Rolex as % of Income

[wachulookingat]

Originally Posted by MortgageGuy

I would say go get it. I bought my first Rolex when I was 22 or 23 and it was a sports model Rolex... Loved it and do not regret the purchase whatsoever I did not and would not ever go into debt or use a credit card to make the purchase though. So if you have the $$$, like Rolex and want one go get it, however much $$$ you make does not matter IMHO

Cool, my mortgage rate on my investment property is 4% ...just thought you might find that interesting....

[East Bay Rider]

Originally Posted by wachulookingat

We talking about buying watches or going to Vegas

You could buy a cheap watch that will tell time just fine and not even think twice. The difference is that a Rolex is quite a bit more expensive and, in most cases, the buyer has to plan for the purchase (save) or justify. If you have the money in hand and can trade it for a watch without regretting it at the end of the month or affecting your bills then you're ready for the purchase. If not then you may need to save a while longer. The key is to trade the money without regrets or affecting your other obligations.

[wachulookingat]

so suppose I decide to be irresponsible and buy a Rolex...how do I embark on such a transaction on this forum with a reputable dealer? do I PM them, wire them cash and then pray for the watch to arrive in the mail?

[mocheen]

My wife bought me my first fashion watch when I was 23, and it was a Guess watch with a chronograph. I still have it stashed at the bottom of my drawer. I wore it everyday until it fogged up and stopped working. Then she bought me a nice Movado to replace it. I wore the Movado until we got married. On our honeymoon we went into a watch store and she purchased a Tag Heuer quartz watch for me. I am wearing it now while writing this. I really loved my Tag and it is my daily watch since my Tag Carrera Chronograph was stolen from me last year. She has purchased several Tags for me over the years. After she graduated from College she purchased a Rolex Datejust as a thank you for putting her through school. A few years ago she purchased an Omega Seamaster for me as a Christmas present. Last Christmas it was a PAM 111. She just went with me this past weekend to purchase my Submariner 16610LV F series. I am really excited about this latest purchase as I have lusted after this watch for the past few years. I still love and cherish every one of my watches as they are all special to me since they were all gifts from my wife. It is because of her generosity and thoughtfulness that I have grown to love and appreciate watches. One day I will pass these down to my son in hopes that he will appreciate them as much as I do. He is only 4 now, but he is always looking at my watches in the case.

[SLS]

I bought my wife a Rolex after saving up for a few years, a few years later I bought one for myself. My first nice watch was a Tag Pro Diver, I never had a problem with it. I guess my point is, if you have to struggle to buy it, then don't save up for a while and then get it. OTOH, some AD's offer nice financing options, which may be another way to go. There is nothing wrong with financing a watch as long as you do not over extend yourself. Good luck.
Scott

[East Bay Rider]

Originally Posted by wachulookingat

so suppose I decide to be irresponsible and buy a Rolex...how do I embark on such a transaction on this forum with a reputable dealer? do I PM them, wire them cash and then pray for the watch to arrive in the mail?

Shouldn't you visit an AD, try a few different models on and decide what you like? You don't have to buy right away but at least see how they fit and learn which models you like best.

[Danand]

Originally Posted by wachulookingat

If you got 0% interest financing, it'd be the same thing except you get the watch upfront and then set aside money to pay for it

Its not the same thing. O% interest is still a loan to be paid back, it is a liability. If your circumstances change and you need to get out of it you are screwed if you don't have the cash. Its just like the whole sub prime fiasco- too many people bought stuff they couldn't afford on cheap rates. And look what that caused.
Don't people learn from these things?

[HKtoter]

Originally Posted by mocheen

My wife bought me my first fashion watch when I was 23, and it was a Guess watch with a chronograph. I still have it stashed at the bottom of my drawer. I wore it everyday until it fogged up and stopped working. Then she bought me a nice Movado to replace it. I wore the Movado until we got married. On our honeymoon we went into a watch store and she purchased a Tag Heuer quartz watch for me. I am wearing it now while writing this. I really loved my Tag and it is my daily watch since my Tag Carrera Chronograph was stolen from me last year. She has purchased several Tags for me over the years. After she graduated from College she purchased a Rolex Datejust as a thank you for putting her through school. A few years ago she purchased an Omega Seamaster for me as a Christmas present. Last Christmas it was a PAM 111. She just went with me this past weekend to purchase my Submariner 16610LV F series. I am really excited about this latest purchase as I have lusted after this watch for the past few years. I still love and cherish every one of my watches as they are all special to me since they were all gifts from my wife. It is because of her generosity and thoughtfulness that I have grown to love and appreciate watches. One day I will pass these down to my son in hopes that he will appreciate them as much as I do. He is only 4 now, but he is always looking at my watches in the case.

