exit strategy?

[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.

[glchen]

I also received a free ride from my parents to an expensive undergraduate institution. Everyone is of different opinions of course, but I also cannot tell you how grateful I am to my parents for doing that. There is nothing like entering your first job free of the burden of a huge debt. If you were a doctor and practically guaranteed huge salaries going forward, it may be a different story. However, the first job out of school, you're making a pittance, working like a dog to establish your career, living in a crappy place with roommates, etc, not having to pay college loans is a huge relief. I don't think this made me less responsible, and I would really try to do the same for my kids. Obviously, everyone comes from different circumstances, so not everybody can afford to do this (or even believe that this is the right thing to do).

If one or both of my kids were truly interested in my collection (and not just to sell it off for the proceeds), I'd give it to them in full. I understand the joy of set collecting. However, there is no way that when I pass I'd have collected all of the sets that I'd want to collect. There are 25 million ways to collect T206, so even if you conquered the Monster, your kids could add to it by upgrading it, adding more back variations, etc. And there are tons of other prewar sets that I'd love to pick up if I had the funds and the time.

[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!

[ls7plus]

What I would very much like to do is enjoy my collection of HOF'ers (which is necessarily also giving me a very good start on a type collection!) while I'm here, because to me, as I've stated before, I've been a baseball history fanatic for most of my life. My collection brings that history right to me, because the card connects you to the player, and takes you back to the time--truly the history of the game you can hold right in your hand. If anything dire happens on an unexpected basis, I've educated my wife concerning the major auction houses, and she knows where to go with a lot of my collection.

When it's my time, especially if my wife's already gone, I plan on having my executor auction my collection with specific instructions that the proceeds are to be left to benefit God's missionary work. The church I currently attend is very heavily into sponsoring such work all around the world, and I'm involved in missionary work currently every 3rd Saturday and Sunday now at the local inner-city rescue missions, and have been for over five years. If I can further this kind of work on a global basis, it would be the best legacy I could possibly leave. God willing, let me enjoy holding the history of the game right in my hands, and then to Him goes the glory and the $$$ to further His work. Since I have no kids, there is no real conflict there (somehow, I don't think my 2 cats, Lucky (a wonderful, purebred golden tabby the neighbors across the street didn't want) and Pepperika (a rescued alley cat with the sweetest disposition you could imagine--I'm so glad we brought she and Lucky home) would mind or even miss the collection!

Great post as usual, Leon.

Best always,

Larry

[zljones]

Originally Posted by ls7plus

What I would very much like to do is enjoy my collection of HOF'ers (which is necessarily also giving me a very good start on a type collection!) while I'm here, because to me, as I've stated before, I've been a baseball history fanatic for most of my life. My collection brings that history right to me, because the card connects you to the player, and takes you back to the time--truly the history of the game you can hold right in your hand. If anything dire happens on an unexpected basis, I've educated my wife concerning the major auction houses, and she knows where to go with a lot of my collection.

When it's my time, especially if my wife's already gone, I plan on having my executor auction my collection with specific instructions that the proceeds are to be left to benefit God's missionary work. The church I currently attend is very heavily into sponsoring such work all around the world, and I'm involved in missionary work currently every 3rd Saturday and Sunday now at the local inner-city rescue missions, and have been for over five years. If I can further this kind of work on a global basis, it would be the best legacy I could possibly leave. God willing, let me enjoy holding the history of the game right in my hands, and then to Him goes the glory and the $$$ to further His work. Since I have no kids, there is no real conflict there (somehow, I don't think my 2 cats, Lucky (a wonderful, purebred golden tabby the neighbors across the street didn't want) and Pepperika (a rescued alley cat with the sweetest disposition you could imagine--I'm so glad we brought she and Lucky home) would mind or even miss the collection!

Great post as usual, Leon.

Best always,

Larry

Well said!

[barrysloate]

This has been a really interesting thread. Many have posted some very personal stories here, and I'm impressed how comfortable everyone feels sharing this information. Well done. Keep them coming....I've already parted with most of my stuff, so for me it was just a business decision.

[Exhibitman]

Two issues present: liquidation during life and post-mortem.

I have no plans for liquidation while I am alive. As long as I have the resources to collect and I enjoy it I will do it. If I ever decided to liquidate it would be because I needed money. I don't see losing interest as realistic as I have been collecting for 40 years and haven't lost interest yet. Since I would be liquidating for money, my sole goal would be to wring out the maximum dollars from the cards. Probably w/a mix of Ebay, private sales and auctions.

After I die is easy: I don't give a damn. My heir can do as she pleases with them. My wife and daughter know enough to call the right people to liquidate.

[T206Collector]

Originally Posted by abrahamrudy

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

If you want to be a lawyer, and you can get a job post-graduation, it will be all worth it. Too many people spend all that money and then decide afterwards they dont wanna be lawyers anymore...

[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