How much money do you need to make to spend

[MR RAREBACK]

How much money do you need to make a year to spend 40k on a baseball card?

[jingram058]

Originally Posted by MR RAREBACK

How much money do you need to make a year to spend 40k on a baseball card?

Comfortably? Probably $400 to $500 K at the very least. I don't and never did have that sort of income such that I could casually drop $40 K on a whim for a "hobby" trinket. That's why it's beaters or otherwise low grade, raw cards for me.

[Republicaninmass]

Just take a second mortgage and buy it. Cards only go up up and away!

[NiceDocter]

I think not only your income but your stage in life and your net worth plus other obligations ( mortgage? Children? Aging relatives who may need help?) determine the answer . Plus some things are much more speculative than others and hence more volatile. So it’s not something you can put a “one number fits all” answer to….. for example, if you’re 90 years old , single, with all kids secure financially….and have 2 million in the bank…. buy away!!!

[wazoo]

At least $7

[ALBB]

Originally Posted by jingram058

Comfortably? Probably $400 to $500 K at the very least. I don't and never did have that sort of income such that I could casually drop $40 K on a whim for a "hobby" trinket. That's why it's beaters or otherwise low grade, raw cards for me.

Yea,
Love those " well loved " cards !

[BRoberts]

It depends. Are we abolishing capitalism?

[bandrus1]

I purchased a 40k card this year

I make about 90ish a year... I consolidated 6 years back in the hobby and buying selling and trading up into a single card

[egri]

$40,000.01, after tax.

[z28jd]

I don't think there is a correct answer here because there are so many other factors involved. If you already have a collection worth more than $40K, then there's no reason you couldn't sell off items to buy a $40K card. Then your income wouldn't matter. If you don't, then you would figure out whether you could spend $40K based on your bank account and bills. Without know your financial situation and bills, it's impossible to figure out.

I'd say if you CAN afford it AND the card is worth $40K or more, then get it. Don't overpay if you're on the fence as to whether or not you can afford it.

I collect quantity over quality, so I've never spent anywhere near $40K on a card. However, if I really wanted a card for that amount, then I'd just sell $40K in cards. In the end, it wouldn't even really be a financial decision. It would be a preference with my collection.

[conor912]

Originally Posted by bandrus1

I purchased a 40k card this year

I make about 90ish a year... I consolidated 6 years back in the hobby and buying selling and trading up into a single card

This. It doesn’t matter how much you make. It’s all about planning and discipline.

[GeoPoto]

If you are managing wealth assets (presumably for retirement), it would not be unreasonable to put 5-10% in collectables. So your nest egg would have to be $400-800K. If you were starting from scratch, the income would have to be $400-800K plus your annual nut.

Sent from my motorola edge 5G UW (2021) using Tapatalk

[calvindog]

Originally Posted by mr rareback

how much money do you need to make a year to spend 40k on a baseball card?

41k

[Brent G.]

Wait for the next pandemic and use some PPP $.

[Republicaninmass]

Originally Posted by Brent G.

Wait for the next pandemic and use some PPP $.

1952 Mantles are waiting to be sold!

[raulus]

Probably depends on how many sacrifices you’re willing to make. Since lifestyles also vary quite dramatically, we probably need to assume that you’re living an average middle-class lifestyle that’s not in a high cost city on the coasts.

If you’re willing to make some modest sacrifices, then I’m going to guess that you probably need to be in the $300k range. Naturally, if you’re willing to save up a little at a time, then you could definitely make it work with less. Or if you’re willing to make a lot of sacrifices, then you could probably go lower, maybe even down to $100k, but only if you’re living really frugally and saving for a few years.

And if you’re not willing to sacrifice anything, then you probably won’t ever be able to afford it, at least not until your cardboard purchase is more important than the other stuff that’s chewing up all of your cash.

[Johnny630]

This is a question only you can answer.

[rhettyeakley]

Originally Posted by calvindog

41k

+1

We all have different priorities in life!

🤣

[z28jd]

Originally Posted by rhettyeakley

+1

We all have different priorities in life!

��

I remember about 15 years ago on this site there was a post asking about what percentage of your net worth should be vintage cards and memorabilia. I don't remember the average answer, but I do remember it was shortly after I sold an antique car and bought a lot of Old Judge cards with the money. I figured out that my net worth at the time of that post was approximately 95% baseball cards. The other 5% was my old everyday car, a small coin collection and whatever money I had in the bank at the time (I had zero debt). I believe the recommended card/memorabilia net worth was somewhere around 10-20% max. I was pretty young at the time, but it worked out great for me long-term. I wouldn't recommend it for others though.

[Leon]

I can spend 40k on a card, with my income, as long as I don't need to eat.

.

[jingram058]

I bought the Ruth, Gehrig, Cobb, DiMaggio, and Mantle cards when I could comfortably afford them and back when they were affordable. Hundreds, not thousands of dollars. Times change, and I can't change with them. I love my beaters, and I wouldn't sell them for anything!

[brianclat11]

It is not about how much you make as much as how much you spend (within your means), save, and invest over several years.

It is also a personal decision and one that should be thought about over a few days, so it is not impulsive.

[butchie_t]

Originally Posted by MR RAREBACK

How much money do you need to make a year to spend 40k on a baseball card?

I have a better chance of finding out how many licks it takes to get to the tootsie roll center of a tootsie pop!!

JMHO

[bnorth]

A minimum wage job and 2 new credit cards. Good for one year.

[MR RAREBACK]

Originally Posted by bnorth

A minimum wage job and 2 new credit cards. Good for one year.

That's awesome

[BobbyStrawberry]

Originally Posted by bnorth

A minimum wage job and 2 new credit cards. Good for one year.

You'd end up spending a lot more than $40k in that case

[glchen]

Originally Posted by MR RAREBACK

How much money do you need to make a year to spend 40k on a baseball card?

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.

[calvindog]

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.

What about taxes?

[BillyCoxDodgers3B]

If you have to ask, then it's too much. It's that simple.

[Brent G.]

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.

[glchen]

Originally Posted by calvindog

What about taxes?

Included as part of your essential living expenses 50% share.

Originally Posted by Brent G.

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.

Where you live doesn't matter as long as you can put your housing expenses in the 50% of your essential living costs bucket. $80K is total household income as long as your spouse agrees to let you spend her share of the Want and Savings bucket on a $40K baseball card. Good luck there.

[raulus]

Originally Posted by glchen

Included as part of your essential living expenses 50% share.


.

It’s a nice guideline, until your average tax rate is 55% like mine.

[glchen]

Originally Posted by raulus

It’s a nice guideline, until your average tax rate is 55% like mine.

If your average tax rate is 55%, then you can afford to purchase a $40K baseball card.

[ValKehl]

Originally Posted by raulus

It’s a nice guideline, until your average tax rate is 55% like mine.

Nicolo, I don't comprehend how your or anyone's "average" tax rate can be 55%. The highest incremental federal income tax rate is 37%. Even with adding the highest incremental state income tax rate, one is at less than 50%. One's average tax rate is going to be less than the highest incremental tax rate.

[kcohen]

As with most any question of this nature (financial) the answer is, it depends.

[vintagerookies51]

How much you make is kind of irrelevant depending on where you’re at in life. I like to think about what % of my net worth I’m comfortable having in cards