Time to sell the 'ole collection? Poll!
Darkmane
Posts: 1,021 ✭
So... the short of it... I'm a teacher who loves being outdoors and makes $36,000 a year. I'm only 23, and have about $14,000 in coins right now.
Is it crazy that a day doesn't pass where I consider selling it all off and spending some summers backpacking across Europe? I'm in Colorado, so weekly ski trips throughout the winter sound tempting. Getting an early start on my retirement doesn't sound too bad, either.
How about some input?
Is it crazy that a day doesn't pass where I consider selling it all off and spending some summers backpacking across Europe? I'm in Colorado, so weekly ski trips throughout the winter sound tempting. Getting an early start on my retirement doesn't sound too bad, either.
How about some input?
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Comments
I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the blanket of the very freedom I provide, then question the manner in which I provide it. I prefer you said thank you, and went on your way, Otherwise, I suggest you pick up a weapon, and stand to post. Either way, I don't give a damn what you think you are entitled to!
You will then keep the other half forever out of the knowledge that they are worth more to you as the potential for money than you can actually get as money from selling.
1. Hold on to the valuable holdered items that will increase in value as an investment.
2. Run an eBay business or through other auction sites buying and flipping.
If you have a lot of $ tied up in coins this is a good base for supplemental income that you can use to have fun. This way instead of selling off the coins at one time and spending it, which happens a whole lot faster than one plans on it, you will keep a constant flow of money to always have around to play with. This way the money is always there and not spent and gone forever.
Edited to add:
Have fun.
A lot of teachers looked for other ways to supplement their salary either teaching summer school or another job. (Part of the reason I taught was to have my summers off)
<< <i>36,000 a year is not much. I would sell your coins, or get a another job. >>
Good god man, it isn't that bad. If I made that much when I was 23 I'd think I was living pretty high on the hog.
RJ
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<< <i>36,000 a year is not much. I would sell your coins, or get a another job. >>
Good god man, it isn't that bad. If I made that much when I was 23 I'd think I was living pretty high on the hog. >>
But what did 36K equate to when you were 23, 1975 = approx. $12K.
Think about this hypothetical, if you sold your coins now and got back into coins 10 years from now and purchase similar, but different coins, would you still want the coins you have now in your collection? Or would you really not care because you will have the memory of having them?
Trips when you're young are really priceless when it comes to the memories you'll have.
In honor of the memory of Cpl. Michael E. Thompson
Life is about fulfilling passions, while building security for yourself and loved ones. Sometimes the two may seem to conflict so it is important to balance those needs and not ignore one or the other. I too am an outdoor enthusiast I am fortunate to now have the means to both collect coins and fulfill my passion for backpacking. Unfortunately, due to my age and physical condition it is very unlikely that I will be able to fulfill my dream of a one year thru-hike of the AT (that's Appalachian Trail, not artificial toning
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<< <i>36,000 a year is not much. I would sell your coins, or get a another job. >>
Good god man, it isn't that bad. If I made that much when I was 23 I'd think I was living pretty high on the hog. >>
But what did 36K equate to when you were 23, 1975 = approx. $12K. >>
No, when I was 23 it was 1999. You'd be surprised on what one can live on when you're not located in a large city. 36K and you'd be in the poorhouse in the bay area, but where I am you could live pretty well.
I love collecting coins.... but maybe I'm heading down the wrong path value-wise.
For instance - yesterday I was oh-so-close to buying a PCGS 1955ddo in AU58. That's like $1,600. That's like 4 years worth of ski passes or 2 months in Europe. Don't get me wrong... I LOVE collecting coins.... but maybe I'd be better off buying $20.00 coins and spending the summers sipping tropical drinks.
I've got some cash saved, but there is no way I can max out my 403b. $15,500 per year is a bit above and beyond what I'll be investing
As for finding a new job - forget that. I love what I do and feel great about doing it.
<< <i>but maybe I'd be better off buying $20.00 coins and spending the summers sipping tropical drinks. >>
That's about what I do. $20-150 is my normal purchase range. Then if I find somethin else I want to spend money on, some of the ones that I'm not in love with go on the chopping block, and I can usually manage to make a few bucks on the sale too. Thanks to ebay coins are liquid assets.
