joeyshin
Royal Flush
Shhh. I’ll keep it between us
-
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The time you finally went in debt buying poker chips? (2 Viewers)
- Thread starter Ben8257
- Start date
Shhh. I’ll keep it between us
BPTDirector
Full House
I think it was your golden ticket that put you under for a bit. Those are double edged swords.
BarrieJ3
Royal Flush
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- Nov 22, 2018
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Ahhhh yes, the age old double edged plight of golden ticket owners and folks Jim sells to each time before public sales.
I’ve bought a fair number of chips here, but never took on debt to do it. My father (an economist) warned me early in life against borrowing, and it has served me in good stead.
I would add that even though I view almost all true clay chips in good condition+ as safer investments than most Fortune 500 companies, anyone keeping more than 1/2 of 1% of their net worth in poker chips ought to really slow down and reconsider their priorities…
I would add that even though I view almost all true clay chips in good condition+ as safer investments than most Fortune 500 companies, anyone keeping more than 1/2 of 1% of their net worth in poker chips ought to really slow down and reconsider their priorities…
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I have a chip buying problem (which I seem to have under control over the last year) but think going into debt for chips is insane. I wouldn't even dip into my emergency fund for chips. It explains those posts that used to be more prevalent where people are selling high end chip sets because their car transmission went or their washer broke. If I'm having to sell any of my chips it's because a significant world event (world economic collapse, godzilla attack, etc) has happened and at that point we'll all have bigger issues.
I would go a step further (unpopular opinion) and say that people willing to go into debt to snatch up chips are doing the chip market a disservice. Maybe if no-one (beyond the handful of legit deep pocket ballers) overpaid for chips then prices wouldn't have gotten so crazy for all of us.
I would go a step further (unpopular opinion) and say that people willing to go into debt to snatch up chips are doing the chip market a disservice. Maybe if no-one (beyond the handful of legit deep pocket ballers) overpaid for chips then prices wouldn't have gotten so crazy for all of us.
BarrieJ3
Royal Flush
- Joined
- Nov 22, 2018
- Messages
- 16,488
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- 35,339
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- 391
- Location
- 129 West 81st Street, Apartment 5B
Maybe this is why I don’t have a credit card, but I don’t see the big deal.
Plenty, plenty of times there’s chips for sale that are obviously super cheap, ipo floor pricing, or simply down market pricing that you won’t see or get again. If you’re not liquid at that moment, what’s wrong with pulling from savings, emergency fund, or *gasp* credit card?
Maybe it’s just not all debt is created equally, which I get since many don’t own homes/cars outright.
Idk, doesn’t seem as absolutely insane as people are making it, and I grew up poor enough that you had to gather all the loose change in order to put gas in every morning to make it to school and work (that poor little Toyota Tercel without any side mirrors
).
Anyways, don’t feel alone Ben. I know for a fact 1/4 of my circle has done it, lol I’ve been there when they’re like shit I have to sell because I put too much on the CC. And to my knowledge they’re plenty fiscally responsible in the big picture.
Plenty, plenty of times there’s chips for sale that are obviously super cheap, ipo floor pricing, or simply down market pricing that you won’t see or get again. If you’re not liquid at that moment, what’s wrong with pulling from savings, emergency fund, or *gasp* credit card?
Maybe it’s just not all debt is created equally, which I get since many don’t own homes/cars outright.
Idk, doesn’t seem as absolutely insane as people are making it, and I grew up poor enough that you had to gather all the loose change in order to put gas in every morning to make it to school and work (that poor little Toyota Tercel without any side mirrors
).Anyways, don’t feel alone Ben. I know for a fact 1/4 of my circle has done it, lol I’ve been there when they’re like shit I have to sell because I put too much on the CC. And to my knowledge they’re plenty fiscally responsible in the big picture.
joeyshin
Royal Flush
I’ve never bought chips on credit but I’m still in debt.
Jonesey07
4 of a Kind
I wish I had that financial acumen. We were doing ok until the last couple years. Ended up with a HELOC and some credit card debt that just seems to keep building and building.
Seeking Alpha Social Club
4 of a Kind
Well Brother, I gotta say...I had one oh shit moment. I extended the hell out of my finances (drained the bank, pulled shit from places I shouldn't for one set). At the time I thought, WTF am I doing. Then I got dressed, brushed my teeth and drove my ass up I95 North as fast as I could. In hindsight, it worked out okay...
...