Very nice Mocheen.

[wachulookingat]

Originally Posted by mocheen

My wife bought me my first fashion watch when I was 23, and it was a Guess watch with a chronograph. I still have it stashed at the bottom of my drawer. I wore it everyday until it fogged up and stopped working. Then she bought me a nice Movado to replace it. I wore the Movado until we got married. On our honeymoon we went into a watch store and she purchased a Tag Heuer quartz watch for me. I am wearing it now while writing this. I really loved my Tag and it is my daily watch since my Tag Carrera Chronograph was stolen from me last year. She has purchased several Tags for me over the years. After she graduated from College she purchased a Rolex Datejust as a thank you for putting her through school. A few years ago she purchased an Omega Seamaster for me as a Christmas present. Last Christmas it was a PAM 111. She just went with me this past weekend to purchase my Submariner 16610LV F series. I am really excited about this latest purchase as I have lusted after this watch for the past few years. I still love and cherish every one of my watches as they are all special to me since they were all gifts from my wife. It is because of her generosity and thoughtfulness that I have grown to love and appreciate watches. One day I will pass these down to my son in hopes that he will appreciate them as much as I do. He is only 4 now, but he is always looking at my watches in the case.

damn dude! do you buy anything for yourself?! If i had a wife that buys me all these watchs i don't have to worry about buying one then!

just kidding, I'm sure you buy your wife plenty of gifts. I would know, my fiance is in med school with over $100k in debt... when she finally becomes a surgeon i want an A. Lange Sohne!

[Rollie8]

Originally Posted by wachulookingat

i live in Manhattan Jonathan...and I feel broke with a six figure income...my rent on 1br apartment is $4k....wait that's a Rolex... =(

Well paying $4k a month in rent would have someone making $100k a year pretty broke. Whoever created that generic rule of thumb of spending only 25-30% of your net income wasn't thinking about Manhattan.

[landroverking]

I think depends on why you want a Rolex. Are you into the watch hobby as I am or are you looking to own a Rolex to get noticed ?

[Danand]

Originally Posted by landroverking

I think depends on why you want a Rolex. Are you into the watch hobby as I am or are you looking to own a Rolex to get noticed ?

Sounds like door number two to me.

[buke45]

When I bought my first one I was in High School working part time. It was a SD in 1991 it cost me $1,700.

[Danand]

High school is fine-you have likely no real obligations, and as you said you saved for it.

[chicfarmer1]

A luxury item should occupy the margins of your finances, coming from truly discretionary dollars.

It's not too soon to go to ADs and get to know the models. See how they fit and what looks great and what you find yourself excited about. You just have to have real-life contact with these watches before buying with an online seller, if that's your intention. Of course, many first-time buyers like to work with an AD for the usual reasons.

[wachulookingat]

went to Tourneau, Wempe and Kenjo today (NYC chain stores for those who are not familiar)... none had the Explorer I want.... ...ill keep calling i guess

[Tools]

Originally Posted by wachulookingat

went to Tourneau, Wempe and Kenjo today (NYC chain stores for those who are not familiar)... none had the Explorer I want.... ...ill keep calling i guess

Order one, then wait for it to come in..

A Rolex should be a lifetime purchase, so you don't need instant gratification....

[wachulookingat]

Yah I guess I wanted to try it on first... Not sure about the 39mm size

[dalip]

Always try on a watch before you buy IMO.
In terms of which Rolex and at what stage in your life...well I never thought of it until I was in my 40's. You're considering it now - so go ahead. There's not so much a universally right time...more like the right watch and brand.
Don't worry about how many have got a sub or not...it's an incredible watch and if YOU like it that's all that counts.
Enjoy looking - take your time - !!
If I were getting my 1st I would wait until the new models hit the shelves..! Well - the exp II to be precise.

[greekbum]

I rode up on a bicycle and bought mine with money I had saved up as a kid working on cars, mowing yards etc.I dont think it has anything to do with how much money you make as long as you dont have to borrow to buy anything who cares what others say do it.

[fstnlgl]

Buy a Rolex when your ready. If you have to move it to pay the rent, food etc, your not ready. Select the Rolex that fits on your wrist and you like it. Try them all on, it costs nothing to look. Good Luck.

[WatchMe007]

I always find it funny when people say "six figures".

That is anywhere from 100,000 to 999,999 and is a pretty big range.

There is clearly no right answer. My income seems impressive at first glance. Look again. 4 kids. Wife. House. Cars. Property taxes higher than my first mortgage. Monthly insurance more than than the cost of my first car. Stuff gets complicated quickly.