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<< <i>36,000 a year is not much. I would sell your coins, or get a another job. >>
Good god man, it isn't that bad. If I made that much when I was 23 I'd think I was living pretty high on the hog. >>
But what did 36K equate to when you were 23, 1975 = approx. $12K. >>
No, when I was 23 it was 1999. You'd be surprised on what one can live on when you're not located in a large city. 36K and you'd be in the poorhouse in the bay area, but where I am you could live pretty well. >>
I should relocate, but having to much fun in Manhattan. The key is to do what you love for a living. I'am 25 and lucky to make a good buck for doing what I love. Have fun life is short. I have to admit finding another job or selling my coins would not be on top of my list.
<< <i>Thanks for all the comments.
I love collecting coins.... but maybe I'm heading down the wrong path value-wise.
For instance - yesterday I was oh-so-close to buying a PCGS 1955ddo in AU58. That's like $1,600. That's like 4 years worth of ski passes or 2 months in Europe. Don't get me wrong... I LOVE collecting coins.... but maybe I'd be better off buying $20.00 coins and spending the summers sipping tropical drinks.
I've got some cash saved, but there is no way I can max out my 403b. $15,500 per year is a bit above and beyond what I'll be investing
As for finding a new job - forget that. I love what I do and feel great about doing it.
I don't see any need to sell. It sounds like you can afford travel, coins, and savings. Some folks like to sell and then buy more, keeping the total value of the collection about the same, and own a lot more coins over time than buying and holding. A 23 year old teacher has a lot of options, and connections. The teachers I know tend to do well financially, because they tend to make good decisions, and avoid some of the foolish mistakes that many others make.
Two months of vacation money on one coin is a lot. If buying that coin means no vacation, to me, that sounds like a stupid decision. The memories, the people you will meet, the experiences you will have, will be worth far more than a coin, or retirement savings. If buying the coin means a slightly shorter vacation or less fancy meals, that sounds like a decent trade off.
Balance is a good word. Be thankful for the time, the health, the money, to do some fun things. Thinking about it some more, some savings are fine, too much at too young an age can be categorized as a waste. "In the long run we are all dead," and the economist that became famous for that (Keynes) is rumored to have said on his death bed "I wish I had drunk more champagne." No one knows how much time each of us has here. Economic storms and political changes can wreck any long term savings. In the mean time, live life, enjoy. Cheers.
do you really want to give up your collection for a luxury? If you do then, by all means, sell.
Is it possible to cut corners? Staying in hostles and the like can save a great deal of money.
Perhaps you can find a way to have your cake and eat it too.
I'll agree with RedTiger"s thoughts.
I would keep the coins and set coin collecting aside for awhile,enjoy life the way you want to.
If you have nice coins,the value will be there in 10,20,or 30 years.
JMO.
Brian
Dude, if you're travelling Europe for just $800/month, I don't see why you can't keep collecting AND travelling on your salary. You must be hostel-ing it and eating ham and cheese.
PS- what coins make up your 14k collection?
BTW, having a collection worth $14K on paper at your age with that income level is good. You are doing something right apparently. Therefore, you don't want to abandon the things that do work for you.
If you do decide to sell the whole shooting match, I recommend reinvesting half of the proceeds into a couple nice type coins in PCGS plastic at the highest grade that you can for that money. Semikey dates and any one that is at a valuation price point where the next grade is astronomical is best.
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Seek a lot of opinions, think on it. Pray to God (if that is your belief) and listen for the answers.
Then make a decision and never second guess it.
Have fun.
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
<< <i>36,000 a year is not much. I would sell your coins, or get a another job. >>
Nice advise. Yeah just get another job. Hold relationships long?
Sell-off everything that's not a key or semi-key date, then throw 90% of it into I-Bonds and a Roth IRA. Take the other 10% and have a nice vacation.
<< <i>For instance - yesterday I was oh-so-close to buying a PCGS 1955ddo in AU58. That's like $1,600. That's like 4 years worth of ski passes or 2 months in Europe. Don't get me wrong... I LOVE collecting coins.... but maybe I'd be better off buying $20.00 coins and spending the summers sipping tropical drinks >>
$20 coins will build a "quantity" collection, but not a "quality" collection. I don't think that you would be very happy with that either. If you have the discipline, I'd probly sell a few for some starter cash and fund some retirement and other leisure goals and be more selective in my coin buying. Considering your employment situation, be prepared to do this for a long time unless you find a higher paying job.
