Utter Blasphemy!
Cladiator
Posts: 18,041 ✭✭✭✭✭
A scary thought crossed my mind tonight. If I sold every coin I owned and merged those funds with my upcomming income tax refund I could pay off 100% of my debt. It would be nice to owe nothing. However, I would feel naked without my hard won coins. Ugh, why has such a thought come into my head!
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Comments
Russ, NCNE
Keep the coins, pay off the debts
Tom
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
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As long as I have enought to pay what I owe and still be OK,having DEBT is OK by me.
I am debt free (aside from monthly expenditures for insurance, gas, groceries, utilities, childcare, etc) and it is nice, and I do have more money to buy coins...without the worries.
So, it depends on the amount of debt you have....if it is a lot, and you find yourself struggling to pay monthly, sell your "replaceable" coins. Use the extra money to pay down the rest of the debt.
If it isn't much debt, keep the coins, use the tax return to pay down the debt, then increase your payments and get it paid off.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
<< <i>Being debt free is a good thing.
Tom
Isn't that un-american ??
Herb
Best of luck to ya' and I hope it works just like you want.
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etexmike
You probably should explain what you mean by "debt". If you're talking about your home mortgage and/or a car loan, don't worry about it.
However, if you're talking about credit card debt, you really should consider selling off a significant portion (90%) of your collection and pay it off.
In a few years, you'll have more money and a better collection by doing so.
42/92
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
Still I'd be tempted to keep any coin that will be very hard to replace. I would certainly use my entire tax refund to pay debt.
Joe.
Another way to look at this is
Interest paid VS appreeciation gain.
So if you pay 5% interest and of course its tax deductable then you are paying 4% on your money. If the item is appreciating 6% or so then you are actually making 2%. Th numbers here are used as examples but a lot of people made a fortune in the 70s inflation using others peoples money and this principal.
<< <i>if you're talking about credit card debt >>
You nailed it on the head with that one
George...you got some time, I'm going to hold off on the cappers until the very last