I have a friend in our group, he is the go-to guy for everything money related. He got his first 100k net worth at 22 and is now on his way to becoming a millionaire. He is 100% self-made la.
So recently I am getting married and thinking of getting a nice watch to commemorate this occasion. I was looking at an IWC or Tudor watch.
I shared with him this and also my wedding plans and all. He paused and asked if I wanted advice. Of course, I said yes la.
He told me, to stop spending my money on things that will be worth nothing. Most people cannot build wealth because they spend their earnings on stupid things that lose money.
If we gotta buy luxury, better make sure that the items can retain value, at least our net worth will not drop. He then educated me on watches, the movement, history, price movement and brands.
There’s a holy trinity of watches also wtf? He concluded that if i wanna buy my IWC, i should buy it 2nd hand, let the first buyer suffer the depre, then at least i can sell my watch for the same price i bought.
With regards to the wedding, he told me that me and my wife gotta decide ourselves if the 1 day party is worth all the opportunity cost. do we fulfill our emotional side or our logical side?
If we choose to indulge in the one day party or a kickass honeymoon, then we need to accept that we will have no money at the beginning of our marriage.
Wah, this convo made me realise how much self-control he had. He is the highest earning guy in our group with also the highest net worth, but he had no banquet, no guo da li, no 4 points of gold, fully paid house.
He literally just went to ROM, sign and then go smu for lunch. But damn…… the patek on his wrist is gorgeous.