Resisting the Urge to Sell

Leon · #1 02-26-2013, 09:24 AM

Quote:

Originally Posted by HRBAKER

Point well taken, but the management of short term debt takes a great deal of discipline. Technically, I use a CC for almost all of my card purchases as my PP acct is tied directly to a CC and not a bank account. But it is paid off every month so essentially it is a short term interest free loan of sorts.

Sadly in my experience, I know a lot more folks who are managed by their debt as opposed to the other way around.

I don't think that most cash-only hobby folks have money buried in their backyard. Could be wrong.

Of course when I find a seller that will let me pay over time with no charge, then that's a bonus too.

Some people can manage short term debt and others don't do as well with it. I would rather exploit debt and take advantage of it. I think it comes from my heritage (my grandparents) as they did fairly well with modest means. I watched them when they were still around (RIP) and learned a lot.....I also read a lot of articles about debt too so I have an idea what makes fiscal sense. No interest charges are generally the best unless I can pay $50 in interest and make several hundred off of the debt I incur. (as stated before). When something is for my collection I am sort of messed up because then it becomes a long term asset and hurts cash flow. But that is ok too as I would rather have a card than a CD (this is not what most people should do and I don't recommend it).

Exhibitman · #2 02-26-2013, 10:04 AM

I agree but my wife doesn't always see it that way so I need to generate cash flow from my collecting to fund my collecting as much as possible. Which means that when I win a nice lot at auction I usually have to break it down and sell it [mostly] off to recoup my investment and try to make a profit for later use. Believe me, I'd rather keep everything, but life doesn't work that way for me...yet.

Jlighter · #3 02-26-2013, 10:21 AM

Quote:

Originally Posted by Leon

But that is ok too as I would rather have a card than a CD (this is not what most people should do and I don't recommend it).

With rates so low, CDs/Cash/Cards are basically interchangeable, one makes a little money, one loses a little money, and one can fluctuate. Cards are also less liquid then the other two. If rates were to go up over 3%, not likely in the near term, I would sell a few of my cards and buy a bunch of 10 years.

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