Dear Dave,

I’m single, and I work with a well-known, high-end retail company. Over the years, I’ve noticed that certain models of some watch brands appreciate incredibly over time. I’ve seen a few that have doubled, tripled and even quadrupled in value over the years.

With this in mind, what do you think about the idea of select watches, including vintage watches, as part of my investment portfolio?

— Adam

Dear Adam,

I’ve seen a few really nice watches in my day. Now, I even own a couple. But watches, no matter the brand or model, are not what I’d consider to be an actual investment.

Mutual funds are investments. Real estate and retirement funds are investments. But watches? Not so much.

When you’re talking about watches, what you’re really talking about is collectibles. For example, I have a friend who has collected over 1,000 bottles of wine over the years.

While the value on most of them has gone up, it’s not part of his formal investment strategy.

So, if you’ve got your financial house in order, and by this, I mean you’re debt-free, you’ve got an emergency fund of three to six months of expenses and you’re putting money towards retirement, do some research, save up and go buy a very nice new, or vintage, watch.

There’s nothing wrong with that if watches are something you really enjoy. Just don’t go crazy and buy a dozen, OK?

If you know your stuff in this area, that first purchase could launch you towards owning a fine collection of watches over the years. Some people do the same kind of things with cars, too.

But whether you’re talking about watches, cars or even baseball cards, treat them like what they are — consumption items. They’re things you like and can afford to enjoy.

See what I’m saying, Adam? Things like that are hobbies, not real investments. But then, if they happen to go up in value over time, that’s a nice added bonus, isn’t it?

— Dave

• Dave Ramsey is a nine-time national bestselling author, personal finance expert and host of The Ramsey Show. He has appeared on Good Morning America, CBS This Morning, Today, Fox News, CNN, Fox Business and many more. Since 1992, Dave has helped people take control of their money, build wealth and enhance their lives. He also serves as CEO for Ramsey Solutions