It’s a new year which means…new goals/dreams/reflections. For some of us a new year signifies a chance to continue the progress we made in the prior year. For others a new year gives us a chance to reset and start anew. Regardless, of which “boat” you fall into, I always get asked the same questions at the start of every year. Let’s go thru each one.
Q: I have X amount of dollars to spend, where should I spend it?
A: This is a very scary question. It’s not a bad idea to ask others their opinions, but asking somebody else to spend YOUR money is a scary proposition. The thought process and research should come from you. It’s your money!
Q: I am up a lot of money, should I sell?
A: This is different for everybody. We are all in different tax brackets, single/married, kids/no kids, etc. It’s very difficult/impossible to time the market correctly. Therefore, I ALWAYS advocate creating a profit goal BEFORE you purchase a card. Ex: I buy something for $100. If it goes to $200, I will sell it. The profit goals will differ based on risk/personal situation/job/etc.
Q: My friend/neighbor/co-worker, etc is buying lots of XYZ player. Should I also do the same?
A: I usually steer clear of where the herd is flocking to. However, do the research and if you also think XYZ player is going to have a great season/career, then take a dip and buy the card.
Q: Do I think XYZ player is going to have a great season and should I buy his card?
A: I am not a psychic. If I knew, I would be a billionaire. It’s nearly impossible to predict injuries, performance, and off the court behavior.
Q: Should I get this card graded?
A: It doesn’t always make financial sense to have every card graded. Do the research online and compare the condition of your card to what other graded cards look like.
Q: My card looks like a 9 or 10. Should I have reviewed by PSA?
A: It’s up to you. In general, we all think every card we own is a 9 or 10. FACT: It’s not the case. There is a reason why cards sell for a lot in a 10 holder vs. substantially less in a 7 holder.