How do you justify and pay for your rolex??

[princeton3]

Hello all,

I am new to the forum and this is my very first post. All I can say is what a great resource. Thank you!!

I have been in the market for a nice watch for a couple of months now and came close to pulling the trigger on a couple of other brands but decided to wait and see the new explorer ii 42mm before deciding. Now that I have seen considerable pictures of it, I must say I am extremely glad I decided to wait. I have been reading through the various threads and see that a lot of the members have multiple rolexes and other luxury watches and I was just wondering how you guys, particularly the ones who are married, are able to justify the purchase to your wives and wives to your husbands?

Also, do you feel you need to internally justify spending enormous somes of money on a watch - which after all is simply meant to keep time? I guess this question is relative because most of my clients in the past have been moderately poor to poor income-wise. So I guess the value of a dollar is relative but having spent so much of my time around these clients has made me look at money a tiny bit differently than I used to...

Finally, how do most of you purchase your watches? Do you buy them on credit and then pay the bill off over time? Do you buy them on credit and pay the bill off immediately? Or, do you pay cash?

If I like the exp2 42mm as much in person as I have in pictures, I want to be ready to grab one as soon as it becomes available. However, I just paid off all of my credit cards (took me about a year and a half- over $25K) and am hesitant to charge something so expensive right away. But, I do have a relatively "new" client/position and my pay is more or less guaranteed for the next 4-5 years, so I could potentially pay the bill off in 1-3 months, or I could wait 1-3 months, save and buy cash.

Just so you know, I am a lawyer (have been for 14yrs) and my family's household income is close to $200K and the nicest/only "quality" watch I have is a Tag Kirium that I purchased about 11 years ago. (I know many of your salaries dwarfs mine but I just wanted to give you a point of reference for any advice tendered). I rarely buy things for myself, especially nice or expensive items that are not household items, so I feel like I do "deserve" to splurge this one time (hopefully I won't get hooked). I was looking at the breitling super avenger and the panerai pam 111 but now I am seriously considering the rolex.

Any advice you can provide is greatly appreciated and sorry for such a long post...

Regards-

[Lol-x]

Although I do not consider Rolex as an investment, it is a luxury device to be enjoyed, the expenditure can in most cases especially in the case of the sports models be substantially recouped.

So it isnt like the money once spent is gone.

[masterserg]

I don't justify it ... I take the beating from my wife and after a while she forgets (or requires something shinny in return). Hey, better ask for forgiveness than for permission...

Internally, I live with the guilt for a while and then it's good.

[evilfij]

There are worse things to spend your money on at least that is what I tell myself. ;-)

[harry in montreal]

want to really enjoy your rolex?

1. buy a used one. they cost half as much and are just as good.
2. save up and pay cash. you will enjoy it more.
3. sit back and enjoy the watch.
4. sit back and enjoy the watch slowly appreciate in value... until someone either mugs you for it, or until it needs a major repair LOL

[sirjohnbrian]

I justify it to my wife by pointing out how classy it looks. That obviously backfired because now for every Rolex I buy, she has to get one also.

Your problem will not be in justifying your Rolex, it will be justifying the "dress" Rolex and the "sport" Rolex that will eventually follow.

[FremStar]

For me it's research and timely savings for the timepiece I'm interested in acquiring. To me modern Rolexs are more jewelry than true horological examples (because of non-complicated movements) as the other legends here stated just enjoy and don't think of your purchase as an investment. I'm also waiting for the EXPY2 to hit the states. By the way congrats on paying off your CC debt.

[RolexPete]

In my most recent purchase, i justified it by selling some gold jewelry i have had for 5-10 years or so that i have not worn. I made $3100. I have been doing well at work lately and my wife knows it. I added some cash and bought an F serial Rolex Yachtmaster. I have two kids that go to Parochial school ( which we pay for). We have all our debt paid off, a rainy day fund set aside, and are ok financially.

When i bought a Rolex in the past I usually bought first and answered to my wife afterward, and she was always upset. This time i think i did it the right way.

And even though I had the cash, I put it on Amex for the miles and will pay it off before the billing statement closes.

