DO YOU NEED A ROLEX WATCH?



Categories: goals, values, personal finance

“Henceforth I ask not good fortune. I myself am good fortune.”

Walt Whitman   

Wow, I’m not even sure how to interpret that quote. Walt Whitman would fit in very well with the “simplicity-frugal movement” of today. Whitman’s Walden Pond inspired me to remember to appreciate the simplest pleasures in life. His writing exudes self possession, contentment, and the joy of living.

And isn’t that what we all really want?

MAIN TOPIC

A friend of mine, Melody (not her real name) really really wants a Rolex watch. I think they cost about $10,000. (I’m not sure because I have never priced one and don’t want to spend my time checking!) In fact, that is one of her important GOALS. I am not sure why she wants one but if I had to guess, I assume she equates owning a Rolex with wealth, status, and prestige.

Now, as far as I know, most watches today keep accurate time. Not only that, but there are some beauties for less than $10,000. In fact, give me $50.00 and I bet I can find a stylish and serviceable watch. On the matter of wealth, status, and prestige, there is certainly nothing fundamentally wrong with those values.

Then there is another perspective on this “watch topic.” I’ve noticed that my daughter and her friends eschew the watch for the phone. In fact, they seem to have no use for a watch at all (as evidenced by the one my husband and I bought her which is sitting in her bureau drawer). When we asked her why she doesn’t wear it, she responded with the practical retort, “What do I need a watch for, my phone has the time.”

So, on one end of the spectrum is Melody, a woman of middle income means dreaming of owning a Rolex, and on the other end, my daughter (and many of her post 1980-born cohorts) relinquishing the watch to the “antique” bin.

Well, who really cares? If Melody wants a Rolex, it certainly isn’t any of my business.

And each of us has the right to choose our own goals and values.

PRACTICAL APPLICATION

The more things you want, the more difficult it is to fulfill those wants.

If you are unsatisfied with what you have, and always want more, you won’t be very content.

So what is the solution, as there is usually SOMETHING that most of us want?

In life and money, if you are constantly striving and desiring more and more, YOU FEEL DISSATISFIED with what you already have. You divert attention from APPRECIATING WHAT YOU HAVE to focusing on what you LACK.

Jean Chatzky, in her book The Difference, offers a wonderful strategy for upping your happiness:

Compare yourself with those who have LESS THAN YOU DO,

not those who have more.

If Melody compares herself with celebrities, she feels poor and inadequate. She spends a lot of her mental resources striving for a Rolex watch which costs 30% of her annual income.

This anecdote DOES NOT suggest that there are good goals and bad goals, or that one should not have any goals.

Here is the takeaway.

Goals in life are important and need to be self determined. The best way to make goals and values WORK in your life and propel you forward is this:

  • Make some goals that are reasonable and fit in with your values.
  • As you work towards your goals ENJOY THE PROCESS. Pay attention to the path along the way; the process of living and working.

You may find that the JOURNEY is just as much fun as actually reaching the goal.

Spend some time with yourself, like Walt Whitman did. Think about what’s really important to you. Set some steps to get what you want. And for whatever reason, if you value having a Rolex and think it will give you pleasure, pick one up and find out for yourself. But along the way to saving and earning the cash to buy that Rolex, be sure and commit yourself to appreciating every step along the way.

 ACTION STEPS:

 Get a notebook and label it: “(your name) Personal Finance” and store it by the computer. Use it for all of your personal finance goals, thoughts, activities, and plans.

  1. Starting now, really focus on what you are doing. Pay attention. Don’t just go through the motions. 
  2. Spend 15 minutes alone with yourself. Write some financial, personal, & professional goals.

Let me know if focusing on what you are doing increases your contentment.

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14 Responses to DO YOU NEED A ROLEX WATCH?
  1. Barb
    April 16, 2010 | 7:57 am

    Carrol, Thank you for your promotion! I’m glad you visited and look forward to seeing you here again! Keep coming back, I have a FREE ebook in the works!

  2. Bucksome Boomer
    April 17, 2010 | 8:40 am

    I’m glad you joined the Yakezie challenge so I could find your blog!

    I think once you start comparing yourself to those with less, the happiness factor increases.

    I hope your friend does this and she’ll see a Rolex isn’t a big deal. I can tell time fine with my cheaper Timex.

  3. Barb
    April 17, 2010 | 9:53 pm

    I’m with you…. The watch I’m wearing is old, affordable, looks good, & works fine!!! Perspective is really key! Thanks for visiting!

  4. Week in Review: Wedding Bells Edition
    April 18, 2010 | 9:04 am

    [...] Personal Finance brings us Do You Need a Rolex Watch? I think not, but maybe I’m that’s not the right [...]

  5. Guy G.
    April 18, 2010 | 11:12 pm

    Hey I see you’ve joined the Yakezie Challenge.
    We have too, but visually we’re still in stealth mode on our site. We have to post the article this week as well as the buttons.
    Anyway, welcome and good luck.
    Anything we can do to help, let us know.

  6. [...] Friedberg Personal Finance presents Do You Need a Rolex Watch?, and says, “Do You Need a Rolex Watch – Is actually a post about enjoying the process [...]

  7. Mr Credit Card
    April 19, 2010 | 10:23 pm

    watches can be heirlooms! remember Bruce Willies in Pulp Fiction?

  8. Barb
    April 27, 2010 | 8:43 am

    @Buddy, Guy G. Mr. Credit Card, & Max, Thank you ALL for stopping by. @Max, I’m trying to keep it easy to read! @ Mr. Credit Card, Of course, heirlooms are very wonderful to own! @ Guy, see you around the Yakezie world! AND to all, please feel free to pick up the RSS feed or email subscription. Best regards, Barb

  9. [...] Barbara Friedburg asks, Do you need a Rolex Watch?. She points out that some people want something merely because it is a symbol of wealth and [...]

  10. Barb
    May 8, 2010 | 7:33 am

    @logomaker-what a thoughtful comment! Yes, it was fun to write. please stop back, I appreciate your input on the site. @zegarki-thanks for stopping by and taking the time to comment. @commercial-I’ll see what I can do, nevertheless I appreciate you reading the articles.

  11. ARE YOUR VALUES MONEY-MAKERS OR MONEY-LOSERS? | Barbara Friedberg Personal Finance
    October 22, 2010 | 10:58 am

    [...] or consumption question. Here’s a completely different viewpoint from an earlier article, Do You Need a Rolex? Barb’s INVESTMENT definition: Commitment of time or money which offers a financial, emotional, [...]

  12. JoeTaxpayer
    September 29, 2013 | 1:19 pm

    I bought a Rolex in 1985. The dollar was high compared to European currencies, and a coworker was able to get a $1200 watch for $600. (With inflation, it’s about $1260 in today’s dollars).
    The odd thing is that Rolex has raised their prices far faster than this and this model sells for $10,650 list price. It’s not even silver, just stainless steel. What started as a bit of an extravagance became an obscenity. I wanted to put it up at a charity auction, but so far my family has asked me to keep it for now. So it sits hidden away. And I sport a Timex that I can replace for lunch money.

  13. Barbara Friedberg
    September 29, 2013 | 1:36 pm

    HI Joe,Your story is fascinating. It’s nice to have a Rolex as an investment. My hunch is that over time it will only grow in value! And the initial 50% discount on the watch made it a smart money move.

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