23 year old... Can I afford a Rolex?

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HomerJ
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Re: 23 year old... Can I afford a Rolex?

Post by HomerJ »

The problem I have is that is it SO MUCH MORE...

Paying 2x the normal price of an item could be justified by quality. Maybe even 5x... But you can get a decent watch for less than $50... So you're paying 100x more for the Rolex...

It sounds as crazy to me as someone buying a $50,000 TV that is nearly the same size and same resolution as my $500 TV. Maybe it's slightly better... But it's not 100x better.

Imagine if someone came on here and said "Can I buy a $50,000 TV? I can afford it... I have plenty of money... It's not much better than a $500 TV, but it's got diamonds around the edge..."

I would think that was a waste... And even though I now have saved a lot of money and am slowly learning to spend it, I still can't imagine "wasting" money.

At 23, I doubt you have $5000 you can afford to spend on pure luxury yet...

This kind of purchase should be made later in life, when you're closer to your financial goals, and can see the end-game in sight (I'm not saying wait until you are 65, but mid-30s or mid-40s at least)
64415
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Re: 23 year old... Can I afford a Rolex?

Post by 64415 »

I am assuming, given your young age, that one of the goals with this purchase is to attract the attention of young females. That is very understandable, but I would suggest there is a much better means of accomplishing this with the $5000. First focus on your fitness. One third of young men your age are fat slobs. Make sure you are not one of them. Trim your body fat to less than 8%, preferably 5% and develop an inverted pyramid physique thru hard work in the gym. There are no shortcuts to fitness. Then spend the $5000 on a wardrobe of custom fit shirts, pants and sport jackets to demonstrate your finely tuned physique and signal to young ladies the level of earning capacity and education that was needed to acquire such a nice wardrobe. The confidence you will gain from getting in shape will help your young professional career. The Rolex wont provide 1/100 the results that a fitness and wardrobe investment will.

Are you contributing the maximum to your retirement plan? If not, then you should not spend the $5000 on signalling.
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Re: 23 year old... Can I afford a Rolex?

Post by lululu »

64415 wrote:I am assuming, given your young age, that one of the goals with this purchase is to attract the attention of young females. That is very understandable, but I would suggest there is a much better means of accomplishing this with the $5000. First focus on your fitness. One third of young men your age are fat slobs. Make sure you are not one of them. Trim your body fat to less than 8%, preferably 5% and develop an inverted pyramid physique thru hard work in the gym. There are no shortcuts to fitness. Then spend the $5000 on a wardrobe of custom fit shirts, pants and sport jackets to demonstrate your finely tuned physique and signal to young ladies the level of earning capacity and education that was needed to acquire such a nice wardrobe. The confidence you will gain from getting in shape will help your young professional career. The Rolex wont provide 1/100 the results that a fitness and wardrobe investment will.

Are you contributing the maximum to your retirement plan? If not, then you should not spend the $5000 on signalling.
How about developing his brain? Then he might attract a woman who's worthwhile.
LFKB
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Re: 23 year old... Can I afford a Rolex?

Post by LFKB »

backpacker wrote:
LFKB wrote:
backpacker wrote:For $5,000 you could buy 500 malaria nets and save about two lives. Sounds like a lot more fun to me than having a watch that's nice to look at! :beer
How many malaria nets have you bought?
Peter Singer has recently convinced me that most of the money I've been sending towards retirement savings should be going to save lives. I've been researching charities and just started reading about mosquito nets. Next month we're buying 400 in December instead of Christmas gifts. Not a lot, but it's a start!
Awesome
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Re: "Shot by Robbers, Dies Clutching His Rolex Watch"

Post by Petrocelli »

Petrocelli (not the real Rico, but just a fan)
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mlebuf
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Re: 23 year old... Can I afford a Rolex?

