Staying disciplined...

[erwindoc]

If saving for a big coin purchase, how do you do it? Especially when you keep seeing lots of eye candy at auction, just quit looking at auctions??

[GoldFinger1969]

If saving for a big coin purchase, how do you do it? Especially when you keep seeing lots of eye candy at auction, just quit looking at auctions??

Pretty much, yeah. It can be addictive when you combine a hobby + investing. You have to set limits.

 

Ask yourself if you REALLY want the B+ coin NOW or the "A" coin in a few weeks or months.

[jom]

For me it is cutting down on the number of series I'm interested in and being fairly "picky" about what I want. That way there isn't too much "eye candy" in auctions since my criteria is a lot more strict. Another words, if I'm no longer looking for pretty Buffalo nickels then it won't matter whether a rainbow toned one comes up for auction....I won't be interested...even while I'm pulling my hair out.

 

jom

[Walkerfan]

This is a good question and one that I've really had to deal with, while I've been building my early Walker series.

 

I have had to be REALLY strict with myself but not only (like Jom said) by focusing on just one thing/set (Walkers) but also focus on just the Early ones. It has been REALLY difficult. But, I just keep reminding myself of my goal and how I've longed to get there. I have made it my #1 priority.

 

ALSO, I have strayed away just to 'reward' myself by buying other things but ONLY once in a while (once or twice a year). I bought a few mid-late date Walkers and I like antiques, so I bought an antique at auction once in 2010 and again in 2012. MOSTLY, I have stayed the course, though, and now I will be buying other things as I have reached a big milestone.

[wdrob]

 

 

All these new ads for eBay coins that appear on every page does not help matters.

 

 

[CSdot]

We have shows twice a year here, so I am forced to save up.

[Walkerfan]

We have shows twice a year here, so I am forced to save up.

 

I rarely buy at local shows, although I DO enjoy going to them, as they are twice a year here, too. It is a good way to spend time with my dad.

 

But 99% of my purchases are online, so that it a 24/7 temptation!!!

[jom]

Here should be Walkerfan's strict rule: "I will buy no coin until I find a fully struck 1919-D Walker".

 

There...that should keep you on track for awhile.

 

jom

[Walkerfan]

Here should be Walkerfan's strict rule: "I will buy no coin until I find a fully struck 1919-D Walker".

 

There...that should keep you on track for awhile.

 

jom

 

That would certainly keep me on track but then I'd never be able to make another purchase--ever, as no such animal exists!

 

I swear I'll surprise you, someday, with at least a decent one.

[cpm9ball]

If you're trying to save for an expensive coin, tell the wife to work two jobs.

 

Chris

[jom]

If you're trying to save for an expensive coin, tell the wife to work two jobs.

 

Chris

 

 

Yeah, that'll happen....right after they bury me.

 

jom

[jpcienkus]

Staying disciplined to buy the coin I want is something I'm getting good at. I just keep telling myself there are other coins available if you don't like the one you're looking at, so I don't buy it unless I really like it.

 

Staying disciplined by not looking at more coins to buy, now that's something I REALLY need to work on.

[Coindude]

My coin ADD usually takes over and I cave like a sinkhole!!

[Raisethis2]

 

 

Discipline....................surely you jest!!!

[erwindoc]

Great to hear that I'm not the only one that struggles with this!

[physics-fan3.14]

I am terrible at this. After a couple of crushing defeats recently on coins that I really wanted, I'm starting to save - so that next time, I'll be able to go all in.

[copper toning]

I have to stay focused on a small area. I am collecting high grade BN and colorful cents from 09-20

 

For the 14-d I keep an envelope in the closet and add $50 a week

 

It is taking forever luckily I am still young

[x2rider]

I find it easier to run a couple of Type sets

 

One is 19th century and the other the 7070 Dansco. If I am trying to get one coin for the 19 th century set , which can be costly, I can scratch the itch by buying a modern for the 7070

[flintcreek6412]

Its always a challenge. I have a few little secrets I've taught myself though. First, I prefer collecting my 7070 type set. I opted to buy mid grade coins so I get the thrill of filling spots regularly. I have no interest going months without a coin. I will then save for a higher grade replacement and upon replacement sell the old coin and put that amount toward the pool of my next upgrade. If you buy right you never lose money on the old coin.

 

I also rat hole money each paycheck for a whim buy. I can put it toward my type set or as I've done just say screw it and buy an extra gold coin I don't need or a cool commemorative I like the design of. I will often take the gold coin later if the deal was really good and apply it locally to a coin I need and by trading I don't have sales tax on top of the purchase.

 

I deer hunt too and I know several guys that hold out for only a huge buck and never kill anything. They don't kill a deer for years and some have never killed a deer. That would be awful. I kill a buck that feels right and every few years kill a monster too. It keeps it fun just killing a little 8pt sometimes. I coin collect the same way.

[SkyMan]

Space memorabilia (SM) is the main budgetary sinkhole for my collecting dollars. Years ago I realized I couldn't collect the sort of coins that I really liked and do SM at the same time, so I became MUCH more focused on my collecting. I pretty much limited my big ticket coin collecting to 3 sets that are small enough that I won't find more than 1 coin a year total (very rarely maybe 2 coins a year). This allows me the thrill of the hunt with minimal outlay. I then changed my collecting habits to include picking up raw Franklins and 1940 - 1964 Washingtons for Dansco albums. These are fun inexpensive coins (in say MS63 for Franklins and MS64 for Washingtons), and you can "feed" your collecting Jones AND put together a pretty neat looking set for not much money.

[cmorg-migration]

Focus has been a problem for me the past couple of years and I went way off track, making unnecessary purchases instead of doing the needed thinning. While my dealer was living, he asked questions that helped me to focus and found the kind of coins I want to pass on someday. One of the first questions he asked was, "What do you want to do with the coins?" Hold them for grandkids (which I don't yet have) or sell them quickly for a profit?

 

Now my focus is on the question and thinning out extra coins and looking for coins I hope grandkids will someday enjoy. The thinning part is hard because much of what I have was my dad's, but I've come to realize that the hobby provides the connection rather than a lot of coins. I've put back a few coins that were special to him, like a 1913-S quarter that he found in pocket change when he was a kid, and am sorting through others.

 

Had I started this thread it probably would have read, Regaining discipline...

 

Looking back, I wish that I'd taken most of the coins I had to my dealer and asked him to trade them for really nice coins. Some people thought he charged too much, but he had a good eye for beautiful coins and was teaching me about original surfaces, and I trusted him but just wasn't ready emotionally for the trade. Then time ran out and I've been wandering in the coin wilderness since. Looking to get back on track this year.