Luxury Items

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Grupet
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Postby Grupet » Wed Jun 06, 2012 11:09 am

agp wrote:Fixed, this is more accurate. What I said before was too extreme.

I owe a Rolex GMT II 116710, and i'm definitely not looking for peoples attention.
That's usually a comment people use, when they don't know anything about watches.
I bought my Rolex, because of the history, the in-house movement, the quality of the watch, the design which
is so timeless. Take a Submariner from the fifties, it more or less looks like the 2012 version, and it's still a beautiful watch.
That's also a reason why vintage Rolex watches is so attractive and so expensive to buy.

Don't get me wrong, i like Panerai too, but for me it's more like a fashion watch. They got popular when Sylvester Stallone starting to wear them because he had a hard time to see the time on a regular watch. 15 years ago, nobody knew about Panerai.
They use modified Valjoux 7750 movement until a couple of years ago, when they started to make their own movements.
Quality and history wise, Rolex beat them in a second.

Audemars Piguet and Hublot keep spitting out limited editions, so it's impossible to keep track on any of their watches.
No doubt that AP is classes over Rolex and they have a very long and interesting history and they make some beautiful watches which also reflect their prices.

Patek Philippe is in a class by itself. No doubt that PP is the top of the pop.
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NYC_Dweller
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Postby NYC_Dweller » Wed Jun 06, 2012 11:09 am

FastSRT8 wrote:Increase in materials, labour and profit rates. Costs more to pimp now a days.


i agree big pimpin' is getting expensive...

2percentPlus
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Postby 2percentPlus » Wed Jun 06, 2012 2:25 pm

I like Gruebel Forsey myself...

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FastSRT8
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Postby FastSRT8 » Wed Jun 06, 2012 7:00 pm

On a side note, I just got my Rolex back from service and they sure do a good job. The watch was 15 years old and this was it's first service LOL. I dont beat on them so their work was cut in half. They did repolish the case and change seals and stuff. It looked practically brand new. Comes with a 2 year warranty.

Total cost.... $850. That's pretty much a new watch. So.... the lesson here is... luxury items cost more to maintain.
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agp
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Postby agp » Wed Jun 06, 2012 7:09 pm

I also resort to my local jeweler/watchsmith for services... Much cheaper and faster than sending it through an authorized dealer back to the factory and waiting 5 months for them to process the order then 5 more months wait time in line.
Some people aren't comfortable with sending their precious timepieces to a local jeweler, but I know my jeweler personally, and I know he does a wonderful job (I check afterwards haha).

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Darrvao777
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Postby Darrvao777 » Sun Aug 24, 2014 12:13 pm

Sorry to revive an old thread, wanted to get everyone's thoughts on this

I have a 30k purchase coming up at Tiffany's

I can afford to pay in full but it would make finances a bit tight for a month or two

Would you guys recommend taking the offer of 0% financing for 12 months from Tiffany's or paying in full and getting 30000 MR points from using my Amex? Thanks!
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onion
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Postby onion » Sun Aug 24, 2014 12:54 pm

Darrvao777 wrote:Sorry to revive an old thread, wanted to get everyone's thoughts on this

I have a 30k purchase coming up at Tiffany's

I can afford to pay in full but it would make finances a bit tight for a month or two

Would you guys recommend taking the offer of 0% financing for 12 months from Tiffany's or paying in full and getting 30000 MR points from using my Amex? Thanks!


I'd definitely go for the MR points.
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CarefulBuilder14
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Postby CarefulBuilder14 » Sun Aug 24, 2014 1:52 pm

Darrvao777 wrote:Sorry to revive an old thread, wanted to get everyone's thoughts on this

I have a 30k purchase coming up at Tiffany's

I can afford to pay in full but it would make finances a bit tight for a month or two

Would you guys recommend taking the offer of 0% financing for 12 months from Tiffany's or paying in full and getting 30000 MR points from using my Amex? Thanks!


What sort of an emergency fund do you have? Saying your finances would be 'a bit tight' doesn't give us a lot of information.

What shape would you be in if you bought a $30k ring and then lost your job or had a decline in your income?

