Struggling to sell grail card... some advice

[theleica]

Originally Posted by tjforce

It's so nuanced... and it depends on what we mean by 'grail'.

If by grail, we're talking about something else that there is 50 or so of... say an MJ/Kobe auto... a nice one, but not 03 Exquisite, then that's a lot different than, say, an RJ Barrett NT RPA Logoman 1/1.

And what I mean by that is that the MJ/Kobe would have a cap on it, being that there are other copies out there.... but if RJ hit and ended up being an MVP and a Champion one day, then you almost limitless potential, albeit, more risk.

He mentioned a few posts above it is a top 5-ish Jordan insert/parallel...

[GeechQuest]

Originally Posted by theleica

He mentioned a few posts above it is a top 5-ish Jordan insert/parallel...

If it truly is a Top-5ish then that’s a 6 figure card and he probably shouldn’t sell.

Put it in the PWCC vault and collateralize the card. He can probably get a loan at much better terms against the card than his CC debt.

[theleica]

Originally Posted by GeechQuest

If it truly is a Top-5ish then that’s a 6 figure card and he probably shouldn’t sell.

Yea that is how I would view Top 5.

My thoughts are if you have a monster like that then you must have other cards in your collection that you can move in place of it but it is just a guessing game.

We have no clue his financial situation. No clue if he has the means to continue making payments on all the debt and no clue if he will continue piling it up even after he pays everything off.

If he told us he had $30k+ in credit card debt, $100k+ in students loans, and various other debt, I'd say no brainer sell. If it was 1/2 that I'd say move other cards and pay down what you can.

[SupermanBrandon]

Remember...99% of this hobby & 99% of BO have zero clue whats it's like to own a card like this nor do they know what it's like to all of a sudden have that much money at one time. Take the advice on here with the smallest grain of salt. I would guess almost everyone saying to 100% sell, fits in the 99% category.

Do you have a plan for debt already? If so...just stick to the plan. Does the debt cause you any stress or your family any stress? What's your outlook on the future of cards? The only person that knows wether you should sell it or not...is YOU! You know your full financial situation and plan...we dont.

[westcm31]

Im struggling as well! I agree though if you can pay off debts, etc. its worth it. Congrats either way!


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[GeechQuest]

Originally Posted by theleica

Yea that is how I would view Top 5.

My thoughts are if you have a monster like that then you must have other cards in your collection that you can move in place of it but it is just a guessing game.

We have no clue his financial situation. No clue if he has the means to continue making payments on all the debt and no clue if he will continue piling it up even after he pays everything off.

If he told us he had $30k+ in credit card debt, $100k+ in students loans, and various other debt, I'd say no brainer sell. If it was 1/2 that I'd say move other cards and pay down what you can.

Yeah I’m in my head now thinking “if I had a Top-5ish Jordan how much debt would I be willing to hold?”. The answer is probably a lot more than the majority of the board. I’ve held tons of debt (good and bad) and been debt free. I lived just fine both ways.

If I had something like what the OP hinted he has, I’d hold a lot of bad debt to keep the card, and I’m generally more pessimistic on the future valuations of the hobby.

We see PWCC and now Alt extending credit/margin at absurd rates (PWCC is like 1%). When that becomes the norm and I can extract card equity to cover real life expenses, it’s game over for these types of pantheon cards.

While I’m bearish on the hobby at large, I’m extremely bullish on Top-5ish Jordans. I’d need to be facing a very dreary future to sell something like that.

[jcardstore]

Originally Posted by asujbl

I need to know why he has credit card debt

Maybe he really likes eating out

We don’t know

The why is irrelevant. Using cards (at near peak market) to pay off high interest debt is a no brainer

[jcardstore]

Originally Posted by GeechQuest

Without knowing your entire financial situation and other assets it’s impossible to answer this question.

I have very few cards I wouldn’t sell to clear debt, but I do have a few. If it came down to me moving those handful of cards or debt, I’d honestly find another way to come up with the money.

Take away the fact that this is a card. If I had a buddy who held 1 bitcoin (roughly $60K) and he could sell that bitcoin to clear the slate, I’d ask him to try to weigh out the future aspect of the bitcoin.

$60K CC debt @ 20% interest will accrue $71K in interest over 10 years. If he felt bitcoin in 10 years would be worth more than $131K a coin in the future, he should find another way to pay off his debt.

Generally speaking, hold good financial assets as long as you possibly can.

I whole heartedly disagree with the majority of this post.

Being a card is the most important part of this because of the general illiquidity and volatility of the market. There’s no guarantee that any card is going to appreciate at the rate of which you’d be accruing interest regardless of what anyone says.

The debt is guaranteed, cards appreciating are not. No sense in hoping the appreciation of the card outpaces the debt because it probably won’t and you’re on the hook for the debt no matter what. Plus if you have 5 figures in high interest debt you’re probably not doing a great job of managing your money in the 1st place.

