|
Do timeshare Rolexes exist? The closest I found find was a startup that got shuttered that rented watches to people on a Netflix like subscription model: https://www.cnbc.com/2014/04/28/rent-a-rolex-luxe-watches-go-timeshare.html quote:The “Virtuoso” plan includes watches in the $30,000 to $50,000 range, and costs $9,700 for three watch rotations or $17,250 for six rotations per year.
|
#
?
Apr 9, 2024 04:27
|
|
|
|
| # ? Jun 6, 2024 14:00 |
|
|
Boris Galerkin posted:Do timeshare Rolexes exist? The closest I found find was a startup that got shuttered that rented watches to people on a Netflix like subscription model: There certainly is! Owners of luxury watches fear scam in ‘sharing economy’ service quote:A company that ran an “sharing economy” service for luxury watches has disappeared and severed communications without returning hundreds of the valuable timepieces to their owners.
|
|
#
?
Apr 9, 2024 04:41
|
|
|
Hell yeah Osaka!
|
|
#
?
Apr 9, 2024 04:47
|
|
|
Residency Evil posted:You spend $9k out of $10k on a watch to motivate yourself. I"m not sure if I missed the /s/ on this one but please, go on Also 2nding the lol at not buying a rolex, the same submariner I picked up for < $10k in 2011 is now something in the $20k range now which is incredible for a tool wrist watch. I also regret not buying another one when Costco had them for sale
|
|
#
?
Apr 9, 2024 06:13
|
|
|
adnam posted:I"m not sure if I missed the /s/ on this one but please, go on Your Costco was selling Rolexes?
|
|
#
?
Apr 9, 2024 06:16
|
|
|
obi_ant posted:Your Costco was selling Rolexes? Lol yes, I think I saw it last around 2015-2016 (southern california), they had omegas around that time too. usually women's rolexes but I did see a Day-date and Explorer I really liked.
|
|
#
?
Apr 9, 2024 06:22
|
|
|
Boris Galerkin posted:Do timeshare Rolexes exist? The closest I found find was a startup that got shuttered that rented watches to people on a Netflix like subscription model: there a whole bunch of different crypto hucksters selling projects to "tokenize" real world assets. some dummy gives them a rolex and in exchange they can now trade fractionalized shares of a watch NFT on the blockchain!!
|
|
#
?
Apr 9, 2024 07:33
|
|
|
there was a company that would store your watch, lend it to folks and pay you a cut in Japan. It went tits up at the end of January and "lost" a bunch of watches https://www.asahi.com/ajw/articles/15162104 not sure what the ratio of fraud to buffoonery is at this point, but it's pretty drat hilarious regardless.
|
|
#
?
Apr 9, 2024 08:40
|
|
|
Mr. Fix It posted:there was a company that would store your watch, lend it to folks and pay you a cut in Japan. It went tits up at the end of January and "lost" a bunch of watches 6 posts above yours buddy.
|
|
#
?
Apr 9, 2024 08:50
|
|
|
Strong Sauce posted:6 posts above yours buddy. whoops
|
|
#
?
Apr 9, 2024 09:14
|
|
|
I apologize for the NY Post link (got it from Matt Levine), but drat are timeshares BWM https://nypost.com/2024/04/07/us-news/retiree-loses-1m-in-timeshare-fraud-by-mexican-drug-cartel-known-for-cannibalism/
|
|
#
?
Apr 9, 2024 11:12
|
|
|
adnam posted:I"m not sure if I missed the /s/ on this one but please, go on You think I'm going to impress BWM thread regulars with a Rolex?! Residency Evil fucked around with this message at 11:52 on Apr 9, 2024 |
|
#
?
Apr 9, 2024 11:47
|
|
|
adnam posted:I"m not sure if I missed the /s/ on this one but please, go on $10k in the S&P500 in January 2011 would be over $50k today
|
|
#
?
Apr 9, 2024 13:26
|
|
|
EricBauman posted:I apologize for the NY Post link (got it from Matt Levine), but drat are timeshares BWM Timeshare owners are the perfect group of people to target for scams. I have follow-up questions about the cannibal gangsters, tho
|
|
#
?
