How To Afford A Luxury Wristwatch - My Method
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- Опубліковано 22 сер 2024
- Collecting wristwatches like Rolex, AP or Patek Philippe is an extremely expensive hobby - especially if you haven't inherited a fortune.
But even if you are the average worker, with a nine to five job, you can make it possible. All you need cleverness, discipline and a method.
In this video i will present you my method to spend serious money on watches.
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....when you work hard day in and day out, pay all your bills and take care of your family it's okay to spend a little on something you really like. In my case, I try to budget 1% to 4% of my bonus (not salary) for a nice watch to purchase new and from an authorized dealer. Keep the box and papers safe and these watches will appreciate over time. I have 4 or 5 luxury pieces now and they are all worth more than the original sticker price, but more importantly wearing them every day makes me happy. Gifting them to my wife and seeing her enjoy it makes me happy. Loaning it to my kids and teaching them to appreciate quality makes me happy. Hope that helps ....
Good Video. I have just purchased my first "expensive" watch, I saved for 2 years with a second bank account. I put a small % of my net salary each month in (only what I could afford) and stopped buying coffee and lunch at work and made my own. The money I saved each week (€10-€25) went into the 2nd account - plus birthday money, Christmas, the odd small bonus etc. 2 years in, just bought a Tudor :)
The best advice I got was from T&H : "If you have 1000$ dont look at 2000$ watches, you will not have one happy day in your life."
pilotstyle123 if you have 1000€, don’t buy a 1000€ watch if you don’t like it.
I do something similar with multiple bank accounts. I have three. One for bills. One for day to day cash. And one for special purchases. Every time I get paid each month, I move a quantity into my bills account and move an amount into my special purchases. I do this with standing orders which are automatic scheduled transfers between accounts.
All my bills, mortgage, loan payments, insurance etc all get paid out of my bills account. That way everything is always paid for.
Then I live off whatever is left in my day-to-day account. That's food and socialising and other bits and pieces.
My special purchases account just grows slowly and never gets touched unless I make a special purchase such as a watch.
Operating multiple accounts keeps things under control and always paid for. Getting in the habit of setting aside a small amount of your income for special things is never a bad thing.
Agree. I have a separate pot into which I put a small amount each month. It takes a lot of time to save! I also limit my collection to 6 pieces. 1 in, 1 out and slowly improve the quality over the years.
I would say first invest in something that will give you a monthly income. Shares or an apartment to rent out anything that will give you a return. Pay off all your debt. Dont change your car every 5 years change it every 10 years replace it with a 2 year old car so you dont lose on depreciation. Only then buy a watch that costs 5 to 10k.
Don't be a słabe to anything. The things are for you not you are to set your life to serve the objects. If you can Accord 500 $ watch but one and be happy. Enjoy it. When you make your life goal to buy something you can't really affort and service don't buy it. Chasing the expensive rabbit will be frustrating and grabing it won't give you expected satisfaction and happiness in life. My beloved watches are Seiko and Orient Star.
Great video Tim. Personally, I think too many people get hung up on owning a luxury brand because it's cool to say "Oh, yeah, I'm wearing a Rolex"'. But for most collectors who've been at this for awhile, brand names tend to become secondary to quality or "Bang for the buck". Several years ago I brought my first grail watch, a 1990's Omega Seamaster 300 Pro (Peter Black, sword hand model, which is one of my favorites. I found the watch on eBay for $ 1,700 USD, in mint condition, as it still is today. It's the most I have spent on a watch to date. A year after I brought it I had it fully serviced, which cost me another $600USD, so it is now a $2,300USD watch to me. I'm good with what I've spent on it. In fact, I'm thrilled that I could own one of my favorite dream watches, an iconic watch, in such good condition, at such a price. And that's what it's all about
As a young collector, its about picking and choosing where your money goes. Some people buy expensive iPhones, game systems, computers, cars. I prefer expensive watches.
And others prefer saving for their retirement.
@@thetruth495you can do both
Good Advice 👍, discipline and also sticking to your price point is always good in my opinion.
Good advice for anything you want, whether watches, vacations, anything.