Post by mlebuf »

Hi Marjimmy,

Before indulging yourself in conspicuous consumption, I suggest you read this small column written by someone who is just slightly older than you are:

http://www.fool.com/investing/general/2 ... t-see.aspx
Best wishes, | Michael | | Invest your time actively and your money passively.
eucalyptus
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Re: 23 year old... Can I afford a Rolex?

Post by eucalyptus »

Consider a vintage Rolex. Or something else. A new Rolex, well, it's expensive, but is it really special? How would you feel about your first PP? Panerai? Etc etc. If you have other watches, then perhaps you want to be a collector, and the essential trick to collecting is mastering a market and buying very, very, very carefully.

PS: I have a vintage Rolex I never wear, because I carry a cell phone. I also have a Spiro Agnew watch, and a horrible Soviet era watch with a big red star.
Last edited by eucalyptus on Sun Nov 23, 2014 3:44 pm, edited 2 times in total.
64415
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Re: 23 year old... Can I afford a Rolex?

Post by 64415 »

How about developing his brain? Then he might attract a woman who's worthwhile.[/quote]

In my humble opinion, it is a mixture of alpha and beta traits that will produce the best results for him in the long run. I am assuming he has well developed beta traits (analytical and introspective) or he wouldnt be reading Bogleheads. Cheers.
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Post by Taylor Larimore »

mlebuf wrote:Hi Marjimmy,

Before indulging yourself in conspicuous consumption, I suggest you read this small column written by someone who is just slightly older than you are:

http://www.fool.com/investing/general/2 ... t-see.aspx
Marjimmy:

"mlebuf" is Michael LeBoeuf, co-author of The Bogleheads' Guide to Investing and author of The Millionaire in You.

You can read valuable excerpts from both his books HERE

Best wishes.
Taylor
"Simplicity is the master key to financial success." -- Jack Bogle
LongerPrimer
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Re: 23 year old... Can I afford a Rolex?

Post by LongerPrimer »

FIL' s Rolex was confiscated by wifey. I guess I don'tdeserve wearing such an expensive watch. :annoyed :confused . MIL liked me wearing it.
Back into the draw it goes. :|
minskbelarus47
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Re: 23 year old... Can I afford a Rolex?

Post by minskbelarus47 »

Buy a Rolex? At your age?

Sounds like you are trying to impress your friends.

I own one (gift from wife, 25% off at PX in 1980) wear it only with a suit.

Day to day I wear a Pathfinder. 99 bucks. Solar battery recharge, synch's with atomic clock at night (set it on your dress facing west...yes, really). So, the accurate time, runs on the sun. With a compass.

Tells you what direction you are going. Just like this forum. Spend the 99 and listem to this forum...

MB
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Re: 23 year old... Can I afford a Rolex?

Post by 3504PIR »

I bought a Rolex in 1985 with the various cash gifts I recieved from family and friends when I graduated from college. I paid $1050 for my submariner then and bought it with the intention that I wanted to buy myself something I would never otherwise buy, sort of a one off. I still wear that watch today and am very happy I made the decision I did.

I bought one for my with in the summer of 2009 from a jeweler in a very sad mall in NC. With the economy in a very sad state the jeweler was willing to deal and took my very low ball offer, which to this day still surprises me, and made my wife very happy. She'd wanted one for years.
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Re: 23 year old... Can I afford a Rolex?

Post by chaz »

Marjimmy wrote:Hello Bogleheads,

I've been debating for some time whether it is the right time to buy a Rolex for myself. I have numerous watches but have never payed anything over a few hundred for one. My financial situation is currently 100% debt free with maxed out roth ira contributions as well as a secure "safety nest" if I ever needed funding. The question isn't whether I can afford it or not, but is it better spent else where? Let's say I spend $5,000 on a rolex tomorrow, because indefinitely I plan on getting one in the future.... the question is do I get it now, or should I wait till I'm 30 perhaps? While I have numerous other watches owning your first rolex is just something different. (plus it can be resold). What are your personal thoughts on treating yourself when you're not in debt?

