How much were you making when you bought your first Rolex? I like nice things but believe there’s a sequence and strategy to getting there. Currently making $80K but have about $4,500 in CC debt and that’s basically it. I’m also trying to save for other short term goals and can’t justify a purchase of that magnitude. At what point were you sure that you could afford it? I’m currently uncertain. Thx.

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I couldn’t get past “your first Rolex” like girl?!

likefunnysmart

SM1, no - why?

I make >$250k and have a net worth of about $600k, and I don't have a Rolex or any watch/jewelry with equivalent cost. Set yourself up for success before you buy things like this - echoing the excellent advice already provided in this thread: max out your 401k and HSA, make sure your emergency fund is fully funded, get out of debt, make a financial plan for your future (do you want to buy a house, go to grad school, etc ) - once all that's covered, you can then start considering spending on expensive, ornamental items that are truly wants that don't meet any needs.

likesmarthelpful

Not all the way true. It’s nice to treat yourself with stuff you like every now and then.. I’m not saying spend everything on luxury items but buying little things doesn’t hurt

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No cc debt, 6-month emergency fund in the bank, contributing to 401k, having a clear monthly savings plan, then you can start thinking about incidental spending

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THIS!!!!

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That credit card debt needs to go except that's your statement balance and you pay it all every month.
Are you saving in your 401k? Can you pay for the Rolex in cash even though you can use your card for points?
You need to pay yourself first by investing before justify items that don't hold their value.

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Yeah I'm shocked by the $4500 in credit card debt... Like that should be paid off ASAP in my opinion

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Not to be rude but $80K isn’t that much & also who are you trying to impress?

likefunnysmart

I hate to pile on here, but yeah. If you can’t pay off the credit card, you can’t buy an expensive, unnecessary bauble. And the last thing you want to do is get the card paid off and then turn around and run up the balance again. So…get the card paid off, then set up a savings account and put in the $$ you’ve been putting towards the card until you’ve saved at least 2x the price of the watch (so you don’t put yourself back down to zero after buying the watch). This isn’t an emergency or “life happens” kind of thing. A $100 Fitbit or a $50 timex tells time just as well as a $4k Rolex.

likehelpful

I make almost $300k and still don’t feel like I should buy an expensive watch until my student loans are paid off and I’ve bought a house 😂

likesmart

Same boat. Make 300K, no debt. Contribute 100% to 401K Roth etc. but I can’t bring myself to buy expensive things like bags and watches because I want to own a house first

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Hi OP. I bought my rolex when I was 30 (32 now) I was making ~225K back then. I had no CC debt but I had student loans.

To put it in perspective, I bought the watch with my EOY bonus. My bonus was about 30K and I used 1/3 for the watch and 2/3 to pay off a good portion of my loans.

If the watch it something you really want, save for it. Some people save for vacations, nice handbags, etc. so I don’t see anything wrong with saving for a watch. That being said please don’t go into more debt to buy the watch.

Also have you tried second hand watches? Bob’s watches is a great seller.

likehelpful

I’m not!! But I should join 😁

I personally would pay off the CC debt ASAP first (4.5k can quickly turn into a larger amount if you factor in interest). Without knowing what other short term goals you have, I think it’s a matter of prioritizing what’s most important to you, planning when you want to achieve those goals (including a savings fund maybe), and breaking down how much you need to save each paycheck to achieve them. If the Rolex isn’t one of those goals, figure out your overall expenses and plan for the Rolex based on that

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Add another 0 or two to your salary and then buy a Rolex.

likehelpful

Now miss mam…….

likefunny

Bought a $10k DateJust when I hit $300k as a gift to myself to celebrate a major promotion, but I also own a fully paid down apartment and I have no additional loans. I agree with the others that it’s smart to focus on building up wealth prior to buying luxury items.

likehelpful

Thanks!! I was looking for a figure where the purchase would make sense didn’t expect being yelled at 😅

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Uhm had to look up the price for a rolex and the first one that popped up was $40k. I imagine there are cheaper ones but still, even if you were thinking of something that costs $10k you should consider taking a personal finance class. Great tips above.

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There are $5k models, but still not the best idea IMO

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I should have posted this in the watch/fashion bowl clearly because some of these responses 🥴 if I said first then I’m referring to people that already have/are interested in watches idk why anyone else feels compelled to respond. It’s not that deep please 😂

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That’s getting paid off in full at the end of this month 😎

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Yeah… echo all the comments. I’d also think about where you’ll be able to wear it? It sends a helluva message to wear a Rolex around clients. At 80k I’m guessing you’re an analyst or similar role so really not a good look. I could afford one now but will wait until (or if) I make partner, and even then, if I’m doing cost work no way I’d wear it on-site, sends such a bad message.

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Yeah it’s mostly about the different perspectives between senior clients (who hire us) and the front line (who might be part of a headcount reduction). Whether or not it was us who recommended a HC reduction, the front line will think it was us. It can leave a bad taste in peoples mouths to think they lost their job (or their friend lost their job) when their company is paying for expensive consultants.

But, it very much depends on the type of work and the dressiness of the clients we’re working most closely with. When I’m working only with execs I’m fine wearing all my jewelry including a nice watch (and actually in those situations tend to dress up more, wear more jewelry, etc)

likehelpful

LOLOLOLOL $80k salary and asking “your first Rolex?” Like girl what? Which one of your $80k peers is sporting a Rollie? Multiple at that? This world is doomed

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When you:

- have no credit card debt (and never have any because you make well above your expenses)
- have a 6 months emergency fund (e.g. can cover all of your expenses including food, rent, and fun for a full 6 months in cash)
- have enough cash to buy the Rolex in cash in addition to the cash you have to cover the above 2 points

Unsolicited advice: get rid of that credit card debt immediately!!!

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I’m paying it all off at the end of the month

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You invest on what you want. I spend my money on adventures and experiences. Things while I like to buy are secondary. I remember when I bought $200 shoes that was a big deal.

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If you can’t buy it twice over without it impacting your day to day or your savings, you can’t afford it

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An Apple Watch is a way better investment. I feel like a Rolex is just a status symbol. Just because you can buy it doesn’t mean you should. I get it- it is nice to have something really nice… but hold off for now. Focus on experiences like travel over material things! It will bring you much more happiness and memories that will last a lifetime.

likefunny

It’s always a personal what you see in it and how much worth you give things. If you use and appreciate all the features of an Apple Watch this will be the Right choice. If you are looking for a nicely designed watch, you should go for that

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