Is this a hobby for the super rich?

Fritz · Mar 3, 2019

There a worker on the line at my work, makes minimum wage and just gets by in life streatching his dollars to raise his family. He's got a nice selection of economical old watches that he enjoys wearing, we often stop to check each other's piece out and chat watches. He's obviously enjoying his watches, likely more than some of us who are a fortune into this hobby but don't wear them for fear of scratching them. It's all a matter of being content with what you can afford.

Can you afford the watch or will the price bother you every time you wear it? If you can accept the price and you want the watch... buy it dammit!

STANDY · Mar 3, 2019

Most of my watches come from overtime and on call work that is above my normal wage.

Few cashies as we call them in Australia 😉
( a cashie is when you get a tradesman over for a cash job after their work )

Bp1000 · Mar 3, 2019

bucksandreds
I like your 33% rule. It’s basically save 2/3 of what you have left at the end of the month and spend 1/3. I’m spending maybe 5%-10% of what I have left at the end of the month. Maybe time to relax a little.

Yes I find it to be a good balance

People do go to the extremes. Either save too much / everything or spend everything

Remind yourself you are lucky to have money to spend / save, a lot of people don’t.

But as you do, if you follow the 33 guideline, a good set of investments can compound nicely over a long period of time. Closing the gap on the 33% you spent.

Plus the saving part can benefit you if you use an ISA

STANDY · Mar 3, 2019

ClarendonVintage
It's cheaper than substance abuse.

Not as much fun 😉

SpeedyPhill · Mar 3, 2019

Bought my watches 25 years ago when a Speedmaster was available at Euro 1000.00 (1994) and 1500.00 (1998)

TedG954 · Mar 3, 2019

I have chosen particular watches because I like them, not because someone else has influenced my choices. If you really like a watch, will enjoy wearing it, and it's within your means..... get it. Asking the forum for technical background, investment tips, reliability, or brand specific data, makes good sense. When it comes to aesthetics or taste, the choice should be made completely by the wearer. My personal tastes are going to be different than most, so I wouldn't offer an opinion. If you really like a watch, you can't go wrong with the choice. It's personal; it's yours. Now, trying to impress a brand-fan for recognition is another subject. My nephew only wears a Rolex to impress his peers and clients. For him, that's fine. For me? I try to avoid that influence. So, I would ask myself this question first, "Who am I trying to impress... me, or someone else?"

bucksandreds · Mar 3, 2019

Bp1000
Yes I find it to be a good balance

People do go to the extremes. Either save too much / everything or spend everything

Remind yourself you are lucky to have money to spend / save, a lot of people don’t.

But as you do, if you follow the 33 guideline, a good set of investments can compound nicely over a long period of time. Closing the gap on the 33% you spent.

Plus the saving part can benefit you if you use an ISA

I’m American so not sure what an ISA is?

queriver · Mar 3, 2019

Speaking of dentistry, I paid for braces so my kids would have straight teeth and in total it cost me more than the price of a new Speedmaster. I also like watches, obviously. I consider both my kids teeth and my watches good investments for very different reasons. They get straight teeth and nice smiles for the rest of their lives (something I didn't get) and I get a smile from enjoying my watches that I hope will at least hold their value and eventually go to the kids.

You are a 30-something dentist so you have many years of income earning capacity ahead of you. Build your practice, build your home and family and set aside some funds for pleasure - that's a recipe for long term balance.

TedG954 · Mar 3, 2019

jaguar11
Memories of fun and happy times with my family are beyond measure of money to me.....

You're going to reach a point where you won't remember anything, including your own name. BUT.... that shiny thing on your wrist will amuse you for hours and hours. Then you take your medication and a nap.

Bp1000 · Mar 3, 2019

bucksandreds
I’m American so not sure what an ISA is?

Ah sorry. Yea it’s a British thing, maybe European

It’s an instant access savings account.

Put up to 20k GBP into one per year and you get tax free interest on the amount.

Interest rates are higher than standard savings accounts but of course there is an upper limit on what you can dump in there. Some of highest interest rate accounts do restrict withdrawal too.

Ninja2789 · Mar 3, 2019

Let's be honest. There's a large bit of illogical behavior when it comes to this watch hobby. I mean not only are the watches expensive, but sometimes they're expensive for the smallest reason. Like is a bezel really worth $3-5K? (DON, 1675 redbacks, etc).

But there are so few hobbies that are as tactile as watches. To me, watches have really drawn me in not only because of they just look nice, but because I'm able to interact with that aesthetic on a daily basis. I can see and touch it close to me. Combine this with history and story (whether vintage or making your own) and it's a very compelling hobby to me.

