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Old 09-25-2019, 11:21 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
5,781 posts, read 4,302,323 times
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I think if you worked hard and have some discretionary income now, why not indulge a little? You worked all your life to get to retirement. As long as you aren’t endangering your base income, do it.
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Old 09-25-2019, 11:54 AM
 
86 posts, read 22,738 times
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Quote:
Originally Posted by NYgal1542 View Post
I think it's all a matter of priorities and what is important to you... Like having a collection of fine watches....

For me it's guitars. You can't tell time with them, but you can play them! I started out with an inexpensive Epiphone Masterbilt. Loved it! Got a couple more made with different woods (mahogany, maple, rosewood). Eventually I sold those to fund some higher end guitars - I now have several of those, which are spectacular! The latest? A $4,000 holy grail Oxnard-built Guild F-512 12-string, which I got for $1,400 'cause it had a 2.75 inch scratch through the top finish. My collection is now complete!


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Old 09-25-2019, 02:36 PM
 
Location: Venus
4,898 posts, read 3,309,748 times
Reputation: 8224
Quote:
Originally Posted by Grlzrl View Post
Why would rich people be in debt up to their eyeballs?
Because many times (not all) they will over-extend themselves. They buy expensive homes, cars, etc.

https://www.marketwatch.com/story/wh...lls-2018-12-20


Cat
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Old 09-25-2019, 03:14 PM
 
Location: Eastern Washington
14,532 posts, read 45,536,186 times
Reputation: 13307
Quote:
Originally Posted by TheShadow View Post
That reminds me of Carrie Bradshaw in "Sex and the City". She had 50 pairs of $800+ Manolo Blahniks heels, but she couldn't afford to save up a down payment to buy her apartment. Not saying that as a put down, but I could think of things I'd rather spend a quarter mil on than watches. Especially since you can only wear one at a time. But to each their own. (shrugs)

Well the watches are going up in value, or at least he says that.


I tend to do the same thing with collectible guns. Most that I have are worth more than I paid for them, although, I would be in truly dire straits before I would sell any. And, they are fun toys to have, most of my shooting is strictly recreational. But they can be used of course for hunting (most of them) and for defense if it comes to that. Of course the value in these collector guns is just the whim of the market - old Colts are worth more than old S&W, even though, in many cases, the S&W is the better built gat. Likewise Winchester vs. Marlin lever action rifles. So someday the market might wise up and some of my collection would lose value, some would gain.



Me, I only have 2 Rolex, the second one inherited from my late Dad. A GMT Master and a Datejust. But I have thought about getting maybe 3 more to have a different one for every day of the work week, anyway. "What day is it? Well, since I'm wearing my Submariner, I guess it must be Wednesday!"



High end watches and guns, just to name 2 categories, tend to appreciate and are fungible. Shoes, not so much. Owning $40K "worth" (retail price) of shoes is just nuts, unless maybe you are a professional dancer or actor.


Sort of by the way, the thing is, if you are going to splurge on something, splurge on something that *you* personally like. And preferably something that can be counted in your net worth. But as someone said, spending money you don't have on stuff you don't want to impress people you don't like - is just nuts.



Oh. Forgot to add - my house has been paid for several years ago.
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Old 09-25-2019, 03:23 PM
 
Location: Eastern Washington
14,532 posts, read 45,536,186 times
Reputation: 13307
Quote:
Originally Posted by DCCougar View Post
For me it's guitars. You can't tell time with them, but you can play them! I started out with an inexpensive Epiphone Masterbilt. Loved it! Got a couple more made with different woods (mahogany, maple, rosewood). Eventually I sold those to fund some higher end guitars - I now have several of those, which are spectacular! The latest? A $4,000 holy grail Oxnard-built Guild F-512 12-string, which I got for $1,400 'cause it had a 2.75 inch scratch through the top finish. My collection is now complete!


Of course, the pleasure in owning fine musical instruments is partly connected to your own skill in playing them. People who collect guns but never really learn to shoot, people who collect cars but never really learn to drive, I really don't understand that. Not like good training is hard to find. Maybe hard to get the time off, go there, and of course good instruction is not cheap. Generally you get what you pay for. But to me merely possessing an artifact but not being able to use it well (not necessarily at a world class level, but well enough that you can have some pride in your performance) would be more a source of irritation than pleasure.
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Old 09-25-2019, 05:09 PM
 
Location: Venus
4,898 posts, read 3,309,748 times
Reputation: 8224
Quote:
Originally Posted by M3 Mitch View Post
Well the watches are going up in value, or at least he says that.


I tend to do the same thing with collectible guns. Most that I have are worth more than I paid for them, although, I would be in truly dire straits before I would sell any. And, they are fun toys to have, most of my shooting is strictly recreational. But they can be used of course for hunting (most of them) and for defense if it comes to that. Of course the value in these collector guns is just the whim of the market - old Colts are worth more than old S&W, even though, in many cases, the S&W is the better built gat. Likewise Winchester vs. Marlin lever action rifles. So someday the market might wise up and some of my collection would lose value, some would gain.



Me, I only have 2 Rolex, the second one inherited from my late Dad. A GMT Master and a Datejust. But I have thought about getting maybe 3 more to have a different one for every day of the work week, anyway. "What day is it? Well, since I'm wearing my Submariner, I guess it must be Wednesday!"



High end watches and guns, just to name 2 categories, tend to appreciate and are fungible. Shoes, not so much. Owning $40K "worth" (retail price) of shoes is just nuts, unless maybe you are a professional dancer or actor.


Sort of by the way, the thing is, if you are going to splurge on something, splurge on something that *you* personally like. And preferably something that can be counted in your net worth. But as someone said, spending money you don't have on stuff you don't want to impress people you don't like - is just nuts.



Oh. Forgot to add - my house has been paid for several years ago.
I have 2 Bulova watches-one from the '40s & one from the '50s. I bought them at an auction for about $7.50 in a lot of old watches-I don't think any of them worked. I took them to a jeweler to have it repaired. The '50s one cost me only $60 to have repaired but the '40s (the one I like the most) cost a bit more. But, if I were to buy one that was actually working, I probably would have spent a lot more than I did to have it repaired.

I also have a couple of newer watches that I use as everyday watches. Got those at an auction, too. Again it was a lot that had I don't know how many watches in it-all never used, still in the box. But all of them needed batteries-easy enough. I kept the ones I liked and we sold the rest-including a Goofy watch that ran backwards. lol. Even with buying the batteries for the watches I kept, we made a profit on that lot.



Cat
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Old 09-25-2019, 06:46 PM
 
86 posts, read 22,738 times
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Quote:
Originally Posted by M3 Mitch View Post
....being able to use it well (not necessarily at a world class level....

Right. I'm likely better on keyboards, but I've been spending a lot of time on guitar lately, where I'm more of an amateur. I spent about six months practicing this piece.
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Old 09-25-2019, 07:04 PM
 
1,312 posts, read 483,817 times
Reputation: 4135
Post funny responses to 'rich people' threads.

Poor people take it seriously.
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Old 09-25-2019, 07:22 PM
 
Location: Bakersfield, Ca
1,885 posts, read 1,409,904 times
Reputation: 4074
I still have my thoroughbreds . My family has been involved with them for over 100 years . They are great joys in my life . Also my beloved BMW's .
I wear Lilly Pulitzer .
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Old 09-25-2019, 08:45 PM
 
Location: Phoenix-Valley of the Sun
2,704 posts, read 1,565,084 times
Reputation: 3335
I live on a mountain and I laugh at the poor people at the bottom of it.
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