Day job/budgeting for cards

[smrtn240]

Recently getting back into collecting and having discovered this fine board a few months ago, I have seen some extraordinary collections on here. Having met and talked to some experienced dealers at shows, some stating that they have collected for years and that it is there primary source of income..made me wonder how some aquired such an extensive collection. I try to budget myself with cards and do have a full time career job, but still can't see myself having such an astonishing collection as seen by many of you. Granted I'm in my 20's and getting started again on an adult collecting level, could use some tips or tricks in slowly building a nice high end collection as a possible investment while still enjoying this great hobby.

[T205 GB]

Get a second job and collect what you enjoy

[Shoele$$]

Another tip, don't take loans out to finance your hobbies. If you can't afford to pay cash for it, wait until you can. You'll be better off in the long run. You also have to remember quite a few of these guys here have been collecting for many, MANY years and a good number of these guys have acquired certain "high end" cards BEFORE the big time vintage price boom of the last 10-15 years.

Vintage cards aren't the only thing that's gone up DRAMATICALLY in value over the last 10 years. Collector/sports cars, boats, motorcycles, fine watches, jewelry, art, coins, antiques, guns etc. Anything hobby related was affected by the housing/economic boom 10 years ago. Many people around the country quickly hit the "equity jackpot" in their homes to the tune of 100's of thousands. That money was then quickly dispersed into the hobby markets by many, who all of sudden, were major players and had the funds to make it happen. The end result.....ridiculously over inflated prices on litterally everything hobby related.

Ok rant over......you get the picture. No point in trying to keep up with the Joneses, collect at your own pace.

[Texxxx]

Originally Posted by Shoele$$

No point in trying to keep up with the Joneses, collect at your own pace.

That sums it up perfectly!

[markf31]

Originally Posted by Shoele$$

No point in trying to keep up with the Joneses, collect at your own pace.

+1

I always shudder anytime someone new into the hobby mentions the word investment or the phrase "possible investment". In my mind its either a hobby or its a business/investment, it's difficult to find a balance where it's both.

[g_vezina_c55]

I buy sports cards since 1990....

[rainier2004]

Originally Posted by markf31

I always shudder anytime someone new into the hobby mentions the word investment or the phrase "possible investment". In my mind its either a hobby or its a business/investment, it's difficult to find a balance where it's both.

My wife and I literally own 3 cards as investments, ones we can afford, that were purchased with clear cut goals, long term projections, researching other competitive investments and how liquid those exact cards. Ive bid on or inquired about 10 cards or so with this as the goal...but it has to be the goal from day1. The rest of my collection is a hobby...2 completely different things, not sure if someone new to the hobby could do this and would have to agree with Mark.

As far as buying things w/o the cash - Id agree with this for the most part, but there is the other side of buying a massive lot, NOT on a cc, breaking it up while keeping some and putting the money back if youre confident in what youre selling will go for what you think it will. Ive done this 4 times...all 4 times were definitely worth it for me. Collect at your own pace is also great advice. Good luck.

[travrosty]

Originally Posted by smrtn240

Recently getting back into collecting and having discovered this fine board a few months ago, I have seen some extraordinary collections on here. Having met and talked to some experienced dealers at shows, some stating that they have collected for years and that it is there primary source of income..made me wonder how some aquired such an extensive collection. I try to budget myself with cards and do have a full time career job, but still can't see myself having such an astonishing collection as seen by many of you. Granted I'm in my 20's and getting started again on an adult collecting level, could use some tips or tricks in slowly building a nice high end collection as a possible investment while still enjoying this great hobby.

dont collect as investments, buy best quality you can afford, other people have super great collections because they can afford it. make a lot of money and then get whatever you want. otherwise save for one nice thing at a time.

dont worry about investments when you collect , collect for FUN.

warren buffet invests as good as anyone, and i have never heard of him buying cards or sports memorabilia. its too much of a carp shoot.

[Leon]

Originally Posted by travrosty

dont collect as investments, buy best quality you can afford, other people have super great collections because they can afford it. make a lot of money and then get whatever you want. otherwise save for one nice thing at a time.

dont worry about investments when you collect , collect for FUN.

warren buffet invests as good as anyone, and i have never heard of him buying cards or sports memorabilia. its too much of a carp shoot.