Thanks!
Increase your earnings first.
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likegarden
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Re: 23 year old... Can I afford a Rolex?

Post by likegarden »

I bought my first Rolex when I was 50 in Itewon in Seoul, South Korea, $25, obviously fake. In Kuala-Lumpur, Malaysia, they were selling those too, I noticed. So why spend $5k on something I would only use rarely?
sambb
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Re: 23 year old... Can I afford a Rolex?

Post by sambb »

If you are buying your watch to tell time - I wouldn't buy. You are 23. Im sure you have a smartphone like most of the people within 20 years of your age.

If you are buying this as fashion/jewelery/status - at 23 not sure you will like it in 10 years. Tastes change. I wouldn't buy. However, if you do buy, I would buy preowned. There are some good watch forums - and one particularly good for rolex. You won't lose too much on a sports model if you buy preowned, but you will have to service every few years to keep it running. In the end, however, i wouldn't buy. Watches are somewhat nostalgic for younger people. And they tend to get lost or stolen as you will travel, be in different living places, be at different people's apartments or homes, etc etc.

Good luck.
skepticalobserver
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Re: 23 year old... Can I afford a Rolex?

Post by skepticalobserver »

$5k is a lot of Chinese dinners

Buy a knock-off for $20.00. NYC street vendors sell them. When it stops working, get another. For $5k you can do this for a long time.

The Rolex is collectible dreck. Spend the money instead on, say, coding school; acquire knowledge--that's something that you won't have to worry about and insure.

I assure you, many people on this Forum who don't own things like a Rolex could sell and buy multiple Rolex stores.

Don't turn your life into a joke at such an early age.
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Re: 23 year old... Can I afford a Rolex?

Post by nisiprius »

lululu wrote:Doctors' waiting rooms. Mechanics' waiting rooms. Grocery stores.
Good point.
Driving on the freeway.
Seriously, your car doesn't have a clock in it?
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Re: 23 year old... Can I afford a Rolex?

Post by FlyingMoose »

tbradnc wrote:Man, if you've got to have a Rolex consider a used one. There's readily available - just deal with a reputable seller.
To be fair, there aren't any rolexes you can get for $5,000 new anyway.
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Re: 23 year old... Can I afford a Rolex?

Post by LadyGeek »

This thread is now in the Personal Consumer Issues forum (watch).
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BL
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Re: 23 year old... Can I afford a Rolex?

Post by BL »

It sounds like a recommendation to read "the Millionaire Next Door" is in order. The people you can impress with a Rolex are not worth impressing! :twisted:
mhalley
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Re: 23 year old... Can I afford a Rolex?

Post by mhalley »

An even better way to impress a woman than having a rolex on the wrist, cash in the pocket!
https://www.youtube.com/watch?v=yl9j_W9ES9Q
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Re: 23 year old... Can I afford a Rolex?

Post by selftalk »

This is obviously a want and not a need. Get a knock off Rolex. It will most probably keep time better. The resale price will probably be a drop of 50%. Have you considered someone mugging you for it for being too flashy?
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Re: 23 year old... Can I afford a Rolex?

Post by jupiter_man »

Marjimmy wrote:Hello Bogleheads,

I've been debating for some time whether it is the right time to buy a Rolex for myself. I have numerous watches but have never payed anything over a few hundred for one. My financial situation is currently 100% debt free with maxed out roth ira contributions as well as a secure "safety nest" if I ever needed funding. The question isn't whether I can afford it or not, but is it better spent else where? Let's say I spend $5,000 on a rolex tomorrow, because indefinitely I plan on getting one in the future.... the question is do I get it now, or should I wait till I'm 30 perhaps? While I have numerous other watches owning your first rolex is just something different. (plus it can be resold). What are your personal thoughts on treating yourself when you're not in debt?

