"Will Buying One of Your $10,000 Watches Make Me Happy?"
I'm a librarian. While at work waiting for the elevator, I randomly picked up this book. And I randomly opened to this page. I almost busted out laughing. Turns out, there's a whole chapter on watches, who buys them, and why. I only skimmed it briefly, but the message seems to be, Real Rich Don't Flex. How the top watch brand worn by millionaires is Seiko (followed by Rolex, followed by Timex). How the real rich don't flaunt wealth, or the difference between the ones who don't and the ones who do. Also, the book was published in 2009, so it's a bit dated (though Rolex was the flex brand even then). Anyway, I really have no interest in reading it, but it tickled me that fate would have me pick up that book, and turn to that page.
Edit to add: I guess this should make me reflect on why I buy watches. I'm certainly no millionaire. I don't think I do it to flex. No one knows or cares what I wear, I don't expect them to notice, and would probably be embarrassed if they did. None of my watches are literally $10,000, but they are in the four digits and easily the most valuable objects I own; I don't even own a car (and am quite relieved I don't have to). He's probably right that expensive luxury baubles don't make you happy, and probably get in the way of getting rich, not that I particularly want to. Conclusion, I still don't know why I buy watches. Maybe it is in part that I need just a bit of luxury, bling, and conspicuous consumption in an otherwise humble and frugal life. Maybe a bit of spending that isn't sensible does make me happy. Not everything is about the 403b.
Was born. Bought watches. Will die.
The only thing that comes to mind when I see these books is, bet those 3 million copies helped the author's paycheck...👀🤏🏻😉.
The only thing that comes to mind when I see these books is, bet those 3 million copies helped the author's paycheck...👀🤏🏻😉.
The reality is "Buy this book to be poor, yet pretend to be rich".
Who cares about "old money" style. I don't have old money, I have new money from a job...
I prefer "I spent my money somewhat wisely" style, so I stick to solid basics like Lowa, Eddie Bauer, OR, and other reputable kit brands.
For watches that means Marathon, Damasko, Timex, CW, etc...
Would be very curious to see the change in that 5 point scale today, if any. I expect there would be...
I’ve read the book, and the author’s other books, the biggest of which is The Millionaire Next Door. They are good reads. Keep in mind that the sample the author sites is huge. It encompasses way more than this niche community. For every millionaire that doesn’t wear flex watches, they may have a flex car, or a flex wardrobe or a board game collection of 500 games. Everyone has something. But what comes out is the average. I wouldn’t let it ruffle your feathers.
Everyone is entitled to have an opinion but honestly we shouldn’t care what they think. As long as it is legal buy and wear what you want.
Okay, so I took out the ebook. There is this chart. He notes Rolex, but also that almost half of them got them as gifts, versus 17% of Timex owners (but then over half got their Seikos as gifts). I have no grand conclusion other than that the list is amusing. (And Pulsar? Even in 2009?)
The only thing that comes to mind when I see these books is, bet those 3 million copies helped the author's paycheck...👀🤏🏻😉.
Yeah I like all the finance gurus in print and on Youtube. They talk all day about how you can get rich by saving and investing, while they are making their money by talking about how you should make money.
The reality is "Buy this book to be poor, yet pretend to be rich".
Who cares about "old money" style. I don't have old money, I have new money from a job...
I prefer "I spent my money somewhat wisely" style, so I stick to solid basics like Lowa, Eddie Bauer, OR, and other reputable kit brands.
For watches that means Marathon, Damasko, Timex, CW, etc...
You are in the military and get issued gear, so you know the military generally buys and issues stuff from the mid tier. When it comes to boots, and uniforms and whatever else you might need for your job the military buys stuff that is alright and will get the job done. I generally do the same with my own purchases. I buy stuff from reputable brands, but I am not buying stuff from the most expensive brands. A watch from Damasko is a fraction of the price of a Rolex, but for all intents and purposes the Damasko is going to be more durable than the Rolex with the hardened steel they use in their cases, and will be just as functional over the long haul.
If anyone wants to read the book I think it's available on archive.org
https://archive.org/details/2009-stop-acting-rich-and-start-living-like-a-real-millionaire/page/89/mode/1up?view=theater
Just because you have some money, doen't mean you dress to the nines all the time.
