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Buying a $500,000 watch after 3 years of work.

Monday, May 5, 2014


How to trick people into thinking you are rich? LOL!

AK is catching up with the times. These days, I get plenty of news and perspectives from what I read on Facebook. Of course, there will be things we agree with and things which we don't. 

However, as Rumpole of the Bailey would say, "I might not agree with what you say but I will defend to the end your right to say it." Well, something to that effect. My memory is a bit patchy.

Recently, I read on Facebook about a young person who aims to be the owner of a $500,000 watch 3 years from now. 

The person who posted this on Facebook believes that this young man will be able to achieve it and will prove a crowd of disbelievers wrong. I certainly agree that it is important to believe in ourselves, believe that we can make our dreams a reality.

Price tag: $500K.

I admire the fighting spirit that this young man has and he reminds me of someone very dear to me. He worked hard to make lots of money and bought luxury watches, cars, shoes etc. 

A picture of success but, till today, he still has to work hard for a living. The day he stops working, his income stream will dry up.

I quite understand that every person is different but I hope that this young person will meet someone who will impress upon him why he should not buy that $500,000 watch once he is able to afford it. Of course, that said, it is his life and the choice is clearly his.

Not many people, fresh out of school, are able to save $500,000 in 3 years. I would assume that for someone to be able to save $500,000 in 3 years, he would have an earned income which is much more than that. 

That is some pretty amazing earning power.

However, it would be a mistake to spend all that money on a watch if that was all the money he had put aside after three years of work. 

It would be a mistake to think that nothing could ever put a stop to this amazing earning power.

"Live within your income and save so that you can invest. Learn what you need to learn... Like Warren, I had a considerable passion to get rich, not because I wanted Ferraris – I wanted the independence." 
Charlie Munger.


Related posts:
1. To be a happy peasant.
2. If we are not rich, don't act rich.
3. From rich to broke?

18 comments:

Solace said...

If there is way of celebrating when one have "finally arrived" at certain affluent status, I would do 2 things

1) Take good care of my loved one to ensure that they lived comfortably.

2)Contribute back to society via contribution to scholarship or study grants to needy people who deserves them.

I think there will be money well spent. Be grateful to all who helped you along the way to financial freedom.

Of course talk is cheap, i will bear this in mind and this comment post shall be a good reminder to the older me many years from now :)

Singapore Man of Leisure said...

AK,

Never underestimate a person's aspirational need to "belong".

Hope this young man have the wisdom to know not to wear that watch in certain countries.

One parang slash would do the trick.

AK71 said...

Hi Solace,

I share your sentiments. I also thought of starting a scholarship or bursary for needy students in future. :)

I feel that those who are more fortunate should try to help those who are less so. This is one of those things which makes us human, compassion. :)

AK71 said...

Hi SMOL,

Actually, I didn't know that a $500,000 watch exists! After reading that FB post, I did a search online to see what such a watch might look like. It doesn't look like it is worth $500,000 at all. Well, at least not to me. -.-"

Could be quite safe to wear this in some of the countries you are thinking of. They might think it is just a Casio G-shock. ;p

temperament said...

Hi AK 71,
i am surprised that you said you didn't know that a $500,000 watch exists.
i hearsay that some very, very rich people even if they want to buy a > $1 million watch they might not able to; because it is by special order only to the watch maker. And the watch maker scrutinize the buyer carefully. Hearsay only, please.
i suppose this to ensure the reputation of the watch maker that no "Black money" is involved.

AK71 said...

Hi temperament,

I am surprised that you are surprised! ;p

I am a frog in a well, remember? -.-"

http://singaporeanstocksinvestor.blogspot.sg/2010/04/tea-with-ak71-frog-in-well.html

temperament said...

i am surprised that you think i am surprised by you. You are definitely not a what you say you are. You are so savvy with money and investment, just that you are not interested in investing in HR and therefore don't read more about watches.

AK71 said...

Hi temperament,

Oh my. Now, you have really boggled my mind. -.-"

What has HR (and I am guessing that this stands for "human resources") got to do with watches? I am truly blurified. -.-"

JLee said...

my benchmark to buy a luxury item is 3 month my monthly salary. if i have to save so hard to get it, i am probably not that level to enjoy that item yet.

this story also shows this young chap do not understand the value of money.

AK71 said...

Hi JLee,

Someone told me that I do not understand that this is the way in which some people celebrate achievements. I agree. I do not understand. -.-"

temperament said...

HI AK 71,
Sorry i mean HR G (HOUR GLASS)

Vincent said...

I once came across a very successful guy who told me this:

People buy things they do not need,
with money they have not earned,
to impress the people they do not know.

AK71 said...

Hi temperament,

Oh, that atas company that sells atas watches? I buy my atas watches from shops that sell pre-owned pieces which includes pawnshops. Maybe, I should think about investing in a pawnshop. -.-"

AK71 said...

Hi Vincent,

I was a foolish youth once as well with foolish thoughts about having branded goods. :(

Always hope that we will meet the right people in our lives. :)

FoodieFC said...

wow.. i had to read this twice to ensure that I read the figure correct!

AK71 said...

Hi FoodieFC,

And I was very careful to make sure that I typed in the correct number of zeros. -.-"

Lizardo said...

I'd rather buy a share of that atas watch company instead.

Unknown said...

Well said Solace.

i m totally agree.....

however it is still individual. Gao Xin Jiu Hao

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