Don't shoot carp, they are fish too!!

[mattsey9]

Originally Posted by Leon

Don't shoot carp, they are fish too!!

Carp are people too!

[Shoele$$]

Originally Posted by Leon

Don't shoot carp, they are fish too!!

Lolz! Nice catch

[queencitysportscards]

I would like to think that the cards I collect will appreciate in value over time, but that is not always the case, so collect for the fun first, investments second. Pre-War has certainly appreciated in value over the last 10 plus years and one can assume that they will continue to go up or hold steady over time in value. I specifically collect vintage because I appreciate and respect the history, but I also know if I ever want to sell, I should at the very least come close to getting my money back.

I try and reward myself with a few cards a month that I am trying to get to complete my collection (I am currently putting a T206 Reds set together). I have kids, a family and a business to run, so I can't spend all my money on cards (unfortunately).

Collect within your means and don't overspend. Look for deals, search eBay and other auction sites (big and small), and stop by a local card show (if there is one near you) and look at the BST forum on Net54...I have picked up a few good finds in the last few weeks and have had nothing, but smooth transactions with various members. There are still some good bargains out there.

Decide on what you want to collect, graded cards, raw, high end etc and that will determine what your budget will be on obtaining cards.

Happy Collecting!

[cubsfan-budman]

imho, half the fun is collecting things you like/are proud of on a budget. sounds silly, but if i could buy whatever i wanted, i'd end up buying a ton of crap all at once, then i'd be bored. gathering slowly has its charms.

[queencitysportscards]

Originally Posted by cubsfan-budman

imho, half the fun is collecting things you like/are proud of on a budget. sounds silly, but if i could buy whatever i wanted, i'd end up buying a ton of crap all at once, then i'd be bored. gathering slowly has its charms.

Well said cubsfan!

[abothebear]

Here is a few bits from my experience getting back into it over the last 3 years:

On the Money Side-
Set a budget that is reasonable.
Stick to it.
Skimp on a month or two to build a budget surplus that will free you up if that moment comes when you've got to have a card out of your usual budget range.
Don't get into any card that you can't get out of with minimal loss. At the same time, if you are buying cards you love, that value should also be considered. There are a few cards I have that I would still love even if they became worthless overnight.

On the Card Side-
Take your time to figure out what your focus is. Since you can't get them all, what would you be most eager to get? It takes a while, when you have a smaller budget, and even when you don't, to make progress on a particular strategy and it is easy to lose interest in that strategy, and add a second, and third, and fourth focus. And pretty soon you don't really have a focus anymore.

[conor912]

Start with small goals then build on them over time. Follow as many sales and auctions as you can, regardless or your intent to buy or not. This will give you a solid base of knowledge as to what's out there and what the going rate for it is.

You also have time on your side. The lions share of collectors are white men ages 40 to 65 with not as many new collectors entering the market as are leaving it (due to retirement/downsizing/dying). When all of the supply and all of the demand come from one group of people, it's just a matter of time before the market will get flooded. With more collections for sale and less people buying them, prices will drop considerably. This will be great for future purchases, but not so much for past ones. This is obviously all speculation and MHO.

[I Only Smoke 4 the Cards]

Originally Posted by cubsfan-budman

imho, half the fun is collecting things you like/are proud of on a budget. sounds silly, but if i could buy whatever i wanted, i'd end up buying a ton of crap all at once, then i'd be bored. gathering slowly has its charms.

I totally agree. I am building a T-206 collection in part because of the time and discipline it will take. If I obtained it all at once I wouldn't appreciate nearly as much.

[T206Collector]

You can buy small groups of pre-war cards over time and build a substantial and valuable collection. I was able to afford Lionel Carter's T206 Plank because I sold 400 T206 cards that I had accumulated over a 10 year period.

[markf31]

Originally Posted by cubsfan-budman

imho, half the fun is collecting things you like/are proud of on a budget. sounds silly, but if i could buy whatever i wanted, i'd end up buying a ton of crap all at once, then i'd be bored. gathering slowly has its charms.

