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Hi,

I have searched on this forum and found some threads on how much salary to spend on a watch but I think that the question was phrased wrongly as it really depends on how much disposable income a person has at the end of the month which was pointed out by others in these threads.

I say this because if someone is earning 5K a month and then needs to pay 4900 on mortgage, car etc then this person maybe only able to save 100 or 2% of their salary.
Compare this to a person earning 1000 a month but they have only 500 expenses then this person has the ability to spend a lot more (50% salary) on a watch even though their salary is significantly lower.

So my question is, how much of your monthly disposable income do you think you would save to spend on a watch you really like? If you can save 100 every month and the dearest watch you have bought is 300 then it will be 3 times your monthly disposable income.

The most I have spent to begin with is about 2.75 times my monthly disposable income.

Anyone else?
 

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more than I should.........
 

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I don't really look at my discretionary spending as a multiple of income. My philosophy is if I have the cash on hand, and won't miss that cash then I can spend it on whatever I want.

Generally after all my "fixed" expenses I have about 80% of my income to spend on whatever i want but it usually ends up in savings or the stock market.
 
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omeglycine said:
80%, with your very nice collection of timepieces?! I want to talk to your CPA! I'm paying WAY too much in tax ;)
Compared to other members collections I consider mine on the lighter end. I only splurge on a few things like my watches, cars and house but otherwise live a pretty frugal life. I still bring a brown paper bag lunch to work with me to work, a habit i picked up in elementary school.
 

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This year I actually included a line in my month to month budget for watches lol.

After savings and monthly commitments, I'm quite generous in leaving cash on hand for alcohol, dinners and going out in general. Anything left over from the social fund goes to a watch fund.
 

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I would refinance my home for the right watch.

No, but seriously who has disposable income? I have two mortgages, two cars, a wife and a baby, the bank owns me, but I still find ways to put aside for vacations, clothing and hobbies. Its all relative to how soon my debt is paid off.

Kindest Regards,
Portauto
 

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I would not approach justifying spending (and possibly overspending) that way. Discretionary income available for luxuries should not only include household expenses but also money set aside for retirement, savings and investment. The luxury item should not be financed but purchased with current discretionary income per the above definition.
 

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A member of the "If I have the money and won't miss it club" here. I tend to live pretty frugal day to day so I can afford nice things when I want them and have an emergency fund if I ever need it.
 

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Agree with John MS that the "toy" purchases should be separate from real world expenses.

Keeps the quality of life and the wife in a much better place.

However, if left unchecked, I could make the national debt look like milk money..........
 

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My most expensive watch set me back about 30% of my average disposable income.

Sure, I could spend more, maybe save a couple of months and buy something truly stunning, but my priorities are different.
 

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Years ago when my wife and I were first married, we sat down and figured out our budget. We figured out how much money we needed for bills, for charitable giving, for savings and retirement, and how much of a monthly allowance we could give ourselves for fun money. We can spend our fun money however we wish--no questions asked. We can spend it a month at a time, or save it for something big. This system has worked well and has circumvented tons of potential arguments. When it comes to watches, it prohibits instant gratification, and really forces me to be sure of what I want.
 
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I am now in a situation, where I pay for my wife's Uni, and my son's boarding school in UK.
In August, my wife is going to UK to do the next, final step in her education.
So I am saving my Disposable Income. I will need to pay for her Uni, her food, lodging, plane tickets back here ( I need to see her sometimes), a house keeper ( thinking a young Honduras girl - wife says an older Jamaican lady) plus my sons school.

I will be rewarded as soon as she starts working. A nice car, and a nice watch. That is the deal.
 

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I know. I was merely suggesting from your collection I would assume a tax rate of higher than 20%, making 80% of income impossible, unless talking post-tax. Unless you have a great CPA. Thus the winky face ;)
 

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omeglycine said:
I know. I was merely suggesting from your collection I would assume a tax rate of higher than 20%, making 80% of income impossible, unless talking post-tax. Unless you have a great CPA. Thus the winky face ;)
Everything I said was net of taxes. I'm in the highest us tax bracket plus living in lake county Illinois I face huge state income tax and county property tax. That 80% figure was for my post-tax income figure.
 

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What is Income tax?

:-d
:-d
:-d:-d
 
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