should i buy a rolex-picture of rolex

Should I Buy A Rolex? Pros and Cons

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

Walt Whitman would fit in well with the “simplicity-frugal movement” of today. And the famous Walden Pond, by Thoreau inspired me to appreciate the simplest pleasures in life. Both Whitman and Thoreau’s writing exude self possession, contentment, and the joy of living. This may sound a bit idealistic, but in the last reality, isn’t it really what most of us look for; wealth in life, not just money.

Do You Really Need a Rolex, Sharlene?

A friend of mine, Sharlene really wants a Rolex watch. The prices start in the range of $10,000. The one in the image above can be found on sale for less than $50,000, yet retails for over $70,000.

Owning a Rolex is one of her important life 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’m certain I can uncover a stylish and serviceable watch.

On the matter of wealth, status, and prestige, there is certainly nothing fundamentally wrong with those values.

Actually, with the prevalence of cell phones’ digital time functions, in some circles, watches are fading away. I’ve noticed that many of my daughter’s friends eschew the watch for the phone. Or, if they go for a watch, they’ll shell out the $300 for an apple watch. Yet, $300 is a far cry from $10,000.

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

Bonus: The Financial Planning Process – Steps to Wealth

Whether you buy a rolex or not, really comes down to personal preference and affordability. That said, here are a few Rolex pros and cons.

Pros – Reasons to Buy a Rolex

  • You can afford it and you will enjoy it.
  • It’s important to your business image.
  • You’re celebrating a milestone and want a momento.

Cons – Reasons Not to Buy a Rolex

  • You can’t afford it and can’t pay cash for it.
  • You’re trying to impress others.
  • You’ll set yourself up as a target to get robbed.

Do You Really Need a Rolex? The Down Side of Wanting Too Much

“And when it comes to Quality of Life, you need to consider how the watch adds to the quality of your life. I used to earn about $200,000 a year at the peak of my corporate days, but I was miserable. My Quality of Life was poor.” ~Joshua Fields Millburn of The Minimalists.com

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 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 already 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, not those who have more.

Jean Chatsky in The Difference

If Sharlene 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.

Does Buying a Rolex Fit In With Your Goals?

This anecdote doesn’t suggest that there are good goals and bad goals, or that one should not have any goals. Yet, goals in life are important and need to be self determined. Before you plop down thousands of dollars to buy a rolex, consider your own goals and values.

The best way to make goals and values work in your life and propel you forward:

  • Create goals that are reasonable and fit in with your values.
  • As you work towards your goals, enjoy the process. 
  • Stop to enjoy small successes.
  • Pay attention to the path along the way; the process of living and working. Journey is just as important as the destination.

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. 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 the steps along the way.

In the end, whether you buy a Rolex or not, won’t be the ultimate decision in your life. But, if you choose to buy one, spend some time considering whether this is the best use for the dollars that you will spend on the Rolex.

If you’re still pining for that Rolex watch, click here for a viable path towards wealth.

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