Is this a hobby for the super rich?

WatchWalker · Mar 4, 2019

I'm not a millionaire but I strongly suspect my dentist of being one...

bucksandreds · Mar 4, 2019

I’m sure most 50 years old dentists are well off. Leaving dental school most dentist have $200,000-$300,000 in student loans that grow 5% or more per year in interest and are obviously paid back in after tax dollars. Considering my net worth at 27 was minus $220,000, I’m not sure people realize that young dentists aren’t well off. I’d say 50s on up and most are worth we’ll over $1 million.

GMTspeedmaster · Mar 4, 2019

eugeneandresson
I honestly don’t believe buying a modern Speedy for each kid (so 3...congrats on the incoming 😀 ) will be detrimental to your 8 figures or their future security. But listen carefully: if you do, close your account here, don’t join instagram (or shut it down too), and stay the heck away from vintage. The first modern Speedy is like the gateway drug (especially if you hunker after them).

this one!

mydeafcat · Mar 4, 2019

Super rich? Jesus, no. Not even close. Mind you, I concur with @Archer's wise observations. Indeed, we here on OF have the time to either buy, consider or simply while away the hours simply surfing the interweb for timepieces, an unimaginable luxury to most of the world. I'm not at all super rich - or rich, period - but have so much to be thankful for. Sure, I'm a little frustrated that I cannot afford to simply walk in to the local AD/OB and drop CDN $6300 on a new watch, but that is such a first world problem. Boohoohoo.

To Dr. OP MD.DDS - if you appreciate watches, are looking to buy and have the disposable income to indulge? I say buy it now. You've earned it. You'll love it. You'll possibly drill through someone's cheek staring at it.

mydeafcat · Mar 4, 2019

cicindela
All kidding aside folks we do a credit check on members during your first 3 months here. You guys can deny it and hide it from your spouses if you like, but If you are not over a 6 figure net worth, we ban you.

Of course there are a few exceptions, in @efauser 's case we did a credit check on his Dentist instead

Hope to see you all at the next Pebble Beach Concours D'Elegance , Trev is showing his new classic Aston Martin 👍

@dsio

Six figures, eh? I guess that includes .00 😗

FlyingSnoopy · Mar 4, 2019

If you buy an Apple Watch in three years time it’s is almost worthless
If you buy a speed master in ten years time it will remain a classic and if you sell it you will get your money back
(But you will not sell it. You will always have a mile on your face when you wear it)
Cheers

M'Bob · Mar 4, 2019

F FlyingSnoopy
You will always have a mile on your face when you wear it)

Rumor has it that the women Robert Kraft visited had many miles on their faces...

Thomas Morgan · Mar 4, 2019

You don't need to be super-rich, but frankly, probably "comfortable" at least. Wife and I are at about $230k with two kids and a mortgage.

Duckie · Mar 4, 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.

Why does it have to be an Omega?
Although the Speedy Pro Hesalite is an absolute classic.

There are plenty of other brands out there like Seiko.

I'm not wealthy but I'm doing fine and watches are currently the only interest I am indulging in.
It's also my first real interest since I was about 5 or 6 years old so it's not going away.
I have just recently purchased my first ever Speedy Pro (Hesalite) brand new as I couldn't pass up the deal. It's my one and only Chronograph.
And feeding into my little addiction I picked up the Silver Snoopy strap and deployant for it to be fitted and ready to be worn for the first time on the anniversary of the moon landing. (I watched it on tv as a kid and the whole Moon program thing just filled my head.)

All I can say is. If the watch doesn't sing to you enough for you to justify the outlay, then set it aside and find another make and or model that does genuinely sing to you.
If you're too tight to splash that sort of coin on a watch, then so be it. Own it and move on.
Aspects around the depreciation on the model is always being discussed as it is currently on the forum.
If it has to be a Chronograph?
Other alternatives besides making it a brand new purchase, are to purchase it second hand where the depreciation is already factored in.
Alternately go for another cheaper brand.
Or go for the knockout punch and go after the Rolex Daytona where you will almost surely get your money back if you buy right or even make some money on it if it doesn't resonate with you long term. Then perhaps you may consider one of the limited edition Speedies to hopefully preserve your resale value. In that case check out the Apollo XI 50th which will be announced soon enough.
Anyway you have plenty of time to consider.
Speaking of limited editions. How about a Silver Snoopy for that matter. It's very nice and steadily going up in value.
I personally like the 40th Aplllo XI edition.

Good luck, and let us know which way you go regardless.

p51p28 · Mar 4, 2019

You only live once...

cicindela · Mar 4, 2019

p51p28
You only live once...

OK, you convinced me, I'm goin for the Pepsi.

ntfromto · Mar 4, 2019

Because it’s a really cool watch with a great history behind it.

Fusion · Mar 4, 2019

That's a negative!

I am 25 years old and still have a long way to go in my career. My watches are worth much more than my car!

Each person has a unique situation, unique priorities and opportunities. I am happy to have been able to buy some great watches that make me happy on a daily basis. Well worth the price of admission to me. You are also in the right place - Omega offers some SERIOUS bang for buck, especially on the used market. You can get so many amazing <$2k watches that will last longer than you.

