Analyst: Spending 5k+ on a Timepiece - Sensible?

ibhopeful532's picture
Rank: King Kong | 1,033

Gents,

I'm consider indulging myself and dropping $5k - $7k on a nice watch as a graduation / pre-employment gift to myself.

Although I do have enough cash myself to buy it, I wonder how sensible it is to buy a "premium" brand-watch as an analyst. I don't know too much about watches - but do they generally tend to retain their value over time?

Also, more importantly, will wearing a nice watch to the office as a first-year analyst attract any unwanted attention / sentiments? Personally, I couldn't care less about my suit / shirt/ shoes / belts, but the one thing that I feel makes a strong statement is a wrist-watch.

Fyi: Watch is from
http://www.iwc.com/about/

Comments (111)

Mar 31, 2011
ibhopeful532:

Although I do have enough cash myself to buy it, I wonder how sensible it is to buy a "premium" brand-watch as an analyst.

Were you a finance major?

Mar 31, 2011

ok se we are gonna get a discussion going that you should not rock that kind of watch and all. i however have seen starting analysts rock anything from a g-shock for 100 bucks to rolex, omega and the like. if you like watches go ahead (just my opinion)

Mar 31, 2011

No

If I had asked people what they wanted, they would have said faster horses - Henry Ford

Mar 31, 2011

That is a truly beautiful watch.

Yet you will absolutely come to hate it because it will represent such a terrible decision.

Mar 31, 2011

The IWC Portuguese is definitely a great watch, but despite how nice it is, I wouldn't buy it unless your wrists are large enough for a 42mm case. For what it's worth, its styling is understated enough so that nobody will notice how expensive it is. People still buy cheap Tags and Omegas with quartz movements. IWC is still relatively obscure, so it should be fine.

Enjoy.

Mar 31, 2011

Also, to answer your question, yes the Portuguese will retain value over its lifetime. Check out eBay or watchuseek if you care to know specifics.

Edit: I suppose my first post is still awaiting "moderator approval," but yes, its a fairly discreet watch face (despite its size). Far better watch than the shitty Tags that a lot of people prefer.

Mar 31, 2011

In my opinion, a nice suit and shoes improve my personal appearance much more than a watch. I have a pretty understated watch right now and I get compliments from people on it all the time.

Unwanted sentiments? Think about it. If you wore the watch in public and people found out how much it cost, etc, there is bound to be at least one person who is going to think you are a douche. Why would it be any different in the workplace?

Mar 31, 2011

A lot of the analysts at the place I interned at had Rolex's and Omega's, wasn't a big deal.

Apr 3, 2011
noobie_banker:

A lot of the analysts at the place I interned at had Rolex's and Omega's, wasn't a big deal.

What kind of omega?

Mar 31, 2011

Some of you are missing the point. To me, at least, the question isn't: "should OP buy a nice watch as an analyst?" The question is: "Does it make sense to spend $5K+ on a watch when he doesn't have the cash to buy it." I know there will be arguments that say he will eventually have the money from his base pay, bonus, etc. But, bottom line, it's senseless to spend money you don't have.

Mar 31, 2011

congrats for posting the 100th forum on watches, use the fuckin search function man.

Again, as covered in EXHAUSTION - if you want the watch, buy it. No one is going to give a rats ass dude.

I wore a rolex submariner my entire 2 year analyst program, no one ever said a fucking word. The dude next to me didn't wear a watch, no one said anything to him. Get my point?

Mar 31, 2011

No it doesn't make sense, bad idea...

Mar 31, 2011

Get noticed by your work not what you wear.....

The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee

WSO is not your personal search function.

Mar 31, 2011

I win here, I win there...

Mar 31, 2011

IWC? rly?
Buy yourself a nice JLC...

no1 cares about your watch ... just don't wear a brown polyester suit ...

Mar 31, 2011

If you want it, buy it. It's the only that that matters.

Mar 31, 2011

If you're going to dump a bunch of cash into a watch, get a Vacheron Constantin. It's more than the 5-7k, but go big or go home.

Mar 31, 2011
Something Creative:

If you're going to dump a bunch of cash into a watch, get a Vacheron Constantin. It's more than the 5-7k, but go big or go home.

What is with all these Rick Ross wannabes

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Mar 31, 2011
mrjones:
Something Creative:

If you're going to dump a bunch of cash into a watch, get a Vacheron Constantin. It's more than the 5-7k, but go big or go home.

What is with all these Rick Ross wannabes

Are you talking about the OP or me saying to get a VC? The latter means your an idiot since it was clearly a joke as they run 30k-300k.

Mar 31, 2011

Go ahead.
You're an investment banker. You are at the very top of the food chain. Indulge.

Mar 31, 2011

Or do what I did and settle for a $300-500 DKNY.

I win here, I win there...

Mar 31, 2011

Nice watch selection ibhopeful, I really like (some) IWCs too - that one is a bit busy for my tastes, but nice all the same. Someone suggested JLC, which is def' worth looking at.