You could just pay the debt now and get it done with and take the money you would be paying on the balance + interest and reinvest it in cards or whatever you want.

[Zauron]

Not even close to the same, but I sold a card for $800 so I could get a Playstation 5. It was a card that didn't hold any value to me, and I sold it fore more than I was in for it, and just used what I netted to put into a PS5 and games.

At some point, you gotta ask yourself, is my life better selling some cards to clear out debt/buy something for the family, or keep the card and not have that aspect? If you can improve your life by selling a piece of cardboard, do it.

[alphaomegas]

tell the guy whos offering to add another 0

btw school loans dont worry about it goverment will pay it off for you
cc debt dont worry about it file bankruptcy
bills shiiit man who pays bills anymore? Everything frozen
just sell buy more sealed product at 4k a box.

[JacobN]

This thread is every conversation I’ve had with my wife over the last year

[tjforce]

Originally Posted by alphaomegas

tell the guy whos offering to add another 0

btw school loans dont worry about it goverment will pay it off for you
cc debt dont worry about it file bankruptcy
bills shiiit man who pays bills anymore? Everything frozen
just sell buy more sealed product at 4k a box.

Love it!

Bankruptcy court don't know the difference between a Jordan Metal Universe Base or a PMG Red!

[Timmay]

Just sold one of my biggest cards. First card I've sold in years. I didn't need to sell but in this market at these prices, no brainer.

[Goldenarm]

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[Goldenarm]

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[BuffiBlowout]

As someone who was once in a similar position, I’d tell you to sell it. Financial freedom is a unquantifiable blessing.

Just know that if you make a lump sum payment of 50k out of nowhere to pay of your debts, it will raise a red flag with the IRS. Depending on the price, I’d talk to your accountant to get a full scope of what the sale of the card and subsequent debt payoffs would mean for your taxes before deciding.

Best of luck with whatever you choose!

-Buff

[hauntedcomputer]

It's really hard for me to fathom anyone actually buying cards to keep while still holding debt. Booms only come around once or twice per lifetime.

[Goldenarm]

Originally Posted by hauntedcomputer

It's really hard for me to fathom anyone actually buying cards to keep while still holding debt. Booms only come around once or twice per lifetime.

The same way people pass down land from generation to generation while still holding debt. Its called creating generational wealth. It's other ways without selling a grail to gain capital from a grail. Some people will be willing to pay you just to touch that grail or just to see it in person. Grails are like dinosaurs. Imagine owning a dinosaur today. Imagine what people would pay to view that dinosaur. Remember Jurassic Park......

[randino101]

Keep in mind that long term (1 year or longer) tax on collectibles is 28% + whatever % tax your state charges on collectible sales + 3.8% net investment tax (depending on how much $$ you make). So best to keep about 1/3 of your net sale proceeds to cover next year's tax burden...

[exclusively_nba]

I would normally say sell and set yourself up. But if it’s a top 5 Jordan, I wouldn’t. I agree with other comments of selling everything else and keeping that one if possible. Or try to do half trade with the buyer and get a big MJ back in the deal.

[jcardstore]

Originally Posted by Goldenarm

The same way people pass down land from generation to generation while still holding debt. Its called creating generational wealth. It's other ways without selling a grail to gain capital from a grail. Some people will be willing to pay you just to touch that grail or just to see it in person. Grails are like dinosaurs. Imagine owning a dinosaur today. Imagine what people would pay to view that dinosaur. Remember Jurassic Park......

[ballhawkdawk]

Originally Posted by Goldenarm

The same way people pass down land from generation to generation while still holding debt. Its called creating generational wealth. It's other ways without selling a grail to gain capital from a grail. Some people will be willing to pay you just to touch that grail or just to see it in person. Grails are like dinosaurs. Imagine owning a dinosaur today. Imagine what people would pay to view that dinosaur. Remember Jurassic Park......

Little early to be smoking for my taste, but I like your style.

[Goldenarm]

Originally Posted by jcardstore

I bet your great grandfather was one of those that went out there and put a stake in the ground and claimed that 300 acres his. He knew exactly what he was doing and was a smart man in so. He set you up for success even tho he didn't have food to feed his family. Be thankful for generational weath because without that you would be nothing.He then cut and replanted the trees and gain captial from the land from generation to generation without selling the land while laughing at everyone that told him to sell the land at the peak. Great Grandpa Jcardstore was a genious and should be remembered.

[bloodwings19]

100% sell, you will live better. Unless you are getting pensions, or benefits there are no reasons to keep it and struggle thinking about the financial situations. Having 0 debt can buy you a lot of stuff. When I go with my brother to financial institutions (investments, banks), I can't believe how well he is treated.

[tjforce]

Originally Posted by hauntedcomputer

It's really hard for me to fathom anyone actually buying cards to keep while still holding debt. Booms only come around once or twice per lifetime.

When properly managed, debt should be used as a tool for gaining wealth.

Not sure this is the situation here, but a lot of great decisions I've made in life began by getting financed through manageable debt.