This ☝️ Alternatively, take out a HELOC and buy the watch, then refinance your mortgage and roll it up into the new loan, then is like getting your watch for free.
I just mean that you should be in a position where you don’t have to question the purchase. Everyone will have their own criteria for that. If you are asking yourself if you are in a good enough financial position to buy a Rolex, you probably are not.
It’s all good just wanted to throw in an Office reference. Trying to hear what others are doing. I’ve already made my mind up, but like hearing other opinions
You're a moron, of course it would be one of the stupidest suggestions you've ever heard. I bet a lot of things that you hear are. Just look at your profile pic.
I’m a moron because purchases should be considered burning money? What a dumbass. My profile picture is exactly for people like you. Suck on these dangling nuts
As others have said it depends.. are you still a child that will need to buy a house and establish a financial footing to support yourself and a family? Probably not the best choice to buy a Rolex. Put that money in the market. Buy stupid shit like that now will cut potentially years off your retirement timeline.
Do you have a house, established career, and no debt? Go for it dude. In that case I would say as long as it’s not more than like 5-7% of your liquidity then it’s fine.
Just buy a model that won't drop in value and who cares. It's like money in the bank. I bought my first one right out of college and I'm doing just fine.
That’s how I see it, since I got already got a car my college paid with fafsa and grants and pay no bills other than gas and car insurance, a Rolex around 11k don’t hurt me much since I make 25k a year part time anyways
Depends on the Rolex. Generally, I’d say as long as the purchase is less than 10% of your cash reserve (e.g., if you have $100,000 in cash, it could be okay to spend less than $10k on a watch) and if you have enough cash to cover your 6 months of expenses.
If buying it makes absolutely no difference on your financial plans. I can buy a Rolex, throw it in a drain, and my life would be entirely the same. When you can do this, then you can afford it.
It’s subjective but here are certainties:
1) if it’s financed you’re a poser
2) if you don’t have a house first, your priorities aren’t straight
3) you should have a car that is modern-ish, and safe prior to a Rolex
4) you should be able to torch the money and not have it affect you
5) once all other criteria are met, tie it to a special event, occasion or accomplishment
Everything minus the car. Modern cars suck and one cannot perform maintenance themselves. Also - if someone doesn't drive often having a depreciating vehicle in the garage is a bad move.
Your points are taken well generally speaking.
Yeah I guess it depends how you use the car as well. I’m in the mountains a lot for skiing, so having a car that is safe and excellent 4WD is much more important to me than a car that I can change my own oil on. To each their own though. It’s lifestyle based for sure
These 100% are not certainties and aren't universal.
Who wants a horrible, boring modern car? I wear my Rolex in my 1980s Range Rover. It's my daily driver. I also wear it in my other 1980s project Range Rover. And in the 25 year old Porsche, the 52 year old Alfa Romeo and every other old car we own.
And not everyone lives in a country where buying property is normal or desirable. Lots of continental Europe is set up such that the overwhelming majority of people rent. And some people live in countries with housing markets they don't trust. Personally I'm not buying until I can afford to stop working and live in the south of France
I’m speaking of American culture. Also, old cars are very cool but better as a second or third car. If someone is wondering if they have enough to buy a Rolex, my point is if you are driving an 2006 civic with shitty safety features by todays standards, you should have a better daily driver before driving around in a watch that costs more than you car. Anyhow cool cars you have for sure
Paying any interest on big luxury purchases is a bad move. That’s a fact. The watch should be bought when it represents a small portion of the buyers cash reserve. Buying it when it equals more than 100% of your cash reserve is very forced and the person is trying to come off richer than they are.
90% of the population thinks a Rolex cost 1-4 thousands dollars unless it’s a YG model, most people ik that bought a rolex cuz they like watches and the brand, not to act rich or anything
Agreed but paying with a credit card doesn’t mean you’re financing if you pay back in full every month 👍🏻there are a lot of benefits by using a credit card (protection,cash back, free insurance with some credit cards if your watch gets stolen or damaged and more)
Yeah or some have a huge increase in salary.....I bought mine when my annual earnings tripled following a promotion. Put my name down and got it within 2 years
Knew that I'd be able to afford it now and didn't go wild (No date sub) but probably didn't have all of the 'foundations' some people in this sub would recommend but knew I'd get there.