[Jinder]

I know people that spend over $300 a month on booze, gambling and smokes.
Compared to that Rolex money is a joke. :) That alone makes it "just fine" to buy a Rolex.

Btw it really doesnt matter how much money you make a year, it's all about how you use that money!

[Runnin' Rebel]

It last a life time and beyond, that's how I justify it. Nothing else I buy can do that. Just a tune up every 5-7 years and there you have it, about 9 bucks a month is good with me.

I always pay cash.

Welcome bye the way, good post. Should be interesting.

[Palakiko]

I am a bit in the same position as you. Will be potentially purchasing a first rolex soon. But get this my family household income is less than yours!!

When I get my first rolex it is like saying, "Ive made it in this world."...My mom and dad came from nothing, worked hard as hell to raise me to get me where I am. Now I am able to purchase a rolex and tell the world. "Ive done it, the American dream is real." Work hard enough. And you can justify anything.

And just take a look at the history of watches...it'll make you want to purchase a rolex even more. Trust me. I was bored one night and googled, "why the high price of a rolex" From that I stemmed to the history and icon that rolex has made itself in the watchmaking community.

Thats why I will be purchasing my Rolex.

[Mickey®]

You only live once...200k a year? Go buy the watch...

Justify???? I'm going to hand them down to the boy! Unless I sell them before!


Payment...Except for the last one I put them on Amex for the points and then pay off like I do all other big purchases. The last one I put 20% down and used their free 12 month no interest credit. I am making 4 equal payments and don't need their 12 months...just makes me feel better not to use savings.

[dalip]

Welcome to trf.

I'd personally save and pay cash.

The exp 2 42 is a great choice.

Once you've bought your first it's easy to buy more!

My wife only supports my passion..

I don't buy into all the wife minding /having to justify stuff. We support and enjoy each other's interests as long as we never compromise our core financial investments. These are luxury items that it's unwise to go into any level of debt for imo.

Good luck and remember get the watch in your heart. It's a special time.

Sent from my GT-I9100 using Tapatalk

[GMK]

I wanted a watch that can take what life throws at it for 30 years or so and still look and work like the day I got it. I make sacrifices in other parts of my life, that means driving a 17 year old 4X4 pick-up. The watches I am wearing are worth more than the truck I drive, but that truck can tell some stories.

[pacifichrono]

Originally Posted by harry in montreal

want to really enjoy your rolex?

1. buy a used one. they cost half as much and are just as good.
2. save up and pay cash. you will enjoy it more.
3. sit back and enjoy the watch.
4. sit back and enjoy the watch slowly appreciate in value... until someone either mugs you for it, or until it needs a major repair LOL

What he said...plus keep a side fund for yourself so she doesn't know when you buy something:

"Naw, I've had this for years...I just put a new strap on it."

[Mickey®]

Originally Posted by Lol-x

Although I do not consider Rolex as an investment, it is a luxury device to be enjoyed, the expenditure can in most cases especially in the case of the sports models be substantially recouped.

So it isnt like the money once spent is gone.

So true...It's just like savings but more fun!

[NBB]

My advice would be to buy within your means. I personally would never go into debt for anything, especially a watch. I sense you need reassurance for your purchase so if I was you and you really want it then go for it, which contradicts my first advice but what the heck. Enjoy!

[slashd0t]

I like you once had a huge CC bill. Since then, I now only buy things I can afford. I use my cc for points when possible, but, I never carry a balance on my cc anymore..

I pay my mortgage, bills, savings etc first before everything. Wife no longer cares as long as I'm reasonable.

Edit: as others have mentioned, a Rolex hardly loses any value and will likely hold or gain. It's much easier to justify when you know you could sell it very quickly if needed and recoup most or more of your initial investment.

Buy used, it'll limit any potential loss.

[drainaps]

1 Never buy new. Mint second-hand pieces abound and you will reap much bigger savings than any AD could offer. In any case, the purchase holds a reasonable % of its value over time (recent models), way way better than other pricey assets such as cars, etc.

2 As I read long time ago, one should finance business and pay non-essential expenses upfront. I have kept it that way for a long time and it feels good. Don't have the upfront money, don't buy it, full stop.

