Thursday, September 6, 2012

Money - Part 1 of John's Guide To Collecting

When It comes to buying toys, I will have to admit, I fly by the seat of my pants. I'm not married, I have my 401k but I don't have thousands in my bank account. To tell the truth the most I've had in my account was $3,000.

Money is the first issue in my guide, because without it you got nothing.

Dollar, Dollar, Bill yal!

So living paycheck to paycheck is bad. But the way I see it is that I'm having fun now so I won't have a midlife crisis later on. I know that eventually I will settle down and have a family. And/Or that my passion will shift or worse... end.

I also believe like that scene in the movie Armageddon with Bruce Willis that if I'm gonna bust my ass for a paycheck (Not that movie with Ben Affleck, who was also in Armageddon) then I might as well enjoy it.

So your financial status will play an important part in this.

Look around at your fellow collectors. Do they own houses? Do they have a shelf full of toys, while living in an apartment or a room? Do they buy high end collectibles or just collect bootlegs from Chinatown?

Comic book collectors will shell out thousands for a rare comic book or original art. Hot Wheels collectors buy their cars for $1.09 and then turn in a huge profit.

So my advice to you in this first chapter your budget, don't overdraft your bank account for those figures on sale because you'll end up paying more for them.

I've never been able to say "I'll only spend 20 dollars this week." Because if I see something I like or something that's hard to find, I have to get it. The opportunity won't come a second time.

I've mentioned buyer's regret in my blog before. And trust me you don't want to have that.
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