Not a "Can I Afford it?" Thread...

[Slambonie]

It started as that. But then I realized yes, I can afford the handful of watches I am considering. The question now has evolved into something more like "How can I learn to spend money on pleasures?"

Quick context: I was raised to be a saver and it sticks with me to this day. I really don't spend money on enjoyment, except for smaller things that I feel bad spending money on. I guess I almost take saving to an extreme of hoarding. I am like that in video games I've played growing up as well...anything with an economy or "items" I become obsessed with collecting as much as I can (such as world of warcraft in-game gold). But what am I saving for? When something expensive comes up to buy with that gold, I don't want to spend it to see that "bank account" drop low. I'm the same with real life, hence the extended reference.

I'm 30, I own my car outright, own a home (mortgage, not outright), have years of cushion for living expenses in savings account, max out 401k contributions and contribute $5k/month to my stock portfolio. Married, no kids, none on the way. But when I think of spending $10-$15k on a new watch (I currently own a Daytona which was gifted to me years ago for graduating grad school that I wore every single day for years until Covid hit and I have worked remote since) I laugh at myself and just enjoy looking.

So I guess my question here for all of you is did you have a difficult time parting with a big chunk of money on your first, or any, purchases regardless of how much of a dent it really put in your savings? If so, do you have any advice getting over it and learning to just enjoy some finer things in life? I do think that I may take a good attribute of saving too far that it is almost becoming a bad trait where I am just obsessed over accumulating dollars to no end.

[KinKy BezeL]

I’ve always told myself, life is so short and precious. We as humans are so insignificant, the earth is 4.5 billion years old. We are lucky to live until 100. And in our ‘prime’ for only half of that time . So whack on that watch. What are you waiting for !

[Harry hayre]

Im also 30and roughly in the same position as you, married got a home etc. bought yellow dd40 and skydweller in the last year as business done really well through covid and did feel quite bad spending so much on watches when i probably could have done a lot more sensible things with the money but just thought life is really short. Last month my younger cousin (like my brother as we lived together for 18 years) passed away he had made a lot of money for his age but never spent any apart from a couple of rolexes, we actually got into watches together. So my thinking of spending large amounts on watches or luxury items is do it as long as you arent being irresponsible

[Guppydriver]

Originally Posted by Slambonie

no kids, none on the way.
.

This is all I had to read. SPEND! SPEND AWAY! Do it for me ...Please!

[Locust]

Always pay your future self first. Whatever’s left over buy what you want with no ragrets

[V25V]

I see no reason you should not. As said above, life is short and you can't take it all with you. Also no reason to leave your future kids millions so they do not have to do squat all day.

[hutch300]

The first time is the hardest. Only you know what you can afford. I have never thought paying for something and affording it to mean the same. You have perspective and just don't go crazy all at once. Collections are built in time.

[thesharkfactor]

A good hard dose of reality, loss of loved ones in a tragic accident and others to cancer makes you realise that life is short and you can't take any of it with you. That's what moulded my attitude to not denying ones self luxuries.

You are feeling safe in a little bubble you have created for yourself, reality is it could all be over in 2 seconds for any one of us, any moment now.

This is not a dress rehearsal, this time you have.. so what exactly are you waiting for? old age, illness..? If you can afford it, get it now while you can enjoy it.

[JSolution]

I’m same age and sounds like I’m in the same kinda position give or take as you.

You pose a very good question, for me it was a huge struggle to spend a lot of money watches. I first bought one at 18 for myself and I really worked for it and was probably ten per cent of all my savings at the time. I have Quite a few more now and as I never had money growing up I’m very cautious with it, which is a good thing and a good lesson to learn.

I gradually increased my spending habits but the first time I dropped +30k on a watch I was very much in two minds.

It was a yellow gold sky dweller.


It gets easier, trust me :)

[roviw]

My goodness if you are managing to put 5K away each month in savings then it is only 3 months worth if you were buying a 15k watch, my first Rolex was a lot more than a years worth of savings money !
AND you are very young as well

[Nav01L]

Originally Posted by Guppydriver

This is all I had to read. SPEND! SPEND AWAY! Do it for me ...Please!

As a young dad with a wife convinced we need like every piece of baby gear and accessories ever invented by mankind, this really made me laugh, thanks for that mate!

[Nav01L]

Originally Posted by JSolution

I’m same age and sounds like I’m in the same kinda position give or take as you.

You pose a very good question, for me it was a huge struggle to spend a lot of money watches. I first bought one at 18 for myself and I really worked for it and was probably ten per cent of all my savings at the time. I have Quite a few more now and as I never had money growing up I’m very cautious with it, which is a good thing and a good lesson to learn.

