There are folks who give advise on Twitter/X/Social Media who don’t seem to have the first clue about the real world and how it works. A lot of it is from folks who have a lot of money from inheritance/trust fund etc and are trying to pretend that they bootstrapped themselves into fame and money. I find their advice to be very amusing to read but there are times when it can be really bad advice (in my opinion).
Recently a tweet by Steven went viral (screenshot below) enough that it showed up in my Mastodon feed. Before I post my thoughts on it do read the tweet below (the text version is listed below the image).

Steven @StevenPulteFam
If you’re a guy in your early 20s, buy a Rolex.
Go into debt if you have toSteven @StevenPulteFam
Replying to @StevenPulteFam
This is not satire. You can get a Rolex for 4 grand
Having a nice watch communicates status to women and business relationships
And if you buy it right it will hold its value if not appreciate
My first thought on reading this was that this guy is nuts, going into a 4 figure debt just to ‘communicate status’ is insane. Yes you are judged on the clothes you wear, the watch you have and the car you drive but getting a watch that you clearly can’t afford is not going to make you look successful, it is making you look like someone who doesn’t know how to prioritize. This is especially true for a person in their early 20’s who would be someone who has just finished college (or is still in one) and is working at a junior level job. I get that folks want to impress others and usually it is a good idea but as with everything else in life this is also a balance you need to maintain. If you are wearing a Rolex and still working as a low level intern or junior developer you will not show the image you think you are projecting.
If you have the excess money then go for it if you want, but taking a loan just for status makes no sense. According to Business Insider the average interest rates for someone with excellent credit score is 20.53% where as the maximum APR can go up to 275.85%. so keep that in mind as well when you are taking a loan just to look ‘cool’. This advice is very similar to the ones from the pick-artists who claim to know the secret to getting laid (which is to pay these guys insane amount of money).
Long story short, my advice to you is that you should spend within your budget. Stretch the budget as far as possible to get nice things but try not to go overboard. This doesn’t mean that you shouldn’t take any loans ever (if that is possible then it is the best option) but rather take loans for stuff that matters like a house, a car (not a fancy one) etc. Once you start earning AND have a good amount saved for a rainy day then you can splurge. But all cases are different so your mileage may vary and you should take this advice with a pinch of salt.
– Suramya