@cameonut2011 said:
My rule: If I find myself struggling/trying to justify spending a certain amount on a certain coin, I pass.
That's what I used to do and I thought it was okay, but looking back, I wish I had spent the money in the vast majority of cases. Of course, it doesn't hurt that my investments have been appreciating for some time.
Agree with ricko—> The Rule works as long as you’re knowledgeable about the subject.
Several years ago, I was making the rounds of a local show when I came upon my first ever sighting of a Wells Fargo so-called dollar. It was love first sight and I went back to look at it twice. I was sooo close to buying it for $1,500 when I talked myself out of it. After a little homework, I purchased a very nice one for less than $500.
Once upon a time I wanted a fancy car. Saved for 5 years to buy that car. Then realized I didn't want the car, I wanted to be the guy who drove a fancy car. I talked myself out of it. Didn't buy anything else special just moved the money into the general savings.
Coins aren't cars (I'm not a car collector, just looking for wheels to get around). I've budgeted for a coin, saw the coin, it was good enough, decided not to pull the trigger, and I feel fine about it. If I don't really want it, why buy it? If I can talk myself out of it, did I want it in the first place?
That said, I never have played in the world of anything rare. Anything in my budget is the type of thing that will come around in a year or two worst-case if I miss something. That does make it easier. And, honestly, I haven't made a purchase of any substance in years. It became really easy to talk myself out of things, I suppose
Successful BST (me as buyer) with: Collectorcoins, PipestonePete, JasonRiffeRareCoins
Comments
That's what I used to do and I thought it was okay, but looking back, I wish I had spent the money in the vast majority of cases. Of course, it doesn't hurt that my investments have been appreciating for some time.
Figure out at what amount you would hate yourself, then back it off a little bit
Collector, occasional seller
Agree with ricko—> The Rule works as long as you’re knowledgeable about the subject.
Several years ago, I was making the rounds of a local show when I came upon my first ever sighting of a Wells Fargo so-called dollar. It was love first sight and I went back to look at it twice. I was sooo close to buying it for $1,500 when I talked myself out of it. After a little homework, I purchased a very nice one for less than $500.
Once upon a time I wanted a fancy car. Saved for 5 years to buy that car. Then realized I didn't want the car, I wanted to be the guy who drove a fancy car. I talked myself out of it. Didn't buy anything else special just moved the money into the general savings.
Coins aren't cars (I'm not a car collector, just looking for wheels to get around). I've budgeted for a coin, saw the coin, it was good enough, decided not to pull the trigger, and I feel fine about it. If I don't really want it, why buy it? If I can talk myself out of it, did I want it in the first place?
That said, I never have played in the world of anything rare. Anything in my budget is the type of thing that will come around in a year or two worst-case if I miss something. That does make it easier. And, honestly, I haven't made a purchase of any substance in years. It became really easy to talk myself out of things, I suppose
Successful BST (me as buyer) with: Collectorcoins, PipestonePete, JasonRiffeRareCoins
If you can be talked out of buying a coin, you should be.
Timely thread as I am contemplating a similar scenario.