buy that probably won't last.

My hesitation would be you compensation. It will go much quicker than you may realize and it's quite a large range in its estimate.

[Stillwater702]

70k per year without expenses, courtesy of your parents, is pretty good, especially for your age. 40k gross income is a different story. Since you are just starting your job and have no exact idea yet on how much you're going to make, thus the wide gap in projected income, I'd hold off on the 20k watch.

If I'm in your shoes, I'd still satisfy my watch craving by buying something nice but not a 20k watch. Perhaps a 6-8k watch? After that, incoming funds will be used to invest. Another option is to set aside 5k per year and buy your grail watch when you're 25. It's sort of a milestone that you can celebrate and will make the watch extra special. And you're still only 25 years young at that time. If it sounds too long of a wait, a SS rolex will suffice if that's not an option.

Timing is everything. When I mention of investing, it's not just financial investing. Invest in life experiences. Watches will always be there. You're off to a good start with your vacation plan with your parents.

Good luck.