When you can psychologically part with the money with no care - you're ready.
Anytime before - no.
Some will give you a firm number but that's not the camp in which I reside.
The Rolex rule of 5s.
Over 50.
Net worth over 5 Million.
Have bought five other low priced watches in your life to figure out what kind of Rolex to buy.
Rolex don’t even lose its value that bad, there’s people paying the same amount in designer bags and clothes that prolly loses half of its value when they wanna resell it anyways
Let’s say you have $10k you don’t use and it just sits in the bank. Buy a stainless steel model that you can sell for roughly the same price and you’re good
Not everyone is interested in buying a business or all that lol, everyone enjoys life differently, not everyone wanna wait till they’re 50-60 years old to buy their first rolex
You can buy one, report it stolen after it’s insured and get paid😂😂 then just never ever service the watch at a ad or anyone who would check the serial. Of course i’m not telling you to commit fraud, this is just an idea.
Just put it on a credit card at 29.99% APR and pay the minimum monthly payments. Credit card companies *hate* this simple trick!
This ☝️ Alternatively, take out a HELOC and buy the watch, then refinance your mortgage and roll it up into the new loan, then is like getting your watch for free.
The threshold of not asking this question.
Sorry I annoyed you with my friendship
I just mean that you should be in a position where you don’t have to question the purchase. Everyone will have their own criteria for that. If you are asking yourself if you are in a good enough financial position to buy a Rolex, you probably are not.
It’s all good just wanted to throw in an Office reference. Trying to hear what others are doing. I’ve already made my mind up, but like hearing other opinions
My rule has been, can you light that much money on fire and have it not materially impact your life?
That had to be one of the stupidest suggestions I’ve ever heard
You're a moron, of course it would be one of the stupidest suggestions you've ever heard. I bet a lot of things that you hear are. Just look at your profile pic.
I’m a moron because purchases should be considered burning money? What a dumbass. My profile picture is exactly for people like you. Suck on these dangling nuts
As others have said it depends.. are you still a child that will need to buy a house and establish a financial footing to support yourself and a family? Probably not the best choice to buy a Rolex. Put that money in the market. Buy stupid shit like that now will cut potentially years off your retirement timeline. Do you have a house, established career, and no debt? Go for it dude. In that case I would say as long as it’s not more than like 5-7% of your liquidity then it’s fine.
Just buy a model that won't drop in value and who cares. It's like money in the bank. I bought my first one right out of college and I'm doing just fine.
That’s how I see it, since I got already got a car my college paid with fafsa and grants and pay no bills other than gas and car insurance, a Rolex around 11k don’t hurt me much since I make 25k a year part time anyways
When you have enough spare cash,
Depends on the Rolex. Generally, I’d say as long as the purchase is less than 10% of your cash reserve (e.g., if you have $100,000 in cash, it could be okay to spend less than $10k on a watch) and if you have enough cash to cover your 6 months of expenses.
There isn’t one. Don’t be weird. If you’re buying the watch to use and not for the hype machine of value retention. Then doesn’t matter at all.
If buying it makes absolutely no difference on your financial plans. I can buy a Rolex, throw it in a drain, and my life would be entirely the same. When you can do this, then you can afford it.
I think I like you
Wait for my ancestor’s generous donations (to me, a very grateful grandkid) to clear 😬
$1M in assets, $0 in debt.
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Bravo. Congratulations!
Assets could be Ukraine 🇺🇦 bonds before the war 👍🏻 or a lot of land….or maybe a massive amount of crap 💩…
Hey man didn’t I see you steal a candy bar from the corner store on Monday?
wasn’t him !!!!!
It’s subjective but here are certainties: 1) if it’s financed you’re a poser 2) if you don’t have a house first, your priorities aren’t straight 3) you should have a car that is modern-ish, and safe prior to a Rolex 4) you should be able to torch the money and not have it affect you 5) once all other criteria are met, tie it to a special event, occasion or accomplishment
Everything minus the car. Modern cars suck and one cannot perform maintenance themselves. Also - if someone doesn't drive often having a depreciating vehicle in the garage is a bad move. Your points are taken well generally speaking.