Thanks!
First about my watch : I have been using a "Citizen Eco-Drive" for over 10 years, it probably cost be less than $100. It does not require any batteries and has been working great.

Since you asked "should I get it now or wait till 30"; my recommendation is to wait the 7 years. When you are 30, see if you still have the passion for it. Looking forward to your Boglehead post in 2021.

Thanks.
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Re: 23 year old... Can I afford a Rolex?

Post by Petrocelli »

I had to return to the forum for this thread.

Here's what you should remember: A Rolex watch is an asset, as is most expensive jewelry. It may appreciate, or it may not. But it probably won't depreciate.

The Rolex watch that I bought for my wife was the second major piece of jewelry I bought for her. (The first was her engagement ring.) She probably has somewhere around $50,000 to $75,000 in jewelry after 28 years of marriage.

Personally, I would not buy a Rolex at 23. Save for a house.

For the record, I wear a watch I got as a gift from my wife. I think it cost $89.
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Re: 23 year old... Can I afford a Rolex?

Post by HomerJ »

nisiprius wrote:
lululu wrote:Driving on the freeway.
Seriously, your car doesn't have a clock in it?
My first (and only) new car didn't have a clock because I thought spending $100 on a clock was ridiculous. And that was 20 years ago, before I had a cell phone.

Now I buy used cars, so I don't get the option to decline certain features. :)
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Re: 23 year old... Can I afford a Rolex?

Post by lululu »

HomerJ wrote:
nisiprius wrote:
lululu wrote:Driving on the freeway.
Seriously, your car doesn't have a clock in it?
My first (and only) new car didn't have a clock because I thought spending $100 on a clock was ridiculous. And that was 20 years ago, before I had a cell phone.

Now I buy used cars, so I don't get the option to decline certain features. :)
Analog clocks in older cars typically give up the ghost after a certain number of years. I suppose it might be possible to have them replaced, although there are probably not companies churning them out as replacement parts.
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in_reality
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Re: 23 year old... Can I afford a Rolex?

Post by in_reality »

Go for the 18-karat gold Apple Watch.

Actually if you can wait a bit, there will likely be an iPhone with diamond directly attached to the silicon as a way to deal with the heat in a more efficient and smaller way than the heat sinks currently in use.
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Re: 23 year old... Can I afford a Rolex?

Post by island »

3 pages on this, seriously?
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Re: 23 year old... Can I afford a Rolex?

Post by hiddensee »

64415 wrote:I am assuming, given your young age, that one of the goals with this purchase is to attract the attention of young females. That is very understandable, but I would suggest there is a much better means of accomplishing this with the $5000. First focus on your fitness. One third of young men your age are fat slobs. Make sure you are not one of them. Trim your body fat to less than 8%, preferably 5% and develop an inverted pyramid physique thru hard work in the gym. There are no shortcuts to fitness. Then spend the $5000 on a wardrobe of custom fit shirts, pants and sport jackets to demonstrate your finely tuned physique and signal to young ladies the level of earning capacity and education that was needed to acquire such a nice wardrobe. The confidence you will gain from getting in shape will help your young professional career. The Rolex wont provide 1/100 the results that a fitness and wardrobe investment will.

Are you contributing the maximum to your retirement plan? If not, then you should not spend the $5000 on signalling.
I completely agree that spending the money on gym and clothes is going to work a lot better than a single out-of-place bauble.
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Re: 23 year old... Can I afford a Rolex?

Post by obgyn65 »

To the OP: my answer would be no, sorry. Instead I would buy a 10-year CD, or a small deferred annuity starting age 62.
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Re: 23 year old... Can I afford a Rolex?

Post by TomatoTomahto »

island wrote:3 pages on this, seriously?
We need a "Like" button.
I get the FI part but not the RE part of FIRE.
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JMacDonald
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Re: 23 year old... Can I afford a Rolex?

