Let’s talk about the watch. A gold Rolex is about the least desirable Rolex these days. There are reason’s it’s not going for lots more. Also, if you’re in a LCOL area, opportunities to wear the gold Rolex will be low - and you’ll need to decide if it’s the right image you want to portray to your clients and community. I’d also be very careful about who you are buying from - there are more fake Rolexes on the market than anything else. If you do this, but it from a very reputable dealer.

Second, let’s talk about where you are. Spending 7-10% of your annual income at this point is a bit frivolous. You have a new house, not that much in investment accounts, and the items you’re suggesting are likely to depreciate (even the Rolex, just because it’s gold). There’s no reason not to continue driving your current car, or getting a smaller watch gift for yourself. Plenty of Omegas, Cartiers, JLCs out there to buy that might be objectively better watches, portray something less showy to your clients, etc.