In terms of whether or not a watch maintains value really depends on brand, make and demand. I think for now, any new watch you buy will obviously be worth less than the sticker price the second you own it, but for the most part second hand IWCs have sold fairly high without significant discounts (meaning not 30-50% off after a yr or 2). You'll really have to hold on to a watch for awhile before it becomes a 'vintage' watch, and again depending on demand/discontinuations/superior model, etc value could go up.

As for whether its sensible or not... honestly I wouldn't wear a $5k+ watch to work just because I'd be scared shit-less that I would bang /scratch it up on sharp corners, hitting a desk, on shelves etc. If you want a classy watch for work, that could also be a beater watch, I would consider something like a Stowa... (~$600 to $1K+).

I would wait after bonus season. But FYI, I hear IWCs are doing a global price increase by ~5% in April.

Mar 31, 2011

depends how wealthy your parents are. If they got decent cash to support you if things go wrong, you need to for b school, have any other massive unexpected expense, then sure go ahead.

I love watches but they are kinda a big waste of money.

Mar 31, 2011

You are going to get mugged!

Mar 31, 2011

Listen, if you have a 200$ suit, 70$ shoes, 40$ shirt, $25 dollar belt, $10 dollar tie, and then a $5,000.00 dollar watch, the only statement it makes is "this watch is fake". Get the basics before you go for the luxuries.

Mar 31, 2011
manbearpig:

Listen, if you have a 200$ suit, 70$ shoes, 40$ shirt, $25 dollar belt, $10 dollar tie, and then a $5,000.00 dollar watch, the only statement it makes is "this watch is fake". Get the basics before you go for the luxuries.

Exactly. Any luxury item looks retarded when the rest of your wardrobe isn't up to par. Look at all the B&T girls with the fake Gucci purses...you can spot it from a mile away and it's hideous.

Best Response
Mar 31, 2011
manbearpig:

Listen, if you have a 200$ suit, 70$ shoes, 40$ shirt, $25 dollar belt, $10 dollar tie, and then a $5,000.00 dollar watch, the only statement it makes is "this watch is fake". Get the basics before you go for the luxuries.

BINGO!

"I am Shiva the god of death"

Apr 1, 2011
thedose:
manbearpig:

Listen, if you have a 200$ suit, 70$ shoes, 40$ shirt, $25 dollar belt, $10 dollar tie, and then a $5,000.00 dollar watch, the only statement it makes is "this watch is fake". Get the basics before you go for the luxuries.

BINGO!

Allow me to be a dissenting voice in this opinion. I wear a $500 suit (Hugo Boss), $70 shoes (Ecco), ~$40 shirt (Brooks, on sale, of course), $25 belt (some conservative Ralph Lauren I got from TJ Maxx), $25 tie (Calvin Klein). I also own and wear (daily) ~$5,000 watch(es).

How do I rationalize this?

  1. I don't place a lot of personal value in clothes-> pragmatic, comfortable is good enough
  2. I place a lot of value in watches (personal interest, about the only piece of jewelry I'll wear, besides a wedding ring).
  3. I don't care about what other people think about my watch choice. Whether they think they're real or fake, I know they're real and I'm wearing a watch for me
  4. I'm also lucky enough to not care/not work in an environment where I get judged on what I wear--rather the game I bring to the table. In fact, my boss and I share a mutual interest in timepieces (he wears a Yachtmaster, I'll be bringing my new piece in to show him next week)
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Apr 1, 2011
manbearpig:

Listen, if you have a 200$ suit, 70$ shoes, 40$ shirt, $25 dollar belt, $10 dollar tie, and then a $5,000.00 dollar watch, the only statement it makes is "this watch is fake". Get the basics before you go for the luxuries.

(Nails it)^10

The distrust of wit is the beginning of tyranny.

Apr 5, 2011
manbearpig:

Listen, if you have a 200$ suit, 70$ shoes, 40$ shirt, $25 dollar belt, $10 dollar tie, and then a $5,000.00 dollar watch, the only statement it makes is "this watch is fake". Get the basics before you go for the luxuries.

My thoughts exactly.

Mar 31, 2011

Datejust and Datejust ii are nice. They aren't too flashy and yet are very unique and elegant. I believe the base datejust ii (in stainless steel w/Oyster perpetual bands) should run you that much much 5k-8k if Im not mistaken (lost interest in the brand).

Regarding whether it retains value (or not), you cant go wrong with a Rolex (as long as you keep it clean and try your best to not scratch it). I recently added a 1971 datejust to my collection (two-tone gold and silver, fluted bezel for $3750. You can find a new one with the same specifications (with a diamond bezel instead!) for about 5.8k-6.5k. Submariners are also a good bet, but Im not too familiar with them so I dont have much to say.

Also, I wouldnt buy an Omega. Dont ask me why though, cause I wouldnt know :D .

If you want something sportier (but cheaper), I suggest Bell & Ross (although some of their watches can run upwards of 7k). Some of their watches look fine on a suit. Others (wacky colors!), not so much. Not too sure about resale value.

Important rule: Dont buy designer watches (Gucci, DKNY, LV,etc.). Most of these are overpriced and have the same Quartz or Asian ETF movements as Casios (I kid you not).

