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THE MONSTER - "Making Noise"

April 27 2009 at 12:33 PM

Phil  (Login pgellis)

 
I have been collecting a graded T206 set for a little over 3 years now.....and it is "making a lot of noise". Here's my situation: My wife and I are having some construction done at our home and we put money away to pay for it with cash. No loan. No debt. To get it to the point we now want, we need some more money.

My two choices are:
Take out a small loan (which I really, really don't want to do)
Or
Sell my T206 set

I just finished paying off all of my credit cards last month and really enjoy not having a credit card payment. So do I know take out a loan? (Under $20,000) or sell my set?

I know most will say, hold onto the cards, but at 40% completion, I will be constantly buying more cards and then paying a loan payment at the same time.

If I decide to sell, what would be my best option? I will only sell them if I can do it as one group. I will never break it up. Right now I have 214 graded T206s. All but 2 are SGC50 (PSA4) or above. Just 2 at SGC40.

I look forward to feedback/thoughts. If anyone is interested, please email me at my work email: phil@eastcoasttrophy.com

Thanks guys! This is tough.

 
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AuthorReply
Jodi Birkholm
(Login JBirkholm)

Re: THE MONSTER - "Making Noise"

April 27 2009, 12:39 PM 

Why not apply for a line of credit (or two)? The interest rates are low and manageable, and you won't have to sacrifice your collection. This way, you CAN always sell the cards as a later option if absolutely necessary.

 
 

Phil
(Login pgellis)

Re: THE MONSTER - "Making Noise"

April 27 2009, 12:48 PM 

I pretty much know how much more money I need and I will need it all at once to finish the project, so I don't think a line of credit would give me any more benefits than a small loan.

 
 

leon
(Premier Login leonl)
Network 54 Moderator

unfortunately

April 27 2009, 1:05 PM 

Sometimes life gets in the way of collecting. I am going after one very scarce set, in particular, that is going to cost a (relative) lot of money to finish. Probably close to 6 figures, or more, so I am undecided on what to do. For the moment I am just holding what I have. The thing about the monster is that, even though you put a lot of time and effort into it, you will see the cards again if you decide to sell now. You can always start again later though it could be a bit disheartening to do so. Do what makes your wife happy and you will be happy too. My wife knows my cards make me happy so she has never said to sell any. It's always been my choice. She is a great wife. Let us know how it goes. Good luck.

 
 

Phil
(Login pgellis)

Re: THE MONSTER - "Making Noise"

April 27 2009, 1:08 PM 

Thanks Leon. My wife is the same way. She has already told me that she doesn't want me to sell them. I just don't want to be burdened with any more debt. Plus the $200 or so I spend every month on adding to The Monster.

 
 

Mark L
(Login Mark_VL)

Re: THE MONSTER - "Making Noise"

April 27 2009, 1:18 PM 

Could you sell part of the set? If I had to raise money, I would be ok with it if I could hold on to at least some portion of my collection. If you 200 cards, maybe you could keep a favorite hall of famer (or three) and about twenty of the commons. That way you are a responsible dude and yet still in the game.

 
 

Phil
(Login pgellis)

Re: THE MONSTER - "Making Noise"

April 27 2009, 1:22 PM 

I still have some raw T206s....mostly my favorite commons. I would end up just getting those framed and hang them on my wall. If I am going to sell them, for me, it is all or nothing. No looking back. Maybe some day again down the road as Leon suggested.

 
 
Michael C
(Login Mrc32a)

Sell

April 27 2009, 1:33 PM 

With all due respect, people who make bad choices in situations like this are a major reason why our country is in such bad shape. People wanted to remodel their kitchens, refi'ed their house to a cheaper mortgage and now can't pay their bills. They have a nice kitchen, but now the bank owns the house.

My vote is sell the cards if you want to spend new money. Don't add any more debt. They are just cards.

 
 

S Gross
(Login mybuddyinc)

Re: THE MONSTER - "Making Noise"

April 27 2009, 1:38 PM 

Can you get a Home Equity loan ??
Mine is at low low low rate.


If you get a loan and don't sell your cards, HOWEVER stop buying new ones.* Then you can use that money to pay off loan. If things get a little tight here and there, then sell off a few cards here and there.




* that's a BIG however happy.gif

 
 
JohnnyH
(Login JohnnyHarmonica)

Re: THE MONSTER - "Making Noise"

April 27 2009, 1:45 PM 

Maybe sell half of them, keep all the nice ones ! I would think you would get a lot more money by selling in small groups or individually. If you sold as a huge group wouldn't you take a lot less in ? Tough call, good luck !!

 
 

Jim VB
(Login jvb6034)

Re: THE MONSTER - "Making Noise"

April 27 2009, 1:52 PM 

The answer to this comes down to your ability to manage your own finances and debt load.

As stated, the home equity loan is one option. A $20,000 loan, at 6% interest, for 15 years, costs about $170 a month to service. You can pay it off by stopping or reducing the purchase of new cards. But you have clearly stated that you are averse to incurring new debt and that's a sign that you know yourself pretty well.

However, as Johnny also stated, selling them as a group will never maximize your return.


