If my car is a luxury... (Buying a $500,000 watch after 3 years of work.)

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 bigger 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?

Asia Invest Symposium by ShareInvestor.

Are you free on the 31st of May (Saturday) from 9am to 1.30pm? If you are, you might want to go listen to Mr. Roger Montgomery, a famous value investor, who will speak for 2 hours at an event organised by ShareInvestor.

He will share his knowledge and experience and cover topics like the following:

- Strategies to Spot High Quality Businesses to Improve your Returns on Stocks.

- How to Buy the Best Stocks for Less Than they're worth?

I know for a fact that it is not cheap to bring in big names like him. So, when I was approached to help spread the word about the event, I was surprised that tickets are priced at only $9.90 for one and $14.80 for a pair.

For those who also do some trading, you will also be interested to know that there is another speaker at the event, Mr. Stuart McPhee.

He will cover topics like the following:

- Trading Strategies in the Stock Indices & Commodities Market.

- How To Identify High Probability Patterns when Trading Forex?

With tickets priced at $9.90 each, I was somewhat worried but I have been assured by the organiser that "there will be no selling or backend products throughout the event."

However, Oanda will be promoting their platform during the event and if you should open an account with them, you will get a book by either Stuart or Roger for free!

I love getting value for money and, in my opinion, this is a value for money event! If you would like to find out more or buy tickets, follow this link: Asia Invest Symposium.

Wishing everyone a happy Sunday!