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Budgeting, Patience and Goals

I was wondering how most of you deal with trying to achieve collecting goals that may take five+ years to achieve, or may never be completed at all. Do you allocate X amount a dollars a month to your hobby, and if you don't buy anything, it just builds up? Do you look for good deals when they pop up and buy based on best available market conditions? Or do you just say F--- it, and buy items regardless of perceived value, as we have no idea how long we'll be on this Earth and waiting too long may not be your cup of tea?

Right now, I am attempting to build a 1986-87 Fleer PSA 10 Base Set and Stickers (I have 25 Base Cards and 3 Stickers so far) and a PSA/DNA card collection of every NBA Hall of Famer (I have 35 players in so far). My biggest issue is tempering my patience and figuring out how to allocate my money in an intelligent manner. Trying to find "deals" on 86-87 Fleer PSA 10s in this current market is not easy, especially on the star players. My thought is to acquire the low to mid-range now and wait for a dip (hopefully) in the future to get the 4 figure plus cards. It is VERY tough to see the top end PSA 10s on Ebay and not pull the trigger. How do I squash this urge and stick to my plan?

Thoughts? Ideas?
Joe

IG: goatcollectibles23

The biggest lesson I've learned in this hobby, and in life, is that if you have a strong conviction, you owe it to yourself to see it through. Don't sell yourself, or your investments, short. Unless the facts change. Then sell it all.

Comments

  • Never let anyone tell you how to collect.
  • itzagoneritzagoner Posts: 8,753 ✭✭
    never get cheetahed.
  • bigdcardsbigdcards Posts: 1,190 ✭✭✭
    Spend whatever makes sense to you, but imo if you have debt and cards, then the interest you pay on your debt is really interest on the cards. So I do budget for it, and would sell my collection before carrying any credit card debt. If you are only spending your disposable income, then it takes time no matter what the goal is. Psa 10 1986 fleer sounds out of my league, but it should be fun.
    To bigdcards: "you are right" - cpamike "That is correct" -grote15
  • Beck6Beck6 Posts: 1,038 ✭✭✭
    I am currently in the middle if a difficult set and the one thing I wish I had done was look at pop reports and vcp early on so I could identify what cards do not come up often. I passed on some serious short prints early because of the price and it could be years before I see them again at an inflated price of course
    Registry Sets:
    T222's PSA 1 or better
  • Indy78Indy78 Posts: 802 ✭✭✭
    Do you allocate X amount a dollars a month to your hobby, and if you don't buy anything, it just builds up?

    This right here. I try to build sets through a combination of grading cards myself and buying them. When buying, I do look for value, but on low pop cards needed to complete the set, I'm not afraid to throw VCP prices out the window by paying much more.

    The trick, of course, is resisting the urge to buy something outside of the main focus when there is nothing available to purchase for the set. The flip side is resisting the urge to overspend when there are an abundance of graded cards available for the set. I "squash" the urge either way by pulling out my set and reviewing/enjoying it for what it is at the time and talking shop about the set here on the boards. Additionally, when there is an overabundance of cards but not enough in the budget for that month, I tell myself that there will always be another available to purchase in the future when I do have the cash. This is always true for the set I collect and I don't see that changing any time soon. And I think the set your collecting is just such a set.

    It also pays to periodically review your goals to see if they are still reasonable. For instance, if you decide you're not going to spend any more than X dollars for a common card and the cards frequently go a bit higher than that, then you may want to readjust your dollar limit to something more reasonable or lower the target grade to meet your current dollar limit.

    None of this easy if you're on a budget. However, you're title for this thread about sums up the best advice to follow.
  • Indy78Indy78 Posts: 802 ✭✭✭
    I am currently in the middle if a difficult set and the one thing I wish I had done was look at pop reports and vcp early on so I could identify what cards do not come up often. I passed on some serious short prints early because of the price and it could be years before I see them again at an inflated price of course

    +1. That's great advice. It pays to prioritize your purchases based on relative difficulty of the cards.
  • I try and adhere to a monthly budget myself, but that rarely works out. If I like a card and I need it, I buy it. While I don't mind paying more at times when a card is very hard to find, it's always best to not be foolish.

    As for the 1986 Fleer Basketball set, absolutely stunning in PSA 10. I have all the stars in PSA except for Chris Mullin. He usually brings about $1,000 if I am not mistaken. Here is an example of foolish IMO. There is a guy on eBay that has a really nice one for $3,000 BIN. I sent an offer of $1,250, which I believe might be a new record sale on eBay and he hits me back at $2,500. In that case I don't buy. If he had hit me back at $1,500, I may have bought or countered at $1,400.00. In this case I use patience...
  • ThoseBackPagesThoseBackPages Posts: 4,871 ✭✭
    "buy items regardless of perceived value, as we have no idea how long we'll be on this Earth "


    THIS
    Big Fan of: HOF Post War RC, Graded RCs
    WTB: PSA 1 - PSA 3 Centered, High Eye Appeal 1950's Mantle
  • Generally, I try to stay within a given monthly budget, and for the most part can do that as I am enjoying the journey of collecting vs. the final product of a completed set. Because when I finish one set, I have many more I want to get started on. So I have the patience for that, although I am trying to finish a 1974 Topps BB set to celebrate 40 years collecting before the end of the year, and while it would be cool if I did it, I won't be shedding too many tears if I end up not doing it.

    The only exception I am making right now is in some unopened packs. The unopened guys here (as well as receiving packs from past group rips) have convinced me to accumulate one pack from 1974. I have been able to accumulate a good bunch of the older packs, but there are still a couple from the 1970's I still need. I have already said 'eff it' on a couple of them, but given the recent direction of the price and availability, I may end up biting the bullet sooner than my collecting budget would allow. But for the most part that is my exception and not my rule.