Originally Posted by I Only Smoke 4 the Cards

I totally agree. I am building a T-206 collection in part because of the time and discipline it will take. If I obtained it all at once I wouldn't appreciate nearly as much.

Agreed. Most of us are collectors, not just buyers of cardboard.

And I would also suggest, try not to get caught up in cardboard envy. I dislike registries for this reason. Don't worry about comparing your collection to that of others, or wondering how you can one day have an astonishing collection yourself. These are hollow goals that will rob you of the enjoyment of collecting and make it more a burden than anything.

[conor912]

Originally Posted by markf31

I would also suggest, try not to get caught up in cardboard envy. I dislike registries for this reason. Don't worry about comparing your collection to that of others, or wondering how you can one day have an astonishing collection yourself. These are hollow goals that will rob you of the enjoyment of collecting and make it more a burden than anything.

great advice.

[ullmandds]

Many on this board...myself included starting collecting when these cards weren't terribly expensive...or valuable. Over time values of some cards exploded enabling the collectors to "re-invest" some profits on higher $ cards...myself included. This combined with having more disposable income than I had when I was younger...enables me to acquire some sweet cardboard.

While I am certainly a collector by nature...and at heart...I do consider my bb card collection as an asset when tabulating my net worth...but not really an investment?!

[smrtn240]

Originally Posted by abothebear

Here is a few bits from my experience getting back into it over the last 3 years:

On the Money Side-
Set a budget that is reasonable.
Stick to it.
Skimp on a month or two to build a budget surplus that will free you up if that moment comes when you've got to have a card out of your usual budget range.
Don't get into any card that you can't get out of with minimal loss. At the same time, if you are buying cards you love, that value should also be considered. There are a few cards I have that I would still love even if they became worthless overnight.

On the Card Side-
Take your time to figure out what your focus is. Since you can't get them all, what would you be most eager to get? It takes a while, when you have a smaller budget, and even when you don't, to make progress on a particular strategy and it is easy to lose interest in that strategy, and add a second, and third, and fourth focus. And pretty soon you don't really have a focus anymore.

Thanks for the advice everyone... this pretty much sums up what I think happened, I lost focus. Hate to say it but what brought me back in to collecting was when I was laid off from my job and started buying higher end $500+ cards to flip and make a few bucks to pay some bills. I quickly got that warm feeling back(you all know what I'm talking about I'm sure) from owning such cards and found myself getting attached to them again. I need to re-focus and learn to budget better now I guess. Thanks all.. You are a great bunch!

[steve B]

Lots of good advice.

Collecting to me is something where taking the long view is workable. It's one thing to have a decent size budget and focus on one set aiming to finish it in a particular time. It's much more challenging to look at cards overall and collect a broader range assuming you might never finish most sets.

Heading for 50, I wish I'd bought more cards when I was 20. 30 years from now there will probably be at least a few people with the same thought. But if I'd bought more cards I'd have missed out on some stuff that's more important in the long run, like ski trips with my friends. (Next year we'll be taking a camping trip 30 years after the one we took in 83, and 93, Skipped in 03 since the camping area had some serious crime problems.)
Going into any sort of debt fora collection is pretty silly unless you look at it as a thing you'll sell that's a sure thing (If I found a Wagner for 50,000 I'd take the loan, but not for most normal stuff)

Collecting without a big budget comes down to knowledge and luck. Knowing you've found a good deal when you see it makes a big difference

Steve B

[jcmtiger]

Originally Posted by smrtn240

Recently getting back into collecting and having discovered this fine board a few months ago, I have seen some extraordinary collections on here. Having met and talked to some experienced dealers at shows, some stating that they have collected for years and that it is there primary source of income..made me wonder how some aquired such an extensive collection. I try to budget myself with cards and do have a full time career job, but still can't see myself having such an astonishing collection as seen by many of you. Granted I'm in my 20's and getting started again on an adult collecting level, could use some tips or tricks in slowly building a nice high end collection as a possible investment while still enjoying this great hobby.

Get into a time machine at least to the early 1970's and start buying at flea markets, garage sales and card shows.

[sbfinley]

Don't get married. I'm just kidding. But seriously...

[smrtn240]

Originally Posted by sbfinley

Don't get married. I'm just kidding. But seriously...

