Originally Posted by teddieriley
Question isn't totally out of left field. When one can "afford" it is a little vague, but to further that line of reasoning, that purchase has to be in line with your life's financial goals. You can have $20K saved up in cash, have regular contributions to your 401K and have enough to pay for rent/mortgage, taxes and other life necessities, but should you blow $10K of your savings to buy an IWC watch at a relatively young age?
Kind of hard to say what you prioritize. On one hand you can argue, why should I wait until I'm 50 so I can buy an expensive watch - only leaves you 10-20 good years to enjoy it, versus buying the watch now at say 35 so you can enjoy it longer while still being on course to your financial goals. Not only that, the older you get, and you have a family with young kids, unless you make boat loads of money, what are the chances you will spend that kind of coin on yourself when you have a young family? So should you do it before or after they're grown?
But don't let that fool you. You buy one expensive watch, you're on that path to having a collection. One won't be enough, I'd imagine. It's up to you. Even if I had $50K, I'd hesitate to buy that IWC I had my eye on. Now if I had $100K, different story.
As to your boss, I do find that it matters. You need to sense how they react to that sort of thing. Some partners in law firms, for example, may notice those things and it may not bode well for you if you are perceived as flashy. It's all about using good judgment more than just I want that watch.
Agreed, if you can truly stop at one then do it when you are young IMHO, when you don't have other responsibilities, get it insured and when the price goes up get your rider upped via an appraisal to cover the difference as if you lose it or it breaks you're covered for another one.
My take is you only live once so live it up as much as you can, but if you're like me and it turns into a sickness then you are screwed, you don't want your hobbies/interests to have a negative impact on your long term financial goals.
I only have two nice watches (I say only) and in retrospect wish I had stuck with just one, possibly I will sell the second to fund something nice for my wife as I really don't use it.