Post by JMacDonald »

It is true a Rolex can cost $10k more or less new. But consider that it cheap compared to this watch: http://www.chrono24.com/en/greubelforse ... dOrNew=new So give the OP a break. He is being frugal.
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Re: 23 year old... Can I afford a Rolex?

Post by Mister Whale »

island wrote:3 pages on this, seriously?
It's like moths to a flame ... :D

To the OP: Good luck, and consider carefully what kind of female (or male friends) you are hoping to attract with the lure scent of a Rolex on your wrist.
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Re: 23 year old... Can I afford a Rolex?

Post by XtremeSki2001 »

I bought a replica Rolex GMTII for ~$350. No one can tell the difference. I didn't get a real one because of the cost and because I only like the look (don't really care or appreciate the intricacies of the watch). After owning it for 5 years, it's been beat up a good bit. Not sure if I would be okay with the wear and tear if it was a $5k watch ... I would have likley worn it less if it was real.

As for getting a real one, go for it if that's what you value. At 23, I might be inclined to travel with that money. Don't be frugal to a fault!
A box of rain will ease the pain and love will see you through
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Re: 23 year old... Can I afford a Rolex?

Post by surfhb »

If you want to look good in your eyes and others around you just put $5000 in a money clip in your pocket.

8-)
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Taylor Larimore
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Inner-directed or Outer-directed

Post by Taylor Larimore »

surfhb wrote:If you want to look good in your eyes and others around you just put $5000 in a money clip in your pocket.
I've found that "Inner-directed" people are usually happier than "outer-directed" people."

Best wishes.
Taylor
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Re: Inner-directed or Outer-directed

Post by XtremeSki2001 »

Taylor Larimore wrote:
surfhb wrote:If you want to look good in your eyes and others around you just put $5000 in a money clip in your pocket.
I've found that "Inner-directed" people are usually happier than "outer-directed" people."

Best wishes.
Taylor
Doesn't this imply the OP is buying the watch for status and/or simply to keep up with "the Joneses"? Where do we get the support for our judgement? Are those who buy luxury items they enjoy exposed to the same judgement, simply because they make different choices than we would? Perhaps they would get the same enjoyment out of a Rolex as you would get out of sailing - is this possible? Why not?
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Re: 23 year old... Can I afford a Rolex?

Post by goblue100 »

The Wizard wrote:
downshiftme wrote:Much more economical would be a fauxlex: http://www.madebystore.co.uk/store_faux_wat.html
OK, but is a fauxlex good to 150 feet deep in seawater like many Casio's are???
If I'm under 150 feet of seawater I'll have lot bigger problems than knowing what time it is.
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Re: 23 year old... Can I afford a Rolex?

Post by mhalley »

Perhaps on a guitar case? I was just watching a TLC show and they had one of those little quizzes that pop up. The gist of it was that they had a guy ask out women while he was carrying a gym bag. He got their number 6% of the time. When he was carrying a guitar case, it shot up to 31% of the time.
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Re: 23 year old... Can I afford a Rolex?

Post by Wolkenspiel »

XtremeSki2001 wrote:I bought a replica Rolex GMTII for ~$350. No one can tell the difference.
Post some pictures of your fake, and I'm sure someone will be happy to dispel that notion.

Without a clearer picture of the OPs finances and motivation, I don't see how one could give meaningful advice. Although I personally like nice watches, I suspect the best advice would be to wait until the Rolex can be paid for with a couple of months worth of surplus cash. OTOH, buying a mint condition used Rolex (or a new watch with a significant discount) is unlikely to end in a financial disaster, unlike e.g. a fancy car. I assume the OP has spent some time on rolexforums.com to gauge what one should pay for various models in particular condition.
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Re: 23 year old... Can I afford a Rolex?

Post by HomerJ »

Wolkenspiel wrote:
XtremeSki2001 wrote:I bought a replica Rolex GMTII for ~$350. No one can tell the difference.
Post some pictures of your fake, and I'm sure someone will be happy to dispel that notion.
The trick is to keep your arm moving all the time, so no one can look too closely at it. :)
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Re: 23 year old... Can I afford a Rolex?