In all honesty, I, like many others I'm sure, thought I was off my damn rocker. It worked out, but damn that was a stretch for me at the time.
Seeking Alpha Social Club
4 of a Kind
Seeking Alpha Social Club
4 of a Kind
POST IT DAMN IT...or else I'm deleting mine. That's the only reason I post. Waiting for the Ben book!!
BigGrizz
Flush
Minimums on everything and full firepower at the credit cards. The interest rates are predatory.
Check out The Money Guy on youtube for personal finance information. My whole family is a disaster with money so I had to be self taught.
Jonesey07
4 of a Kind
yeah. working on paying off the lowest balance first then to attack the mountain.
ekricket
Royal Flush
You can buy fish a lot cheaper. Just sayin
ThinkingFold
Flush
MeridianFC
Flush
The financial responsibility restraint expressed in this thread. It's a little bit disconcerting.
Every situation is different. A good life rule is never to go in debt to buy non-income generating assets, and be very careful using debt to buy income generating assets. Asset values change but debt remains. If value drops, that can wipe you out. This is how stock traders and bankers get wiped out every so often.
That said, everyone should consider their personal situation. Factors like having kids, family to support, income volatility, having or not having a trust fund/inheratence, etc.
These things might play a role in one’s appetite to take on debt. When I was 23 I took on an irresponsible level of debt to buy a house I could barely afford, but I knew if I could survive 5 years it would be totally fine assuming an expected career trajectory. It worked out.
I don’t take on debt like that anymore because the impacts of negative outcomes would be too disruptive now that I have kids.
I also make certain spending choices because I plan to retire at a certain age, and debt would hurt the maff of those calculations. But that’s a choice I make, and I totally respect the fact that other people might make different choices. one friend I have lives for today because his health situation means he probably won’t get a retirement. He’s not crazy but he doesn’t save and spends all disposable income on travel. I kinda get it.
TLDR: Do you, and enjoy the ride. YOLO.
That said, everyone should consider their personal situation. Factors like having kids, family to support, income volatility, having or not having a trust fund/inheratence, etc.
These things might play a role in one’s appetite to take on debt. When I was 23 I took on an irresponsible level of debt to buy a house I could barely afford, but I knew if I could survive 5 years it would be totally fine assuming an expected career trajectory. It worked out.
I don’t take on debt like that anymore because the impacts of negative outcomes would be too disruptive now that I have kids.
I also make certain spending choices because I plan to retire at a certain age, and debt would hurt the maff of those calculations. But that’s a choice I make, and I totally respect the fact that other people might make different choices. one friend I have lives for today because his health situation means he probably won’t get a retirement. He’s not crazy but he doesn’t save and spends all disposable income on travel. I kinda get it.
TLDR: Do you, and enjoy the ride. YOLO.
BamaT8ter
4 of a Kind
I once mortgaged one of my children to buy some Four Queens chips. Luckily I won some money on a scratcher and was able to pay off the loan before the organ harvesters came for him. That one was a bit too close for comfort, but it all worked out. YOLO!!
No sir, I have not gone into debt to buy chips. Over the years I only spent what I could spare for my chipping hobby. As my taste adjusted I would sell old chips to fund new chip purchases. At one point I think I was up to 12 sets but now I'm down to a more managable amount.
I should also mention that over time my taste for chips also got more.. expensive. When I sold chips, I usually used those funds plus more funds to get the next set.
warewulf
Full House
I've bought chips with a credit card a few times. I try not to, but there have been a few sales that I felt were worth going into debt. I keep 'real money' separate from 'poker' money. Something I argued about with my ex. When I got married to my current wife, I didn't want any arguments about poker or other spending money. So I have an 'allowance' that comes out of my paycheck and into my poker fund. If my poker fund is down to $0, there will be no arguments. Maybe some shameful looks from my wife, but no arguments. 
I tend to have bad luck with timing. I'll buy one set, and spend all of my cash on hand. Then before I even receive it, another set I can't resist will be for sale. One time that comes to mind is when I had just bought a tournament set of Paulson Private Card Room. I've always liked those. Then shortly after, a set of Paulson Avalon chips were for sale. So had to borrow a little from my wife (technically communal funds, but she's the responsible one lol).
Another time that comes to mind that I had to use a credit card: When TR King was going out of business. I called up Dennis (used to run TR King) to find out what's left. Ended up buying over 1000 blanks. This was also bad timing because it was right after receiving a custom set from him. I then called him every couple weeks to add more until he pretty much ran out of anything I wanted. At one point he even asked me what I was going to do with all these chips? Am I running an underground club or something? Nope, just panic buying one of my favorite chips at the time.