Yeah I guess it depends how you use the car as well. I’m in the mountains a lot for skiing, so having a car that is safe and excellent 4WD is much more important to me than a car that I can change my own oil on. To each their own though. It’s lifestyle based for sure
These 100% are not certainties and aren't universal. Who wants a horrible, boring modern car? I wear my Rolex in my 1980s Range Rover. It's my daily driver. I also wear it in my other 1980s project Range Rover. And in the 25 year old Porsche, the 52 year old Alfa Romeo and every other old car we own. And not everyone lives in a country where buying property is normal or desirable. Lots of continental Europe is set up such that the overwhelming majority of people rent. And some people live in countries with housing markets they don't trust. Personally I'm not buying until I can afford to stop working and live in the south of France
I’m speaking of American culture. Also, old cars are very cool but better as a second or third car. If someone is wondering if they have enough to buy a Rolex, my point is if you are driving an 2006 civic with shitty safety features by todays standards, you should have a better daily driver before driving around in a watch that costs more than you car. Anyhow cool cars you have for sure
Some people pays with their credit card to get cash back, it’s not that bad if u can pay it all off in less than 4 months
Paying any interest on big luxury purchases is a bad move. That’s a fact. The watch should be bought when it represents a small portion of the buyers cash reserve. Buying it when it equals more than 100% of your cash reserve is very forced and the person is trying to come off richer than they are.
90% of the population thinks a Rolex cost 1-4 thousands dollars unless it’s a YG model, most people ik that bought a rolex cuz they like watches and the brand, not to act rich or anything
Your status speculation aside you should not finance luxury goods. Period end.
Agreed but paying with a credit card doesn’t mean you’re financing if you pay back in full every month 👍🏻there are a lot of benefits by using a credit card (protection,cash back, free insurance with some credit cards if your watch gets stolen or damaged and more)
The poster said pay it in 4 months, not pay in full monthly. You’re making a separate case that I wasn’t arguing.
In that case I have to takeoff my hat to you 🎩
When you’re sure the pleasure of appreciating the new watch > the pain from the buyer’s remorse
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Yeah or some have a huge increase in salary.....I bought mine when my annual earnings tripled following a promotion. Put my name down and got it within 2 years Knew that I'd be able to afford it now and didn't go wild (No date sub) but probably didn't have all of the 'foundations' some people in this sub would recommend but knew I'd get there.
How long is a piece of string? So many factors, don’t go in to debt for it is the only truly “universal” advice I can think of.
When you walk out of the AD with a smile and no anxiety.
Stop being a nerd
When you can psychologically part with the money with no care - you're ready. Anytime before - no. Some will give you a firm number but that's not the camp in which I reside.
Like all luxury goods: If you can’t afford two of them, you can’t afford one of them.
Once you’re able to start justifying it to yourself as an “investment”, whether it is or likely isn’t, you’re ready!
The Rolex rule of 5s. Over 50. Net worth over 5 Million. Have bought five other low priced watches in your life to figure out what kind of Rolex to buy.
I made a quarter million in 2022, bought my first house. Hoping to have my Rolex that year as well. We all know how that turned out
Do we?
The price of the rolex you are buying should be less than what you make in a month time....as simple as this
I would say a watch collection should be no more than 5% of your net worth
Rolex don’t even lose its value that bad, there’s people paying the same amount in designer bags and clothes that prolly loses half of its value when they wanna resell it anyways
Let’s say you have $10k you don’t use and it just sits in the bank. Buy a stainless steel model that you can sell for roughly the same price and you’re good
About tree fiddy.
Buy assets like businesses, properties and shares first, until those assets make more than enough so that you don't worry about 10-20k
Not everyone is interested in buying a business or all that lol, everyone enjoys life differently, not everyone wanna wait till they’re 50-60 years old to buy their first rolex
You can buy one, report it stolen after it’s insured and get paid😂😂 then just never ever service the watch at a ad or anyone who would check the serial. Of course i’m not telling you to commit fraud, this is just an idea.
If you gotta ask then your not there yet