Tim , you're indeed a down to earth in person. Good for you
Great video and great advice :) I am poor and I do pretty much exactly as you described but a few tips can be added. If you are poor like me, buy really cheap but fun timepieces. When you have way to many to wear or to make collecting fun, sell them and use the money to buy more expensive watches. Buy a couple of brand new watches to wear for piece of mind and when you do go for micro brands to get the most bang for your bucks :) I started collecting almost 20years ago and I have spent maybe 20€ per month the first 15years and collected about 100-150 timepieces, Then sold off and bought new and now I have about 30 more expensive pieces. Nothing fancy but still a collection worth maybe 20k which isn’t half bad considering that it is about a years salary for me. So my top tips are, you must have two bank accounts, buy many, sell many, always upgrade, don’t put extra money into your collection and remember, you can never buy a keeper, every watch is always worth selling if the price is right.
what I did, not mentioned here was to find my watch 2year old Deep Sea, new in box, living in a safe box and the owner wanted out to buy the new Sea Dweller, so he had it listed and no one locally could pay cash, as you know these Rolexes are very dear, we made a bond in friendship and he sold it to me in lay away, I completely paid for it in cash over 5 payments in 4 months, he was able to upgrade and I got my Grail watch and enjoyed the rise in appreciation of value as well, I got the box, papers and tags, so original the links were still in, once I sized it, it has been on my wrist since, also I brought it into the AD it was purchased from and got a free appraisal, so a deal done with patience can work out well for both sides
The trick for me is to have 2 revenue streams.
If you have a bit of an entrepreneurial spirit, one can always find a way to make an extra few dollars.
Things I have done to earn money for my personal hobbies:
- Scour thrift shops for vintage eyewear. 10 + years ago as the whole 'nerd' glasses phenomena started I would buy original eyewear from the '50's and' '60's for $1 or $2., pop out the lenses, clean the frames up, maybe use some steam to straighten out any distortion, tighten the hinges up and take some good photos. I could then sell them on eBay from $30 - $150.
- As a coffee roaster I would notice on forums and in the shop that when 'Home Barista's' bought their 1st domestic espresso machine they wanted to own a good Tamper - just like the barista at their favourite cafe - so I jumped on Alibaba and bought (all up) 3 lots of 100 tampers from China and sold them for twice their cost on eBay.
- Remember when industrial furniture was hot?, maybe 7-8 years ago? I would scour eBay and Garage sales for workbenches from peoples garage or shed. I would give them a light sand, clean them up, then use a metal chain, some dirty motor oil and some old paint drips and dome stains to give them an 'authentic faux' patina, a few coats of furniture oil and back on eBay. $100 work benches + a weekends elbow grease = $800 - $1300.
These are only a few examples.
It means my real income goes towards our necessities and my responsibilities and the revenue from my little side hustles is my play money!
That works well for me., but I must admit it' has started to get harder and harder to find a profitable niché over the last few years...
For me a luxury watch is a Longines, Ball or Rado - this is my stopping level. Anything above this is just ridiculously priced.
I think social media is a problem. It portrays a completely wrong picture. If you have a look on Instagram, it seems like everyone has insane watch collection.
That collection is often containing fake and rented jewelery. Remember fake watch busta
It is bought and sold... buy a watch 30%, make a nice insta foto, sell it etc. start again
@@m.p.maxplanation1726 that's what Christians business is based on, but with unknown shitters and 100-200%
If somebody pays +100% for a shitter ... why not.
Tim. I have a few good watches. Hamilton , Seiko. All under $1000. I really want a Tudor black Bay 58 . I am saving . I'm not going on holiday this winter . I think I will have $4000. Am I crazy ? To me it is so much money for a watch . My friends do not know understand . Help . Ha ha ha
Good suggestions. I do something similar with my bank a/c but I also have an old fashioned piggy bank that can't be accessed without breaking it - I fill it with coins and notes whenever I have some to spare. You would be surprised how much money you can fit in a piggy bank!
I know exactly how much! I have one myself for the change and i'm always surprised about the amount.
Great video and advise. That's how I financed my first luxury timepiece. I sold a guitar and a motorcycle. I enjoy my Sub much more.
One good advice (at least it works for me) is to buy the watch you really like, and buy just this one. I got a Rolex Batman, I love it, and I don’t need another one. With discipline and commitment, most of the people can buy 1 nice watch if they fancy it. But having a watch collection is something else, which, by the way, keeps you frustrated as there is always a watch you miss.
How to afford nice things: Don’t gamble, don’t drink (especially shop coffee!), don't messaround with woman & don't bother with Rolex, it works for me.
I use to create watch fund too, it does work!
Thanks Tim for that! (by the way we probably are numerous out there who (like me) would like to know more about your collection and why not doing a "wrist watch check" of your own calling it differently...for example: watch of the day, or selection of today...?)....just for fun! auf wiedersehen!!
