exit strategy?

[Collect Equity]

I've thought lots about this. If I die young or unexpected, my cards will act as a second life insurance policy. I regularly review different auction company options with my wife so she knows where to liquidate them.

If I die old, I plan to sell my cards just before I die and give 100% of the proceeds to charity. I decided this when I started collecting again because it's completely illogical for a grown man to spend four-figures on a small piece of cardboard. I feel better knowing that I'm giving a delayed gift to a charitable cause.

Also, I don't care at all about my card's values because it's all going to charity some day anyway. In fact, part of me would love to see the market tank so I can buy all the cards I can't afford today.

I am making it very clear to my kids that they won't receive anything of value (including cards) when I die. They'll get family heirlooms of no monetary value (and I'd consider throwing in some t206 beater commons) but I don't want them to be thinking of the value of my estate as I get older.

So that's my plan. I hope to live to the day where I get to see my collection sold at auction -- in fact, I'd like to write up the auction catalog descriptions

[T206Collector]

I sometimes think philosophically about my collection...

A...Why do I have these tiny little pieces of old card board when I could sell them and use the money to do something sensible (pay off the mortgage, bills, etc.) or silly (extreme Vegas vacation) with?

B...Will I keep my collection until I die?

1......if so, will the cards be auctioned by my heirs, or will they want to keep the collection in tact?

2......if not, when is the right time to sell them all (then See A above with respect to use of proceeds)?


More or less, I agree with one of the posts above that said we all need something that makes us "tick." And, for me, autographed T206 cards REALLY make me tick these days. If I got rid of them today, I think I'd feel pretty lousy about it.

In addition, I satisfy my responsible gene by considering the cards a last resort of emergency savings in the event of, well, an unforeseen personal financial crisis.

And, I've got 3 boys now -- one of whom is named Mathewson -- so I am certainly banking on one or more of them getting the urge to scratch this collecting itch I've got.

[Orioles1954]

I plan on selling my collection when I retire and use the proceeds to serve a full-time humanitarian mission for my church.

[bbcard1]

I would not leave my son my complete collection if he was the biggest collector in the world. It would be unfair to him. The joy in collecting is the sets you complete yourself and the relationships you make along the way. I am unsure that if I could present to my children an opportunity to live a life of nothing but luxury I would do so. There is glory in the process, in seeing the victories and overcoming the failures and understanding the blessings of friends and family who stick with you no matter what.

[Orioles1954]

Originally Posted by bbcard1

I would not leave my son my complete collection if he was the biggest collector in the world. It would be unfair to him. The joy in collecting is the sets you complete yourself and the relationships you make along the way. I am unsure that if I could present to my children an opportunity to live a life of nothing but luxury I would do so. There is glory in the process, in seeing the victories and overcoming the failures and understanding the blessings of friends and family who stick with you no matter what.

Precisely the reason I have no plans in setting up a college savings plan for my kids. When I saved and plucked away on my own it was simply more valuable to me. I guess we could apply this principle to anything in life.

[T206Collector]

Originally Posted by Orioles1954

Precisely the reason I have no plans in setting up a college savings plan for my kids. When I saved and plucked away on my own it was simply more valuable to me. I guess we could apply this principle to anything in life.

The answers to these posts really say a lot about a person's values. I totally understand where Orioles1954 is coming from, but I would like to share that 20 years ago my parents gave me a free ride to an expensive private college. The wonderful gift my parents gave me was extremely appreciated at the time and even now. I plan on hopefully passing on that gift to my kids one day. Heck, they're so young, at this point I just hope they want to go to college in the future!

On the other hand, I was and am still on the hook for my own sizable law school tuition and expenses. Although I graduated in the 1990s, I will still be paying law student loan debt off into the late 2020s. There is nothing satisfying or rewarding about writing that check every month I can tell you. But, I likely will require my kids to do much the same for any post-bachelors degrees they might seek.

[bbcard1]

FWIW, I am completely planning on paying for my kids' college...house is paid for, I make a decent living, why not. They will both likely go to a Virginia state college...it is up to them to do well enough to get into UVA or William & Mary.

[abrahamrudy]

Originally Posted by T206Collector

The answers to these posts really say a lot about a person's values. I totally understand where Orioles1954 is coming from, but I would like to share that 20 years ago my parents gave me a free ride to an expensive private college. The wonderful gift my parents gave me was extremely appreciated at the time and even now. I plan on hopefully passing on that gift to my kids one day. Heck, they're so young, at this point I just hope they want to go to college in the future!

On the other hand, I was and am still on the hook for my own sizable law school tuition and expenses. Although I graduated in the 1990s, I will still be paying law student loan debt off into the late 2020s. There is nothing satisfying or rewarding about writing that check every month I can tell you. But, I likely will require my kids to do much the same for any post-bachelors degrees they might seek.

tell me it's all worth it. i need motivation to get through it. I'm a 1L now!

[E93]

Originally Posted by Orioles1954

Precisely the reason I have no plans in setting up a college savings plan for my kids. When I saved and plucked away on my own it was simply more valuable to me. I guess we could apply this principle to anything in life.

I agree with T206 Collector above. My parent's paid for my undergrad college and I could not have appreciated it more. I did not take it for granted at all. I knew I was incredibly fortunate. It did not breed laziness in me. I am something of a workaholic. In fact, I loved it so much I went on for an M.A. and Ph.D. and am now a professor. And I will certainly do everything I can to help my son through college.
JimB

[Runscott]

Is it your responsibility to clean up everything in your life before you go? My kids are aware that almost everything in my home is a collectible, and that they will need help to get rid of it. I'll probably give them a few names of people to send stuff off to for disposal - someone for photos, another for cards, another for pool cues, etc. And it will all be documented with values, in case they want to try it themselves, or keep some of it.

You have to live while you're alive and pretending like you're about to die is kind of morbid. My kids will have to sort out a bit of a mess, but at least I'm leaving them valuable stuff - not the kind of garbage most people leave behind. It will be an inconvenience for them, but hopefully the fun of spending the cash will make up for it.