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      01-16-2018, 01:37 AM   #80
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Quote:
Originally Posted by NemesisX View Post
Here's a post from some guy who on a watch forum who owns 3 Rolex watches -

"I was making $80k when i bought my 3 rolexes all less than a years time. First one paid in full, 2nd took two months to pay, and last one took 3 months to pay off."

Would I do that? Probably not, but more power to him! He clearly enjoys and values Rolex watches enough to finance them. I don't think a person like that bought a Rolex to act as a status symbol.

It's interesting to consider that 6% of Rolex owners have a net worth >$1M but 10% of the general population (in the U.S.) has such a net worth. In other words, you're less likely to be a millionaire if you wear a Rolex compared to if you picked a random person off the street. I can speculate as to why that may be the case, but I'm just guessing here. Part of it may have to do with the idea that Rolex watches are - to some people - status symbols and they want to be perceived as being more financially well off than they are.

Someone making $100k/year may wear a Rolex because he wants those around him to believe that he makes $400k/year or $500k/year or $1M/year. I'd like to think that most people don't do this, though, because it just strikes me as tacky and deceptive, you know?

In fact if you ask me personally, I'd feel so embarrassed if someone thought I made more than I did that I wouldn't even think of wearing a Rolex until my net worth was in the $10M range which, by all accounts, will never happen for me. And that's why I don't ever see myself wearing a Rolex. I'd feel tool-ish wearing one making a fraction of what other people think I make just by virtue of wearing a Rolex. Not just a Rolex, but generally any watch that costs > $5K or so. The most expensive watch I own is a $200 Seiko (for the record). This is especially unfortunate because as much as I personally don't like viewing watches as status symbols, I know many people do. That's partly why I brought up the discussion to see what you all thought. There are certain Rolex watches that are aesthetically very pleasing to me but that I would never dream of purchasing for fear of looking like I'm "all show and no go."

Part of it may have to do with the fact that most millionaires have between $1M and $10M in net worth, many of these people consider themselves upper middle class, and many of these people practice stealth wealth and don't wear watches that cost >$300.

That leaves a very small percentage of millionaires (those with net worths >$10M) to buy Rolex watches. The bulk of Rolex owners probably belong to the mass affluent with net worths <$1M or around $1M to $2M. That's my theory, anyway (with some selected facts/stats sprinkled in to support it).
Dude, you don’t need to be a multi-millionaire to buy a Rolex.

Also, some people just don’t care about watches, even wealthy people.

(a) you’re putting Rolex too high up on a pedestal, and (b) you obsess too much about what other people think and perceive about you. If you like a Rolex (or other high end watch) and can afford it, just go and buy it. . Life is too damn short.
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