I think watches are actually relatively poor flex objects because few people notice them, unless you work in finance or in sales. (The smartwatch also did a number on that concept.) So I would agree, your preferred watch brand probably has little of an impact.
As far as the save-and-become-rich books are concerned, the concept only works if you have enough discretionary funds to invest already. Then it does indeed work very well.
In my experience the rich do flex, but only if they feel safe. A lot of them hide their wealth in daily life, and flex with those who are of a similar financial background.
This reminds me of Dave Chappelle’s monologue on SNL. https://m.youtube.com/shorts/d0bs2z5Owvk
The book Status & Culture, while not diving deeply into watches specifically, goes deep on this topic more generally. It’s a fascinating read and does a great job of reframing the luxury goods market, hobbies like this one, and how/why we engage in flex culture—whether it’s flexing wealth, taste, knowledge, or other qualities—to establish our status within certain subcultures and communities. Old money vs new is a big topic in it and it does make the point that old money typically looks down on the types of things new money use as status symbols (watches, cars, designer handbags, etc) but also discusses the flexes within that group that are used to signal old money status to one another. Nobody is above the need to assert their identity or the identity they aspire to. It’s all really interesting stuff and I think it helps open our eyes to the ways we’re being played by luxury brands and their marketing campaigns.
I think the best advice is to not buy something based on what other people think. Buy based on what you like.
Life is too short to squirrel away every dime in the hopes of getting rich.
Buy only things that add joy to your life.
This is great 😂
Wonderful! So well written. I love any moment where we pause and wonder at our « why ». Even if the conclusion is, « I’m not sure but I’m cool with it. »
No Casio. Weird.
Eh, Bill Gates is often seen wearing a casio.. but he flaunts in his gazillion dollar yatch.. 😂 99% of people won’t notice watches.. we do because we are enthusiast.. enthusiast of anything will notice what they are enthusiastic about.
I buy watches so my watch friends will
Be nice to me… 😞
🙃
As someone who has worn watches for as long as I can remember, I can count on my bare hands the number of times someone has ever commented on any of the watches I’ve worn. I buy watches that are attached to something special—a moment in life, like birthdays, weddings, places I’ve visited, or a person. Imo: "If you want to be happy with your watches, first, you have to be happy with yourself. Buy what you like because they will be important or significant only to you".
I’ve read the book, and the author’s other books, the biggest of which is The Millionaire Next Door. They are good reads. Keep in mind that the sample the author sites is huge. It encompasses way more than this niche community. For every millionaire that doesn’t wear flex watches, they may have a flex car, or a flex wardrobe or a board game collection of 500 games. Everyone has something. But what comes out is the average. I wouldn’t let it ruffle your feathers.
One thing that I remember from The Millionaire Next Door is that the most popular car among millionaires in the Chicago area at that time was the VW Jetta. We had one for six years and it had a really well-designed suspension that made it ride like a bigger car but they are so ubiquitous that nobody would suspect that you have money (which we don’t).
One thing that I remember from The Millionaire Next Door is that the most popular car among millionaires in the Chicago area at that time was the VW Jetta. We had one for six years and it had a really well-designed suspension that made it ride like a bigger car but they are so ubiquitous that nobody would suspect that you have money (which we don’t).
Yes, the typical millionaire is boring in every way. But in every distribution, 68% of the outcomes fall in the middle. You still have 32% that fall in the tails. So even millionaires will have their "thing".
I drive a 12 year old car with 137k miles on it. I don't have a fancy wardrobe. I don't have a lavish house. But I do buy luxury watches. Everyone has their thing.
Just because you have some money, doen't mean you dress to the nines all the time.
Consolidating my responses:
I have enough money to buy like Grand Seikos. I don't dress to the nines, or even the fives. One Grand Seiko is probably worth my entire wardrobe.
It was the aughts. Things were different then.
I don't have watch friends. 😢
I did squirrel away all my money, cause I'm frugal, if you're polite, or cheap if you're not. Then all of a sudden I started dropping major coin on watches. I blame it on the pandemic. Pestilence will do that to a body.
I do regularly put money away in the IRA and 403b, not that that's making me rich. Now I also drop a chunk of change on watches. Even so, I still manage to be more or less cash flow neutral, or even a bit positive, even though my means are fairly modest. I guess I'm doing okay. That's probably oversharing about my person finances.
The moral of this great story in this book is that SEIKO is the best 👌 I know 😂🤣👑❤️👍