Is there a total amount of money you've pre-determined to put into your collection?

ColonialCoinUnion

I have. Maybe thats nuts, but I really don't want to tie up some unlimited amount which I fear would be the inevitable conclusion if I bought a coin everytime I saw one I liked.

nwcs

I've tried that before but I tend to be a bit too impulsive. So I just make sure I wait at least 2-3 months before I let my impulsiveness take over. Besides, I'm selling some coins on behalf of a friend for a very small percentage so that's been helping me get my coin fix. And the percentage will go back into getting a nice coin for me.

RYK

Maybe I do it backwards. Or the other way. I make sure all other needs are met:
1. Mortgage and living expenses.
2. Retirement and investment accounts.
3. Children's education accounts.
4. Cash for emergencies, cash for near-term big ticket expenditures (cars, furniture).
5. Cash for coins.
6. Wife's decorating fund.

So long as #1, 2, 3, and 4 are amply funded (preferably in excess of my targets), money can trickle down to #5. Regrettably or fortunately, depending on how you look at it, some even trickles down to #6.

ColonialCoinUnion

dthigpen

Like RYK, I take my total expendable income (Setting aside money for mortgages, standard living expenses, average recreation expenses, etc), then divide it in half and put half into long term savings and half into coins.

mgoodm3

I've thought about putting a certain amount into coins and then starting to recycle the coins for new ones. Would help me pare my collection down to the necessities, but may not happen in real life.

I do set a rough monthly budget for coins so i don't go too crazy and scare the wife.

rainbowroosie

no

Shamika

If I can afford it and I want it, it's gotta be mine!

LincolnCentMan

I've never set a pre-determined value cap on my collection. Any more, I only buy coins with money that I've made with coins. So if I dont make some money off of sales here and there, I dont get to add any coins to my collection. I figure, this way, I wont feel guilty about the increasing value. I will admit, however, that as the value grows... it's pretty darn tempting to sell out and put the money aganst my mortgage. Provided I have longevity and good health, there will come a time when my collection value will equal my mortgage pay-off. When that happens, it'll be REALLY tough not to sell.

David

ldhair

Yes.
I do the same with Vegas

MrEureka

Is there a total amount of money you've pre-determined to put into your collection?

Yes. It will be the lesser of:

a) 120% of my net worth

b) 20% of M3

c) 40% of GDP

I'm rooting against A.

ARCO

It isn't so much a specific dollar amount as it is an overwhelming desire to spend EVERY last cent of disposable income I have...on coins. The hard part is fighting off the urge to spend money I need for housing, food and clothing for the evil siren song of coin purchasing.

Tyler