Quote:
Originally Posted by Benedict1957
I grew up in a fiscally conservative and pathologically frugal household and so my calibration for what constitutes an "appropriate" amount to spend on a watch is unreasonable by most peoples' standards.
I know this is rarely (if at all) true in reality but in my mind people who wear, say, a $10,000 watch should be making at least $1M per year. As a status symbol, wearing a piece of jewelry that costs $10,000 should signal an income of at least that much. It feels disingenuous to wear a watch of that magnitude making any less than that.
The number $1M is somewhat arbitrary but as an order of magnitude estimate that's generally how I perceive watches as status symbols. In reality, the incomes of people who wear $10,000 watches run the gamut from as low as mid-5 figures to as high as 10 figures, with the median probably being somewhere in the low 6 figure range.
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you have to blend a few things into that calculation...
asset portfolio (of you and your family) and a general optimistic view of near term prospects.
in that sense you drop the $1M/year pretty hard.
subjectively, and i've said this in another post... i put watches, cars etc. into the 'spoils of life' category. watching guys be super frugal just to give it all away at end of life or being too old to enjoy your money is an important point for me.
i prefer, and recommend to others as well, that you diversify and invest some of your money into spoiling yourself along the way in case you run out of time.