I would add one simple corollary to the interchanging of accounts, you can only pull money out of the watch account, for something that is not watch-related, when it is an emergency. Because it will not good on your partner, family or friends, hell and even yourself if they find out that you had enough money for that emergency mortgage or hospital payment, but you decided to use it on your speedy.
get a loan!
if it doesn't hurt it's not worth having!
quick wuistwatch check... Omega Speedmastre Maaaaan on the mooooon
Lol Or Get Some Cheap TVG shitter Watches As Well Lol.
@@docholliday4292 you are obviously a loser.
@@docholliday4292 Pure Class!
@@throwingdartsandbreakinghearts Am no great fan of Archie Luxury but he came up with the saying wrist watch check and so far unlike TGV has not had You Tube strikes for using copyrighted marco photos of grand seiko's.
@@matthiasb7481 The Good Gentry lol.
I been growing the dankest herb since my teens and bought stocks and bitcoin with most of my earnings. Put myself through two University's and two degrees later.. I own businesses at 30. I only use LED grow lights for low power usage. And I rock a 116506 Platinum Daytona daily. I live in upcountry Maui
This is EXACTLY how I've gotten all my watches.
Excellent Tim! Basically what I have done.
Just be rich
Jokes aside, with some discipline you don't need 2 bank accounts.
Dear Tim,
I have a very small collection of watches each lovingly brought and often obsessively brought after months of research . One major mistake on a vintage watch I did not study the pictures closely.It's beautiful but on inspection I can hardly bring myself to wear it as I see it's not what it's suppose to be. My watches won't be regarded as high end but I am more very happy with them .They vary from 50E -600E .Mostly on Ebay. Each one (even a little timex glowing you push the button and it glows like hades expedition thing for £10 from a charity shop ) I enjoy. But on occasion I have spent what are big bucks to me up to 600E.
I wondered what watch forums would you recommend that have decent buying and selling areas . Do you have an opinion as to the differences of buying on a forum vs eBay?
Many thanks Richard
Richard, i've made videos about dealing in forums and how to buy and sell without getting ripped off. Just check the video section in the channel and maybe they can help you. If you then have open questions still i'm happy to help.
Just in case anybody is watching in 2020, high end watches get much cheaper in a bad economy. In addition, paypal often offers 24 months at 0%. I finance even though I can pay for a watch outright, simply because one can commit that cash to the markets in other ways. Also, sticking to 10% of your after tax annual income is a good rule of thumb that should keep most collectors safe from ruin. Cheers!
Lol great and interesting 🧐 money saving tactic. After saving all that money it’s better to continue saving until you hit that million.
I got a Movado for under a thousand bucks and it's still telling accurate time.
I buy Hamilton and Steinhart. They're very reasonably priced, and that's my secret. Jajajajajajajajajajaja .Great ETA movements and Great designs.
I live in Germany the last 7 years and earn 2K, I love watches since kid, but will never buy a watch of 2K specially consindering the service cost every few years.
Second account with money for playing with watches, good luck explaining that to my wife...😀 for now I stick with Seiko
Oded Asouline - I’m on the same boat lol! That second account is for the family not my personal use, as a married man with a son that would make me very selfish!!!
Wait a few years. If things keep going the way they're going, Seiko will also be unattainable for the regular person
Frosafrost - Agree 100%, but then we would be the lucky ones!!
2nd bank account.... your wife should not know it. She will not see, how much you pay.... and good luck with seiko ;)
m.p. maxplanation - This doesn’t work when you have a shared account/s with your wife and also direct deposit lol
Use this method myself
Very wise advise. I enjoyed watching this. Cheers!
I do not smoke or take drugs . I drink very little . I do not gamble. I can go to Cuba or Mexico for 2 weeks every years. Same thing with buying a watch. Just save your money for what you want.
Excellent advice Tim.
Nice suit! How to afford a luxury watch? Sorry to seem snobbish but the reality is, if one has to ask, one can’t afford it. Personally, I don’t buy anything “luxury” on credit. Disposable income all the way, buy what you can afford.
Excellent video sir well done
Never heard this 10% rule before. 50% on my wrist ha ha
Thanks for another wonderful video my friend!
Thank you. You're welcome.
I like that 10% rule.
Great advice. Thanks 😊
Great video, Tim. Very good advice.
If not that hard to afford a luxury watch. Having the watch you want on stock is the biggest issue these days. 😂
Thanks for the advice
Great vid. You should make some chilled out vids too though! It looked like you enjoyed making a guitar video.
Thank you. That was in fact fun and i will surely make more of those.
Very good advice
Also, don’t do what I did and sell several of your watches to a dealer in order to buy a better one. They will double phist you.
Great video with a lot of sense and good adivce!
If you want a divorce, yeah...
