Spending dosh on a unnessary item

Joe_Horner

Minrich wrote: »

EU !

A lack of understanding of what skill is required with some things is always an unknown , anyone can change oil but what about camshafts , to use the motor industry analogy . Same with watches , if i knew of a local repairer i would use them for repairs , but how do i know that they are proficient , is there an industry recognised body that gives some certification , like gassafe for the plumbing industry ?

"Recognition" in the watch industry are a problem. Probably the nearest to an industry body is the BHI (British Horological Institute) but membership certainly doesn't guarantee good service or standards.

By far the safest ways to go are either personal recommendation (which can be hard to find) or getting to know a repairer using less important jobs frst and judging their professionalism from those.

Incidentally, here's one I made earlier (well, finished today as a surprise present for my father in law). He'd wanted a Seamaster since he oined the army in his late teens, which was just about when this was the current model

2 weeks ago:




Today:

dealer_wins

I happily spend £2000+ on a holiday each year, and if something takes my fancy I will get it without a second thought, even if it costs 4 figures.

But I save 50% of my income every month, and each year my savings increase overall. If they didnt, I would think before buying treats/holidays/luxuries/impulse buys.

Ryan_Futuristics

I think it's fair to say a £3k watch is a vanity investment ...

Someone's basically offering to sell you a tiny lump of metal at a 2000% markup - you're paying for their kids' private schools and French skiing holiday - and what are you getting?

Status? Self-worth?

My advice: work out what it is you're getting from the watch, then work out a way to get that that involves actually bettering yourself

Nothing wrong with £3k watches or £10k suits or £500k cars ... but not when you're saving ... When your monthly dividend payments cover it: go nuts ... You ARE wealthy

Another way I look at it: don't wear anything you couldn't easily and flippantly replace

lalman

Thank you for all your feedback everyone- I have sincerely enjoyed reading it all and I honestly have taken it all on board. I have been here a little while now and it's interesting to understand people's different perspectives from "go for it- you might die tomorrow" to "why would you waste your money" to "how much!!!" To bowl head who I'm sure is a Vulcan (there has already been a Star Trek reference on this thread...) as his replies are so logical and make so much sense to me!!!

I think it comes down to my own personal preferences, what brings joy to my life and the propensity and effects it would have on my life... Would I miss 3k? What's the opportunity cost? I'm still lost!

I got a little depressed at the services charges etc and it really does sound like a true liability (the economics definition)... But then again... I have a 5 year old car and haven't spent on consumables for a long while.

Do you need to spend on non-essentials... And what I mean by that is very loose... I mean watches, new cars etc to maintain an appreciation that all this is for something... Rather than a takeaway on a Friday night (which I do regularly.... No one judge me on that please!!!) or is it easy for you guys to continue to accumulate for the ultimate goal of financial independence and whatever life style you which to maintain?

One thing that is important for me to say... I don't actually enjoy buying... I find the whole experience quite stressful and the thought of the opportunity cost will always cross my mind...

I know I am jumping from one thing to another but life isn't black and white... And decision making isn't always able to be done via a calculator in the strictest sense anyway! Maybe when work is tough and nights are dark- weakness for a frugal lifestyle kicks in and temptation can over power you to make incorrect calls?

kangoora

Just go for it, man. There's no point in saving if you can't treat yourself occasionally.

To my mind, if you're saving that amount of money a month, the satisfaction of owning a quality watch over the next 20 years will outweigh the fact you didn't save £2.5k of potentially £600k back 20 years ago.

As for servicing costs, I've had my Rolex serviced once 5 years ago and it still keeps perfectly good time.

You don't drink, don't smoke, run a 5 year old car, worry about spending 8% of your annual savings and you save £2.5k/month. Sounds to me like you need to enjoy yourself a bit more and hang the expense once in a while

Personally, whilst I don't know what timeframes you are under for saving this cash towards retirement presumably or even what disposable cash is left after your savings, I would consider putting £250 - £500/month aside specifically for enjoyment.

Not very MSE of me but there's not much point being the richest guy in the graveyard.

Life is for living as well as saving up cash (within reason)

Paulorwhat

I agree. Go for it!

Ryan_Futuristics

Well I think it says a lot that Warren Buffett - with his $46 billion made on the markets - still lives in the same house he bought for $30k in the 1950s, and still drives a Lincoln Towncar

It's a lot easier to spend £3k than it is to make it ... To get wealthy I think you have to cultivate a strict value approach to life - think about how many people's gruelling dieting is sabotaged by 'treats'

I've learnt from experience to avoid false economies, and consider what is an asset and what isn't ... e.g. I've never known a Windows laptop to be a good purchase ... I'd never buy cheap jeans ... Don't buy a cheap BMW thinking it's a bargain (the parts and servicing will make you regret not just buying a new BMW) ... But don't buy anything you couldn't happily lose (as Buddhists say: all suffering comes from attachment) ... Wealth isn't about 'buying things' ... If you want to get wealthy just to give money away again buying cars and watches, you're not going to be wealthy for long

edinburgher

I think the one thing this thread has shown is that we really need a dedicated 'I want to buy this shiny thing' thread as a break from all the savings and wise investments.

Some gorgeous watch photos, well outside of my price range, but the promise of future gratification is a big part of why I invest :beer:

Minrich

Money is only for spending , it has no other relevance . To have loads of money and not spend it is pointless .

Eco_Miser

Minrich wrote: »

Money is only for spending , it has no other relevance . To have loads of money and not spend it is pointless .

Yes, but
a) what is 'loads of money', and
b) when should it be spent? For many people, the spending should come in retirement, when more money is not being earned.