My year end inventories, balance sheet & profit and loss statement

LOL, my sentiments exactly

 

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Right on ! Better one great coin than 100 mediocre ones.

If the $20 is better than the $10, and can be sold for $30, then YES that's profit !

 

My intention in 08 is to divest my self of the hotsauce business, it has become more of a job than a hobby. I would have never guessed it would grow like it has, and now is the time I guess. I am foreman of a machine shop by day, and that is plenty for now. I'm older and tireder, lol. I also plan on getting back to my poker playing, the TV craze has ruined the live games at the casino, but it's tapering off as a fad and the skill/strategy will return.

Complete sets? Several parallel sets of Lincolns, lower grade f/vf in the old Whitman albums and high grade sets in mylar flips/dbl row boxes. BU set in NGC and PCGS slabs. Like Rlm told me in an email, I will not sell anything I dont have 4-5 of, I'm a collector, not a dealer. A hoarder?

Nice stash of PCGS and NGC Morgans as well, love those dimples and toners. Have some real nice 65'66's set aside, and searching for that MS-68 79-S one of these days. Sold a few of my 67's on ebay this year to fund the Lincoln addiction. No regrets.

Thinking of collecting gold Indian 2 1/2 coins, circulated, but not untill gold drops a bit, if it does at all. Election years can be tricky.

Found this blog by accident, made some friends, I'm sure I have peeved a few also, but thats the nature of the net, sometimes what you mean does not come across as in person. My intentions are good, and to those I have offended, my apologies.

All in all? 07 was a great year, 08 ? Bring it on.

 

Jack, you have offended me very much with your talk of 'hot sauce' and whatnot...absolutely despicable! :mouth:

Actually, though, the only reason I'm responding is to say that this is just your typical 'mb' (message board). A blog is technically a 'web log'...I only say this, well, 'cause I'm 23 and the internet pretty much raised me, haha.

 

Considering that I've never sold any of my coins, I'm losing my buttocks !

 

Ditto

John

 

I cant believe I am participating in a thread short of asking for my tax return. These kind of discussions seem to offer only a way of passing time..

Whats funny is here you say " No, low six figures is my total income" whereas originally you said " I only "work" 6-8 months out of the year.
Profit this year - in the low six figures. " .....

Profit and total income are different. Profit is derived from Income.

After reading posts like this I have to check the bottom of my shoes as I usually smell something. Then again the key word is elaine's original request "just estimate what you gonna said. right or wrong. true or false."

 

I honestly have no idea as to what I have spent or if I have made a profit or loss, for me it comes down to one thing 'Have I enjoyed the experiance' and the answer to that with a couple of minor Evilbay blips has been a resounding YES Do I have any compleated sets NO, I have spare cash for next years buying! dont know till I have had my holliday LOL oh and I dont sell coins, I sometimes give them away or trade but no selling :kewl:

 

I could care less about profits and losses. Coin collecting is a hobby to me, not a business or investment.

That said, I sold a grand total of two coins last year, and made $50 on the transactions. ALthough if you factor in my time, I lost a huge amount of money....Mike

 

Mike,

I am there with you spending more time that I should on this. It seems that I keep looking at the same stuff and not buying as I feel I have a nice set already. Its like just how many Walker halves do I need? I will pick up the platinum reverse proof set along with the 10th oz plat/ golds as I have a ongoing set, but after that I need to move on to something else and save money.

Chris

 

as for coins, I just buy what I like...
for investment, I've purchased 100oz of Silver in middle of 2007... so Im waiting until middle 2010 (when I graduate college) to possibly sell it... but who knows.

 

losing some $120,000.00 in retirement pension plan. but gaining some $10,000.00 in gold and $40,000.00 in silver.

 

Never sold a coin in my life, have traded a couple. I do check back after a few months to see if I did okay with the purchase and I have to say, I'm not unhappy. But realize if I sold every coin I own and made a good profit on each and every one of them I would still be going to work, so why bother selling anything. When I started collecting coins buying and selling for a profit was zero on my motivation to do this, probably a good thing. I often think that a lot of people who do sell coins on ebay really don't depend on their coin sales for their daily bread. A lot of people who post here would know more about this than I do. I mean to make 3 or 4 thousand a month, selling and if you made 25 to 35 % on your coins look at what you have to gross. You have to spend time purchasing the coins you're planning on selling, manage your site you're selling from, package and ship your sales. I'm also fairly certain this same person would occasionally make a purchase that no profit or even a loss may occur. Also I'm sure occasionally there may be no payment rec'd from a purchaser. This is how I see it not knowing if I'm certain at all about what I'm talking about. I think for someone retired or doesn't need to work it would be a lot of fun and some extra income. Me, I just don't have the time or the desire to buy and sell. People like me are very glad people do sell coins and sellers should be glad there are people like me to buy them. Right now I really like those that sell buffalo nickels.

 

i also not selling my collection. but i did sold some coins due to damage, poor condition and those i don't like it. to be accurate. i only disposed around 1% to 2% of my total.

 

This thread demonstrates why I wouldn't even consider answering those questions in a public forum!

*&^$%#*$%^!!! I just realized that this is another of those resurrected threads from the past. IMHO it should require relevant new information and permission from the mods to revive any thread more than 10 days after the last previous post.

 

Hontonai, good to have you back! Where have you been?