I gradually increased my spending habits but the first time I dropped +30k on a watch I was very much in two minds.

It was a yellow gold sky dweller.
It gets easier, trust me :)

Haha, yes it does indeed, especially as the word Rolex yields its place on the dial to other names that start with A. or Pat…

[brandrea]

As long as you’ve taken care of your priorities (family first etc) there’s no reason not to spend on what it is you want.

I know guys who drop more at their country club in a season than what a Daytona or a GMT is worth

[Laostuh]

I specifically have a separate savings account in my bank labeled "Watch". I'll put monthly deposits into that account, not touch it. When I've accumulated enough to buy the watch I'm after I'll get it.

Beneficial in a sense that, you're not allocating money from different sources to fund the watch purchase, you're specifically putting aside each pay period.

And if you need emergency money, well there you go. I actually have different accounts for different things. Car payment, Morgage, Vacation, Savings, Watch, Checking/Spending.. When I get paid, the money is dispersed into these separate accounts. Hope this helps.

[watchwatcher]

I see you're married. What is your wife's view of the angst you're experiencing?

[Patton250]

Originally Posted by KinKy BezeL

I’ve always told myself, life is so short and precious. We as humans are so insignificant, the earth is 4.5 billion years old. We are lucky to live until 100. And in our ‘prime’ for only half of that time . So whack on that watch. What are you waiting for !

[stockae92]

Actually, the watch money is the easiest amount the car and the house. If you already did both (owning your own house is a good move btw), then watch money is icing on the cake.

For me, I start small, and move on to the big. Start with Casio, Seiko. Then Omega, Panerai. Soon you will go numb on the pricing and think "this is just normal" LOL

[shaunylw]

The good news is, if you buy it and have a massive regret later on for what you spent, you can likely get out of it and at very worst break even or make a little bit. I remember buying watches 6-7 years ago and losing money each and every time.

From what it sounds like, you are in a perfect financial position to buy a wrist toy. Looking forward to seeing a future incoming!

[amphr1]

For me, it's easier to buy Rolex, even Tudor, because you know the value will most likely hold. At most you loose out on the taxes you paid plus maybe 10%. But it's harder justification for Omega or other brands, especially if you buy new from dealer. You have to know you've lost 40% when you walk out the door. So if you-know-what hit the fan, you can't sell it to pay your mortgage.

[macrowatch]

Good on you for all your accomplishments.

Tongue-in-cheek, maybe because you intuitively understand how expensive kids are and hold back to be able to afford them one day! Diapers, milk, clothes...disney land...

But seriously, I was in your situation once. I thought about would I prefer to have the mountains of more cash by investing the money when I'm older, or would I enjoy that 'million dollar NPV' watch today. And at some point I had saved and invested enough to where I felt I could finally part with a million NPV to enjoy today.

[amphr1]

Originally Posted by macrowatch

Good on you for all your accomplishments.

Tongue-in-cheek, maybe because you intuitively understand how expensive kids are and hold back to be able to afford them one day! Diapers, milk, clothes...disney land...

But seriously, I was in your situation once. I thought about would I prefer to have the mountains of more cash by investing the money when I'm older, or would I enjoy that 'million dollar NPV' watch today. And at some point I had saved and invested enough to where I felt I could finally part with a million NPV to enjoy today.

Oh man, before my kids, I was able to save a good amount monthly, now I feel like I'm just surviving. If not for RSUs from my company, I don't think I'll be able to save any cash. Child care and education expense is no joke!

[Wahlberg]

You should buy a Ferrari or Bentley.

[S52]

Originally Posted by Slambonie

It started as that. But then I realized yes, I can afford the handful of watches I am considering. The question now has evolved into something more like "How can I learn to spend money on pleasures?"

Quick context: I was raised to be a saver and it sticks with me to this day. I really don't spend money on enjoyment, except for smaller things that I feel bad spending money on. I guess I almost take saving to an extreme of hoarding. I am like that in video games I've played growing up as well...anything with an economy or "items" I become obsessed with collecting as much as I can (such as world of warcraft in-game gold). But what am I saving for? When something expensive comes up to buy with that gold, I don't want to spend it to see that "bank account" drop low. I'm the same with real life, hence the extended reference.

I'm 30, I own my car outright, own a home (mortgage, not outright), have years of cushion for living expenses in savings account, max out 401k contributions and contribute $5k/month to my stock portfolio. Married, no kids, none on the way. But when I think of spending $10-$15k on a new watch (I currently own a Daytona which was gifted to me years ago for graduating grad school that I wore every single day for years until Covid hit and I have worked remote since) I laugh at myself and just enjoy looking.

