Your Coin Budget

An interesting question for sure BNB. My situation is a little unusual. I have basically two hobbies, poker & coin collecting. I have a poker bankroll with a minimum threshold. As long as I am above that amount, I can spend the remainder on coins. Basically, I am a semi-professional poker player who uses my winnings to support my coin addiction.

This is all well and good until I have a stretch like I had this summer. In July 2009 I won $6K at the poker tables. I then spent $3K of that on coins. Unfortunately, I then lost $8K playing poker in August 2009. This left me $5K below my threshold for my bankroll. When I fall below my bankroll threshold, I force myself to sell coins to raise funds if I want to buy more coins.

I am still in the sell to buy stage until I can completely replenish my bankroll.

 

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That is really difficult to tell what people spend or don't spend on coins when you discuss it over the internet. I'm sure most members here are telling the truth but it sure would be easy to say I spend 1 dollar a year or I spend 1 million a year on coins. Typical I trust you situation I guess. As for me I seldom spend over a million a year on coins. :smile Usually a lot, lot, lot less.
As to budgets on spending on coins it is really interesting to go to many coin shows. Since the average customer is about 1,000 years old, slight exageration, there seams to be no end to the amount spent on coins there. One dealer I know showed me a 1916D Mercury Dime in a slab for $6,000. I said that won't go fast. Poof, the guy right next to me pulled out a mountain of cash and bought the thing. At coin shows I've seen many, many times people that appear to have no limits on what they can spend on coins. I sometimes wonder if it isn't the budget, but the knowledge that there isn't much time left to want something so budget or no budget, use what you can or you may never get the chance.

 

Curiously, I'm in a similar boat as LeHigh.

I have a budget for coins, poker and running (race entry fees, shoes, etc).

I play in a poker group twice a month and use the winnings to support my coin habit. I also sell coins that I've upgraded or no longer want/need to buy coins. The problem with poker is that run can run cold... so unless I'm selling I might go awhile without buying...

Too many hobbies...

 

At least you have two people, my wife IS my CPA!

 

But that was during your mysterious white house years.. right? :kewl:

 

I think i need to make a poker budget

 

Is GDJMSP really Jimmy Carter? :hatch:

 

GD, are you Newt Gingrich? If you are, will you run for president? If you don't respond, I'll know you are Newt.

 

Or is this you?

http://en.wikipedia.org/wiki/Douglas_M._Costle

 

FRETBOARD just remember it is easier to get forgiveness then permission.. Sometimes ya gotta take one on the chin for a good coin then plead for forgiveness. lol lol. My wife stopped nagging me when I showed her what I could turn a few of them over for later on..

 

BNB, I wouldn't worry about that loan. Camaro will have some pain but he'll get it done if he's going into dentistry. In fact that's not a loan that's an investment that returns better than almost any coin could ever hope too.

As for my budget, I'm back into this hobby after years of being away. So I'm just ramping up if you will. I have about $250 worth of subsriptions from the mint and I may pick up a coin a month at this point. As long as I don't get burned by counterfeits, weasels, etc I should increase every year so that I have a nice collection in ten years or so.

 

I don't know what my coin budget is. I just know that I always go over it

 

Unfortunately, dental school is the most expensive profession school program in the United States...much more expensive than medical school. So, loans are necessary. My $60K is actually with instate tuition too.

But, it will all be worth it. The return on the investment will way more than cover the costs.

 

I over spent my budget so much this year (about 20K over), I could shoot myself!
I am not kidding...if you only knew the $$$$$$ I spent you would call me sick!!

RickieB

 

Maybe you dentists should use some of that loan money to get newer magazines and put something other than Nickelodeon on the TV in your office for a change! :vanish:

 

ive only bouht never sold

 

Suggestion noted.