Do you find yourself to be a less prudent coin buyer after a windfall?
A little looser with the wallet after a good chunk of cash falls into your hands?
Any regrets?
Comments
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No, I just follow my strict guidelines as always
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What's a windfall?
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If buying coins with that windfall I would apply my usual logic and research but toward a more expensive example, like a HR Saint.
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Give me a windfall and I'll let you know.
I find that I tend to he more tight fisted when I get extra money.
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Human nature, spend it if ya got it.
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I was about to find out but some fat cat bidder just messed that up.
*stupid auction waste of time *
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Mine is an Ike dollar....... x10 :'(
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@matt_dac said:
If buying coins with that windfall I would apply my usual logic and research but toward a more expensive example, like a HR Saint.That is a very good answer.
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Many collectors have a want list. With a windfall (like that's gonna happen) I would refer to that.
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I've had two significant financial windfalls in the last ten years.
The first one mostly went to cleaning up accumulated personal financial mistakes (the decades old crap debt of day-to-day life). The second one went to desired coins and to strengthening personal savings.
When buying those coins, I did work from my long-considered, hand-written (and oft revised) "coin want list" or even what might be called my "coin bucket list". I did not come close to clearing even ten percent of my list.
I view a financial windfall as something that was wholly unearned or even possibly undeserved. Something that could not be 100% certain until the moment that it was actually in one's own grubby little paws. The amount will vary from individual to individual.
A more entertaining question might be to ask each of us to post five items from our "coin bucket list", with the proviso that the items listed must be something that we have some reasonable, realistic hope of someday obtaining.
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Yes. I do this.
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I tend to use my knowledge, research and consult resources even when I have extra cash... I just do not like to waste funds....for any reason, at any time. Cheers, RickO
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I was thinking about posting a similar topic recently, about how often inherited coins and converting them to money comes up, but converting inherited money into coins doesn't. I think I would put the money into a secure investment (CD for example) and spend some/all of the interest on coins. The assumption here is that a person is secure otherwise and the windfall isn't better used elsewhere, like paying off debt.
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What's a "windfall?" Is that where the wind blows so hard you get knocked over, hit your head and think you're rich?
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@kbbpll said:
I was thinking about posting a similar topic recently, about how often inherited coins and converting them to money comes up, but converting inherited money into coins doesn't. I think I would put the money into a secure investment (CD for example) and spend some/all of the interest on coins. The assumption here is that a person is secure otherwise and the windfall isn't better used elsewhere, like paying off debt.All of the interest would buy you a roll or two of Sacs. CD holders are getting hosed.
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No, just the opposite.
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@Coinstartled said:
@kbbpll said:
I was thinking about posting a similar topic recently, about how often inherited coins and converting them to money comes up, but converting inherited money into coins doesn't. I think I would put the money into a secure investment (CD for example) and spend some/all of the interest on coins. The assumption here is that a person is secure otherwise and the windfall isn't better used elsewhere, like paying off debt.All of the interest would buy you a roll or two of Sacs. CD holders are getting hosed.
Spot on...
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Well, let's say it was 100k. I can get 2.6% and buy a $2600 coin every year forever and still have the 100k. To a frugal guy like me (who has never spent that much on a coin, ever) that sounds like a winner.
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Yes. "Easy come. Easy go."
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."----Voltaire3 -
Yes. Also walking around when the show almost over usually leads to a purchase I want but don't need.
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I cant confirm or deny spending an extra nickel on a coin after an influx of $$ from a casino.
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Absolutely! There is no reason to have extra cash lying around.
It can always be used for a "down payment" on something ENORMOUSLY useless and expensive.Down with extra money!
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@RogerB said:
What's a "windfall?" Is that where there wind blows so hard you get knocked over, hit your head and think you're rich?The term literally means when a high wind picks all of your ripe tree fruit for you at once, and scatters it about your orchard ground..
Suddenly, no work of climb 8ng and choosing, but you must move it fast or it rots on ya .
Liberty: Parent of Science & Industry
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Colloquially, it's any financial boon.
I tend to buy a childhood dream type coin after minor windfalls.
Liberty: Parent of Science & Industry
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What is funny, or sad, is that when I sell a bunch of coins thinking I am going to pare back, I just plow all that money and more into a whole new bunch of coins or new series.
If nature abhors a vacuum, then nature is flooding my coin vacuum every time I try to empty it.
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Less prudent, no. I just worry less about the purchase destroying my immediate financials.
"May the silver waves that bear you heavenward be filled with love’s whisperings"
"A dog breaks your heart only one time and that is when they pass on". Unknown1 -
@kbbpll said:
Well, let's say it was 100k. I can get 2.6% and buy a $2600 coin every year forever and still have the 100k. To a frugal guy like me (who has never spent that much on a coin, ever) that sounds like a winner.Personally in today’s markets no way would I settle for 2.6%.
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Stupid question.
Get a wife.
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Which of course is really not my point.
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It helps to be more philosophical when your "stack" is adding value of 5 figures per day.
But the opposite is true, too.
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Even a minor lil windfall or bump and I am definitely looser with the wallet
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I may loosen up a little and pay retail perhaps, but usually I spend the same...
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Being prudent and cutting corners or just being plain cheap are different concepts
Experience the World through Numismatics...it's more than you can imagine.
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It has happened to me, be careful.
If it’s coins that’s not as bad as something entertainment / travel related as that money gone forever. However the memories from the other (T&E) remain.
Investor0 -
Windfalls tend to make people a bit more free with their money. 35 years ago I sold my Elder collection at a coin show for what was then a good price. With the money burning a hole in my pocket, I decided to splurge and buy one of the 14kt gold magnifying glasses I had been wanting for years.
I went over to the table of Harlan White, who always had a few in inventory. I picked out one I liked, and said "How much is it," expecting to pay in the $750 to $1,000 range.
He said "Take it, it's free! I won $17,000 at the craps table last night!"
So, his windfall was mine! I still have the glass, and wear it at ANA conventions.
Professional Numismatist, Retired. 55 year member ANA. Former ANA Senior Authenticator. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and ANA Lifetime Achievement Award 2020. Winner of the PNG's 2026 Robert Friedberg Award for "The Enigmatic Lincoln Cents of 1922," Available now from Whitman or Amazon.4 -
Great story, Tom. We need a picture of the glass.
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Windfall? I'd like to have a problem like that.
oih82w8 = Oh I Hate To Wait _defectus patientia_aka...Dr. Defecto - Curator of RMO's
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@Coinstartled said:
Great story, Tom. We need a picture of the glass.Agree, I'd like to see that!
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I did win $9 playing the lottery, once. Splurged that day. Bought this , with the winnings.
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