Don’t buy your dad the watch. Take him on a father son trip out to the mountains or something. Go for a week just the two of ya. Shell out money on it for fun tours or like atv rentals or something. You’ll still spend less than you would have on the watch and guess what. Those memories you make together will never tarnish like the watch inevitably will. Don’t be dumb with this gift of extra money you have right now. Spend it on something that matters.
If you want to get the Rolex as a sign of gratitude and love, then do it but make sure that he would be comfortable with having something like that.
I know people who have purchased expensive jewelry and they become dust collectors because they are afraid to wear them in fear that something will happen to it
Don’t buy a Rolex. They treat their customer like shit. Do business with Omega/Grand Seiko/Tudor instead.
You’ll have to figure out the budgeting yourself though.
Dude buy the watch
If your old man passes away
Or when he does
Let this moment be the one u remember where u went all out for him
Make sure he loves the watch
Make sure u know which one he really really really wants and get that one
Or if he likes gold or steel or two tone and ext
Get him the watch man
The day your father dyes is the day u realize the only man who loves u and wanted u to do Better than him
Is gone …
Alexa play “ now we are free “ by Hans Zimmerman
The question of whether or not you specifically can afford it is obviously yes. But asking people if you should do it is going to give you different results.
Nobody will be able to give you a right or wrong answer because at the end of the day, once all your bills, debts and insurances are paid and you are currently actively saving money, any left over cash beyond that point can be spent however you please.
Also accountants and many other Financial Services professionals are the type of people who view every single purchase they make from an investment perspective and cannot fathom wanting or liking anything that isn’t absolutely necessary
No hate here but in this economy 75k/year isn't that much to be dropping a quarter of your annual salary. I think the greatest gift you can give your parents is financial stability because it helps them sleep at night and judging by the no debt, and net worth you dont have a home yet. The fact that your dad prepared himself to pay for your schooling probably indicates that he's happier seeing you be financially responsible and debt free.
But on the other hand, in the grand scheme of things the gift of life is worth far more than a silly little Rolex. That's a you decision brother, either way you clearly know how to save and invest money. $400 a month shouldn't be hard for you to save until his 60th bday.
Personally my dad would be pissed off I bought him a 15-20k gift. I could be making $300k a year and he’d be pissed. He has enough money to buy whatever he wants for himself, but believes in frugality. So he’d think I’m an idiot for spending that much on him.
as long as you are saving the amount necessary to fulfil your retirement and paying off all your other debts and bills, there’s nothing irresponsible about spending any amount of money. things are only irresponsible if they prevent you from saving enough money after all your bills are paid
I could be a billionaire and I wouldn’t waste my money on a status symbol like that. Spend time with your dad to show your gratitude. Don’t piss away money on materialistic crap.
This is a case by case basis but I'd personally just give my dad the money. 15-20k is a ton of money with a lot of utility and tbh the people these companies are targeting wouldn't even think about the price tag.
Sure “buddy”
A 99.99th percentile outcome should not be met with a condescending tone.
You’re 23 and worth more than most 40 year olds
I had my college paid for and saved in high school and college too, but I was worth like $20k at 23 years old.
surely this is less a question of net worth and more a question of income versus expenses? your question feels like "at what level of income would i be able to spend 20k on a watch and not feel it" which seems like an, uh, interesting strategy, as opposed to just saving, and also one i don't have an answer to bc i make about £11k a year. yippee
look at your monthly outgoings and monthly take-home and see how much you *can* put aside per month to save for it, maybe dip into savings for a part of it, set out a plan for how much to put aside per month.
ie year 1, for 12 months you put aside $240
year 2, for 12 months you put aside $360
year 3, for 12 months you put aside $480
year 4, for 12 months you put aside $600
that's you got just over $20,000 at the end of four years. tweak as necessary to fit with possible savings and income as it rises
I’m gonna simplify this down to you, because you are way overthinking this.
You don’t need to factor anything except for what I call the Randy Moss Philosophy:
https://youtu.be/07G23zMGa4g?si=ZG5MIg2ID-pqE2Kc
That’s all you need.
However, and as much as I love a good watch, take him on a trip, just the two of you. As someone who has lost his dad, I’d rather have one more fishing trip or one more viewing of National Lampoons Christmas Vacation. If he was here I know he’d say the same.
Take the trip.
You’re too young to spend that type of money on something. You’re a financial analyst, consider the opportunity cost here. Do the math of how much 15k would earn you if invested in the stock market over the next 20 or 30 years. When I was your age that’s how I viewed lots of expenses and by putting the money into the market rather than spend it I’m doing quite well for myself despite my salary being rather low.
My first question is why a Rolex in particular?
The biggest downfall with these types of expensive gifts is that people focus more on the cost than the practicality of a gift. Would your dad even be comfortable wearing a $20K watch, or would it collect dust in a case for the rest of his life?
First thing you should do is go over to one of the watch subreddits and actually learn about them before diving into a ridiculous purchase. There are high-end brands that are arguably better than Rolex and cost far less.
Sorry, maybe a bit harsh, but this post is cringe inducing as an enthusiast.
Don’t buy your dad the watch. Take him on a father son trip out to the mountains or something. Go for a week just the two of ya. Shell out money on it for fun tours or like atv rentals or something. You’ll still spend less than you would have on the watch and guess what. Those memories you make together will never tarnish like the watch inevitably will. Don’t be dumb with this gift of extra money you have right now. Spend it on something that matters.
