Coin collecting OUT OF CONTROL!
slipgate
Posts: 2,301 ✭✭
at least with me it is... I have spent in access of $6000 on coins in the past 3 months. Maybe not a lot for some of you, and it is not killing me financially (it is hurting a bit), but I recognize that this is TOO much. Especially since we are trying to move in the next few months.
So I am pledging not to purchase a SINGLE coin for at least 6 months. Can I do it? We'll see. I just wanted to get this out here so that it is in writing and has witnesses. Perhaps I will stick to it?
Does anyone else have a problem spending too much on coins?
So I am pledging not to purchase a SINGLE coin for at least 6 months. Can I do it? We'll see. I just wanted to get this out here so that it is in writing and has witnesses. Perhaps I will stick to it?
Does anyone else have a problem spending too much on coins?
My Registry Sets! PCGS Registry
0
Comments
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.
There's all sorts of stuff I'd like to buy but I have these pesky kids, wife, and a house interfering.
I am usually very careful and selective in what I buy so sometimes I will only buy a couple of coins a year. I do pick up some cheaper stuff here and there for my son though.
To date, I've bought one CWT this year @600.00 and one coin at 1150. That's it for my personal stash.
We're here for your support if you feel a moment of weakness.
collections: Maryland related coins & exonumia, 7070 Type set, and Video Arcade Tokens.
The Low Budget Y2K Registry Set
I haven't bought a coin in 4 weeks, and I am feeling withdrawl symptoms.
( At least I have kept up buying currency, or I would be a basket case)
A witty saying proves nothing- Voltaire (1694 - 1778)
An error does not become truth by reason of multiplied propagation, nor
does the truth become error because nobody will see it. -Mohandas K. Gandhi (1869-1948)
If careful when purchasing I get 100% if I need to sell. That is sell on e-bay. If I had to sell thru a dealer
I would have to take a loss so they could make their days pay.
I haven't ever spent over a $100 on a single coin in all of my collecting, until last year, when I spent $150 on a 1857 Large Cent. I also spent $150 on a 1914-D Lincoln early last year. Our family moved a year ago, and bought a nice, spendy house. Then last weekend I go out and buy a 1909-S VDB in PCGS MS64RB. So it was a big jump from spending only $150 on a coin, to $2400 on one coin. My wife still doesn't know how much it cost.
But I have definitely used up my coin budget for this year. So I told my wife that I will not spend money on another coin this year. Yeah right!
<< <i>I told my wife that I will not spend money on another coin this year. Yeah right! >>
<< <i>So I am pledging not to purchase a SINGLE coin for at least 6 months. Can I do it? We'll see. I just wanted to get this out here so that it is in writing and has witnesses. Perhaps I will stick to it? >>
Nah, others have tried, no way to stop... ;-)
Hell, I don't need to exercise.....I get enough just pushing my luck.
place a moderate bid to keep yourself entertained
and hope people are watching the sopranos.
Please hook me up with this 15%/year deal that you have going.
These are 4 of my best funds (80% of my money) and the track they are on for 2006...
fundA 36%
fundB 28%
fundC 64%
fundD 52%
<< <i>if I pass on a coin that fits my collection I can be sure that another buyer will scoop it up in a matter of minutes, hours, or in rare circumstances -- days >>
you forgot seconds
One thing that has helped me is selling to buy. I have decided that, for the next six months or so, I will use coins in my collection for my budget. I am really on the fence about a lot of coins right now, so it makes it more difficult to sell something I like in order to buy something I want. I really have to decide if I want a particular coin more than one I currently own. It definitely has curbed the impulse buying, and has led me to buy better coins for my money. You will also learn a bit more about your collection and the processes of selling and buying in the market.
https://www.pcgs.com/SetRegistry/collectors-showcase/world-coins/one-coin-per-year-1600-2017/2422
<< <i>These are 4 of my best funds (80% of my money) and the track they are on for 2006...
fundA 36%
fundB 28%
fundC 64%
fundD 52% >>
What a wussy thing to write. Brag about your funds, and then don't name them. Pish-posh.
B- Budweiser
C- Marlboro
D- Precription Medications.
fundB 28% FICDX
fundC 64% FLATX
fundD 52% FRESX
Foreign funds are good because the dollar sucks and will continue to suck. Real estate is always good. And NO - I do NOT think we are in a bubble.
