Quote:
Originally Posted by glchen
You should have a minimum gross income of $80K per year, if you want to spend $40K on a baseball card.
A way to re-frame this question is how much do you need to make a year if you want to save/invest $40K a year. A common guideline recommended by financial advisors is the 50/30/20 rule where 50% of your income goes to your needs like essential living expenses including housing, groceries, utilities, and transportation. 30% goes to wants which are discretionary spending such as entertainment, restaurants, and hobbies. 20% goes to savings. If you club together the wants and the savings, then you could put 50% into your investment/hobby, which makes the minimum income you need to be $80K for a $40K baseball card.
|
Also, where do you live, and is there another source of income (spouse)? $80,000 a yr. isn't much for a single guy living in a major metro these days, but if you live in the sticks and have another contributor, that goes a long way.
__________________
__________________
• Collecting Indianapolis-related pre-war and rare regionals, Jim Thorpe, and other vintage thru '80s
• Successful deals with Kingcobb, Harford20, darwinbulldog, iwantitiwinit, helfrich91, kaddyshack, Marckus99, D. Bergin, Commodus the Great, Moonlight Graham, orioles70, adoo1, Nilo, JollyElm, DJCollector1, angolajones, timn1, jh691626, NiceDocter, h2oya311, orioles93, thecapeleague, gkrodg00, no10pin, Scon0072, cmoore330, Luke, wawazat
Last edited by Brent G.; 08-26-2025 at 01:55 PM.
|