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Help pulling the trigger

656 views 18 replies 15 participants last post by  Adam Wallander 
#1 ·
Hi r/watches!


So, I've been a watch enthusiast for a couple of years now. Started getting interested when my friend got an old vintage Omega 120 from his parents. I have now, 2 years later, acquired my taste. I also turned 18 some months ago and was gifted a part of the trustfund my dad put in a savings account when i was born, around $13000 (My parents are relatively well-off, that is a months wage to them). My 2 sisters were given the same amount and spent it on the first apartment and the others hobby, horses.


Im going into University (Sweden) this fall which means Im going to be moving into my own apartment and having my own economy. I'll be having a budget of around $1000/mo to move around with, given to me by both my parents and the government.


Would it be completely out of line for me to invest around $4000 out of the trustfund in a Rolex 16570? I know my parents arent going to approve since they dont understand the watch-thing and believes it's only materialistic, but since the watch probably wont lose alot more value and almost all Rollies are reasonably easy to resell if I would get in any financial crisis, is it really that horrible of a move? Should I instead be saving the money as a emergency fund or for future down-payments on my first apartment?


I really only want someone to make me flip the switch and get that watch. If it was my own money I had saved up, this would be a non-issue but since I it was given to me by my dad, I don't want to seem irresponsible with the money, or ungrateful.


Thanks in advance for helping me out, Im really battling myself on this issue and just want someones 2 cents.


TL;Dr: I was given $13000 by my well-off parents. Going to be moving out and attending University in fall with grants from my parents and the government of $1000. Is it stupid of me to buy one of my grails, a $4000 Rolex 16570 instead of saving the money as a emergency fund or for future down-payments when Im going to be buying my own apartment?
 
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#2 ·
Get a handle on your expenses to ensure your $1k/month is enough. IF you can leave $9k in the trust fund, then that can be your emergency fund. If not...if the expenses (plus, say, 20-25% because there's ALWAYS unexpected expenses) exceed the general income...save the money.

I don't think 30% of the trust fund is overly large...altho it's about the max I'd suggest. And a Rolex should be an excellent choice.

What you might want to do is wait a year. Leave the trust fund alone; track the expenses through your first year of university. Even tho you could sell the Rolex back, you'll still lose quite a bit on it. It would be better to convince yourself that you *can* afford to spend some of the trust fund.
 
#5 ·
...Even tho you could sell the Rolex back, you'll still lose quite a bit on it...
US$4K for a 16570 would be low if the watch is in good condition, so caveat emptor. But assuming it's genuine and you're just getting a terrific deal, you will come very close to getting your money back if you decide to sell later. If you decide to pull the trigger, that's one great way to kick off a watch collection.
 
#10 ·
It is indeed a personal thread, but it doesn't bother me! I just want to say that if you have so many questions, maybe it is better to wait. After all, you don't want to buy an expensive watch with the feeling of letting you parents down.

If it were me, I would probably list my arguments, prepare a speech explaining how it is an important thing to me, how the pleasure it will give me is worth the money... I would underline that I understand how most people will not relate to this "hobby", and ask them to understand how I am different from most people when it comes to watches (and their meanings).

From their reaction, you could either buy the watch if you feel "understood", or decide to wait a little longer and show how you are a responsible person in the following months, and think again.

Alternatively you could just find a cheaper watch you really like, and save the Rolex for the future.
 
#11 ·
Lots of parts of the US never did much public transit. And the US has been heavily auto-centric, more than much of Europe. Besides...he might have one.

OP, I would *definitely* say, DO NOT buy it right now. I rather suspect you'll be going....where did all the money go???? Every month. Rent, utilities, and food. Internet. Cell phone. TV if you go beyond OTA. Clothing. Sundries. And food, again. :) Your family's level of affluence generally suggests you're used to better food...and that costs.

Oh...yeah...you CAN cook at least a little bit, right? Eating out will *demolish* that money REAL quick.
 
