My Unexpected Money Issues Running a Luxury Watch Business

Рет қаралды 17,560

Күн бұрын

Пікірлер: 138

@ArcticAirIncSummerville 2 ай бұрын

Phil, one of the greatest achievements is learning that being content is ok. In sales, whether you work for yourself or for someone else, what you did last month, or even yesterday, is never good enough. As a sole proprietor, you can only do so much. There are limits. You have to factor in time to enjoy life, to relax, to love, to experience and to live. If you want to keep growing, you will have to replicate yourself. The only way you can do this is by planning to hire someone to help you. But, you have to consider if it is worth the expense, the training, the hassles of employing humans, and the other expenses that go with it. You are at a pivotal point in your journey. Is what you are doing now enough, or do you want to continue to grow? You will have to decide what is for you. All of that to say, finding where you are content is the best place you can be. When you are on your death bed, you will not wish that you made more money. You will wish that you had more time to spend with friends, family and loved ones. With everything in life, being too far left or too far right, makes you a freak. Life is about balance. Search and find what your balance should be. I hope you are close to finding your balance, can enjoy the fruit of your labor, and can be content with all of what you are doing.

@o0MadHouse0o 2 ай бұрын

Yeah you haven’t started a family yet buddy. That’s when your “spending habits” will hit you like a truck. When you see your new born baby come in to this world, you’ll stop thinking about yourself and start thinking about the future of your children.

@JohnBowman-ut4dz 2 ай бұрын

Hi Phil as your business is not limited to London and a big part of business is travelling around the UK picking up a delivering sold watches have you thought that a bace not in central London maybe on the outskirts in a really nice wealthy suburb with easy transport links to your flat in central London.the big benefit of this is you will get a lot better premises for your money and running costs will be less .as your business involves meeting clients possibly from all over the UK it would be so much better for transport links etc and not having to deal with clients going into central London. also gives you good separation between work and home life. I know that London seems the centre of the universe but with your business it really doesn't need to be. It seems like you are at across road with your business and maybe it's time to think out of the box? Great video thanks John 👍.

@charlesfrancis8107 2 ай бұрын

It’s the hedonic treadmill or hedonic adaptation that I think you are trying to describe. You will always have your own personal base line level of happiness regardless of money etc

@brederbeeld 2 ай бұрын

Yes, this 👌

@RAKelBerquist-p7p 2 ай бұрын

I plan to retire at the end of 2025 at 62 after 36 years in Telecom as a sales engineer. My wife will retire in May 2026 and she's loving life! But walking away from a good income stream and building the nest egg to living from the nest egg is a scary proposition couple with the alarming recession and CPI report

@MammeMassaert-i2m 2 ай бұрын

I feel your pain mate, as a fellow retiree, I'd suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.

@EalDieguez-f7i 2 ай бұрын

My advice: for newbies to grow financially this year, invest. Saving is good, but investing elevates your finances. Why newbie make huge losses on trade is because investing without proper guidance can lead to mistakes and losses. that will stop you from trading, this has been one of the biggest problem to new traders, I've learned this from my own experience

@MammeMassaert-i2m 2 ай бұрын

Tracy Britt Cool Consulting was my hope during the 'bear summer' last year. I made so many mistakes but also learned so much from it, and of course from Tracy.

@VonNothias-f7h 2 ай бұрын

I'm surprised that this name is being mentioned here, I stumbled upon one of her clients testimonies on CNBC news last week...

@VonNothias-f7h 2 ай бұрын

I keep hearing a lot about Mis. Tracy Britt Cool Consulting O'Reilly, she must be really good

@nickc2972 Ай бұрын

He’s so full of BS, he did a entry level job in finance in Canary Wharf, he couldn’t do a corporate job because he was so full of BS and people also didn’t like him.

@hudson701 2 ай бұрын

How do you stay safe when conducting a sale in London? It's so dangerous. I have a couple to sell but just don't know how to go about it safely other than offer them to an auction house and remove the risk of being robbed/stabbed.

@jihunkim2211 2 ай бұрын

£55k a year in london sounds insane with any quality of life now -

@chrishomer1079 2 ай бұрын

Very open on your thoughts,thanks for that , targets will come and go as you surpass them over time you will stop setting monetary targets , life balance is what becomes important once you have kids your world and need for money will be turned on its head . Make time to expand your mind , well done very impressive path you have walked .