Apr 9, 2024 13:35
|
|
|
lament.cfg posted:$10k in the S&P500 in January 2011 would be over $50k today tbf you can't wear 10k of index funds on your wrist and it does a lousy job telling time but yeah same is true for cars, people are like oh this mint 2k mile S2K that sold for ~38K in 2009 is now worth $150K! WAOU! ignore the returns that are worse than the market and also the cost of having to store insure and maintain the car
|
|
#
?
Apr 9, 2024 13:59
|
|
|
A $10 quartz watch and $9,990 in index funds handles wrist-based time readings, more accurately than the Rolex actually. It’s ok that men like to wear jewelry too, pretending it’s for utility is a lol though.
|
|
#
?
Apr 9, 2024 14:42
|
|
|
AreWeDrunkYet posted:A $10 quartz watch and $9,990 in index funds handles wrist-based time readings, more accurately than the Rolex actually. Women's jewelry is traditionally a store of value, too!
|
|
#
?
Apr 9, 2024 14:48
|
|
|
KYOON GRIFFEY JR posted:Women's jewelry is traditionally a store of value, too! Really if you think about it a dowry is just wife equity.
|
|
#
?
Apr 9, 2024 15:00
|
|
|
The people buying a new watch specifically to put in a safe as an investment are almost all going to be outperformed by an index fund. The people buying a watch as jewelry to wear, who subsequently get bored and decide to sell it, will generally find that it has largely retained or increased in value, especially if they bought at used prices and especially if it is an in-demand brand or model. As far as forms of conspicuous consumption accessible to the middle class go, this is one of the only things that is true about. The guy in the story is trying to do a weird hybrid of (1) and (2) by buying something he can't afford for the purpose of value storage but taking action to ensure maximum depreciation as fast as possible.
|
|
#
?
Apr 9, 2024 15:21
|
|
|
Cerekk posted:The people buying a watch as jewelry to wear, who subsequently get bored and decide to sell it, will generally find that it has largely retained or increased in value, especially if they bought at used prices and especially if it is an in-demand brand or model. As far as forms of conspicuous consumption accessible to the middle class go, this is one of the only things that is true about.
|
|
#
?
Apr 9, 2024 15:43
|
|
|
Cugel the Clever posted:I'd be curious for something evidencing this as I'm very skeptical that the majority of shiny baubles hold or increase in value. Feels like one of those things like the fine art market where there might be some truth for the relative handful of pieces that the ultra-rich have decided are "valuable", but everyone below them are just marks. Depends a lot on what it is and what the depreciation on new vs. used is. With jewelry in particular yeah, you're pretty much never going to see an increase over what you paid for it at the jewelry store because there's a stigma against used jewelry unless it's really old antique stuff so most gets sold for the value of the raw materials. Over a long enough time fame you'll make money but that's more about the appreciation of those materials. If you're buying used and someone else already ate that depreciation? They can hold pretty steady and if nothing else rise in tandem with inflation. Might do a little better if there is an active collector community and there is a general increase in the value of the items as surviving examples dwindle and the number of people interested increase. The latter part is important, though: lots of collecting hobbies slowly die, and in that case the value of your poo poo trends down. See: stamps. For Rolex's specifically the smart move (well, smart if you insist on buying a Rolex) is to buy a used one in good condition and don't gently caress it up. Let someone else eat the depreciation.
|
|
#
?
Apr 9, 2024 15:48
|
|
|
Cerekk posted:The guy in the story is trying to do a weird hybrid of (1) and (2) by buying something he can't afford for the purpose of value storage but taking action to ensure maximum depreciation as fast as possible. I think the guy in the story is the kind of mark for scammers like this: https://i.imgur.com/F2t6Rbs.mp4 (From the eternal font of BWM - @TikTokInvestors) [url]https://x.com/TikTokInvestors/status/1777078966878372188[url] And yeah, the scammer's story is obviously a lie (where did he get the money for a tattoo if he spent his last dime on hiring a mentor, what the gently caress was he even selling, how did he get another new tattoo 2 weeks after the first when he wouldn't have even fully healed, etc etc etc), but it is absolute catnip to middle-class teenagers/twenty-year-olds who don't know anything about how to make money and are gonna post on Reddit about it.
|
|
#
?