Edit: I realize I'm not really answering your question, but I think it best to first establish whether it's smart to spend that much if money would be tight afterwards. Jewelry does usually not retain a high resale value relative to purchase price. If you did have a big cash cushion, I would take the MR points over the 0% financing, but it sounds like that might not be the situation.

Would it be your savings or your current disposable income that would be temporarily constrained? Someone who has $30k saved is in a different position than someone who can ordinarily save $30k of income over the course of two months.
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Darrvao777
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Postby Darrvao777 » Sun Aug 24, 2014 2:22 pm

CarefulBuilder14 wrote:What sort of an emergency fund do you have? Saying your finances would be 'a bit tight' doesn't give us a lot of information.

What shape would you be in if you bought a $30k ring and then lost your job or had a decline in your income?

Edit: I realize I'm not really answering your question, but I think it best to first establish whether it's smart to spend that much if money would be tight afterwards. Jewelry does usually not retain a high resale value relative to purchase price. If you did have a big cash cushion, I would take the MR points over the 0% financing, but it sounds like that might not be the situation.

Would it be your savings or your current disposable income that would be temporarily constrained? Someone who has $30k saved is in a different position than someone who can ordinarily save $30k of income over the course of two months.


My emergency fund is 30k (that's about 8 months worth of expenses for me, aside from this ring, I'm pretty frugal) so I would be depleting that fund if I paid in full and took the MR points.

I wouldn't be in great shape if I bought the ring and lost my job but I could survive. I don't believe this will be an issue as I have a guaranteed contract until mid-2015.

Not quite sure I understand the last sentence you posted. I wouldn't be dipping into any long term savings (I usually dedicate 20% of my gross paycheck for long term savings). I unfortunately would be dipping into my emergency fund as I don't otherwise have 30k saved. I'm a decent earner and should be able to net 30k in guaranteed income in the subsequent 2 months to rebuild that fund

Thanks again, really appreciate the insights!
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CarefulBuilder14
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Postby CarefulBuilder14 » Sun Aug 24, 2014 3:18 pm

Darrvao777 wrote:My emergency fund is 30k (that's about 8 months worth of expenses for me, aside from this ring, I'm pretty frugal) so I would be depleting that fund if I paid in full and took the MR points.

I wouldn't be in great shape if I bought the ring and lost my job but I could survive. I don't believe this will be an issue as I have a guaranteed contract until mid-2015.

Not quite sure I understand the last sentence you posted. I wouldn't be dipping into any long term savings (I usually dedicate 20% of my gross paycheck for long term savings). I unfortunately would be dipping into my emergency fund as I don't otherwise have 30k saved. I'm a decent earner and should be able to net 30k in guaranteed income in the subsequent 2 months to rebuild that fund

Thanks again, really appreciate the insights!


Your work contract may be guaranteed, but if you're injured your income might not be guaranteed, unless you have a ton of disability insurance.

Did your income only rise a lot recently? Or you've been paying down debt? What do you have in long-term savings? Are those savings in taxable accounts or tax-deferred accounts? Are they invested in cash-equivalents or potentially volatile securities? I'm having a little trouble understanding how you can make great money, spend very little, and yet not have more saved. Perhaps the long-term savings pool is really big and that's where it is.

If you have an investment portfolio around $200k or above that you can access without a lot of IRS penalties, then $30k on a ring might be reasonable. But it you'd have to take money out of a traditional IRA/401(k)/403(b) then $30k might just be too much.

Your answers may very well change my advice, but it sounds like you might be better spending a lot less on a ring. I'm assuming, but did not ask earlier, that you are a male buying an engagement ring for a female. (Social libertarian here, just don't want to get pronouns wrong). You can always get her something nicer on a later anniversary. Does she really want that particular ring, or is it more you wanting to get her something great?

Edit: As far as my last sentence, I was asking whether you had a huge amount in savings but tried to live off of your paycheck and make big purchases out of current-month disposable income. Someone who can get $30k of disposable income over the course of a month or two would usually have more in taxable savings if his everyday expenses were very low.
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Letting new accounts cool off since May
Really not sure what I'll add next or when



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