At what Net Worth would you buy a Rolex?
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Never because I don't waste money on watches.... I DO waste money on other hobbies and spend over 15k a year on them so no judgment if it would bring you joy. Id say at 500k NW It isnt an outrageous spend. Might be cool to celebrate 1M
Seeing that I've never owned a watch in my 60 years...
...never!
A classic Rolex might cost around $10k? So net worth of $10k.
Early in my FIRE journey I told myself I’d buy myself a birkin when my brokerage account hit a mil. That milestone passed last year, and I had no appetite for it anymore. Every large purchase means less money for growth, and material things just don’t do it for me anymore
That is usually what happens. We only want things when we can’t have them. Once we can easily have them they lose their appeal.
I bought one immediately out of school with my first bonus, pairs great with my Toyota Corolla that doesn’t even have power windows
If having a Rolex would bring you some sort of joy - whenever you want and can afford one? What part of “financial independence” makes you think you need a certain net worth to buy something you want?
Did some of you all not eat steak until you hit $100k NW or something? Are their tiers to this? What NW do you need to get out of the “bologna and cheese NW tier”?
Some of this is ridiculous. If you want something and can comfortably afford it, that’s your answer. Fiscal responsibility wise, this is a different discussion. For example, if you make $20k/year, spending $20k on a watch is really stupid…
Watches aren’t my thing, so there is no net worth where I would buy one. I’ve got a $~90k bass boat though and I’m sure that’s probably not your thing… you can be financially independent without being miserable. Do the things that bring you joy. No one in this thread is managing your budget or knows the other sacrifices you make.
TLDR; buy it if you want it. No NW requirement to own a watch.
I will buy a Rolex if it can gain value in future
When it feels like a no stress “treat yourself” not when it feels like stress filled ‘can I afford this’ decision.
Subject Expert
Assume we’re talking about luxury purchases with no real utility other than being exquisitely crafted.
Probably $100m
Nothing in life has real utility
Rolex? Would much rather get something nicer like a Grand Seiko
Ibm 1 not really. If you look at models that are 15-20 year old they aren't doing much value holding.
$15M min
Fine, $20M
I bought one several years ago when I graduated with my first post graduate degree and I was halfway through my doctorate. cash for part of it and I financed the rest. I always wanted one and I busted myself to get it. it will last my entire life.
After COVID I was unfortunately forced to sell it but otherwise I would still have it as a reward that I was the only one in this family to ever go to college and let alone get this many degrees I don't need anybody telling me what I should and shouldn't buy It's my fucking money that I worked for and that's all there is to it. You can put as much money away and then you could die tomorrow in a car accident and what did you get to enjoy nothing. They want you to put all that money away when you're older so that somebody can steal it away or goes through some government instead especially if you have no family to give it to
Subject Expert
Think you might be lost MAEA - This is a FIRE forum.
I bought mine while I was about 20k in debt. Still in debt and still have that ice on my wrist.
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Not really into watches, so I don’t think there is a NW I’d buy one at
I got one for $8 from India. Pretty sweet buy. lol
I think almost any NW over $300k is ok to buy a Rolex. I would buy one pre-owned however, and research to see if you can sell it at a later date for a similar price.
It’s probably not an investment that will make you money, but if youre not buying it new, then you might not lose money either. It just holds its value.
New is cheaper than used for Rolex. They have fake scarcity model
When it doesn’t matter if you invest 15-50k
Probably $10-15M at least.
I would focus less on net worth and more on milestones, specific birthdays, dream job acquired, those are the things that would be, in my mind, a better benchmark for the purchase.
Also, it is important to note that this assumes that you have the extra cash lying around. I bought a Rolex a few years back under the same circumstances, and have never regretted it.
I didn't know there was a net worth requirement for purchasing a Rolex. I bought a pre-owned Rolex from a reputable jeweler when I was mid-forties and a single mom of two middle schoolers living in an expensive neighborhood in the suburbs of Seattle. I had lost the Tag Heuer I had been gifted decades earlier. I'm 58 and I still have the watch - wear it every day/never take it off. However, I wanted a Rolex because of the quality of the piece, not as a status symbol so maybe my way of procuring a Rolex isn't for you. I'm super practical. Quality over quantity. I don't buy brand new cars and I keep my cars as long as possible (had my Mercedes wagon for 17 years) so I can keep my net worth intact. But good luck reaching your self-imposed milestone.
People judging here are missing the point of the question. Is not about the watch, but about allowing yourself to make a silly purchase as a way of telling yourself you've accomplished a goal. We all do it do l differently, whether it is the first time you buy a brand new car. Take a very expensive trip. Stay out of luxury hotel et.Cetera. at least the watch could be there his entire life.
Signal it by donating anonymously to something like children's cancer research, then. That way you can tell yourself - and nobody else - that you've made it, by expending resources for something you don't need. If it's not about your shallow ego and pathetic need to signal wealth to others, then do that. If you want the recognition, or to lead by example, then donate in your own name instead of anonymously. Signal that you've made it by doing something useful, not by being a useless, preening turd.
Buy one if you are interested in buying one, when you can buy it cash. And not worry about your budget and emergency funds.