Greed is Good.

Mar 31, 2011
konig:

Datejust and Datejust ii are nice. They aren't too flashy and yet are very unique and elegant. I believe the base datejust ii (in stainless steel w/Oyster perpetual bands) should run you that much much 5k-8k if Im not mistaken (lost interest in the brand).

Regarding whether it retains value (or not), you cant go wrong with a Rolex (as long as you keep it clean and try your best to not scratch it). I recently added a 1971 datejust to my collection (two-tone gold and silver, fluted bezel for $3750. You can find a new one with the same specifications (with a diamond bezel instead!) for about 5.8k-6.5k. Submariners are also a good bet, but Im not too familiar with them so I dont have much to say.

Also, I wouldnt buy an Omega. Dont ask me why though, cause I wouldnt know :D .

If you want something sportier (but cheaper), I suggest Bell & Ross (although some of their watches can run upwards of 7k). Some of their watches look fine on a suit. Others (wacky colors!), not so much. Not too sure about resale value.

Important rule: Dont buy designer watches (Gucci, DKNY, LV,etc.). Most of these are overpriced and have the same Quartz or Asian ETF movements as Casios (I kid you not).

How exactly is this post helping to answer the OP's question? It reads like you just want to show off your 'knowledge' or purchase of watches.

Mar 31, 2011
Vz:
konig:

Datejust and Datejust ii are nice. They aren't too flashy and yet are very unique and elegant. I believe the base datejust ii (in stainless steel w/Oyster perpetual bands) should run you that much much 5k-8k if Im not mistaken (lost interest in the brand).

Regarding whether it retains value (or not), you cant go wrong with a Rolex (as long as you keep it clean and try your best to not scratch it). I recently added a 1971 datejust to my collection (two-tone gold and silver, fluted bezel for $3750. You can find a new one with the same specifications (with a diamond bezel instead!) for about 5.8k-6.5k. Submariners are also a good bet, but Im not too familiar with them so I dont have much to say.

Also, I wouldnt buy an Omega. Dont ask me why though, cause I wouldnt know :D .

If you want something sportier (but cheaper), I suggest Bell & Ross (although some of their watches can run upwards of 7k). Some of their watches look fine on a suit. Others (wacky colors!), not so much. Not too sure about resale value.

Important rule: Dont buy designer watches (Gucci, DKNY, LV,etc.). Most of these are overpriced and have the same Quartz or Asian ETF movements as Casios (I kid you not).

How exactly is this post helping to answer the OP's question? It reads like you just want to show off your 'knowledge' or purchase of watches.

I intended to provide the OP with alternatives to the IWC Portuguese (brown croc skin on most young people is just...out of place). If I offended you, I apologize.

Greed is Good.

Mar 31, 2011

...no one will care what watch you wear

but personally... no. huge waste of money

thats like buying a new luxury car first year out of college: aka douchebag move

exception is if your parents are rich. then get as many watches as you want.

Mar 31, 2011

I don't think you will be making the "strong statement" you are hoping for with an expensive watch and skimping on the rest of what you wear. It's a great watch but nobody, in or out of the office, is going to congratulate you on your wise or fashionable purchase.

Mar 31, 2011

im with leveredarb ^^

Mar 31, 2011

Dude, an exotic trip during MBA easily cost 3-5k, and people are taking debt to go on vacation all the time.

Seriously, just don't buy anything that is too loud or too obnoxious. Stay away from gold or rose gold, and if someone jump out and want those steel n' gold combo, fuck off, it's so 80s. If you have enough to blow, buy a white gold or platinum (good for resale and taste), or buy a decent steel one.

Quick list you might want to consider:
Rolex Date-adjust, Sub, Milgauss (Yachtmaster is too loud for young analyst)
IWC Ingenieur, portofino, portuguese
Omega Liquid Metal or any with those broad-sword style
Panerai is waaaaaaay to thick to be squeezed in barrel cuff, so stay away

Mar 31, 2011

If you are going to blow money a couple nice suits would probably be a better bet then a fine luxury like a watch. I would just try to find 3-4 RL black label suits on sale/slightly used, 8-10 brooks brothers shirts, 3 pairs of Alden/ AEs, and 8-10 nice ties. If you shop smart you can get a very high class wardrobe in under 3-4k. Having a nice watch and poor quality clothes is like driving a Benz and living in a trailer park.

Apr 3, 2011
Studiofan:

If you are going to blow money a couple nice suits would probably be a better bet then a fine luxury like a watch. I would just try to find 3-4 RL black label suits on sale/slightly used, 8-10 brooks brothers shirts, 3 pairs of Alden/ AEs, and 8-10 nice ties. If you shop smart you can get a very high class wardrobe in under 3-4k. Having a nice watch and poor quality clothes is like driving a Benz and living in a trailer park.

I agree. I would love to buy a Milus Tirion watch, but my current wardrobe is not at that level of watch yet. The watch should be the cherry on top not the foundation. I'd focus on getting through your first year before you indulge in a lifestyle that you may not be cut out for.