@barrybradbury5753 2 ай бұрын

Sounds depressing mate

@adammeh3011 2 ай бұрын

I don’t often comment on videos but I must say, this video was very informative and inspiring. Thanks Phil🙌🏾

@daniel-j-harris 2 ай бұрын

Nailed it. Making more money takes stress and pressure off which is nice. But there comes a point where each milestone of income is cool for a month then it’s like “what next?”. If anything I’m stingier now than I was when I wasn’t earning much. Cool vid man.

@ziminar93 2 ай бұрын

Working in inv Banking sales you can make 250/300k reasonably quickly. It doesn't tak 25y.

@nikhilmohindra5905 2 ай бұрын

He wasn’t in IB

@6969baron 2 ай бұрын

ITS A WONDER U AINT BEEN ROBBED

@greenrush4313 2 ай бұрын

Well he has if you watch one of his videos he explains what happemed. It was horrible ordeal for Phil. He survived it tho and has learned. Thanks for watching

@Mimikatun-g3q 26 күн бұрын

Thanks for the video 📸

@tonytraveller7218 2 ай бұрын

Doing a job you love sometimes doesn’t feel like a job at all. I was in my 40’s before that happened so good for you for going for it and making something positive of your new business

@JtTanjinaislam 26 күн бұрын

Great video ❤

@OliverBird-d3i 2 ай бұрын

A great honest episode Phil!👍

@leomaurin4899 2 ай бұрын

Good video Phil!!

@berniedmd1901 2 ай бұрын

I know of a few guys here in the US that do what you do. They make a Ton of Money as most of the time they buy and sell out of their back-packs with cash & wire transfers only, and as you guessed it. NO TAX's. How does that work with you in England???

@naughtynightlifeasia857 2 ай бұрын

He doesn’t pay tax either 😂

@Mdromjan-u2k 26 күн бұрын

Outstanding ❤

@maxdoyle903 2 ай бұрын

This journey sounds super similar to the one I’ve been on Your lifestyle adjusts within reason but it doesn’t change you as a person Which is a good thing But it does make me question at times what the balance should be and whether I’d be happier working less and just be content with 80% of what I COULD be making but having more time

@adir_i 2 ай бұрын

Once you getting into having a commercial place the P&L is not taking a hit just because of the rent. you will have more things like "one time investment" for design and decoration, electricity and etc but depends on your financial efficiency, you can deduce some. insurance will be a big one especially if you have loads of stock. you will have more expenses on driving and then you will have office hours. its not simple if you rent a small place, being stuck in a room by yourself for 8-9 hours a day, not being late is a task you need to be ready for. I would say that it will cost around 20-30k at minimum to redesign the place, another 10k for computing, air conditioning, and security and then the monthly costs. I am sure there is more. it's not bad to expand but there is a lot to it.

@gfckid32 2 ай бұрын

Appreacite the transparency and letting us into your life.

@garyshepherd9226 2 ай бұрын

A professional office space will allow you to separate home life from work life - if that is what you want - and it will be good to get up in the morning and "go to work". Good luck with finding somewhere with good transport links. Richmond, Sheen, and Putney are all fairly prosperous safe areas, with good transport links, and property rental opportunities.

@jonathonmanxrusby7762 2 ай бұрын

At your age and assuming you have a substantially above (banker) average income, you should, in my opinion, from experience, now be considering how much you can put into a personal pension plan - I started doing that at your age and retired aged 51 - then you reap rewards stress and worry free - good luck whatever.

@Madeinlondon67 2 ай бұрын

Why not just upgrade your apartment by the value of the office cost per month and then you can make a home office and live in an even better location

@JG-OK 2 ай бұрын

It’s not all about income. You need to invest in assets. Stop trying to be rich, and try to be wealthy. I know exactly what you mean though, i always dreamt of becoming a millionaire. When it happened it wasn’t like a fixed point in time, i actually missed it. Assets are speculative so until i was at more like 1.1 mil i could be sure i had crossed the threshold. I also immediately changed my 1 mil goal to 2 mil. No balloons or confetti fell from the ceiling, no one shook my hand or patted me on the back. It was just another day. You also come to realise the more money you have, the more you haven’t got. What you need is real fulfilment which comes from a loving relationship and ultimately children. Seeing your own flesh and blood grow and develop is more rewarding than any financial milestone.

