Is this financially responsible/sound?
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  1. #1
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    Question Is this financially responsible/sound?

    .

    *Final edit, I started a layaway with the seller where I paid $800, then will pay $300 a month for the next 6 months or so. I should be able to pick up the watch half-way through my payments so maybe a Christmas gift!"

    Hi all, would appreciate your opinions. I just turned 24 earlier this week and I take home (after taxes, retirement, etc.) around $40,000 annually currently. I can save at least a third of that under normal circumstances. I've already spent $6000 this year on watches (I've never spent on watches before). Is it a "bad" idea to spend another $2700 on a watch that typically sells for at least $3000? I have money saved up from 2+ years' work experience and I'll still have a positive, albeit small, cash flow for the year after the presumed $2700 purchase. And I'll definitely stop buying for many years after this. So... if I were your friend/relative/someone you're giving advice to, what would you say??? Thank you!!!


    *EDIT, the $2700 watch is the Omega 2220.80 SMP Diver Bond, discontinued*
    *2nd EDIT, I have no debt, just a mortgage which I took into account in my post*
    *3rd EDIT, I have $30K+ in savings as of today and some stock holdings*
    Last edited by outlier; October 9th, 2012 at 22:47.

  2. #2
    Member geoffbot's Avatar
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    Re: Is this financially responsible/sound?

    If you're spending within your means i.e. have a secure job and aren't getting into any more debt then it's fine.

  3. #3
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    Re: Is this financially responsible/sound?

    I've already spent $6000 this year on watches (I've never spent on watches before) - I have money saved up from 2+ years' work experience and I'll still have a positive, albeit small, cash flow for the year after the presumed $2700 purchase. - And I'll definitely stop buying for many years after this.
    yeah right

    My advice is don't spend it 'til you've got it , you don't know what's round the corner apart from there'll always be another $2700 watch round the corner.

    (and leave that little savings pot alone)
    bacari, TimeSaver and Fomenko like this.

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  5. #4
    Member mleok's Avatar
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    Re: Is this financially responsible/sound?

    I think if you've already spent $6K on watches this year, you might consider forgoing the $2.7K purchase, given that it's not that deep of a discount over what the watch typically goes for. It's not so much that spending another $2.7K on watches will necessarily be fiscally irresponsible if you are actually going to stop purchasing watches for the next several years, but most watch enthusiasts lack that kind of self-restraint, and unless it's a watch that you've always dreamed of owning, you'll likely find that soon after getting it, you'll be contemplating your next purchase. If the watch is still in production, then it wouldn't hurt to spread your purchases out so that you can enjoy the watches you've already acquired this year.
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  6. #5
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    Re: Is this financially responsible/sound?

    Quote Originally Posted by outlier View Post
    And I'll definitely stop buying for many years after this.
    I don't think you will :P
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  7. #6
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    Re: Is this financially responsible/sound?

    If you've got the money, you've got the money. So long as you aren't going into debt over a watch and are still saving I don't see a problem.

    I've spent near $3000 this year myself, so I'm not up for spending anymore. Unless of course a really good deal on a Speedmaster Professional pops up...
    Last edited by Jeffza; October 5th, 2012 at 21:01.

  8. #7
    Member Drop of a Hat's Avatar
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    No. It is not responsible. Start saving, stop spending. You'll need it. Pipes break, car engines die, bones break, sticks turn blue. You'll need savings for those situations.

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  9. #8
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    Re: Is this financially responsible/sound?

    Spend as much as you like. Bu within your means, never take any loans.
    At your age, you do not have (yet) many responsibilities, like school fees, multiple cars, kids clothes etc etc ( I guess).
    Once you get those you will not be able to spend so much on watches.
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  10. #9
    Member Will_f's Avatar
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    Not recommended. If you buy that watch, you will have spent almost 1/4 of your annual disposable income on watches. That's a huge amount of money to blow on a luxury good that depreciates. I think the fact that you're asking tells you the answer.
    Owner of a bunch of cool watches.


  11. #10
    Member GETS's Avatar
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    Re: Is this financially responsible/sound?

    Someone once told me that you should try and have 6 months worth of current net income in savings that could be liquid in very short order. I agree with this.

    After that if you're up to date in all your monthly bills then I think you should do what makes you happy as there are no pockets in a shroud.

    Regards,
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