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 Replies: 26 / Views: 2,901 |
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Pillar of the Community
Canada
2781 Posts |
Unless you are behind on the loans I would not sell anything (especially if it isn't going to clear 50% or more of the debt), but I also would not buy anything more until the debt is cleared.
Even if you are up to date on the payments you are still better to pay an extra $20 on the loan than spend $20 at the LCS.
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Pillar of the Community
United States
3843 Posts |
I'd focus on quality of individual coins over the completeness of sets when deciding which coins to get rid of. Common coins will always be there for you to repurchase but sometimes quality coins that you like the look of may be difficult to replace at a reasonable price.
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Rest in Peace
United States
7075 Posts |
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my thoughts were just if I have the means to be even MORE ahead, should I? Yeah, sure. Why not? But it sounds like you have a good plan in action already so don't make yourself nuts over it. |
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Bedrock of the Community
United States
11951 Posts |
I like your plan to pay off debt.
For me the number one thing you can do in life is be debt free.
To develop a lifestyle where you don't build up unnessary debt
and to put more money away each month will make you and
your family very happy in the future.
Being in control of your money and debt ... make for less stress.
Now your coins
Keep the coins that have meaning to you. The favorite coins in my
collection are the odd, less seen coins. Like my Alexander the Great coins.
Also I think silver coins are great to keep. If you bought them right, they
are like having money in bank. You can always sell them if you need money. Common coins can always be bought again in the future.
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Pillar of the Community
United States
3843 Posts |
Adding to GR58's last thought: Make sure you have some emergency funds in reserve since sometimes people are forced to make very poor choices when you are broke. What might look like a good decision in the short term may cost big in the long term.
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Pillar of the Community
 United States
1911 Posts |
Great thoughts everyone and thank you for the responses. I too would love to be debt free and although it isn't impossible to be debt free at my age, being 24, I still have time to get stuff paid off. But it would be nice and at the time I would have a much bigger budget for coins and other family adventures as well. Definitely agree with the holding off on purchases that I actually keep. That will be a hard thing to do lol but was nice to think more about what coins I can do without and which coins would be hard to get rid of, at least right now. Also we do have at least a little reserve in case of emergencies too so that is covered :)
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Bedrock of the Community
United States
11951 Posts |
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I too would love to be debt free and although it isn't impossible to be debt free at my age, being 24, I still have time to get stuff paid off. Of course being 24 ... that would be very tough . But starting at your age ... means you can get debt free earlier. Think of all your purchases .. just like you do coins. Find the best deal. I was debt free at 46 ... you can't start at 40 and do that |
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Pillar of the Community
United States
992 Posts |
There's not enough money there to gain you a great deal by selling. But, you need money, and, on the other hand, want to look forward to further collecting and passing it on. Sounds like you could just take a weekend job or get some overtime and match the return in a day or two.
I'd keep the entire lot labled 'Albums', except the toned Kennedys. Sell the entire 'Random' lot except your favorite German States and the small chest of mixed stuff, and anything else you decide you really like. Sell the gold coins, but follow the price for a month or two and try for a good return.
Put all the money you get toward your loans. Every bit helps, but, frankly, 3% paydown is not much. Look at your expenses and cut them. Seriously, stop buying coins, lattes, and pizza, for a year.
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Bedrock of the Community
United States
20753 Posts |
I really am not sure how you feel right now. The trouble is in time you may well be in better shape and then will be sorry you get rid of anything. Then it may be to late to reaquire the same coins you got rid of. People do things like this all the time with cars, houses, etc. So many times I've heard people say "I used to have one like that". I USED TO, is just to late. I suggest simply putting away what you have somewhere for a while, do what you have to do for now, then in the future, hopefully, all will work out.
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Valued Member
United States
81 Posts |
Student loan debt is not only usually at a low interest rate, but it is also tax deductible.
If you are retiring debts, student loans should be the last thing to go.
But unfortunately, it won't really make a difference if you pay an extra $20 per month toward your student loan. The main point is living within your means, and not accumulating bad kinds of debt, like credit card debt (very high interest, normally have nothing to show for it afterwards).
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Pillar of the Community
United States
1911 Posts |
Yup the credit cards are all taken care of on a monthly basis and I was thinking the same thing you were Just Carl about getting rid of them and having to re-acquire them later on. At least for now I don't have a huge attachment to most of the random stuff (that wasn't planned for my son in the future) and I think I can live without the gold coins since I know if I ever did want to collect them re-acquiring these two wouldn't make a HUGE difference and it would be years before I could get any of the bigger ones like the $10/$20 coins. :)
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Replies: 26 / Views: 2,901 |
First Page
Posted 09/29/2016 9:24 pm