Usually the plan is to buy the chips before anyone else does. Sell another set ASAP and get back out of debt. At least that's what I tell my wife haha.
Another time I've gone into debt is to buy a set from a Chiproom sale. Damn him for accepting credit cards!
Between poker, my Jeep, and poker chips, I just have too many expensive hobbies. That's what I tell my friends that invite me to try golf: I already have too many expensive hobbies. When I built my Jeep, I sold many chips sets that I previously claimed I'd never sell. I regret a few of them, but not many.
I'll try not to think about going into debt to buy Jeep parts. That would be more depressing to think about, and luckily off topic.
I tend to have bad luck with timing. I'll buy one set, and spend all of my cash on hand. Then before I even receive it, another set I can't resist will be for sale. One time that comes to mind is when I had just bought a tournament set of Paulson Private Card Room. I've always liked those. Then shortly after, a set of Paulson Avalon chips were for sale. So had to borrow a little from my wife (technically communal funds, but she's the responsible one lol).
Another time that comes to mind that I had to use a credit card: When TR King was going out of business. I called up Dennis (used to run TR King) to find out what's left. Ended up buying over 1000 blanks. This was also bad timing because it was right after receiving a custom set from him. I then called him every couple weeks to add more until he pretty much ran out of anything I wanted. At one point he even asked me what I was going to do with all these chips? Am I running an underground club or something? Nope, just panic buying one of my favorite chips at the time.
Usually the plan is to buy the chips before anyone else does. Sell another set ASAP and get back out of debt. At least that's what I tell my wife haha.
Another time I've gone into debt is to buy a set from a Chiproom sale. Damn him for accepting credit cards!
Between poker, my Jeep, and poker chips, I just have too many expensive hobbies. That's what I tell my friends that invite me to try golf: I already have too many expensive hobbies. When I built my Jeep, I sold many chips sets that I previously claimed I'd never sell. I regret a few of them, but not many.
I'll try not to think about going into debt to buy Jeep parts. That would be more depressing to think about, and luckily off topic.
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Maybe this is why I don’t have a credit card, but I don’t see the big deal.
Plenty, plenty of times there’s chips for sale that are obviously super cheap, ipo floor pricing, or simply down market pricing that you won’t see or get again. If you’re not liquid at that moment, what’s wrong with pulling from savings, emergency fund, or *gasp* credit card?
Maybe it’s just not all debt is created equally, which I get since many don’t own homes/cars outright.
Idk, doesn’t seem as absolutely insane as people are making it, and I grew up poor enough that you had to gather all the loose change in order to put gas in every morning to make it to school and work (that poor little Toyota Tercel without any side mirrors
Anyways, don’t feel alone Ben. I know for a fact 1/4 of my circle has done it, lol I’ve been there when they’re like shit I have to sell because I put too much on the CC. And to my knowledge they’re plenty fiscally responsible in the big picture.
Where does one find all these below-market chip deals? You have my attention
maxim_666666
Flush
I have never gone into serious debt for chips and have always bought only what I had the money for in my account.
The only thing I ever paid for on credit was the CPC set for €3500 (I just find it convenient, and sometimes I don’t want to dip into my savings). And recently I spent €5000 on chips I really couldn’t afford, but my wife said, “Do you really want this? Okay, but sell something and pay the money back once you get tired of them.” And for some reason—don’t even know why—I also bought 120 decks of cards that I absolutely won’t need anytime soon, but I just liked them a lot.
But you know what? A few years ago I came to a simple realization: I don’t just want to let money sit in my account, I also want to enjoy the fruits of my work. So if I saw something I genuinely loved, I would buy it, even if it meant going into a bit of debt.
The only thing I ever paid for on credit was the CPC set for €3500 (I just find it convenient, and sometimes I don’t want to dip into my savings). And recently I spent €5000 on chips I really couldn’t afford, but my wife said, “Do you really want this? Okay, but sell something and pay the money back once you get tired of them.” And for some reason—don’t even know why—I also bought 120 decks of cards that I absolutely won’t need anytime soon, but I just liked them a lot.
But you know what? A few years ago I came to a simple realization: I don’t just want to let money sit in my account, I also want to enjoy the fruits of my work. So if I saw something I genuinely loved, I would buy it, even if it meant going into a bit of debt.
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