    How to squash the urge - you answered your own question - stick to your plan. Maybe allow yourself a splurge purchase (if your budget would allow), but remember that this is a journey. If possible, split your budget - one pile for the low and mid-range, and one pile for the big tickets. Keep your eyes open and when the opportunity knocks - pull the trigger.

    Good luck with your collection - just remember to have fun with it.
    Collecting Topps Baseball: 1966-present base sets
    Topps/OPC Hockey 1966-Present base sets
  • I'm a slow and steady kind of guy. I'm chipping away at the granite boulder that is the Yaz master set. I know I'll never reach 100%, and that my goal of 90+ is literally a lifelong project. And I'm at peace with that. I hope to add about 10 to 15 PSA graded items per year.
  • The hobby should be fun. So getting in debt is no fun. So a budget is a good idea. I try to buy something once a month to meet the addiction. If something comes on sale then I buy if in my budget. But have fun . It is your hobby no one else's. If you get joy. Awesome!
  • jmaciujmaciu Posts: 1,290 ✭✭✭
    In the last year, I have attempted to budget, but I have failed miserably. However, I have built a nice, diverse baseball collection. Now that the second half of the year is approaching, I plan on trying to be more frugal, organize my collection, and enjoy it more. I have accomplished a lot of what I want to with unopened portion of my collection, with only holes to fill in. So, it will hopefully be easier to budget.
  • pdub1819pdub1819 Posts: 1,986 ✭✭✭✭
    Sounds like I am similar to many on this thread. I budget a certain amount each month, sometimes I spend it and sometimes I don't. If, I get some type of extra pay at work, I usually take a certain amount of that and put it in my paypal account (which helps a lot, just don't tell the wife I do that). Right now, I'm working on the HOF Rookie set and I still need the Mantle, Mays, Mathews and some other large ones…well, my budget doesn't allow me to buy one of those each month, so it's going to take a while. I'm ok with that because I can look at my cards and know that what I have accumulated thus far is pretty awesome! I just bought a new scanner for the sole purpose of scanning those cards!
  • ashabbyashabby Posts: 471
    Good point. I am buying a scanner this summer to get on psa site for others to enjoy. Also will make me go back and look at what I have. This should save me money and help me focus and enjoy what I have.
  • SpinFadeSplash23SpinFadeSplash23 Posts: 909 ✭✭✭
    Thank you for the great advice everyone. I feel a little more confident in my collecting blueprint. Reading some of the posts on here, it is easy to get caught up in the excitement and rush of acquiring a key part of your collection.

    Steady, this ship goes..... (/wave)
    Joe

    IG: goatcollectibles23

    The biggest lesson I've learned in this hobby, and in life, is that if you have a strong conviction, you owe it to yourself to see it through. Don't sell yourself, or your investments, short. Unless the facts change. Then sell it all.
  • RookieHOFersRookieHOFers Posts: 733 ✭✭✭
    I will give you a slightly different perspective by which to consider.....I collect mainly fairly high grade HOF rookies. I have been doing so for quite some time. I historically have not ever budgeted for any purchase I wanted to make. If I saw a card I liked I bought it for the most part. There were some exceptions on really high dollar cards, but you get the idea. This year has been one of the toughest years of my life. My wife and I have separated, I see my kids about 50% of the time each month, I have 60% of my income going to my wife so she can live in our old home and we limit the impact on my kids, and I'm heartbroken like I have never been in my life.

    I have almost zero disposable income. I have completely done a 180 and now have to budget for any purchase I am to make. I rely on good friends/dealers that are kind enough to allow me to buy cards on installment plans, etc. With all that being said, I have never been more fulfilled than I am right now with where I am in my collecting. I appreciate everything (cards included) so much more than I ever dreamed about prior to this jolt to my life occurring. I struggle now. Sometimes I have to sell some cards every now and again to get by month to month, but as crazy as it sounds, I like it that way!

    I wish you well in whatever direction you go with your collecting. The 86 Fleer set is a great set.

    Matt
    Matt
    I collect: 80’s Rookies and 86 Fleer Basketball
  • ashabbyashabby Posts: 471


    << <i>I will give you a slightly different perspective by which to consider.....I collect mainly fairly high grade HOF rookies. I have been doing so for quite some time. I historically have not ever budgeted for any purchase I wanted to make. If I saw a card I liked I bought it for the most part. There were some exceptions on really high dollar cards, but you get the idea. This year has been one of the toughest years of my life. My wife and I have separated, I see my kids about 50% of the time each month, I have 60% of my income going to my wife so she can live in our old home and we limit the impact on my kids, and I'm heartbroken like I have never been in my life.

    I have almost zero disposable income. I have completely done a 180 and now have to budget for any purchase I am to make. I rely on good friends/dealers that are kind enough to allow me to buy cards on installment plans, etc. With all that being said, I have never been more fulfilled than I am right now with where I am in my collecting. I appreciate everything (cards included) so much more than I ever dreamed about prior to this jolt to my life occurring. I struggle now. Sometimes I have to sell some cards every now and again to get by month to month, but as crazy as it sounds, I like it that way!

    I wish you well in whatever direction you go with your collecting. The 86 Fleer set is a great set.

    Matt >>



    Hang in ...I was in that place in 2008 after three years we divorced and started dating a month after divorce and back together again. She says the best thing to happen. I disagree but it works for us. We have been together 23 years. I started the hobby back a few years ago and it has helped with life in general and enjoy the way it calms my mind. Enjoyment is the key.
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