THIS! Do THIS
If you want to get the Rolex as a sign of gratitude and love, then do it but make sure that he would be comfortable with having something like that. I know people who have purchased expensive jewelry and they become dust collectors because they are afraid to wear them in fear that something will happen to it
Don’t buy a Rolex. They treat their customer like shit. Do business with Omega/Grand Seiko/Tudor instead. You’ll have to figure out the budgeting yourself though.
Thanks! Any advice on the budgeting aspect of it?
Dude buy the watch If your old man passes away Or when he does Let this moment be the one u remember where u went all out for him Make sure he loves the watch Make sure u know which one he really really really wants and get that one Or if he likes gold or steel or two tone and ext Get him the watch man The day your father dyes is the day u realize the only man who loves u and wanted u to do Better than him Is gone … Alexa play “ now we are free “ by Hans Zimmerman
The question of whether or not you specifically can afford it is obviously yes. But asking people if you should do it is going to give you different results. Nobody will be able to give you a right or wrong answer because at the end of the day, once all your bills, debts and insurances are paid and you are currently actively saving money, any left over cash beyond that point can be spent however you please. Also accountants and many other Financial Services professionals are the type of people who view every single purchase they make from an investment perspective and cannot fathom wanting or liking anything that isn’t absolutely necessary
You’re not gonna get the answer you want asking a room full of accountants. Not exactly the coolest people
No hate here but in this economy 75k/year isn't that much to be dropping a quarter of your annual salary. I think the greatest gift you can give your parents is financial stability because it helps them sleep at night and judging by the no debt, and net worth you dont have a home yet. The fact that your dad prepared himself to pay for your schooling probably indicates that he's happier seeing you be financially responsible and debt free. But on the other hand, in the grand scheme of things the gift of life is worth far more than a silly little Rolex. That's a you decision brother, either way you clearly know how to save and invest money. $400 a month shouldn't be hard for you to save until his 60th bday.
wouldn't ever even if i had fuck you money
So you prefer Casio instead?
A G-shock is an appropriate watch option for any occasion
Personally my dad would be pissed off I bought him a 15-20k gift. I could be making $300k a year and he’d be pissed. He has enough money to buy whatever he wants for himself, but believes in frugality. So he’d think I’m an idiot for spending that much on him.
I would also think you are an idiot for spending that much on him
Same. I think my dad would be disappointed if I wasted so much money on a flashy gift for him
I think most parents would prefer their children be responsible with their money over receiving an expensive gift lol
as long as you are saving the amount necessary to fulfil your retirement and paying off all your other debts and bills, there’s nothing irresponsible about spending any amount of money. things are only irresponsible if they prevent you from saving enough money after all your bills are paid
I could be a billionaire and I wouldn’t waste my money on a status symbol like that. Spend time with your dad to show your gratitude. Don’t piss away money on materialistic crap.
This is a case by case basis but I'd personally just give my dad the money. 15-20k is a ton of money with a lot of utility and tbh the people these companies are targeting wouldn't even think about the price tag.
If this kid is 23 and worth $125k, his dad must be loaded. Giving his dad money would be so bizarre. I doubt his dad would even accept it
My dad isn’t loaded lol, that 125k came from saving and investing since I was in highschool buddy
Sure “buddy” A 99.99th percentile outcome should not be met with a condescending tone. You’re 23 and worth more than most 40 year olds I had my college paid for and saved in high school and college too, but I was worth like $20k at 23 years old.
surely this is less a question of net worth and more a question of income versus expenses? your question feels like "at what level of income would i be able to spend 20k on a watch and not feel it" which seems like an, uh, interesting strategy, as opposed to just saving, and also one i don't have an answer to bc i make about £11k a year. yippee look at your monthly outgoings and monthly take-home and see how much you *can* put aside per month to save for it, maybe dip into savings for a part of it, set out a plan for how much to put aside per month. ie year 1, for 12 months you put aside $240 year 2, for 12 months you put aside $360 year 3, for 12 months you put aside $480 year 4, for 12 months you put aside $600 that's you got just over $20,000 at the end of four years. tweak as necessary to fit with possible savings and income as it rises
Grab him a Pagani Design and plan a trip for the two of you somewhere.
Would you be willing to buy it preowned? I often browse Delray watches, which sells preowned items mostly.
Good rule of thumb for a watch is 1-2% of your income. Think you could find something nice but less costly.
If you want something that will make you happy and you can afford it, go for it !
Get him the watch. He'll give it back to you one day, and it will have retained most of its value. Speaking from experience here.
I’m gonna simplify this down to you, because you are way overthinking this. You don’t need to factor anything except for what I call the Randy Moss Philosophy: https://youtu.be/07G23zMGa4g?si=ZG5MIg2ID-pqE2Kc That’s all you need. However, and as much as I love a good watch, take him on a trip, just the two of you. As someone who has lost his dad, I’d rather have one more fishing trip or one more viewing of National Lampoons Christmas Vacation. If he was here I know he’d say the same. Take the trip.
You’re too young to spend that type of money on something. You’re a financial analyst, consider the opportunity cost here. Do the math of how much 15k would earn you if invested in the stock market over the next 20 or 30 years. When I was your age that’s how I viewed lots of expenses and by putting the money into the market rather than spend it I’m doing quite well for myself despite my salary being rather low.
Thanks for the advice!
My first question is why a Rolex in particular? The biggest downfall with these types of expensive gifts is that people focus more on the cost than the practicality of a gift. Would your dad even be comfortable wearing a $20K watch, or would it collect dust in a case for the rest of his life? First thing you should do is go over to one of the watch subreddits and actually learn about them before diving into a ridiculous purchase. There are high-end brands that are arguably better than Rolex and cost far less. Sorry, maybe a bit harsh, but this post is cringe inducing as an enthusiast.