Besides, if we're talking about illogical financial choices I've got two kids to introduce you to . . . .

bucksandreds · Mar 3, 2019

queriver
Speaking of dentistry, I paid for braces so my kids would have straight teeth and in total it cost me more than the price of a new Speedmaster. I also like watches, obviously. I consider both my kids teeth and my watches good investments for very different reasons. They get straight teeth and nice smiles for the rest of their lives (something I didn't get) and I get a smile from enjoying my watches that I hope will at least hold their value and eventually go to the kids.

You are a 30-something dentist so you have many years of income earning capacity ahead of you. Build your practice, build your home and family and set aside some funds for pleasure - that's a recipe for long term balance.

I can’t get past thinking that every dollar saved will benefit my kids and future grandchildren. The way I’m saving (virtually every spare dollar) at 65 I’d (depending on market returns) be worth close to 8 figures. I’m in Ohio and seeing the decay that’s happening in most of the areas outside of the big city suburbs, I’m terrified to imagine my descendants living like that. I don’t like money for buying things. I like money for the security that I feel when I have it saved. I have 2 sons so if it’s an heirloom then I’d need two.

Archer · Mar 3, 2019

blufinz52
You do know that memories and 'things' are not mutually exclusive, right? I didn't mean to denigrate memories, but I can see that my analogy was inarticulately stated.

Yes, memories can certainly be associated with things. But the specific example you used was picking a watch over a vacation filled with memories. I didn't think you articulated your point of view badly - I just disagree with it. I just got back from a 5 week vacation that cost me a lot of money in the cost of the trip and time away from the work bench - I work for myself so there's no such thing as paid vacation.

I could have easily bought a very nice watch with the money I spent and in lost revenue in that 5 weeks, but to me the time away and the experiences I had simply can't be replaced by a material "thing."

We all value experiences and things in life differently, and it's partly a cultural difference I think. I've already got plenty of watches to wear, so for me time off is the real luxury...

padders · Mar 3, 2019

I am not sure how you got past the net worth test that all new members have to pass. If you haven't got a million in the bank then the world of Omega ownership is no place for you. Close the door on the way out.

😉

Larry S · Mar 3, 2019

My first nice watch is a Rolex GMT Master 2 ... my decision at the time ... I’m doing well, I have sacrificed a lot of my personal time in this global job, I’m stuck in Frankfurt for 6 hours, I deserve the dammed Rolex that I’ve been researching ... Treat yourself but don’t squander the rent money.

blufinz52 · Mar 3, 2019

Archer
Yes, memories can certainly be associated with things. But the specific example you used was picking a watch over a vacation filled with memories. I didn't think you articulated your point of view badly - I just disagree with it. I just got back from a 5 week vacation that cost me a lot of money in the cost of the trip and time away from the work bench - I work for myself so there's no such thing as paid vacation.

I could have easily bought a very nice watch with the money I spent and in lost revenue in that 5 weeks, but to me the time away and the experiences I had simply can't be replaced by a material "thing."

We all value experiences and things in life differently, and it's partly a cultural difference I think. I've already got plenty of watches to wear, so for me time off is the real luxury...

You don't understand my point on this topic. That's ok, it's not that important to try to explain further. It's all good.

I hope the OP gets that Speedmaster...and takes his family on great vacations 👍

Archer · Mar 3, 2019

blufinz52
You don't understand my point on this topic. That's ok, it's not that important to try to explain further. It's all good.

I hope the OP gets that Speedmaster...and takes his family on great vacations 👍

I think I do, but that's okay - no worries.

blufinz52 · Mar 3, 2019

Archer
I think I do, but that's okay - no worries.

No worries at all.

CajunTiger · Mar 3, 2019

bucksandreds
eyeing my first Omega (speedmaster Pro) but haven’t been able to justify purchasing one. Am I just too darn cheap or are most of you multimillionaires?

Multimillionaire? Are you sure you need help buying a watch, or is it a house called Omega in the Hamptons? 😀

Regardless, only you can decide if you its justifiable. Sorry, but I never understood the help me justify posts...if you cant make a rational purchasing decision on your own, then it suggests you shouldn't be spending the money imo. So my advise would be to wait until you have $4000 cash and its expendable...

Sublime_1 · Mar 3, 2019

bucksandreds
Hello,

I’m a 30 something dentist who’s been eyeing my first Omega (speedmaster Pro) but haven’t been able to justify purchasing one. Am I just too darn cheap or are most of you multimillionaires? The reason I started this thread is I guess I want you guys to help me rationalize to myself why I should buy it.

Thanks in advance.

Are you married? If so that is who you need to justify it with, if not then PFFT! don't be a tight wad😉 .
Buy used and if you can't get let that feeling go then move it on. If you buy well you shouldn't see hardly any loss. But really, the question you need to ask is one you need to ask yourself: "Am I worth it?"