#12 ·
The watch, particularly a grail, will never mean as much to you when you're spending money gifted to you to acquire it. Have you considered that the money is a test of sorts from your parents to see if you have any clue what the real world is like. As a father whose daughter is just graduating from college, I'm very interested to see if she's learned how to manage her money or has she been too coddled in that respect. My recommendation is to impress your parents and save the money. Tell them in about a year that you were considering getting the watch but thought better of it. You might find that they're so impressed they get you the watch for the next Christmas!
 
#13 ·
I attended university a decade ago and I couldn't live on $1,000 a month back then. $33 a day is not much...you can do it though and maybe if the food is highly subsidized it will be fine. I would ask your parents. Personally I wouldn't buy it. At the very least wait until you get to school and see how much it really costs to live.
 
#14 ·
Hmmm, asking a bunch of strangers on the watch forum how to spend the trust money?
Ok then - first, no watch is an investment (and that includes Rolex)
Second, it's not technically your money - but rather setup as a fund by your parents with specific use in mind
Third, long term - if you are part of a well-off family, you may maximize future benefits by getting some goodwill with the parents rather than squandering the $ away.
Fourth, if you got to ask....

Personally, I think people should keep their financial concerns separate from watch discussion (especially, since it's not their finances in the first place).
 
#15 ·
Find a nice pre-owned $1000 watch and buy it to scratch the itch or be really smart and get a $500 Seiko. I suspect your parents didn't get in a position to set up trust funds without a bit of sacrifice even if it isn't obvious to you today.

Go ask the same question on a financial planning site, if they say its a good idea then by all means get your self a Rolex tomorrow. Otherwise do what I suggested and reward yourself when you graduate...if you have any money left.
 
#16 ·
Hi r/watches!

So, I've been a watch enthusiast for a couple of years now. Started getting interested when my friend got an old vintage Omega 120 from his parents. I have now, 2 years later, acquired my taste. I also turned 18 some months ago and was gifted a part of the trustfund my dad put in a savings account when i was born, around $13000 (My parents are relatively well-off, that is a months wage to them). My 2 sisters were given the same amount and spent it on the first apartment and the others hobby, horses.

Im going into University (Sweden) this fall which means Im going to be moving into my own apartment and having my own economy. I'll be having a budget of around $1000/mo to move around with, given to me by both my parents and the government.

Would it be completely out of line for me to invest around $4000 out of the trustfund in a Rolex 16570? I know my parents arent going to approve since they dont understand the watch-thing and believes it's only materialistic, but since the watch probably wont lose alot more value and almost all Rollies are reasonably easy to resell if I would get in any financial crisis, is it really that horrible of a move? Should I instead be saving the money as a emergency fund or for future down-payments on my first apartment?

I really only want someone to make me flip the switch and get that watch. If it was my own money I had saved up, this would be a non-issue but since I it was given to me by my dad, I don't want to seem irresponsible with the money, or ungrateful.

Thanks in advance for helping me out, Im really battling myself on this issue and just want someones 2 cents.

TL;Dr: I was given $13000 by my well-off parents. Going to be moving out and attending University in fall with grants from my parents and the government of $1000. Is it stupid of me to buy one of my grails, a $4000 Rolex 16570 instead of saving the money as a emergency fund or for future down-payments when Im going to be buying my own apartment?
Buy the watch.

Now consider yourself 'enabled' by us Enablers here on WUS :)
 
#18 ·
I'd definitely wait... I also have a daughter in college and I would be suspect if she did something similar.

Good advice IMHO to get through a year and see how that goes...there are LOTS of great choices in the $500 range to choose from if you want to indulge a bit now.

If you can, grab a PT job and squirrel some money away for things like this. It will feel a lot better when it's your coin! Goes without saying though, prioritize your studies above working.

Of course, all this is one man's opinion...your mileage may vary (and probably will)
 
#19 ·
I want to repeat that I truly appreciate every single reply I'm getting, I've taken all of them into consideration. I'm going to be trying out the first months and see how I get by and reconsider after that.
Im not interested in buying a watch at the $500 price range. It's still quite abit of money which probably is just going down the drain if Im going to be buying something I'll be enjoying more later on. Resellability is very important to me, dont want to waste any money.
Thank you all again!
 
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