9 Tips for Financing Your Coin Collection, So You Acquire More Coins in Less Time
9 Tips for Financing Your Coin Collection, So You Acquire More Coins in Less Time
If you buy your coins at a reasonable price and aren’t getting completely ripped off by an unscrupulous seller, in the long run coin collecting will be a lucrative pursuit. Family members may argue that your coin purchases have eaten into their fun account, or lowered their standard of living however.
There are many reasons to buy coins, and all of them are valid.
1. Purchase what coins you can afford every month. Determine a budget that you can reasonably afford for your coins, without losing balance in your life activities. It takes a lot of self-discipline, but keep all purchases within your budget. (Yeah sure).
2. Get as many credit cards as you can, and let the credit card companies buy your coins for you. This is productive debt, not consumer debt. It’s like you’re spending the money for assets, not things that depreciate. Transfer your unpaid balances to other cards often.
3. Refinance your house and use the equity for stellar coin purchases. The worse part of this plan is when the money runs out. Until then however, what a thrill to get some really expensive coins for your collection.
4. Get another job whose goal is to support your coin habit. Success comes before work only in the dictionary. This will help you appreciate your new purchases and not go into debt for them. (A noble objective).
5. Get some sources of passive income though a business or rental property. (One of the best means for supporting your habit). Passive income is great, because you don’t have to actively work for it. There are many books and articles on creating passive income.
6. Sell property you are no longer using, and put the money into coins instead. I have vintage cars I’ve considered selling for some coins, because coins don’t take the storage space or upkeep. I have sold many articles of property I no longer use in trade for coins to enjoy.
7. Get a personal, unsecured line of credit from a bank or credit union. The interest isn’t as high as credit card, which may allow for a few more purchases.
8. Get a Home Equity Line of Credit from a bank. The interest rates are low, since your house secures the credit. Depending on the equity in your home, you can get a sizeable loan of this type.
9. In the long run, you can sell some of the less desirable coins in order to acquire new, more important coins for your collection. I think eventually most collectors will do this.
I’m sure there are many other creative ways to support your coin purchases. The important thing is to enjoy your pursuit and not have the bondage of debt ruining your coin collecting or your lifestyle in general.