Mar 31, 2011

You'd be a fool to consider this transaction, and it would be viewed unfavorably by your coworkers.

I'll go out on a limb and say this purchase would probably constitute a significant majority of your savings. As such, you cannot afford it.

By the way thinking of this watch as an investment is ridiculous. The same $5 or $6k, were it invested over 30-40 years, would give you far greater returns than some stupid watch.

Editing to add: you should seriously delay substantial purchases until you actually graduate, move, and start work. Your priorities are going to significantly change and probably better to let life settle down as moving and starting a new job is often a capital intensive operation. If you MUST buy the watch, why not delay it by a few months and make sure you don't have any unforeseen expenses before plopping down that amount of cash.

Mar 31, 2011

Stay away from Rolex, its the epitome of a nouveau riche tacky high ticket item. Breitling and Omega are much more stylish imho.

Mar 31, 2011
awm55:

Stay away from Rolex, its the epitome of a nouveau riche tacky high ticket item. Breitling and Omega are much more stylish imho.

Completely disagree with this.

Rolex is the name in watchmaking. Buying a Rolex watch is akin to buying a Mercedes. Both the elite manufacturers in their respective industries, and because they are so reliable and well engineered, they have very few problems.

Mar 31, 2011
YouMyBoyBlue:
awm55:

Stay away from Rolex, its the epitome of a nouveau riche tacky high ticket item. Breitling and Omega are much more stylish imho.

Completely disagree with this.

Rolex is the name in watchmaking. Buying a Rolex watch is akin to buying a Mercedes. Both the elite manufacturers in their respective industries, and because they are so reliable and well engineered, they have very few problems.

Rolex has always been and will always be the epitome of an aspirational item. People who have really made it do not wear Rolex's, they wear Patek Phillipe. For the price range you are looking in, a Breitling (just not the enormous ones) or something along those lines is much more age appropriate.

Apr 1, 2011
awm55:

Stay away from Rolex, its the epitome of a nouveau riche tacky high ticket item. Breitling and Omega are much more stylish imho.

also this.

rolex always signals, I just recently found some money, never had money before, hence lack the knowledge of how to spent it, and for lack of better uses of that money, I bought a rolex.

Apr 1, 2011
leveredarb:
awm55:

Stay away from Rolex, its the epitome of a nouveau riche tacky high ticket item. Breitling and Omega are much more stylish imho.

also this.

rolex always signals, I just recently found some money, never had money before, hence lack the knowledge of how to spent it, and for lack of better uses of that money, I bought a rolex.

exactly

Apr 6, 2011

I say wear what you like, but try to avoid something that will attract too much attention. I think the IWC is pretty low key, although bankers would be more likely to spot it out. As long as you don't dress like a bum nobody is going to think it's fake.

I would also argue that it's more appropriate as an analyst to wear a classic, understated 5K watch than to rock a high end bespoke suit in the office.

Personally I would set a goal for yourself for the end of your first year.
Eg. Try to save 100% of your bonus, and whatever you save from your base you are allowed to blow on a vacation / watch / etc.

leveredarb:
awm55:

Stay away from Rolex, its the epitome of a nouveau riche tacky high ticket item. Breitling and Omega are much more stylish imho.

also this.

rolex always signals, I just recently found some money, never had money before, hence lack the knowledge of how to spent it, and for lack of better uses of that money, I bought a rolex.

True to an extent.. but would disagree that it always signals new money. Many WIS collect vintage / modern Rolex for good reason.

Mar 31, 2011

OP I want to slap your face off your face.

Since this is a retarded thread, I'll throw my own question out there. What are your opinions of Movado watches? And no, I'm not considering buying one.

Mar 31, 2011

gold movado + jewish = win

Mar 31, 2011

probably don't.

i bought 4000+ of camera equipment when i couldn't afford it and i'm trying to sell it to this day

i'm going to treat myself to a jack spade bag when i get my first relevant internship. graduation is a special day but not 1k+ watch worthy i think. if you already have work at a baller firm with a FT offer, i'd reconsider though

"I don't know too much about watches - but do they generally tend to retain their value over time?"

if you're like me, you're probably not going to want to sell it. so consider treating the 5k as sunk

"Also, more importantly, will wearing a nice watch to the office as a first-year analyst attract any unwanted attention / sentiments? Personally, I couldn't care less about my suit / shirt/ shoes / belts, but the one thing that I feel makes a strong statement is a wrist-watch."

it's not a big deal. i have a nicer watch than most of my ex-bosses but it's a 1 minute conversation (it was a gift), and nothing more. i travel to dodgy countries sometimes and leave my watch at home (in my home country). also know that if you're still going out and getting drunk you're going to worry about where you put that thing EVERY morning. trust me. don't buy it if you're not responsible with things like this

{edit: i'll caveat this and say it can go both ways. they didn't think it was a big deal because i worked my ass off. the fuckers everyone hated with a nice watch made people hate them more}

if you spend more than 2k ish on girls, you're wasting that much money. if you can blow 5k on a friend that's personal to you, that's only 200% more than those costs that you'll never get back

like what the others have mentioned... make sure your tailor has outfitted you WELL before you rock a watch. most (young) women don't know anything besides patek, omega, rolex but they know a well cut suit. and that 5 seconds of noticing you at a bar occurs EVERY night you're out

good luck with your decision

{edit: beautiful watch. definitely take that shit off if you're going somalia/johannesburg or something}

awm55:

Stay away from Rolex, its the epitome of a nouveau riche tacky high ticket item. Breitling and Omega are much more stylish imho.

seconded. used to feel this way about rolex but know some older people with them that i look up to. breitling and omega are FUCKING great though. i love those watches but the nice ones are too big for my wrist

Mar 31, 2011

it's sensible, depending on your financial situation (i.e. assuming you have no debt of any kind, etc.).