Hi Tim. This is very well thought out and excellent advice, especially the parts about % of salary and responsibility to our family. It's nice to see such level-headed advice, compared to some of the irresponsible nonsense from other channels. On a totally different note, what are your thoughts on Fliegers? I am thinking of acquiring a Type A, but I am having difficulty choosing between the brands. The IWC models appear somewhat overpriced, and Laco and Stowa seem to have somewhat "interrupted" heritages.
Thank you, Pierre. The next video happens to be exactly about the topic Flieger. Perhaps you'll find it helpfull.
@@CasebackWatches Excellent! Looking forward to it.
Rolex and AP are way more than 3k and 5k. Cheapest Rolex starts at around 5K.
Just sold some old jewelry getting an iwc
This is very well done. You are, I think, a gentleman. I love that your memento mori is a calavera.
Good method, same as mine...
Thank you for this!
Pleasure! ;-)
Having watched many of your videos, have to ask, what is that thing behind you to the left of your desk? Looks like a baroque harpsichord on its end.
Thats some kind of guitar rack. Solid wood.
...buy a watch and sell a watch. If you lose some money it will teach you the true cost of watch collecting. If you make some money this makes you very good watch person. To sell a watch takes a lot of patience, learn to have the same amount of patience when buying a watch.
Only one question - who invented wrist watch check?
Alexey Barkovskiy I’m pretty sure it existed aboriginally, before Homo Plutiens crawled onto the Brisbane shoreline.
TGV or Archie Luxury?
A question as a minefield ;-)
Wearing a watch that's ten percent of your yearly income seems an almost perfect philosophy in my mind.
Thanks Tim for your entertaining video. By the way, what mini animal skull 💀 is that on the wall behind you? Cheers.
That's a gift from Mexico.
Doing your maintenance on your vehicles, will save tons of cash. Also, learn how to cook, restaurants are wallet killers. Self sufficiency will help you finance your nasty horological addiction.:-) :-)
Lots of relationships are going to suffer due to this video 😂😂😂
What do you tell your significant other, when she or he questions you about your watch on your wrist? Living in secrecy is also no fun and lying about the price is also bad...
I tell her the truth. The second bank account is no secret. But interesting that many people here think it should be! :-D
If all the family responsibilities are taken care of, if you are not sacrificing experiences/ future of your family, you are sensible with your money, and your partner is aware of that and your interests, your partner would be happy for you. It is all a matter of balance.
Sie haben ja nicht ganz unrecht, dennoch ist account#2 ein familiär versteckter Schatz? Ich glaub es haut net wirklich hin wenn man dem Partner net wirklich sagt wofür man einen Batzen Kohle ausgibt. Da schau ich schon ob ich nicht Sie/Ihn anfixen kann. Im Endeffekt ist die Art des Hobbys recht egal. Ein Freund sammelt wirklich teure Bowie Messer... Vasteh ich auch. Schöne Grüße nach Hamburg, war immer gern dort als Touri.
Ich habe nicht gesagt, dass das zweite Bankkonto geheim sein sollte. Es dient eher dazu die Zahlen im Auge zu behalten. Meine Familie kennt ziemlich genau den Wert meiner Sammlung.
Sie haben natürlich volkommen recht, das ist ein advocatus diaboli szenario, aber, denk ich, sehr verbreitet. Ich nehme Sie, mein Herr natürlich aus. Hehe. Frohe Ostern auch an die Familie! Dennoch werd ich versuchen Ihrer habhaft zu werden um Ihnen die Dubey - in irgend einer Form - abzunehmen, sollten Sie mir nicht sagen wo ich eine bekomm...
Tja, die Dubey! Ich würde empfehlen einfach alle großen Händler im Auge zu behalten. Irgendwann nach 22 oder 25 Jahren wird schon noch eine auftauchen ;-)
So hab ich mir das vorgestellt. Moinmoin.@@CasebackWatches
Lol! Money nobody misses?
It seems iph you are a pontiph, you can have no job, use multiple credit cards, and buy several ROW-LEX.
It has to hurt, phukkaroonies!
Just don’t get married. MGTOW.
Very good Video!
Mach weiter so! 👍🏼
Danke!
eat beans n rice till u have the loot
Tim, that's bad advice.
It's funny, that some people think the second account is hidden from the wife :-D I haven't said that. My family knows exactly what i'm doing. I'm not exactly that MGTOW type of guy.
@@CasebackWatches : My ex-wife always felt my money was HER money and HER money was HER money. Ha! :-D
All this bullshit. Just take out a fucking loan
Oh yeah and don’t get married or have kids