3 This forum will not help you ease the guilt, rather to the contrary it might get you started on a collecting binge for years to come ( I'm a walking example of that). You have been warned.

4 As for justification , you should look for justification in the inner sanctum of your brain / cerebellum, where aspirational / social / etc resides. I'm not an expert and just humbly enjoy it.

Once you are past your first couple of watches, nobody really notices your nice Sub C vs. 16,610 vs. 14,060, vs 5513 vs. 5512. Unless they are as nuts as we are, people just see something with a Rolex logo in a wrist, and if it looks old /tainted, and look low profile (as I very often do when not in the office) I'm sure 90% of them believe it's another fake (no kidding at all).

[Bdel]

Its an addiction, but better than alcohol, drugs or women.

[gwalker]

You make $200k a year and are trying to justify buying a $8k watch. I don't want to sound harsh or make $8k seem meaningless but I would be willing to bet that the avg. poster on here has 3-4x that in watches and there are some with much more. My advice is pay cash and I don't feel I have to justify anything I want. If I want it and can afford it I buy it. Bottom line.

[Runnin' Rebel]

Originally Posted by Bdel

Its an addiction, but better than alcohol, drugs or women.

Women...

[mjm800]

Originally Posted by gwalker

You make $200k a year and are trying to justify buying a $8k watch. I don't want to sound harsh or make $8k seem meaningless but I would be willing to bet that the avg. poster on here has 3-4x that in watches and there are some with much more. My advice is pay cash and I don't feel I have to justify anything I want. If I want it and can afford it I buy it. Bottom line.

I make nowhere near 200k and I have no problem whatsoever buying one or two Rolex's a year. In 2010 I bought two and in 2011 I bought two sold one.

[hsfrank]

Well, I can't claim to have ever had a salary close to yours but I can claim to being in a good financial position. We are now retired and thru-out our lives have followed these principals
1. Never pay interest. If you can't afford it don't buy it. One exception our first house.
2. Always pay your credit cards within the grace period. Charge as much as you can afford to pay immediately. Use their money for 25 days and collect the interest, no matter how little.
3. Pay your self first. Max IRA, Roth, 401k etc.
4. Then buy the rest.
So I saved my money and bought my first Rolex. Then whenever I wanted another, I made sure to give my wife equal amounts and that we could AFFORD it without jeopardizing our future.

[travisb]

In my early years of collecting I did a lot of financing to acquire what I wanted. It was great at the time and was a stepping stone to having what I admired most.
Now married with 3 kids I only buy when I can pay cash and not worry about an additional payment. Feels even better and my wife always gives full support. It helps that I get her the purses, clothes and shoes that she likes.
Bottom line- as long as everything most important is taken care of then you need to treat yourself once in a while.

[Dr.Brian]

If you can afford it (really afford it), and you want it, go for it. I would not charge anything I could not repay immediately at the end of the month though. It's perfectly ok to save up for your Rolex for a while if you have to. I'm sure most people do, even in your income bracket. You might have $8k or $58k sitting in a savings account now, but it's earmarked for something else. You don't want to use your emergency fund to buy something like a Rolex.
As for justification to the little lady, you clearly have not seen my wife's jewelry box. A Rolex doesn't even scratch the surface.
My advice, wait for the next bonus check and than treat yourself.

[mike]

It's justified the same way any high ticket luxury item is justified. Most don't need an uber expensive car to get to work. Golf can be an expensive hobby. Trap shooting is very expensive etc....

It's what makes you feel good and is enjoyable and can swing it. If it doesn't or you have questions in your mind........

[aelian]

Wanting it is justification enough.

[dnagwhogas]

Hell if I make 200k/year, I probably have all the sports models in all colors!

[matt4hand]

First,

I always pay cash. I don't ever fiance anything unless you give me 0%. I use my Marriott Rewards card for everything and pay it off when the bill comes in.

Second,

I don't discuss with my wife as she's CRAZY. No just kidding. She trusts me and knows that I change watches like underwear. I don't buy something we can't afford.

Lastly,

I don't buy anything frivolous until 401k and Roth IRA are maxed out.
Now that we have twins on the way I am looking in 529's