That said, as a first year analyst you could go with with a very nice Tag for 2.5-3k that would still look baller, not be flashy and turn heads, last a long time, be useful in all situations, etc....

Mar 31, 2011

^also, if you don't already have 3 x $1,000 suits do not buy a watch for $5,000.... you need to walk before you can run, young skywalker.

Mar 31, 2011

Most people think they are rich when they make 6-digit salary. But you are wrong. If you make 200K and spend 200K, you got no wealth. Better learn to save before you start spending.

Mar 31, 2011

if you need bling to keep you motivated, just watch your purse string. put aside your monthly savings and fucking go ape shit on the rest. somewhere online is a formula but i lost it

pymp what watch(es) have you got?

Mar 31, 2011

.

Mar 31, 2011
GotBushels:

if you need bling to keep you motivated, just watch your purse string. put aside your monthly savings and fucking go ape shit on the rest. somewhere online is a formula but i lost it

pymp what watch(es) have you got?

Tag (HS graduation gift), Rolex submariner (recently bought, used), Vintage Rose Gold Watch my great uncle left me when he died (extremely flashy, but baller)

Mar 31, 2011

The people who are supposed to buy $7000+ watches really shouldnt have to think twice about it, if you have to think twice you shouldnt buy it.

Mar 31, 2011
Studiofan:

The people who are supposed to buy $7000+ watches really shouldnt have to think twice about it, if you have to think twice you shouldnt buy it.

wow you ACTUALLY sound like buffet eating at a table

Mar 31, 2011

You can get some nice automatics for under $1,500. There's no need to spend that much as an analyst.

Save the big watch purchases for when you've got a cash buffer built up.

Mar 31, 2011

since your calling us "gents" and you want to buy to buy a "timepiece" i guess it's an ok idea

Mar 31, 2011

I can tell International Pymp you are not a man of subtlety.

Mar 31, 2011

breitling chrono superocean with black strap and black face

Apr 1, 2011

Alright, the IWC is gonna have to wait for now I suppose. But damn, it's a beaut...

http://www.iwc.com/collection/portuguese/IW3714/

Apr 1, 2011

Didn't read all of the comments but... You say the 'one thing that makes a strong statement is a wrist watch.' Bro. The ONLY thing that will make ANY kind of statement to ANYBODY with whom you work is the QUALITY OF WORK you produce. NOBODY will care about your watch, so given your reason for wanting one, you WILL regret the purchase. This point simply would NOT have come across w/o CAPITAL LETTERS.

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Apr 1, 2011

Don't buy an IWC. Vacheron Constantin or Breguet, please.

Apr 2, 2011

Disagree with the sentiment on Rolex...

Apr 2, 2011

Timex Ironman, or better yet, just use your cell phone. Done for $40, or more likely, free.

Wearing a watch is a great way to signal that you're still stuck in the '90s. However, if you buy an expensive one, it should ideally be used and covered by your renter's insurance.

If you're going to spend money like that, I'd spend it on first getting western-made suits like at least Joseph Abboud or Hart-Schaffner-Marx- they're also investments in the sense that they look a lot better and depreciate/wear out much slower. But better yet, I'd save it. $5K in dividend stocks yielding 5%- which is pretty darned easy to pull off- gives you an extra $20-25/month. Find a few more places to save $5K, and you've just covered the difference in rent for a balcony from dividends.

Get a few hundred thousand saved up, start collecting the dividends from that, and then worry about how to spend it.

Apr 2, 2011

I have 3 omegas and dont even wear them. No one is going to be impressed or give a shit. Watches are fucking annoying when you have to type all day. Save the 5k for when you are actually doing something impressive.

Also, roles is a great watch. All the hate is unwarranted.

Apr 2, 2011

http://www.askmen.com/fashion/trends_500/514_the-a...
And

http://ca.askmen.com/fashion/trends_500/515_the-ar...
For me personally, when I see someone young (under 30) with a Rolex, my thought is along what leveredarb said - he just came into money, he doesn't know about brands, Rolex is a brand everyone and their grandmother knows about so he goes and buys it. You run the risk of looking like the tool that doesn't know (which may or may not be true), or if you're in your early 20s, they may even assume the Rolex is a fake. There is no exclusivity with a Rolex.

But there's also a reason why Rolex is such a big name - because they do have some quality timepieces, and people that actually genuinely know watches, know which ones are the ones worth looking at.

