How do you justify your coin spending?

i purchase pieces of history, not coins. can anyone really put a realistic price on a piece of history?

 

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Justify, as in what I enjoy collecting? It don't need no justification.

Well, that's another story. Short order of it? I tell my wife, "where can you find a hobby that helps to pay for itself?"

She was appalled that I had purchased an 'Antietam' and 'New Rochelle' at what she viewed as an exorbitant price but I told her that I had sold some of my holdings to underwrite the purchase.

 

"But Mom my Best friend Just got a Draped Bust dollar and I want one too"
:smile
As someone posted on here "Coin collecting is the only hobby where you can spend all the money in the world and still have some left over" Seems like the best hobby to me if I don't lose all my money

 

I guess you could justify it as a possible investment (outside of personal satisfaction). Take a casino chip for instance. You buy/invest in chips. Chances are you will leave with less chips if not all that you own. Even if you win, when comparing the investment to coins, I believe you will find justification in that coins are much more conservative.

 

Its my hobby, it helps releive the stress and I can be in my" happy place"
as my wife likes to say.She told me once my kids would get it all, get what?
I am hoping one of them or my grandchildren will see what I am doing and it
will become an investment in saving a piece of history. If I get financially strapped
it could help out, but I reall don't have large amounts of silver and gold bullion, just
an interesting piece of the world as I see it. I guess what was said of me may be
right, maybe I am "living in the past"---John

 

:yes:I'm the man! I don't have to justify anything!

Okay, now back to reality.

I actually got into coin collecting when my mother-in-law passed away and left my wife and I a large "collection" of coins and currency. We decided, together, to keep it rather than sell. I've been expanding on it ever since. We still eat, have lights and heat, and she has her own little spending habits. I also "justify" it by making it clear that the collection goes to my granddaughter. If she keeps it, fine. If she sells it, it is all profit for her. So it's a win-win situation.

 

I have a second job that provides some discretionary funds to use in part for coins. I actually need to justify purchases more to myself than my wife. However, I do find myself buying more for my wife when I buy more for myself. TC

 

I've spent much more time and money on my dogs and going to dog shows than coins. It's better to enjoy than justify.

 

I'll buy what I want!!!

 

i dont justify it to my wife.
I am the only one who works and so teh only income we get is mine.
So i do with my money whatever i want when i have some left at the end of the month

 

qft

 

I justify it because prices have been shown to always be going up. Everybody wishes their parents or grandparents would have stashed rolls of silver quarters, halves, etc... mine did save some rolls. Then we wish they would have bought gold coins when thet were much cheaper. Most of us are mad at ourselves for not loading up in 2000! Im buying as much as I can while I still can. Even silver has become almost unaffordable for many collectors. It will probably get worse. Get your hands on what you can now, while you can.

Everybody says coins are a bad investment but for some reason it seems everything is getting more expensive as the years go by.

I guess I also collect for my kid. I have so much life insurance on me that my collection wont need to be sold when im gone. At least it shouldnt need to be!

 

I justify it as spending money. My wife and I look over our budget and make priorities, with the first priority being pay yourself. We set a savings rate we want to reach, then we budget for expenses, with the money left over divided between the two of us for spending. So she does not care what I spend it on as long as I don't talk too much about my coins

Not making a moral argument here, just a point to consider for those that lie about how much they spend. At some point the collection will be sold, and the person you are currently lying to could be the one doing the selling. That $500 coin you bought but told her was only worth $35 will get sold for $35. One of the best ways to protect your collection's value is by being honest with whomever you assume will be responsible for it's dispersion about it's value.

 

Wait...

You mean you and your wife set mutual goals for the benefit of the family, devise a plan to allow you to reach those goals, and then help each other by making choices and decisions that allow you to stick to that plan?

Man...that's crazy. Can't possibly work!

:too-funny:

 

I guess I'm in a unique situation. My wife doesn't think we ever have enough. She literally wants no cash and is dissappointed when there is cash in the bank. So my goal is the buy the best to preserve what we have and, if all goes well, grow what we have at a faster rate than savings interest rate. Obviously I am only talking about the free cash we have and this doesn't include other investments (401k, stocks, etc.). We have a pretty well balanced investment plan and this is the most enjoyable part for me, buying pm's and buying what I get personal satisfaction from.

 

Good luck explaining that "business lunch" in your check register.

 

I won't lecture you but I'll just point out that lying is just horrible and not a good policy.

 

I don't collect for investment, I collect because it's a hobby. I always make sure bills are paid, money is put away in different savings/retirement, then my wife and I both have our own monthly entertainment budget allowances each of us get to spend on whatever we want where the other cannot get mad if one spends it however we want. It just works out best that way!

I have other hobbies too, so not all of my extra money goes towards coins. I spend a fair amount of money on telescope equipment as star gazing is one of my other treasured hobbies.

 

Come help me get nightskyforums.com up and active then.

(Sorry...threadjack over)

 

Very cool. I'll likely jump on board then.