So I guess my question here for all of you is did you have a difficult time parting with a big chunk of money on your first, or any, purchases regardless of how much of a dent it really put in your savings? If so, do you have any advice getting over it and learning to just enjoy some finer things in life? I do think that I may take a good attribute of saving too far that it is almost becoming a bad trait where I am just obsessed over accumulating dollars to no end.

OP I was in a similar position as you several years ago (37 now). I spent the majority of my early years living frugally saving, and making conservative investments. I own my cars, home, etc outright. Zero debt. I don't have kids and do not plan on ever having any.

As I got into my 30's I made the realization that the time to enjoy the fruits of my labor is now in my prime- vs waiting it out. The big purchase that was a life changer was purchasing a dream car- figured best to own it in my prime and have fun with it than wait until I'm old, retired, and less able to fully enjoy it.

Sadly as I have gotten older I have experienced friends, co workers, family etc pass away whether from an accident or surprise medical condition. We are all on borrowed time- I could live into my 80's or be gone next week- best to make the moment count now and enjoy life as best as I can.

Of course always live within your means and have a solid financial plan in place- but if dropping 15-20K on a watch would bring you joy while being relatively inconsequential to your personal finances then I say go for it!

[2001jesper]

I set an ambitious savings goal and that is followed by a reward - repeat

[JParm]

Originally Posted by roviw

My goodness if you are managing to put 5K away each month in savings then it is only 3 months worth if you were buying a 15k watch, my first Rolex was a lot more than a years worth of savings money !
AND you are very young as well

I'll second that. That's on top of carrying no debt and maxing out you're 401k?

AND no kids / family to take care of? MAN, spend away, baby!

In all seriousness, I think life is too short to not enjoy the fruits of your labor. It seems like you have a plan for how to save and take care of yourself for the future, so why not reward yourself with something that'll make you happy?

[dukie748]

Live is short.

I have little issue dropping the funds to buy a Rolex, it's nice to know they generally hold their value or even increase over time - your Daytona being a perfect example.

[edisonstar23]

Originally Posted by Slambonie

It started as that. But then I realized yes, I can afford the handful of watches I am considering. The question now has evolved into something more like "How can I learn to spend money on pleasures?"

Quick context: I was raised to be a saver and it sticks with me to this day. I really don't spend money on enjoyment, except for smaller things that I feel bad spending money on. I guess I almost take saving to an extreme of hoarding. I am like that in video games I've played growing up as well...anything with an economy or "items" I become obsessed with collecting as much as I can (such as world of warcraft in-game gold). But what am I saving for? When something expensive comes up to buy with that gold, I don't want to spend it to see that "bank account" drop low. I'm the same with real life, hence the extended reference.

I'm 30, I own my car outright, own a home (mortgage, not outright), have years of cushion for living expenses in savings account, max out 401k contributions and contribute $5k/month to my stock portfolio. Married, no kids, none on the way. But when I think of spending $10-$15k on a new watch (I currently own a Daytona which was gifted to me years ago for graduating grad school that I wore every single day for years until Covid hit and I have worked remote since) I laugh at myself and just enjoy looking.

So I guess my question here for all of you is did you have a difficult time parting with a big chunk of money on your first, or any, purchases regardless of how much of a dent it really put in your savings? If so, do you have any advice getting over it and learning to just enjoy some finer things in life? I do think that I may take a good attribute of saving too far that it is almost becoming a bad trait where I am just obsessed over accumulating dollars to no end.

I’m 29 pretty much same case scenario. I do feel the pain as I also have a really hard time parting ways with my money on leisures. I’m not going to tell you life it’s short like most folks here- we are young and this is the time where we can use our money to make wise investments that will take care of us when we hit 50-60.

I think the question you should really have is “ can use these 15k in a more productive way” like in my case I decided to let the watch market settle a bit and I’m saving to buy an investment property which will take care of me and my son much better 30 years from now.

I also saw that you have multiple years worth of savings to cover your expenses. What % will this purchase represent to your net worth and liquid assets?


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[edisonstar23]

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[Tensai]

No disrespect, but this smacks a bit of a humble brag. You surely know how much you can spend or save, considering your financials. This sounds more like a question for Suzie Orman. Enjoy your watches!

[macrowatch]

Originally Posted by Tensai

No disrespect, but this smacks a bit of a humble brag. You surely know how much you can spend or save, considering your financials. This sounds more like a question for Suzie Orman. Enjoy your watches!

Let em humble brag!

Better than a how to get a Daytona thread. Of of course if OP gets down that road, then this quickly morphs into a 6 figure vs 7 figure annual spend at AD thread and spirals out of control with 5k savings a thing of the past. Lol.