I would say for someone younger, if you don't want to run the risk of looking toolish - a good vintage Rolex may be a good bet. It says you either got it from a past generation... or you've done the research on which vintage is good (which year, which model, etc.) and you're not just buying the latest thing at the store.

Apr 2, 2011

I have a few nice watches, but I bought them when I was younger. I love watches, but there are more important things in life.

Save your money, especially if you are in NYC. Last year I moved into an apartment and upfront costs (deposit, broker fee, first month rent, condo application fees) totaled just over $12,000. So if you are just starting off I would save money, never know when you'll need it.

Apr 2, 2011

I have 3 omegas and dont even wear them. No one is going to be impressed or give a shit. Watches are fucking annoying when you have to type all day. Save the 5k for when you are actually doing something impressive.
Also, roles is a great watch. All the hate is unwarranted.

I do think it's a signal of new money in the same way that Armani and Hugo Boss are signals of it. Everyone talks about it being really cool so everyone who doesn't have experience buying expensive watches or higher-quality suits is going to buy it. I am not a watch expert, and it might be a great watch but I'm pretty clear that between Movado and Rolex, those are the two watches that us uncultured folks would buy if we felt the need to spend more than $100 on a Timepiece, Chronograph, Orologio, or whatever the watch business marketing sophists- err, sophisticates- call watches these days.

$5K is a lot of money. When I was in high school, it would have taken me an entire summer of work to earn that. That's money I'd want to stick in some oil stocks and use the dividends to pay for gasoline or plane trips home. And honestly, if all they're doing is sitting around earning inflation, you may want to think about selling one and sticking the proceeds into an inflation-hardened dividend stock.

Apr 2, 2011

you dont have to spend 5k to get a good watch....however this watch will most likely last you the rest of your life, so i guess there is some type of justification in it. I have a panerai radiomir that i bought about a year and a half ago.

Apr 2, 2011
mfoste1:

you dont have to spend 5k to get a good watch....however this watch will most likely last you the rest of your life, so i guess there is some type of justification in it. I have a panerai radiomir that i bought about a year and a half ago, very satisfied.

Apr 2, 2011

But why do you need a watch if you have a cell phone? I would understand buying a watch 15 years ago, but why not just buy a cell phone instead?

Apr 2, 2011
IlliniProgrammer:

But why do you need a watch if you have a cell phone? I would understand buying a watch 15 years ago, but why not just buy a cell phone instead?

It's not a practicality reason IP. For most people here, I'd wager it's for them to show off. But it's also a symbolic piece (particularly for men since it's one of the few accessories they can wear, whereas women have purses, earnings, necklaces, and bracelets) to show/remind themselves they hit a milestone (e.g., graduated from college, joined the work force, 'made it') or a way to showcase they're 'classy'.

It's like with everything else. Why buy a BMW when a Toyota works just as well getting you from A to B? With watch enthusiasts, just like with car enthusiasts (and other long list of hobby type items) it's an appreciation for what's on the outside, and what movements are ticking inside.

I agree that with 5K, you can do a lot more practical things with it than buy a watch that add greater value like buying stocks, taking a good vacation, etc. But humans are vain, and sometimes buying nice shiny things is what we do.

Apr 2, 2011
Kanon:

It's not a practicality reason IP. For most people here, I'd wager it's for them to show off. But it's also a symbolic piece (particularly for men since it's one of the few accessories they can wear, whereas women have purses, earnings, necklaces, and bracelets) to show/remind themselves they hit a milestone (e.g., graduated from college, joined the work force, 'made it') or a way to showcase they're 'classy'.

It's like with everything else. Why buy a BMW when a Toyota works just as well getting you from A to B? With watch enthusiasts, just like with car enthusiasts (and other long list of hobby type items) it's an appreciation for what's on the outside, and what movements are ticking inside.

Well, my point is that a car is very functional. Somebody asks you about your M3, you say, "I'm a bit of a car enthusiast" and start talking about the all of the features and performance specs. You don't look more than mildly rich- you just look interested in cars. You could have maybe done that fifteen years ago with a watch. Today, somebody asks you about your watch and it's a lot harder to pull off without looking gauche.

If you collect watches and clocks and are passionate about them like some people collect art, stamps, comic books, or coins- all the more power to you- even wearing one of your favorite high-end watches. But if you're wearing a high-end watch as some sort of status symbol, it's a whole lot tougher to disavow the fact that you're flaunting your wealth than it was before cell phones with clocks in them.

Just be a nice person, spend money wisely, and if you must- flaunt your wealth subtly, couthely, and in a way you can easily defuse and change the subject on if you choose to do so. In the long run, you wind up with a lot more friends and great experiences. So that's just why I'd caution against a $5K watch designed to attract a lot of attention. It's just a lot harder to genuinely be a watch aficionado these days when they're starting to become functionally irrelevant.

Apr 2, 2011

I actually like digital sports watches. I think one of those Nike sports watches would be cool.

I've become a jaded, miserable bastard lol

Apr 2, 2011

Having an expensive watch makes your penis grow and women want to have sex with you. It is a proven fact.