You know as much as I've been hearing that lately I'm beginning to believe it.. sad but true

[dabigyankeeman]

I use a credit card, but never let it go over $1000 balance, and when it gets near there, I knock it down to about half that or less before putting more on it.

[Cardboard Junkie]

Originally Posted by jcmtiger

Get into a time machine at least to the early 1970's and start buying at flea markets, garage sales and card shows.

I agree early 70's flea markets and garage sales. I don't recall any card shows in the early seventies........maybe late seventies. dave.

[Cardboard Junkie]

Originally Posted by sbfinley

Don't get married. I'm just kidding. But seriously...

Don't get married. I'm not kidding. dave

[ullmandds]

I 2nd...or is it 4th the "don't get married" comment!!!

[smrtn240]

Originally Posted by Cardboard Junkie

I agree early 70's flea markets and garage sales. I don't recall any card shows in the early seventies........maybe late seventies. dave.

Thanks for the tip, but I don't think this is a justifiable option

[glchen]

If you are looking to build up a nice high end collection on a limited budget, my advice is to stay focused and look for bargains. Only buy cards that you really love. If you are buying cards and then selling them again because they don't quite fit your focus, then you will be losing a lot of money along the way. Money that you could be using to buy cards. You also need to be disciplined enough to only buy cards that you really want at the right price. Sometimes you just get the itch to buy stuff. You want to see your collection grow. However, that can lead to some bad purchases. So, I would start off by making a list of cards that you would really like to own (and are realistic). Then research prices that these cards are going for in the condition that you want. Put a saved search for these cards on ebay that you can check a couple times a week or so. Then put snipes on these cards at below VCP where they would be good bargains. Putting snipes out disciplines you to only buy the cards at the right price, and not overpay or let yourself get "auction fever" where you keep bidding until you get the price, but the price is way too high. As you continually bid on these cards, you'll get a sense of what the right price for these cards are and develop more knowledge on them. If you win one snipe out of 50, you've done a good job because you're buying a card that you really wanted at a reasonable price. Obviously, as others have said, you should stay within budget and not buy cards on credit as this will lead you down a very bad slope. Good luck collecting!

[smrtn240]

great, thanks Gary I will take this into account

[jb217676]

I can't recommend that you buy any postcards, just horrible little thingys....

[Bocabirdman]

Originally Posted by smrtn240

Recently getting back into collecting and having discovered this fine board a few months ago, I have seen some extraordinary collections on here. Having met and talked to some experienced dealers at shows, some stating that they have collected for years and that it is there primary source of income..made me wonder how some aquired such an extensive collection. I try to budget myself with cards and do have a full time career job, but still can't see myself having such an astonishing collection as seen by many of you. Granted I'm in my 20's and getting started again on an adult collecting level, could use some tips or tricks in slowly building a nice high end collection as a possible investment while still enjoying this great hobby.

Find Michael J Fox's Delorean. Alot of the guys on this board can tell you, the collections that they have today would be damn near impossible to round-up and afford if they were starting from scratch. Just collect what you like and should it turn into a lifelong passion, eventually some sweet bits of cardboard will find their way into your "shoebox".

[CharleyBrown]

Not sure if this has been mentioned yet, but being a little creative always helps. Find ways that you can supplement your income and/or make sacrifices to fund your addiction errr hobby.

That way you can set a budget for cards without touching your day job income... or you can a little extra to your current budget...

[martindl]

I'm going to talk out of both sides of my mouth here.

If return on investment is your goal then research, research, research, and know your market. Then, buy the absolute highest quality items you can afford. Perhaps it's just a single item, one at a time, but buy the best. Don't settle for average. Know what quality looks like so you don't have to rely on grading companies to tell you what is good. Quality always sells, which is a truism in any collectibles market. Hold out for the best.

I don't steadfastly adhere to the-buy-the best philosophy in my own collecting habits because return on investment has never been my goal. Buying things that interest me and that I enjoy has, so while I have many average things, I have lots of them. I more hoard than collect (no focus) and I'd rather have say five different average T210's than one pristine one. I do know my markets so, while I'm sure I've overpaid for a few things relative to the market, all in all, I've made decent buys.

Have fun, that's what really matters.