    
This message has been edited by jvb6034 on Apr 27, 2009 2:01 PM


 
 

Phil
(Login pgellis)

Re: THE MONSTER - "Making Noise"

April 27 2009, 1:56 PM 

In response to Michael C's statement:

"With all due respect, people who make bad choices in situations like this are a major reason why our country is in such bad shape. People wanted to remodel their kitchens, refi'ed their house to a cheaper mortgage and now can't pay their bills. They have a nice kitchen, but now the bank owns the house.

My vote is sell the cards if you want to spend new money. Don't add any more debt. They are just cards."

I guess you didn't read my entire post. My wife and I put money aside (cash) to save up for our project. We have paid for the entire project in cash. No loan. No debt. Now, we want to upgrade a few more things and will need some more money. Instead of putting everything on a credit card or taking a home equity loan, I am trying to stay with no debt by selling my cards. So, please don't put us in the same boat as people who have bought houses way over their means and defaulted, etc., etc. As I also stated, my wife and I don't owe a single penny to a credit card company and we still managed to put money aside to start this project.

 
 
David M
(Login theflyingm)

The Monster

April 27 2009, 2:06 PM 

Sell them.........right here on Net54. Avoid ebay and their fees (you'll get better prices here).

 
 
barrysloate
(Login barrysloate)

Re: THE MONSTER - "Making Noise"

April 27 2009, 2:06 PM 

Phil- I would vote for selling the cards. A collection is great but your home is more important.

If you don't need to sell all of them I would keep the best ones and sell as much as you need to from the bottom up. T206's are not hard to replace; they are plentiful and just cost money. You may have a situation down the road where you have a little extra cash and that would be a good opportunity the repurchase the ones you sold.

 
 
Marty Ogelvie
(Login martyogelvie)

Re: THE MONSTER - "Making Noise"

April 27 2009, 2:10 PM 

I would vote for selling the cards vs a loan.

Who knows, you might be able to pick them back up later at a cheaper price!?!?!



marty


    
This message has been edited by martyogelvie on Apr 27, 2009 7:50 PM


 
 
barry arnold
(Login ethicsprof)

monster

April 27 2009, 2:17 PM 

I have much empathy for your situation in these most difficult of financial times. Still,since you have worked so hard toward nearing the taming of the monster and have wonderful support at home, i would suggest that you consider another alternative long and hard before letting go of your beloved collection. Obviously, you have handled your financial and family wisely and
astutely and I am sure that you will arrive at the proper decision in due course.
I still must add my favorite dictum to the discussion:
The Monster wants you to quit; don't listen to it.

I recognize full well that in your case, the Monster is one of a number of very,very important voices.

all the best,
Barry

 
 
Jeff Prizner
(Login Bicem)

Re: THE MONSTER - "Making Noise"

April 27 2009, 2:22 PM 

What exactly is the home improvement that you guys are making? Is it really needed? Will it add much value to your home or bring you lots of happiness?

 
 

Claude
(Login Gamebits)

Re: THE MONSTER - "Making Noise"

April 27 2009, 2:22 PM 

I'll go against the flow, I once had to sell a coin collection even though I had no choice at the time I regret every minute of it, having some debt is not an issue (especially if this improve the value of the house, look at it as an investment) the problem is having to much debt which doesn't seem to be your case.

Just my 2 cents (borrowed).

 
 

Donny Muth
(Login aerograd)

Any other options?

April 27 2009, 2:27 PM 

Phil,

Are your only two options really taking out a loan or selling your T206 set? Is there anywhere else you can sacrifice to get the home remodeling you want completed without giving up your prized T206s?

Do all the upgrades really have to come at once? Or can you spread them out over some period of time?

Could you downgrade your car and save on the monthly payment (if you have one) or get some extra cash that way?

Is there anything else of value that you can sell, or go without, to be able to afford these remodeling upgrades? Big screen TV? Stereo? Golf clubs? Eliminate the movie channels on cable/dish? Drop the cell phone(or go with pre-paid perhaps)? etc?

Can you and/or your wife take on a small side job, or work a little overtime or something, to pay for the upgrades?

If you haven't done so yet, maybe you could prioritize the upgrades and figure out what are the top things you'd like to have and match that up against the $ you can come up with using various options. You may end up realizing that you can go without some of the upgrades that you perhaps originally thought you had to have.

My wife and I are in the process of getting out of debt (except for our home loan which we also plan to pay down drastically starting next summer hopefully) ourselves while also trying to look forward to getting a new house in the next 2-4 years. So, I completely understand not wanting to take on a new loan. Also remember that you have to keep some fun stuff in your life or it's kind of pointless. It sounds like your T206s are one of your outlets for relaxtion and fun. Just some ideas... good luck!

---Donny Muth


 
 
Richie
(Login richieb315)

Re: THE MONSTER - "Making Noise"

April 27 2009, 2:31 PM 

Keep the cards. With the money you said you are investing in cards each month put that right towards the a loan. If it becomes hard to keep up with loan payments. Then you can always sell off cards. Hopefully it doesnt and you can continue to put whole set together. Good Luck

 
 
 
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