A great read :) Now it makes me ponder upon things. I was just telling the husband a little while ago that we should not collect things but memories. We do pay ourselves first :)
We all need an outlet from the stresses of daily life and hobbies, whether they include collecting stamps, bank notes, beer labels, or any of the other things people define as "collectible,"
going boating, playing sports, going to auto races, or anything else, may provide just that.
If you indulge in a pastime, be sure it doesn't drain your savings or come between you and your retirement.
Whatever you collect, there are methods to accomplish it on the cheap. You may sell your extras on auction websites like eBay. In addition, it will give you a rough idea of the demand for your specific kind of collectible.
It is equally crucial to realize that anything is the only value someone is willing to pay for. Whatever you're collecting is worthless if no one is willing to pay.
These may not have cost you anything since they were likely given to you or passed down from previous generations, but this is not the case with many collectibles purchased out of a compulsive need that borders on hoarding.
All of this must come at a cost unless one has an infinite supply of disposable income. It's very uncommon for people to forego necessities like a vehicle, retirement savings, or even renovations on their home to put money into a passion.
A common rationale is that "I might die before retirement, and so someone else will get my money," but then someone else will inherit his collection of beer labels.
He won't be able to pay for anything unexpected, like a large medical bill, and he probably wouldn't sell them even if someone offered him a lot of money.
A great read :) Now it makes me ponder upon things. I was just telling the husband a little while ago that we should not collect things but memories. We do pay ourselves first :)
You are right in that context.
Not a lot... I think a little under 10%
That's pretty manageable.
We all need an outlet from the stresses of daily life and hobbies, whether they include collecting stamps, bank notes, beer labels, or any of the other things people define as "collectible,"
going boating, playing sports, going to auto races, or anything else, may provide just that.
If you indulge in a pastime, be sure it doesn't drain your savings or come between you and your retirement.
Whatever you collect, there are methods to accomplish it on the cheap. You may sell your extras on auction websites like eBay. In addition, it will give you a rough idea of the demand for your specific kind of collectible.
It is equally crucial to realize that anything is the only value someone is willing to pay for. Whatever you're collecting is worthless if no one is willing to pay.
However, certain emotional items, such as old pictures or heirlooms, may not have monetary value but are valuable to family members.
These may not have cost you anything since they were likely given to you or passed down from previous generations, but this is not the case with many collectibles purchased out of a compulsive need that borders on hoarding.
All of this must come at a cost unless one has an infinite supply of disposable income. It's very uncommon for people to forego necessities like a vehicle, retirement savings, or even renovations on their home to put money into a passion.
A collector who claims a collection of over 30,000 beer labels does so with great pleasure. No one knows how much he has spent on this collection,
but it makes us unhappy that he isn't putting money into a retirement fund or taking advantage of tax breaks.
A common rationale is that "I might die before retirement, and so someone else will get my money," but then someone else will inherit his collection of beer labels.
He won't be able to pay for anything unexpected, like a large medical bill, and he probably wouldn't sell them even if someone offered him a lot of money.
The same may be true for any other pastime. The adage "Pay yourself first" holds water since poor money management leads to stress and anxiety.