Apr 9, 2024 15:53
|
|
|
EricBauman posted:I apologize for the NY Post link (got it from Matt Levine), but drat are timeshares BWM quote:Days after their initial call, Michael called back to say would require $2,600 to cover the cross-border transaction, which he assured James would be reimbursed. quote:He was then hit with a second fee, costing $3,600. quote:Eventually, the fees racked up to $50,000, at which point James was contacted by a man who claimed to be with the UIF, Mexico’s financial intelligence unit. The man claimed James had committed several violations and would be extradited if he did not pay even heftier fines. quote:He was then convinced by the fraudsters to invest $32,000 in a sustainable housing investment in Mexico, eventually making a dozen payments for a variety of reasons. quote:James says he made his last payment in January, spending a stunning $890,000 across several bank accounts in Mexico. That is... quite a jump. And all in the form of basically a pig butchering scam, I don't see anything about threats.
|
|
#
?
Apr 9, 2024 17:22
|
|
|
Cerekk posted:could be worse This is some Chewbacca defense marketing. quote:Financing a Rolex isn't something you will find plastered all over the internet. That might be because the concept of Rolex Pay over time almost seems too good to be true.
|
|
#
?
Apr 9, 2024 17:33
|
|
|
awkward_turtle posted:That is... quite a jump. And all in the form of basically a pig butchering scam, I don't see anything about threats. 
|
|
#
?
Apr 9, 2024 23:06
|
|
|
A $1,400 SUV payment? A $1,600 truck payment? Sounds ‘absurd,’ but it’s becoming more common.quote:A TikTok user who goes by the name Blaisey Arnold says she has two massive car payments every month: one for her Chevy Tahoe SUV, which she financed for $84,000 at a 10% interest rate, and the other for her husband’s GMC Sierra 1500 AT4 pickup truck, financed for $78,000 at 14%. Lots more there to unpack, but JFC, $3,000/mo on vehicles E:  quote:About 70% of monthly payments on large SUVs like the Tahoe are at least $1,000, and for large trucks such as a Sierra, that share is over 40%, said Joseph Yoon, a consumer-insights analyst at Edmunds. I hate those things (large trucks and SUVs) so it brings me joy to know that most of the people that buy them are getting destroyed on monthly payments Cacafuego fucked around with this message at 01:34 on Apr 10, 2024 |
|
#
?
Apr 10, 2024 01:30
|
|
|
lament.cfg posted:$10k in the S&P500 in January 2011 would be over $50k today to be fair, the S&P stayed stagnant or negative for the entirety of the 2000s, you invested 10k in jan 2001 you would have lost money until june 2012
|
|
#
?
Apr 10, 2024 02:13
|
|
|
Cugel the Clever posted:I'd be curious for something evidencing this as I'm very skeptical that the majority of shiny baubles hold or increase in value. Feels like one of those things like the fine art market where there might be some truth for the relative handful of pieces that the ultra-rich have decided are "valuable", but everyone below them are just marks. Like jewelry or musical instruments, liquidity is a big issue. Sure your thing may be worth $5000 but how long are you willing to let it sit for sale, and how much are you willing to let go in consignment or auction fees?
|
|
#
?
