Just food for thought....taken from a book recently read.

SonnyD

Let me tell you about a problem. It might make you feel better about what you do with your money, and less judgmental about what other people do with theirs.

People do some crazy things with money. But no one is crazy.

Here’s the thing: People from different generations, raised by different parents who earned different incomes and held different values, in different parts of the world, born into different economies, experiencing different job markets with different incentives and different degrees of luck, learn very different lessons.

Everyone has their own unique experience with how the world works. And what you’ve experienced is more compelling than what you learn second-hand. So all of us—you, me, everyone—go through life anchored to a set of views about how money works that vary wildly from person to person. What seems crazy to you might make sense to me.

The person who grew up in poverty thinks about risk and reward in ways the child of a wealthy banker cannot fathom if he tried. The person who grew up when inflation was high experienced something the person who grew up with stable prices never had to.

The stock broker who lost everything during the Great Depression experienced something the tech worker basking in the glory of the late 1990s can’t imagine.

The Australian who hasn’t seen a recession in 30 years has experienced something no American ever has.

On and on. The list of experiences is endless.

You know stuff about money that I don’t, and vice versa. You go through life with different beliefs, goals, and forecasts, than I do. That’s not because one of us is smarter than the other, or has better information. It’s because we’ve had different lives shaped by different and equally persuasive experiences.

Your personal experiences with money make up maybe 0.00000001% of what’s happened in the world, but maybe 80% of how you think the world works. So equally smart people can disagree about how and why recessions happen, how you should invest your money, what you should prioritize, how much risk you should take, and so on.

AUandAG

Like Elon Musk, I cannot feed the world. I will have to deal with the lot I got and what I earned. Therefore I'm not a big dollar collector and enjoy what I do collect as much as anyone. Would I be happier to collect big dollar coins, nah, don't think so. Life and collecting is what you make it.
Enjoy,
bob

moursund

@SonnyD said:

Let me tell you about a problem. It might make you feel better about what you do with your money, and less judgmental about what other people do with theirs.

People do some crazy things with money. But no one is crazy.

Here’s the thing: People from different generations, raised by different parents who earned different incomes and held different values, in different parts of the world, born into different economies, experiencing different job markets with different incentives and different degrees of luck, learn very different lessons.

Everyone has their own unique experience with how the world works. And what you’ve experienced is more compelling than what you learn second-hand. So all of us—you, me, everyone—go through life anchored to a set of views about how money works that vary wildly from person to person. What seems crazy to you might make sense to me.

The person who grew up in poverty thinks about risk and reward in ways the child of a wealthy banker cannot fathom if he tried. The person who grew up when inflation was high experienced something the person who grew up with stable prices never had to.

The stock broker who lost everything during the Great Depression experienced something the tech worker basking in the glory of the late 1990s can’t imagine.

The Australian who hasn’t seen a recession in 30 years has experienced something no American ever has.

On and on. The list of experiences is endless.

You know stuff about money that I don’t, and vice versa. You go through life with different beliefs, goals, and forecasts, than I do. That’s not because one of us is smarter than the other, or has better information. It’s because we’ve had different lives shaped by different and equally persuasive experiences.

Your personal experiences with money make up maybe 0.00000001% of what’s happened in the world, but maybe 80% of how you think the world works. So equally smart people can disagree about how and why recessions happen, how you should invest your money, what you should prioritize, how much risk you should take, and so on.

That's all fine... shall we apply this to U.S. coin collecting in some way?

SonnyD

@moursund said:

@SonnyD said:

Let me tell you about a problem. It might make you feel better about what you do with your money, and less judgmental about what other people do with theirs.

People do some crazy things with money. But no one is crazy.

Here’s the thing: People from different generations, raised by different parents who earned different incomes and held different values, in different parts of the world, born into different economies, experiencing different job markets with different incentives and different degrees of luck, learn very different lessons.

Everyone has their own unique experience with how the world works. And what you’ve experienced is more compelling than what you learn second-hand. So all of us—you, me, everyone—go through life anchored to a set of views about how money works that vary wildly from person to person. What seems crazy to you might make sense to me.

The person who grew up in poverty thinks about risk and reward in ways the child of a wealthy banker cannot fathom if he tried. The person who grew up when inflation was high experienced something the person who grew up with stable prices never had to.

The stock broker who lost everything during the Great Depression experienced something the tech worker basking in the glory of the late 1990s can’t imagine.

The Australian who hasn’t seen a recession in 30 years has experienced something no American ever has.

On and on. The list of experiences is endless.

You know stuff about money that I don’t, and vice versa. You go through life with different beliefs, goals, and forecasts, than I do. That’s not because one of us is smarter than the other, or has better information. It’s because we’ve had different lives shaped by different and equally persuasive experiences.

Your personal experiences with money make up maybe 0.00000001% of what’s happened in the world, but maybe 80% of how you think the world works. So equally smart people can disagree about how and why recessions happen, how you should invest your money, what you should prioritize, how much risk you should take, and so on.

That's all fine... shall we apply this to U.S. coin collecting in some way?

More of a commentary or another view on recent arguments in another post on how one conducts their own business while dealing coins.

MsMorrisine

perhaps it was solid for the grade when it was graded?

coinbuf

I don't really see what this has to do with the US coin forum, but maybe that is just because of my experiences.

thefinn

It even makes sense in coin collecting. When I see astronomical prices for modern "condition rarieties", I shudder. Or see people purchasing Morgan Dollars in Good condition, or lots of dollars spent on 1909-S VDB Lincoln cents in any condition. It is not my way of collecting. Very little coin collecting results in a profit, and that should never be the reason for collecting.
What is worthy of one's money and time is dependent on their experiences and perceptions. PERIOD.

Great way to look at things.

ricko

The information in the OP is certainly reflective of life in general, which includes hobbies. Money, having it or not having it, reflects on one's hobby or lack of a hobby... and how the hobby is conducted. Overall, the post is a perspective on life and how it is lived. Affluence, or the lack thereof, makes for vast differences in experiences. Cheers, RickO

pmh1nic

Hopefully we can learn along the way and/or from others experiences. Just because I was born into a family that was poor or wealth doesn’t mean I have to be stuck in a certain mindset for the rest of my life. As far as coins, assuming that an individual acquired Elon wealth doesn’t automatically mean they accept that paying a 20x premium for a coin one point higher in grade is justified or a good use of their wealth.

Jimnight

moursund

@Jimnight said:

🤔