@EstanabintabasharEstana 26 күн бұрын

Amazing ❤

@theciz86 2 ай бұрын

Love the fact that you are crushing business but did I hear that right when you compared your quality of life making 40-50k a year doesn’t improve until you are making 6 figures a month!?

@NeilDudmansNurseryNetwork 2 ай бұрын

I think the office isn’t required, £3k a mouth down the drain and possibly ego unless you’re going to do a trade counter and take on staff. Personally I’d get a business coach and some who will make you accountable for your actions and results - better investment than offices. Also, finally, never be coy about making money or doing well. Jealous people will always be there but if anyone works hard and takes risks they deserve the rewards.

@zahidpasha145 26 күн бұрын

Informative video

@husnainshah443 2 ай бұрын

Love it a phil a very unique video and I enjoyed it so muchaa

@sammyd6895 2 ай бұрын

Hats off to you lad, but as there is a ceiling in earning in jobs you mentioned, there is also a ceiling for a 1 man band selling watches out a backpack.

@danielholvey2344 2 ай бұрын

Phil what’s ur opinion on the Rolex sprite I just bought a fully atickered 2023 one what do u think it could go to money wise if it gets discontinued

@XirenDiogo 2 ай бұрын

Ever since I bought a watch from AMZWATCH , My question is if it's this hard to tell them apart, what is the point of owning an authentic watch?

@TamiaJahanTonne 17 күн бұрын

Good job👍😊

@tonivaripati5951 2 ай бұрын

Blimey , he's just flogging Tick Tocks!

@joemskilton-camacho7203 2 ай бұрын

Some questions to ponder on… What did you dream of doing with your time back when you were working your corporate job and thinking about having a successful business? Is it time to sell the business and move on to a new adventure? Do you want a change in lifestyle? If so, what type of business can provide you the lifestyle you want?

@P8REN 2 ай бұрын

As humans, we are naturally greedy and always want more. So a target last month will be less than the target for this month. For me personally, I'm glad I don't live in London as I get more property for my money outside of the capital, breathe in the countryside air, plus I can wear my watch everywhere without fear of getting robbed - something to consider!

@apurbopaul4799 26 күн бұрын

outstanding ❤❤

@MKGamingInvesting 2 ай бұрын

Very interesting thanks.🇩🇪🙏🏻🙌🏻 I am at the dark point for the third time this year. Cause I may want "it" too bad. And never want to do a normal job for too long

@waynelorenzo5698 2 ай бұрын

Unfortunately didn't really find it very informative wrong business model and bad advice/influence on people looking to possibly start a business as a second hand flipper/watch dealer is never going to be sustainable or long term unless eventually becomes into an authorised dealers. 1 more thing you failed to mention was the big question. TAXES how much you have to pay and if you actually pay any on your income as sounds like it's very little If anything and that not all is declared.

@bamog4560 2 ай бұрын

Try volunteering in a hospice ,you might have a completely different mindset

@zerosilver87 2 ай бұрын

Or he could declare his actual income to HMRC and pay tax, that might humble him too

@SC-qv7nv 2 ай бұрын

@@zerosilver87how do you he doesn't? Have you seen his tax returns?

@David-yd6ur 2 ай бұрын

@@SC-qv7nv I asked the same question and got no response. However, looking at Watch Life LTD on Companies House is interesting.

@Liztrusslover 2 ай бұрын

I haven’t even seen a price for his watches yet 😂

@David-yd6ur 2 ай бұрын

@@SC-qv7nv My previous reply was removed. I received no answer to this question so I checked Watch Life LTD on Companies House. It was very interesting.

@cheechuenlim3541 2 ай бұрын

I feel like U need to think about how to get more sales before entering to a cost commitment, perhaps hiring another sales analyst?

@dogsarebetterproductions 2 ай бұрын

You should do a video with the iron snail. You have similar stories/ feelings.