Apr 10, 2024 02:33
|
|
|
I have a good job making 87k per year, but I’m drowning in debt. I won’t get into exact details, but the gist of it is a 750 mortgage, and a 500 second mortgage. I used that 40k home equity loan to pay off credit card debt. I then proceeded to rack up an additional 40k in credit card debt on top of that. Oh, and a 500 car payment for the wife. Mortgage will eventually also be going up by 750 or so when my tenant ( in law) retires. A wife and three kids. The next largest expense is the one that kills me the most. My oldest daughter’s after school activity cost me 600 a month, plus travel costs during competition season. She enjoys it. I just can’t afford it. I’d hate to have to tell her she can’t do it anymore, but I don’t see many other options. The wife would hate me for it too, because she doesn’t seem to care that we come up short on the bill every single month because of this. What the hell am I supposed to do? quote:Why did you rack up 40k more in debt? A host of reasons. Mostly because I spend more than I make. Throw in a trip to Disney world in there for 11k, a few thousand on a down payment for the car… quote:Has anybody seen this guy “follow my predictions” on WeBull. He’s asking 50 bucks a month to use his predictions. He posts the results for free and they always seem legit. However, who knows if he’s just posting in hindsight
|
|
#
?
Apr 10, 2024 16:13
|
|
|
“Spend less on everything” “No”
|
|
#
?
Apr 10, 2024 16:15
|
|
|
Not going to Disney World would have saved them enough to cover 18 months of the daughter's activity.
|
|
#
?
Apr 10, 2024 16:32
|
|
|
i got a hundred bucks on competitive cheer
|
|
#
?
Apr 10, 2024 16:33
|
|
|
Ham Equity posted:Not going to Disney World would have saved them enough to cover 18 months of the daughter's activity. taking the kids to disney world with money we don't have is what separates us true blooded americans from those godless commies
|
|
#
?
Apr 10, 2024 16:35
|
|
|
KYOON GRIFFEY JR posted:i got a hundred bucks on competitive cheer I assume it's horse related otherwise he'd say what it is
|
|
#
?
Apr 10, 2024 16:37
|
|
|
Is Disney really that much? Or is it that much if you buy every loving experience under the sun? Like if I buy fast passes for family of 4 and go 2 days, am I paying that lol?
|
|
#
?
Apr 10, 2024 16:40
|
|
|
Boris Galerkin posted:I have a good job making 87k per year, but I’m drowning in debt. I won’t get into exact details, but the gist of it is a 750 mortgage, and a 500 second mortgage. How did this guy get $1.4M of mortgages on 87k a year? Even with zero interest/taxes/insurance/etc, that has to be like half his income? Also, lol at spending 2 months salary on a trip to disney
|
|
#
?
Apr 10, 2024 16:43
|
|
|
KYOON GRIFFEY JR posted:i got a hundred bucks on competitive cheer Multi hundreds a month, traveling for competitions - I don't see what else it could be. Cerekk posted:I assume it's horse related otherwise he'd say what it is That would look more like a thousand plus a month in most cases, especially if competing and traveling to compete. E: drk posted:How did this guy get $1.4M of mortgages on 87k a year? Even with zero interest/taxes/insurance/etc, that has to be like half his income? What? Those are monthly payments. In dollars.
|
|
#
?
Apr 10, 2024 16:44
|
|
|
Cerekk posted:I assume it's horse related otherwise he'd say what it is It's pretty inexpensive for horses.
|
|
#
?
Apr 10, 2024 16:46
|
|
|
rufius posted:Is Disney really that much? Or is it that much if you buy every loving experience under the sun? Depends. It boils down to about $100 per ticket per day for a single park, but if you want to jump between parks in a single day the price goes up to ~140. But if you buy more than one day at a time the price goes down on a per-day basis. A 5 day park hopper is about $500, for example. Note that's per ticket. So if you're taking a family of 4 there for 5 days and get the park hopper you're into it for a bit over $2k just in tickets before you factor in hotels etc. 11k sounds a bit excessive, but who the gently caress knows what they were spending on hotels and airfare. Depending on what their travel costs were it could be anywhere from mildly overspending on some dumb poo poo to going full YOLO with the crazy priced experiences.
|
|
#
?
Apr 10, 2024 16:49
|
|
|
|
| # ? Jun 6, 2024 14:00 |
|
|
drk posted:How did this guy get $1.4M of mortgages on 87k a year? Even with zero interest/taxes/insurance/etc, that has to be like half his income? The way you read it makes sense, but I’m 95% sure he’s listed his monthly payment, not outstanding principal in thousands.
|
|
#
?
Apr 10, 2024 16:54
|
|
