For many of us, the words “luxury” and “budget” seem antithetical. They did for me until I realized that “budget” can mean “what I want to spend” just as much as it can mean “what I can afford.” If you’re wanting to purchase a beautiful luxury timepiece but think you can’t afford it, here’s a great article from Crown & Caliber about acquiring a luxury watch within your means.
This is a short easy read with solid ideas to get you thinking about how to approach the watch market and stay on budget. Our favorite tip is one that’s reflective of all great investing, not just limited to watches:
“If you’re getting the itch to buy a luxury watch but don’t yet have the means, wait a little longer and give yourself time to save up more money. If you rush into it, you might end up with a lower-quality watch that won’t last as long as you would like or a watch that doesn’t make you 100% happy. While a watch is a significant financial investment, it’s also a personal one. Don’t settle. And don’t sacrifice quality.”Crown & Caliber – How to Buy a Luxury Watch on a Budget
We love this approach because at the end of the day, whether we’re buying a watch, an oriental rug, a classic car, a stock or a piece of land, we want to buy something that is quality and that will make us happy with our purchase. Whenever we part with our precious capital, we want what we get in exchange to delight us. While there is never anything that is completely perfect, sometimes waiting – and searching – for something of quality increases the value of what we end up with, by adding purchasing power but also adding our own market education and personal anticipation.