Hope you stay a while!

nismo · Mar 4, 2019

bucksandreds
I’m sure most 50 years old dentists are well off. Leaving dental school most dentist have $200,000-$300,000 in student loans that grow 5% or more per year in interest and are obviously paid back in after tax dollars. Considering my net worth at 27 was minus $220,000, I’m not sure people realize that young dentists aren’t well off. I’d say 50s on up and most are worth we’ll over $1 million.

I'm in my 30s as well and a double boarded physician. I know the feeling of massive debt and I grew up in middle class and went to public school my entire life (including for my BS and MD). My advice is to NOT worry about your grandchildren or even your children with the plan to hand down loads of money. Inherited wealth is blown by the 3rd generation...those that don't work for it don't value it. I expected nothing from my parents and paid my own way through medical school. They helped me in undergrad with the 529 they setup for living expenses, but staying in-state everything else was covered with scholarships (still didn't end up using all the 529 money because of that).

I do like to collect things and I can tell you I have NEVER regretted purchasing a relatively big ticket item after sleeping on the decision first. I STILL regret passing on certain purchases from over a decade ago I have yet to see come up for sale since. As an example, I'm still very happy I bought a Gene Cernan signed lithograph (1 of 1,972) from Nasa some years ago before his passing when I was a resident in massive debt and little discretionary income. I no longer see those for sale...at least not regularly and I'm glad I got one.

A regular Speedy Pro is easily within your reach based on your over-saving. My saving isn't too far behind yours, but I still plan on going for the 50th anniversary Speedy this year if I can get a slot.

Best of luck with your decision.

P.S. I diagnose new cancers and restage cancer on almost a daily basis. From teens to those in their 90s. You never know when it's your time so enjoy it when you can. Thankfully I no longer work in a level 1 trauma center as covering the ED trauma scans (especially pediatric trauma) can be really depressing.

007007007 · Mar 4, 2019

padders
Just who the hell are you to come in here shouting your good common sense and logical views, providing little to argue with? Thank god there are less measured contributors out there, without the arguments, the internet would wither and die. 😉

+1 lol

Civic4982 · Mar 4, 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.

If you’re 30-something, consider a birth year Speedy!

It’ll save you some bucks over new and will be a nice watch to hand down someday.

There’s plenty of them out there for a good price.

007007007 · Mar 4, 2019

nismo
I'm in my 30s as well and a double boarded physician. I know the feeling of massive debt and I grew up in middle class and went to public school my entire life (including for my BS and MD). My advice is to NOT worry about your grandchildren or even your children with the plan to hand down loads of money. Inherited wealth is blown by the 3rd generation...those that don't work for it don't value it. I expected nothing from my parents and paid my own way through medical school. They helped me in undergrad with the 529 they setup for living expenses, but staying in-state everything else was covered with scholarships (still didn't end up using all the 529 money because of that).

I do like to collect things and I can tell you I have NEVER regretted purchasing a relatively big ticket item after sleeping on the decision first. I STILL regret passing on certain purchases from over a decade ago I have yet to see come up for sale since. As an example, I'm still very happy I bought a Gene Cernan signed lithograph (1 of 1,972) from Nasa some years ago before his passing when I was a resident in massive debt and little discretionary income. I no longer see those for sale...at least not regularly and I'm glad I got one.

A regular Speedy Pro is easily within your reach based on your over-saving. My saving isn't too far behind yours, but I still plan on going for the 50th anniversary Speedy this year if I can get a slot.

Best of luck with your decision.

P.S. I diagnose new cancers and restage cancer on almost a daily basis. From teens to those in their 90s. You never know when it's your time so enjoy it when you can. Thankfully I no longer work in a level 1 trauma center as covering the ED trauma scans (especially pediatric trauma) can be really depressing.

Good for you on making it on your own. I am not an MD but also paid my way. I do appreciate the things I collect and never regret it.

Tri-national-man · Mar 5, 2019

No, it’s a hobby for the super poor... The amount we spend on these things makes some of us completely broke!!

gostang9 · Mar 5, 2019

Archer
Based on the fact that something like 80% of the world's population lives on about $10 per day, yes this hobby is for the rich certainly. If you narrow your scope to the Western world where most people have much more than those 80%, it's still a hobby for the relatively wealthy. If you narrow the scope further to practicing dentists in the Western world, my guess is this is not an expensive hobby, and you are just cheap.

I've been reading and following this thread, and was shocked it took until page 7 for this point to be made.

bucksandreds
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.

In your follow up posts you sound like you have a good handle on your personal finances. It seems you fall into the category of "savers" rather than "spenders" whereby building wealth for security gives you more enjoyment then spending it on possessions. I'm sure there are many other areas in your life where the sub $4k value can be saved and so a Speedmaster is well within your means. Buy it from the aftermarket (or slightly used) and you can essentially consider it a non-depreciating asset (aside from regular servicing costs and lost opportunity cost).

Go for it! You've worked hard and it sounds like you don't splurge on other things!

gostang9 · Mar 5, 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.

FWIW - I completely understood your point.

M'Bob
Recent research says that those who choose experiences over things are generally happier. However, when I hear travel stories of airport delays, someone next to you on the plane coughing all over you, hotel rooms with bedbugs, weeks of intestinal distress from eating local food...and then a couple nice days at the beach with a great sunset? Thanks, I'll take the watch...

You sound like a real joy to travel and vacation with... 😉