Have you ever met someone who you would classify as a wine snob? Someone who knows all the best wines and will tell you why that $50 bottle of wine is superior to the two buck Chuck you get at Trader Joes? In the world of watches there are also people who you will meet who are watch snobs. The people who will assure you that the Rolex they spent $5,000 for is the best that money can buy, and can give you all of the brand name watches you should own over your lifetime if you really want to show people you have hit success.
I spent 17 years working in corporate America for a major Fortune 500 company. In that time, I witnessed the pressures as you advance in management to buy a bigger home, a nicer car, and getting a plush item such as a luxury watch as a status symbol to show people that you have made it to the top. For over 15 years of time in corporate America, I never even wore a watch. I just figured someone else could always tell me the time, so I didn't even bother owning any type of watch. Eventually, I gave into the pressure of my peers and bought a Rolex watch. A few years later, I decided to step it up a notch and purchased a luxury Italian watch called a Panerai. This Panerai watch was the one that supposedly would get all the compliments from people wondering what is this timepiece? In fact, over the course of a couple of years I did get quite a few compliments about this ultra cool watch.
About 16 months ago, I got a gift certificate over the holidays from my Mom to a store named Diesel. The Diesel store sells all types of items including clothes, sunglasses, accessories, and watches. I visited an outlet mall Diesel store in North Georgia, and picked myself up a really cool looking watch from Diesel for $79. The watch had an oversized face with a Yellow background and brown leather strap. The face of the watch was roughly the same size as the Panerai watch.
Over the course of the last year I have worn both the watches equally, and have grown to be amazed on which watch people compliment me on week to week. The $79 Diesel watch gets me about 4 compliments for every 1 compliment I get on the Panerai watch. Someone asked me recently what brand of watch I was wearing and I told them it was a 'Dee-Sell' just to have a little fun with them. The person who asked me started inquiring on where they could get one of the same types of watches so I was kind enough to let them in on the joke and tell them what I paid for the watch.
I have been giving financial advice for twenty years, and one thing I can tell you for sure is that you can get a great watch that people will compliment you on for under $100. Don't succumb to the peer pressure just because you think it is some sort of status symbol, because luxury has lost its shine. It's what is in your bank account that matters!
Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®
Co-CEO and Founder oXYGen Financial, Inc
oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice and Smart Money Moves to the X and Y Generation.
Phone 1.800.355.9318 or 770.777.0427
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