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 Replies: 19 / Views: 2,947 |
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Valued Member
Virgin Islands (U.S.)
68 Posts |
I came into a small stash of cash and wanted to restore my collection that mysteriously disappeared during/after my divorce. It let me go a bit overboard to let me build a *new*, even better collection, but there came a point where even I went "whoa, cowboy!" after totaling up all the receipts from that. Because as anyone would expect, I got a little crazy with the shopping cart, but still nothing I can't afford/absorb.
So thusly, my budget plan is to set aside X dollars out of 1 paycheck a month to add to my collectipn. And if I don't find anything worth buying during that month, I roll it over to the next month. And that's it.
Sticking to that .. well, maybe a different story :)
This is why you buy your bucket listers when you have that wad of cash and then everything after that is just dressing.
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Pillar of the Community
1110 Posts |
All I know is coins and divorce don't mix!!
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Pillar of the Community
United States
3281 Posts |
While I don't know a single thing about divorce, I do know something about budget.
Personally I tend to be a bit of a cheapskate. However it's a decent quality to have as it makes you look for the best deals, and allows you to save your money until the proper moment.
If you have a steady income, setting a little aside every month for your collection sounds like a fair idea. You've just gotta have the willpower and self control to keep to it!
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Pillar of the Community
2145 Posts |
I've never been divorced either but I did have a live in girlfriend awhile ago that stole all of my gold coin collection. I've never been able to replace it - the collection that is - I did replace the girlfriend  @Scott - Glad you are able to replace your collection  |
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Pillar of the Community
1110 Posts |
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Pillar of the Community
 United States
6514 Posts |
@Rothery
I'm so careful not to let anyone know that I collect coins. I think even if I were in the dating scene that would include girlfriends. Sorry to hear about your loss. That had to have been quite the gut shot.
Three cheers for your neighborhood bank's safe deposit boxes.
Edited by chafemasterj
01/07/2021 3:47 pm
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Pillar of the Community
2145 Posts |
Quote:
If that had happened to me, I'd be typing this to you from jail!! No fret MOS, it was a long time ago and I've been out for quite some times - Quote:
That had to have been quite the gut shot. Yes, it was J, a big time expensive learning experience. But back then I was able to buy St Gaudens for 5-600$. AND better a gutshot then a gunshot - Edited by Rothery
01/07/2021 3:55 pm
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Pillar of the Community
1110 Posts |
Quote:No fret MOS, it was a long time ago and I've been out for quite some times  |
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Pillar of the Community
United States
7003 Posts |
I to have a % budget that rolls over month to month, if I can't find that Wooow coin and no more impulse buying or bidding (unless under melt value by 15 to 20%) Side note, my girlfriend thinks every coin I buy was 2 bucks.. |
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Pillar of the Community
United States
584 Posts |
i keep mine in the good o trusted gun safe and myself only has the key and combo lol. more worried about the kids over the wife. As for a budget like my wife if its a very good deal buy it if not leave it alone, but then again I'm not buying bu rolls from 1900s from boa or frb either dont have that kind off budget lol.
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Pillar of the Community
1110 Posts |
Quote:Side note, my girlfriend thinks every coin I buy was 2 bucks.. You should marry that one! She won't want your coins during the divorce settlement. |
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Pillar of the Community
2145 Posts |
Quote:
Quote:
Side note, my girlfriend thinks every coin I buy was 2 bucks..
You should marry that one! She won't want your coins during the divorce settlement. Yeah but that might backfire. If she needs a quick 20$ she may just grab 10 of your most prized coins.........  |
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Pillar of the Community
United States
9395 Posts |
I didn't add any coins after march 2020, so I have a lot of "budget" saved up to improve my US type collection with slabbed coins (NGC registry set).
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Bedrock of the Community
United States
20753 Posts |
At a coin show some time ago a dealer told me his assistant just got a divorce so he quickly started to sell off everything before she did.
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Pillar of the Community
United States
7934 Posts |
@STT, I hope your coin budget is set aside after you've set aside retirement savings each month. Very important.
I don't budget for my coin purchases (though I tend to be resistant to coins above a certain pricepoint), and my 2020 spend was a bit like you describe... so maybe I should. I've gotten less disciplined as I've gotten older.
Edited by tdziemia
01/08/2021 09:02 am
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Pillar of the Community
United States
7273 Posts |
The way it should work is:
1) Save the most you can for retirement, the current limit is $19,500 if under 50 and another $6500 if over 50.
2) Save for a rainy day
3) Live within your means
4) Save money for frivolous things (like vacation, hobbies, dinners out)
The top 3 are most important. I only spend money on my hobbies when the top 3 are taken care.
But to your comment. I put away X every 2 weeks for my hobby, I also have a budget for lunch, gas, etc. Since I have been working from home the small budget is barely touched, so I've been using some of the excess to get a few more coins/currency than usual. When something costs more than my budget, I wait until I have enough. I also have a small astrophotography hobby that I sell my images and use that money to support my hobbies. Some months like last, I sold 3 prints and had extra, so far this month nothing is selling, so my purchases will be less.
Also you have to take into consideration what you want to buy. For example an MS 66+ coin might cost you $1000 while that same coin in MS 64 might be $200-$300. I would get the MS 64, but many people will get the MS 66+, neither is wrong, its just what you want from the hobby.
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Replies: 19 / Views: 2,947 |
Posted 01/07/2021 2:48 pm