<< <i>For instance - yesterday I was oh-so-close to buying a PCGS 1955ddo in AU58. That's like $1,600. That's like 4 years worth of ski passes or 2 months in Europe. >>
True but what will you be able to do with thofe fpent fki paffes or time in Europe in 20 years? At leaft in 20 years your coins will ftill be a tangible affet that you can cafh in for whatever reafon. Think long term.
<< <i>True but what will you be able to do with those fpent fki paffes or time in Europe in 20 years? At leaft in 20 years your coins will still be a tangible affet that you can cafh in for whatever reafon. Think long term. >>
Do you ever proof read before posting?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
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<< <i>True but what will you be able to do with those fpent fki paffes or time in Europe in 20 years? At leaft in 20 years your coins will still be a tangible affet that you can cafh in for whatever reafon. Think long term. >>
Do you ever proof read before posting?
You're right I made two fpelling errors. All fixed now.
I knew it would happen.
you'll regret selling them.
Also, $36K per year at age 23 is not that bad. When I was 23, I was making around $32K, and it was not that long ago.
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)
Living is about learning, laughing and loving. (okay, a little work is involved, along with strategy)
You seem to have your priorities in order. You are young, single and have spare time. What you have amassed in coins you need to look at carefully. If you want to liquify part of your holdings, do it with the coins that are "humbug", "so-so"... not great coins. Then you will have a little spending money without giving up the best coins. It's really quite simple.
Cladiator has a bit of a lithp in his "type" set.
Kind regards,
Joe
~When your output exceeds your income , your upkeep will be your downfall~
Pay down debt first.
``https://ebay.us/m/KxolR5
I know it's a typo. but the idea of a "fate deposit box" intrigues me. Mike
<< <i>-- and it was not that long ago --
Who knows if the internet calculator is correct or not (or if I am even doing this correctly), but my $32K salary in 1993 is the equivalent of $42K today. So the kid isn't doing that badly.
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)
<< <i>So... the short of it... I'm a teacher who loves being outdoors and makes $36,000 a year. I'm only 23, and have about $14,000 in coins right now.
Is it crazy that a day doesn't pass where I consider selling it all off and spending some summers backpacking across Europe? I'm in Colorado, so weekly ski trips throughout the winter sound tempting. Getting an early start on my retirement doesn't sound too bad, either.
How about some input? >>
$36K is pretty damn good at 23 and teaching. That's for only 9 months of the year. Keep the coins, get a job for the summers instead of just vacationing. Your annual income would likely be much closer to $45K which would be huge money at 23. Put your summer money into your retirement account or house fund. At some point, you'll be getting married and actually want to own a house or condo somewhere. You'll need money for that.
Use different Bank accounts, 1 account for coins, 1 account for vacation money, 1 account for paying utilities........
You can combine your passions, take a backpacking across Europe, looking for coins, plan your route so that it has stops at places that have coins, even if you do not buy any I bet you will still enjoy your trip even more.
AL
If you haven't done much traveling, I believe it can be a better investment than any coin or stock or mutual fund (and I am a person that writes an investment blog). It sounds like you are single. Someone who has been to different places and had big adventures will likely have a much better perspective on life. More likely to find and pick a better mate than someone socking away money or coins. When you are young and not so well off, travel has a romantic feeling that can never be duplicated, when and if you can afford better accommodations.
Now, if you have already been taking a big trip every summer, it is not so new, and may be reaching diminishing returns. Again, the word is balance. 10% to savings, 10% to coins, 10% to travel/fun, would be a nice balance, if that fits into the budget. 30% savings like some advocate, plus a summer job, I find to be stupid for a young person with a bright future and good decision making capability. A lot will change during the long term. Some opportunities you have now will likely not be there when you are 28 or 33, or 43, and I am not talking about investments or coins.
Rick
<< <i>Thanks for all the comments folks. 70% of you seem to support selling some (half or more) and living it up / upping the investments. It looks like its time to hit up the BST... but first I need to pick out which 5 I love most
The ones we love the most are the hidden jewels we find when we look through hundreds and thousands of ordinary coins, aren't they? For me it is the hunt rather than looking at the darlings of my collection. I am buying an acre on the water here in Florida, with a nice house. I will get up every morning and watch the sun rise out of the water and think 'wow, am I glad I sold my VAMs to get this place." Most coin collectors I know get most jazzed by the hunt not the ownership.