My first was at age 30 when I could drop more than $5000 and not have it be missed. The rest are a blur.

I rationalize the purchase of fine watches by looking at the things I spend money on that are disposable and consumable.

[threemonkeys]

Hey everyone. I'm currently out of face palm photos. Can one of you ladies or gents please insert one on my behalf.

Thank you, kindly.

[Ricco]

Buy it now, you wont regret it.

[Ricco]

Originally Posted by mocheen

My wife bought me my first fashion watch when I was 23, and it was a Guess watch with a chronograph. I still have it stashed at the bottom of my drawer. I wore it everyday until it fogged up and stopped working. Then she bought me a nice Movado to replace it. I wore the Movado until we got married. On our honeymoon we went into a watch store and she purchased a Tag Heuer quartz watch for me. I am wearing it now while writing this. I really loved my Tag and it is my daily watch since my Tag Carrera Chronograph was stolen from me last year. She has purchased several Tags for me over the years. After she graduated from College she purchased a Rolex Datejust as a thank you for putting her through school. A few years ago she purchased an Omega Seamaster for me as a Christmas present. Last Christmas it was a PAM 111. She just went with me this past weekend to purchase my Submariner 16610LV F series. I am really excited about this latest purchase as I have lusted after this watch for the past few years. I still love and cherish every one of my watches as they are all special to me since they were all gifts
from my wife. It is because of her generosity and thoughtfulness that I have grown to love and appreciate watches. One day I will pass these down to my son in hopes that he will appreciate them as much as I do. He is only 4 now, but he is always looking at my watches in the case.

Geez i think your wife is a WIS!

[speedo]

buy it! don't have kids yet, you earn well, a rolex is not as bad an "investment" as a car for example. if it doesn't hurt your current financial standing, just do it and believe me, you'll love it.

and btw, i like the subc no matter how common it is and love the milgauss no matter how "tacky" the thunderbolt hand is.

[Ricco]

And after all you wear watch more than you drive car... Hehe..

[cajerseyboy]

wachulookingat (i love that name btw),

First off congratulations on making 6 figures at age 25! You are clearly a determined, capable and intelligent individual that demands a high paying job. IMO your income will likely increase as your career advances so I don't think you need to worry about the financial impact of purchasing this watch. In addition, you don't seem to be married or have kids living in an apartment in Manhattan so you don't have loved ones depending on you to provide for them. Nor do you have to 'clear' the purchase with your wife....yet .

My point is you are young and successful. I was there too and 'MY' rolex purchase, 'FOR ME', was a symbol AND a reminder, 'TO ME', that I had come into my own and that I am good at what I do and I am paid well for doing it.

If I were in your shoes I would make a pluses and minuses list to figure out why YOU should or shouldn't get one. You should know in your gut if its the right choice or not after seeing it on paper.

At age 25 making 100k I think it would be safe to say that you are on the right track in your career and if a Rolex is what you want as a gift to yourself for your efforts than by all means GO FOR IT!

I still love looking at my Deepsea (first rlx) and GMT (second rlx) every time I put them on it reminds me of the hard work and efforts I have put into my career. I don't think you will regret it. Just make sure you pay $ as going into debt for a watch is just plain stupid (IMHO)

BTW you are in the top 10% of earners in the USA according to 2009 data AND YOUR ONLY 25!

Good Luck!

Brian

[Explorer 2011]

Originally Posted by brandxbrand

Can ban discussing personal income. These type of pompous topics are generally only there to self indulge to OP.

Let's avoid this being a "how much do you earn" type thread... I wouldn't want to show everyone up anyway

People of all finances wear Rolex. Some live beyond their means (like they do so many other things in life) whilst for some a Rolex would be pocket change. And of course some people who earn considerably less, but are good with their money, can potentially 'afford' one more. Whereas, some big earners, may still be splashing out a bit too much and be better off saving their money...

EACH TO HIS OWN...

[rms]

Originally Posted by dddrees

Personally, I don't think it really has as much to do with the percentage of income as much as it has to do with making sure you can meet your necessary financial obligations first.

100% agreed. If you are 25, single (no kids), have control over your debt and are making over 6 figures, why wait. You can afford a high-end watch now. If you are married with children, have a big mortgage, car payment etc. then maybe you cannot afford and expensive watch right now. Perhaps it would be better to invest the money for your children's education.

I think your age and salary are only 2 factors to consider. For me, I didn't buy any luxury items until after age 40 when I could really afford to. It had less to do with my salary and much more to do with my obligations and priorities. Just my "2 cents"; I hope this helps.