Apr 2, 2011

Having an expensive watch makes your penis grow and women want to have sex with you. It is a proven fact.

Point. I might not understand fashion accessories, but apparently some of the opposite sex does. Still think really high-end stuff is either a net neutral or a turn-off to a lot of women, though.

IMHO, buying a not-quite-that-functional-now-that-we-have-cell-phones fashion accessory is not the optimal way to demonstrate wealth with a degree of couthe.

Apr 2, 2011

Trust me, women give shit about guys who can sack up and talk to them at the bar and who have confidence. You could be fat, bald, whatever. A 10k watch isn't going to get you laid.

Buy it, don't buy it, whatever. End of the day no one will care and you will hate wearing it while working.

Apr 2, 2011
ANT:

..

Buy it, don't buy it, whatever. End of the day no one will care and you will hate wearing it while working.

when i spend hours at a desk i just take it off and put it on my belt for a few hours. i never let it leave my body when i'm out of the house. ever

Apr 2, 2011

That's stupid. A nice watch should be at least $8k.

Apr 3, 2011

I say take the 5-7k and invest it. Then, buy a BO$$ status 50k rolex when you can afford it. That way, you save the initial 5k, and earn a return. So, when you upgrade later on in life, you won't forgo the 5-7k watch plus the return that could have been generated from the investment option.

:)

Apr 3, 2011

wearing a $500 suit and $5000 watch is definitely justifiable. if you wear a suit to work everyday and work late nights, you will ruin a nice suit (especially if your suit rotation isn't big enough or you went with too fine a fabric)

this is not true of watches. its the $500 fashion watches that get destroyed by your keyboard/the bar on the subway, not the $3k+ Tags, IWCs, and Omegas.

Apr 3, 2011

Rolex is one of the few brands that retains value (most others don't) that's why Rolexes are discounted a lot less. If you want the watch get it but at your age I would rather go to Thailand or Brazil and party my ass off. As you get older you will have the money to buy a nice watches but partying it up while you can really enjoy it is "priceless"

Apr 5, 2011

The risk of looking like a douchebag is way to high for me to justify wearing a $5k+ watch as an analyst in the office...can only hurt you.

The only time it's worth it is when you're getting bottles at a club and are trying to hook up with a gold digging chick. Obviously a watch won't get you laid alone but it will impress. In this scenario you might as well get a fake Patek from China, since they won't be cogent enough to realize that fact.

Apr 5, 2011
ibhopeful532:

Personally, I couldn't care less about my suit / shirt/ shoes / belts, but the one thing that I feel makes a strong statement is a wrist-watch.

Exactly what type of statement are you trying to make?

I'd caution against this.

1- because its not very sensible, I mean you haven't even earned you first real paycheck / bonus yet, but spend whatever you have as you want

2- and more importantly, is that EVERYTHING, and I mean EVERYTHING is noticed in banking. If you've got a cracked button on your cuff, its noticed and it wouldn't at all be odd for someone to comment on it either. Overdue for a haircut? Shoes are a different shade of brown than your belt? Pocket square thats not even visible? Brown shoes with a grey suit? Everything non-conforming will be noticed and commented on. Even things you wouldn't think at all are a big deal (e.g. loafers vs. lace ups, etc..) are noticed and often commented on. The above examples are not the norm.. but out of 40 MDs, maybe there is one that thinks brown shoes are for London or Accountants on casual fridays, and he'll make a comment about it.

I'm all for individualism and lack of conformity, but banking is not the place to showcase your unique sartorially personality. I personally dont at all think its a big deal to have a nice watch, but I've seen analysts with IWCs and Brietlings and the like, and people (usually behind their back) have something to say about it... usually because when an analyst alongside the rest of a deal team and the 2 most accomplished MDs in the room are wearing rose gold Portugeses and the 1st year analyst is also, well it is a bit out of place.

In a world as petty, pretentious and competitive as Banking, there's not many things people don't take notice of and try to hold against you.

Jun 30, 2011
Marcus_Halberstram:

Brown shoes with a grey suit

Thanks for heads ups.

2 OP the question to your answer depends on the group you are in and its culture.

Apr 5, 2011

When you lose your job during the next crash, $5K is a lot of money. It can cover two or three months of living expenses.

Apr 5, 2011

if you donate $5k to a charity, maybe 50 lives can be saved, if not more, from malaria, tuberculosis, or some type of disease that's very dangerous but relatively simple to treat. to spend that much on a watch as an analyst seems insulting

get a nice $100-$500 watch that looks nice and keeps time well and save the rest up.

Apr 5, 2011

Buy a vintage timepiece or else invest that money so in a couple years you can buy a timepiece without the pain.

Apr 6, 2011

kraken - just curious - what kind of jlc did you get?

Apr 6, 2011

You'd rather get yourself some 2 good suits because as some people have said expensive timepiece, but cheap suit, shirt, tie and shoes = epic fail

Still I Rise

Apr 6, 2011

I don't see the appeal of blowing 5k on a watch. I wear a decent time piece, a Skagen, it looks good and has held up well at a fraction of the price. However, the utility of watches have decreased, the cell phone does a great job of telling time, your computer does the same. If you want to blow 5k travel, an improved wardrobe in general or tech gadgets make more sense. I would say it makes more sense to throw it into a bank account as an emergency fund.

