When Can I justify It?

[Pay M3]

Originally Posted by bp1000

I don’t mean this in an ignorant way but life is for living

Do what you love then get what you love.

All possessions are pretty meaningless, but can make life interesting at times.

As I got older (I also use to saved excessively for my and my kids future)... then I realised, no matter what I do I will always make ends meet.

I also realised that no amount of money I save for my kids will make them better people. They also won’t remember my money when I’m gone. In fact I never discuss money with them and teach them it’s not important in life.

The best I can do for them is put them in situations that are different, push them to explore and learn and make sure they get a good education. Then, they will make their own way.

In the meantime, get your watch, you work hard for you too

I took a pic of this and will remind myself of it for a while to come. Thank you.

[Grace]

Originally Posted by bobabreath

Once you've got your priorities straight, it's time to enjoy a ROLEX.

Good call


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[Torque Time]

Great savings plan to prepare for tomorrow by saving 60% of your salary. However, there is nothing wrong w saving your bonus $ and using that to pay for watch. It is extra $ and something you should not count on for your savings plan. SO, using bonus $ to splurge on a gift for yourself is not a waste nor does it detract from your savings and frugle savings plan.

Just my .02 cents.

[vman]

True story.

I know three families who lived very frugal lives. Two out of three lost everything due to the circumstances outside of their control. It took the other family decades to wake up to the fact that life is worth living, but by then it was too late to enjoy the world. As they found out, youth was indeed wasted on the young.

It sounds like you have a right approach to life, so it is time to enjoy it a bit. Track that M3 and get whatever you want. Just remember that you won't be able to take material possessions with you when the director says "cut."

[envuks]

The Rolex is an infinitely better financial decision than the M3. Don't get me wrong, I love M3s and own a suped up 335, but it's an asset that depreciates so quickly. Very fun none the less

Saving 60% of your income sounds like you're in a good spot. Maybe stop overthinking it and just buy the Rolex already.


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[arguetaoscar]

You only live once, if you can cover it, go for it.


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[Dsmith1974]

In your position I’d get both. It’s not even an extravagant purchase, neither piece is to likely to depreciate significantly. Apart from servicing and optional insurance costs it’s pretty much a free watch.

[Yoda_Eating_Pizza]

A year from now, as you look back on this decision, you'll chuckle at how much time you spent thinking on it.

To the original question--when can you justify it--IMHO it's not a matter of when you can justify it, or if you need to jusify it at all. If quarterly bonuses can cover the sub, IMHO the only justification you need is because it makes you happy. Paying for an occasional nice thing for yourself doesn't constitute a derailment of your financial plan.

If you want to wait for a specific milestone to make the purchase more special, then sure, make it something to look forward to. But IMHO you could get the sub now, and get the Daytona you mentioned as your milestone watch. The SS prices might even come back to earth by then.

[kirksingleton]

you will know when the time is right. Don't finance it (like I did when I was 19 and a young salesman).
enjoy!

[DJ_Ambrose]

If it makes you feel any better, I bought my first Daytona, pre owned, in 2004 for 6,500 dollars. I took really good care of it, but it was my everyday watch. I sold it in 2003 for 8,200 dollars if that tells you anything. David

[R!$]

Get the Daytona
Thank me later

[Sublovin]

Sounds like you are overthinking it. You can get a Rolex for the cost of a nice vacation. It will last and you can always sell if need be. If you can afford it and want it, get it.

[Starwalker]

it sounds like you're ready for a sub. the best way to sleep at night is to know that you bought it at the right price and less than someone else paid for it. always helps me :)

[mmmmp]

I bought my first Rolex when I was 25 since I was rather 'carefree' back then and always wanted a Rolex. My TT Air King date was used but in great shape and - most importantly - Rolex watches were nowhere near as expensive back then. (Mid 80s')

I wore that watch for 14 years straight and only traded it in because I got a "killer deal" on a minty TT Datejust.
My financials were well in order by this time or I would have waited.

You sound like everything is fiscally ship shape so why not? Besides:

A little luxury never hurt anyone. Lol

Good luck,
Mark

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[dkg1616]

Only you can answer this question; we don’t know your financial position or goals. Some people put more weight on having a Rolex, some put more weight on what $8k could do for their investment goals...ultimately your decision.

[RolexDad]

Many times it seems that the same instincts that help us succeed in business can also stop us from enjoying the very things we work hard for!

These watches are so liquid, as long as it isn’t robbing from your real investments then don’t sweat it. If you are worried about how other people will perceive it, don’t.

[pickettt]

Originally Posted by DJ_Ambrose

If it makes you feel any better, I bought my first Daytona, pre owned, in 2004 for 6,500 dollars. I took really good care of it, but it was my everyday watch. I sold it in 2003 for 8,200 dollars if that tells you anything. David

I'm less interested in your financial advice than I am in your time machine

[daha6369]

Been there, get it, just as I'm sure many on this forum have been as well. Before the bonus hits, easy to say you'll spend it on the watch you've been thinking about but when the money hits the account very easy for the mind to wonder and think of the many other ways you could put the cash to work. In my experience the only difference is time. You will end up buying it, the question is when. Go for it so you can enjoy it that much longer! You'll appreciate it everyday which will push you to keep doing what has made you successful up until this point. Enjoy!