Now don't blame me if you lose all your money... I diversify and divest frequently based on what I see in the market, these have been part of my portfolio for years, but that doesn't mean I won't sell them tomorrow.
Let's face it, anybody who is in the coin hobby or business has a certain fascination with money - if there are funds out there with those kinds of returns and that can consistently deliver - I sure haven't found 'em. Your fellow board members would all be much appreciative for the info!!
THANK YOU!
Now I have some research to do!!!
<< <i>........ Take a break and organize what you have and maybe even sell some off. >>
==> Now there you just got some excellent advice from Xbob.
I would do exactly that. Get your collection out, all of it and go over what you have.
I have done this before more than once, especially with my stocks.
Just think about which coins you would part with if you needed emergency money
and had to sell right away. You would be surprised how the brain works under those
circumstances and can make you see some of your coins in a way you never saw before,
maybe not quite fitting into your collection after all. In other words, you got sentimental
over your coins and couldn't part with even one coin. That's never good. Your goal
should be upgrading your collection the same way you should periodically upgrade a stock
portfolio.
Just consider which ones you could conceivably part with, think about what they would bring,
and with the proceeds from several sold what single beautiful coin you always wanted could
be purchased with all that freed up money. That's the way I do things.
I gaurantee you will feel better if you follow through on this. At least give some thought to it.
This approach will eliminate the need for the infusion of any fresh money if your temporarily strapped.
- Charlie B -
My website
As far as coin buying goes, my spending is down this year and was down late last year. The kind of coins I'm looking for are not showing up frequently and when they do they are being offered at strong prices. Notice I said offered. Most don't seem to be selling. I collect mostly out of the mainstream where prices haven't advanced that much, but the sellers want to participate in the boom and mark these coins up anyway. Here's probably the most significant purchase I've made this year. I paid up for it a bit but still think I got a good deal. This series has shown some increase as have all bust coins.
<< <i>So I am pledging not to purchase a SINGLE coin for at least 6 months. Can I do it? We'll see. I just wanted to get this out here so that it is in writing and has witnesses. Perhaps I will stick to it? >>
Good luck. I made it 3 months, but bought two coins this month....
With the buy/sell spread, it is tough to make money in coins in the short term. The idea to sell it on E-bay is a good one - but it is tough to start there if you only have a few coins to sell. I know I look for sellers with a good history...
In addition, we are on the verge of unprecedented economic growth over the next 10 years. You need to take advantage of high return funds NOW.
a few percent is everything:
100k invested today (no additional deposits) at 10% return over 30 years = $1,983,739
100k invested today (no additional deposits) at 15% return over 30 years = $8,754,099
Here are the above mentioned funds history.
The first column is the fund, the second or third compares to S&P, Dow or other like funds...
fund a
1 Year 31.73 33.02
3 Year 34.64 35.06
5 Year 19.35 16.31
10 Year 13.55 12.96
fund b
1 Year 63.38 60.38
3 Year 66.24 66.04
5 Year 25.63 26.17
10 Year 14.97 16.09
fund c
1 Year 30.86 8.40 31.91
3 Year 31.15 17.11 32.75
5 Year 21.53 2.36 21.45
10 Year 16.09 8.92 15.78
Anyone putting their long-term money in CDs (or worse, the bank) deserve to have to move in with their kids when they retire.
<< <i>Actually my investments are running at a >30% return right now. If you aren't making at least 15%, you do not have very good investments.
These are 4 of my best funds (80% of my money) and the track they are on for 2006...
fundA 36%
fundB 28%
fundC 64%
fundD 52% >>
What are these funds? Are they energy and gold funds?
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
added - ok how long 'till this thread gets dinged for not sticking to topic... 5..4..3..2..
<< <i>Or, invested at 15%, would be over $118k in 20 years (nice college fund for the little one). I wonder if my coins will be worth that much in 20 years.
Please hook me up with this 15%/year deal that you have going. >>
Hear hear.
All of my mutual funds projections from the 90s had assumptions at 15% growth.
<< <i>Actually my investments are running at a >30% return right now. If you aren't making at least 15%, you do not have very good investments.
These are 4 of my best funds (80% of my money) and the track they are on for 2006...
fundA 36%
fundB 28%
fundC 64%
fundD 52% >>
2006 has been a good year so far-- the trick to his statement, though, was the average over 20 years part...