Apr 6, 2011
futurectdoc:

I don't see the appeal of blowing 5k on a watch. I wear a decent time piece, a Skagen, it looks good and has held up well at a fraction of the price. However, the utility of watches have decreased, the cell phone does a great job of telling time, your computer does the same. If you want to blow 5k travel, an improved wardrobe in general or tech gadgets make more sense. I would say it makes more sense to throw it into a bank account as an emergency fund.

'While I agree, everyone has different taste where they spend money on something that other people would say they are wasting money. So to each their own.

The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee

WSO is not your personal search function.

Apr 7, 2011
blackfinancier:

'While I agree, everyone has different taste where they spend money on something that other people would say they are wasting money. So to each their own.

I think they key idea in this thread is useless purchase relative to amt of income. It wouldnt be such a stupid purchase if you are a couple years in and have a steadier cash flow/savings base.

Apr 7, 2011

How about you get a Movado. It will run you about between 1 and 2K. Perfect middle of the road option

Apr 7, 2011

I wouldn't go for that IWC right now, unless you're dying to have it, it's slightly more sophisticated and requires nice shoes, shirts, ties and suits first. If i were you, i'd go with the $1000-$5000 range for now (i.e. Omega, Breitling etc). Indulge as someone else said, you're a soon to be ibanker. No time like the present if you can swing it without putting a dent in your finances...

Apr 7, 2011

Couple of Points:

1 Stay the F*** away from any fashion watch: Armani,DKNY, Gucci, Michael kors, etc.. - They are quartz watches made from junk chinese movements, and you will lose close to 90% on resale.

2 Stay the F*** away from 'low end mainstream' brands such as Tag, ESQ, Movado - For the most part they are still Quartz watches, and charge a premium for a name that only a trashy chick from Jersey would think is hot. - You will lose about 60-75% on resale.

3 Sensible purchases: If you have around 5k+ to INVEST in a watch, you can NEVER go wrong with a Rolex Stainless Steel sports model. Whether it be a Sub, GMT, Exp, etc.. as long as you buy it previously owned, or negotiate a 10% discount at the Dealer (and ship outside state to your aunt Gertrude to save on sales tax) you will never lose money on the watch.

Panerai: Nice watches, similar price range to Rolex, and they hold their value quiet well.
Omega: Stick with the Seamaster and Speedmaster. They are nice quality watches. Even James Bond wore them for a bit! Vintage Speedmasters are pretty sweet!- The Original moon watch.

Bonus points: nice Vintage Rolex SS sports model = money in the bank! You may even see the watch appreciate in value quicker than the modern ones. Rolex is known to raise its retail prices 5% or so per year, and has a very strict policy on discounts.

4 Unless you are a spoiled trust fund C*nt, dont buy a Breguet, Vacheron, Ulysse Nardin,Gerrard Perregaux, IWC, JLC watch unless it is pre-owned OR you get a nice 30-40% discount at the dealer. Otherwise, you will lose your ass the moment u walk out the store with a brand new one on your wrist. They are very nice watches, and buying a 2 year old mint condition watch can save you a TON of money.

5 If you can afford to get a nice Patek with 1 or 2 complications, by all means do it. I have seen some Patek models DOUBLE in price over a period of a few years. Patek = money in the bank.

6 If you still want a watch, but can't afford any of the ones mentioned above, DO NOT get a fake. They can be spotted a mile away, and really say something about your personality. Look at some nice Budget Watches: Timex,Seiko, Invicta, hamilton. No one will look down on you for having them!!

Apr 7, 2011

^--- wow, you're a posturing tool.

The fact that your "recommendations" begin with dont buy a DKNY Or Gucci watch and end with, if you have the means buy a Patek... speaks volumes as to your intelligence.

Apr 7, 2011
Marcus_Halberstram:

^--- wow, you're a posturing tool.

The fact that your "recommendations" begin with dont buy a DKNY Or Gucci watch and end with, if you have the means buy a Patek... speaks volumes as to your intelligence.

He is right about designer watches though, they are quartz and are cheaply made.

Apr 7, 2011
Marcus_Halberstram:

^--- wow, you're a posturing tool.

The fact that your "recommendations" begin with dont buy a DKNY Or Gucci watch and end with, if you have the means buy a Patek... speaks volumes as to your intelligence.

dear dickhead,

my post was about the watch market in general. It is not meant to be an answer to the OP's question, which btw was answered somewhere between the last 100+ posts. I simply stated the truth, which is that people lose their money on fashion watches, and other people buy certain types of watches to reatain or gain investment value. Yeah sure I went on for a bit, but I like talking about watches.

I bought and sold watches as a hobby throughout college so I was just sharing some of my knowledge about the market. I hate to see people lose their hard earned money through mis-information

Apr 7, 2011
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Apr 7, 2011