@donmesut9587 2 ай бұрын

Money is a vessel to prove the value and quantity of your life, but you being a good and healthy human is down to your mindset

@shifathassan4798 14 күн бұрын

Excellent

@RifatRifat-b5t 27 күн бұрын

Good idea

@MdRasel-rq2lf 26 күн бұрын

Very nicee..😍😍😍

@robertreid6794 2 ай бұрын

Go on lad be lucky 👍

@MyBaby-9v 26 күн бұрын

Nice video

@JimmyWhite-ik3wn Ай бұрын

40 or 50k is nothing how could you say it's enough to travel? You must mean w a credit card and debt bro.

@crsabbirff9215 27 күн бұрын

Wonderful

@johnnygyro4090 2 ай бұрын

Save your money and invest for the future. Family will happen before you realize it.

@sajidbay5567 27 күн бұрын

Nice one

@David-yd6ur 2 ай бұрын

Are anyone else's comment disappearing from this thread?

@roeimessica3757 2 ай бұрын

Your business isn’t watch’s it’s content I think if you will see it that way it will benefit you good luck

@MdShahin-u9u 26 күн бұрын

Nice🤩

@Sanzida-p6k 26 күн бұрын

Awesome

@SJR313 2 ай бұрын

And what is your PB? Money doesn’t make you happy but provides security….

@Zach012 2 ай бұрын

Phil, you’re a good very affable chap, enjoy the journey the money is important but not everything. As far as the office or store, look for something in the local jewelry or diamond district a building or arcade. With other dealers, also better security? Just enjoy my friend there is nothing like working for yourself. Cheers, from across the pond! 😊

@gaffs82 2 ай бұрын

Only 6 figures a month? So only 1.2mil a year will change your life? Come on man. All I would say is save your cash because the watch hype won’t last forever. There will be a time in a few years when the market will get back to 2015 levels.

@MDJoy-ul2qp 26 күн бұрын

Nice❤❤

@HabibIslam-j4n 27 күн бұрын

Very nice

@masterwatch 2 ай бұрын

good video.. Let's grab a coffee.

@Jasperroodog 2 ай бұрын

Love to know what taxes are paid and when you go abroad to buy a watch and bring it back into the country , also VAT

@zerosilver87 2 ай бұрын

Yeah check companies house, he doesn't pay anywhere near the tax on the income he's bragging about here

@naughtynightlifeasia857 2 ай бұрын

@@zerosilver87any VAT number?

@toastman6847 2 ай бұрын

@@zerosilver87 those accounting figures on companies house are only up to November 2023, where he probs was doing way less in revenue and less stock. Only next year will you see what he has done in this past year (november 2023 to November 2024)

@Md.NurulAmin-x4w 26 күн бұрын

So nice

@greenrush4313 2 ай бұрын

As i said before this guy is trying to make as much money as he can off the watches. All of us would if we could. SO PAY UP and shut up

@theeyesurgeon1 2 ай бұрын

I make close to 6 figures a month and haven’t changed my lifestyle except for if i’m staying in the same five star hotel i’ll upgrade my room so my wife and I have separate bathrooms. The little things lol

@MdsamimKan-f1h 27 күн бұрын

Wow😮😮

@RaselMia-tl1bx 28 күн бұрын

Nice

@ThriftyCHNR 2 ай бұрын

I wonder what percentage of the business is consignment?

@betts831 2 ай бұрын

Why does this matter?

@Liztrusslover 2 ай бұрын

Why wouldn’t it matter 🤷🏻‍♂️

@greenrush4313 2 ай бұрын

Oh also most of this high roller grey market dealers also need there habits payed for also if you know what i mean?

@AriyanAsif-n2t 16 күн бұрын

Beautiful

@Shawn-wm3xr 2 ай бұрын

Shy pay for an office !!!! If it ain’t broke !!!! Don’t fix it

@MdDidarhosen-v3t 29 күн бұрын

So wow

@StevensonBenson-j3n 2 ай бұрын

Brenna Expressway

@haman0180 2 ай бұрын

Dude with a 55k pound a year trust fund talking about how making more money hasn't changed his life. Hahahahahahahah

@geezer8294 2 ай бұрын

Do you pay taxes?

@zerosilver87 2 ай бұрын

I would advise checking Companies House. I'm sure HMRC are taking a close look at him. Apparently he only earns £50k a year, yet this video is suggesting he's profiting that much per month!

@Liztrusslover 2 ай бұрын

Only if it’s an uber 😂

@naughtynightlifeasia857 2 ай бұрын

No income tax, no VAT 😂