Post by Pajamas »

1. If you have to ask, then you can't afford it.

2. If you really want to treat yourself, spend the money on a pleasurable experience rather than some object. You will get more pleasure out of the experience both in the short and long-term.

3. If you do decide to buy a Rolex, consider buying one second hand from a reputable dealer. If you can't find an older one that you like, then consider that you may not like the new one you buy now a few years down the road. You will also have something not quite so commonly seen.

4. Look deep inside yourself and if you are buying it to impress other people, then just get a good fake. Then you will both impress them and feel smugly superior, because they can't tell the difference.
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Re: 23 year old... Can I afford a Rolex?

Post by seeshells »

You've outstanding advice listed above. Removing 10% or more of your first decades investment funds funding for a watch is going to bite you in the butt in 35/40yrs is my suggestion for you to consider as well as all the others similar advice Marjimmy.
Last edited by seeshells on Mon Nov 24, 2014 6:39 pm, edited 1 time in total.
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Re: 23 year old... Can I afford a Rolex?

Post by downshiftme »

I would not feel safe walking around with $5000 on my wrist. I would rather not be a target.
When I am asked on the street if I know the time, I am glad I am NOT pulling out a Rolex and marking myself as a target. Let the other folks look like millionaires. I'm much happier looking like an average guy who isn't worth the effort to mug for my cheap drugstore watch and presumably empty billfold.
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Re: 23 year old... Can I afford a Rolex?

Post by Xpe »

I second the person who suggested getting fit and using the 5k on your wardrobe. For 5k you can easily get a couple bespoke suits and shirts, along with a few more casual outfits. Throw in a $500 watch and you'll be way ahead of the game.

Also, travel. For 1k you can go on a sick trip to central or south america, stay in hostels and buy a ton of booze. I do something like this every year (although more like 600 instead of 1k) and I've never thought twice about the prestigious watch or whatever I passed up to take them.
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Uncle Pennybags
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Re: 23 year old... Can I afford a Rolex?

Post by Uncle Pennybags »

With all of this talk about getting jacked for a watch where do you people live? Why do you transfer your values, buy bug nets for the poor, go on a Secret Service type vacation, to the OP?
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Re: 23 year old... Can I afford a Rolex?

Post by Schu »

I own a Rolex Explorer II (black) that I received as a gift over ten years ago. I doubt I'd spend $7500 to replace it, but it is certainly a beautiful watch, in the sense of simplicity and very high quality materials. I don't wear a Rolex as an exercise in conspicuous consumption, but it might reveal something about someone who might think that's my motive.

I see many watches that appear to my eyes as wannabees. $25 for a Rolex copy baffles me. That is just sad. The other two watches I wear often are Casios, neither pretending to be any more than they are.

No one can determine (or make sense of) the utility of a purchase for anyone else. Save first, save second, buy what you need and then buy what you want. What you want will only make sense to you.
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Re: 23 year old... Can I afford a Rolex?

Post by jstrazzere »

Marjimmy wrote:The question isn't whether I can afford it or not, but is it better spent else where?
Only you can decide what "better" means to you.

Of all the things in my life, spending $5000 on a watch for myself wouldn't be anywhere near the top. Actually, since I don't wear a watch it wouldn't be on my list at all.

But perhaps you have everything covered financially for your all of current and future expenses. And perhaps you don't have anyone to spend money on other than yourself.
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Re: 23 year old... Can I afford a Rolex?

Post by surfstar »

People are happier giving their money away than spending it on themselves.
People are happier with money spent on experiences (vacations or fun with friends, etc) rather than things.

I imagine it is harder to walk past a homeless person with a rolex on your wrist, vs after coming back from a weeklong Europe trip (personally, I wouldn't know).
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