Being a collector happens to be one of the most expensive hobbies. Stories of some lucky people selling an old comic or game for hundreds of thousands of dollars motivate numerous hobbyist collects to keep buying more and more stuff thinking that they too can be as just as lucky. But this is very much like winning the lottery. Only 1 in a million people will be "lucky." What do you think? Is collecting things are waste of money?
I think if you know the ins and outs of what you are collecting it can be lucrative. You need to read up on collectibles so you know what to look for, how valuable it is, when to sell etc. I think for the average person with little or no knowledge, being a collector is not likely to pay off, but if you know something it will.
It could be an investment, actually, if you think that many collection items can be sold for a lot of money if you are willing to wait enough time. Coins for example, and stamps, don’t cost much at all at the time, but if you save them for a long time they can end up having a really high value. Also, even if they don’t have monetary value, many people have sentimental value for their collection items. So it could be a waste if thinking of the financial aspect, but not the emotional aspect.
Much as its true that there is an element of luck involved in choosing collectibles as an investment hobby - whether or not it pays off does very much depend on the type of items chosen - for example - collecting sports or music memorabilia is generally considered to be too hit and miss to be a good investment - due to the fact that - as you never know the actual value of any collectible item - until there is a demand for it and it has been sold at auction - there is no guarantee that you would get back the amount originally invested. Whereas a collector of fine art or antiques that fetch a good price at Sotheby's or Christie's - would probably say differently - particularly as those who collect these type of items and who do get a regular return on their investment - would say that it was a good way of investing your money - but only if you know what you are doing and can be at the high end of the market - which is especially important as whatever you choose to collect - will only be an investment if there is likely to be a future market for it. But whether it would be a waste of money I really couldn't say - as to be honest - what one person may regard as a waste of money another may not - as we are all individuals with different values and priorities.
I wouldn't care about the value of the things that I'm collecting. If you are really into doing what you're doing, just keep improving your collection, by the end of the day the important thing is that it has value for you.
I think if they do it for the right reasons then it's not a waste of money but if they are doing it for the wrong reasons then they are definitely wasting their money or at least just risking it. If they collect for fun then there really can't be that much you can fault them for it since we all tend to waste money on our hobbies and with theirs you could at least see where the money goes and depending on the collection it could at least be later sold off, and even if they ultimately sell it at a small loss that still would be more than you could say when compared to other hobbies that just drain money away. However, for those collecting as an investment, I think it is risky because the item might later prove to be lesser in value and without the enjoyment as a reason they will mostly just end up with not much.
For me, though collecting items will cost much, the sentimental value the collection holds is worth it. I had the dream of collecting Barbie dolls because I never get to have a single real (and I mean the original Mattel kind) Barbie when I was a kid, so if I were to have a Barbie collection, I will buy it no matter how pricey Barbie is. Besides, I like Barbie because of her clothes. Also, some of the collections you have can be lucrative in the future if you sell it. If your collection is a rare kind but there are willing buyers who desperately crave for it, then you can sell it and earn. You might even earn more than what you had shelled out when you bought your stuff.
My collections are small angel figurines, some wine bottles (with contents) and some foreign coins. I'm not a real collector who buys for his collections. Mine are composed of items given to me as gifts, those angels and wine bottles. With the coins, those are the leftover coins in my pocket when we go abroad. I still expect that my collection will have a great value in the future, not for me but for my descendants maybe.
Collections are valuable when the items are rare, so you never know if your old comic book stash maybe worth something. I am sure I have a stash of my comics, but if they are worth anything I'm not sure. However, the comic no longer exists, and things like that tend to increase in value. I have lots of original Vogue magazines, and I have seen copies that I have go for $30 each on ebay for certain covers.
Sometimes you have to think about the enjoyment that you get out of a hobby. Lots of things cost money, but yet you choose to do them because you know it's something that you're going to enjoy. With collecting, there is always a chance that your collection will be worth a lot in the future, but that is only a chance, never a guarantee, so it isn't something that you can say will happen for sure, which is a shame. But if you enjoy something, you have to make that decision about whether the time and money spent on that hobby is worth it or not.
If you know your prices and the item you are collecting, collecting can be a profitable pastime. For example, a friend collects pinball machines and pinball miscellaneous. He knows what certain pinball machines and parts can be sold or bought for, so he uses his knowledge to build his collection and buy and sell pinball machines and parts online. For him, it is a source of income.
I would say that it may be worth your while depending on what it is you are trying to collect. I don't think anyone would pay for a rock collection. Though someone would pay for a collection of gems and stones like diamonds. As long as you do your research before you buy you should be confident about the possibility of selling it of it ever got to that point. I think anything that is vintage and hard to find but valuable should be looked at. I'm talking about things like cars, paintings, ect. Ever seen the show antique road show? I don't think it comes on TV anymore but people would bring all kinds of things. Some was worthless while others were valuable.
It's not a waste of money as long as you enjoy doing it, it is not kind of a "chore" for you and no pressure for you at all, and it doesn't affect you financial situation in a big way (which I think is rare because collectibles for common people come cheap unless you are filthy rich who's collections might be luxury cars or other expensive stuff). I collect toy cars like Hot Wheels and Matchbox since I was a kid and until now. They are cheap and I am able to afford them without messing up my budget. I also love how they are displayed in my room. I have a plan of collecting Funko Pops in the near future, but their price is way over my budget.
It depends, as most people mentioned if it's something you enjoy doing it will never be a waste. If you're looking to eventually make an investment out of it you have to do your research because now a days almost everything is made a bulk so the chances of something becoming a rare collectible is well... rare.
All that matters is whether it's worth it to the person collecting. It would be a waste for me, because I can't see doing it for making money down the road.. too risky. If it makes someone happy, then so be it.. not a waste at all
We always watch Antique Road Show and American Pickers. We enjoy seeing the happy reactions that people get when their paintings are worth in the 100K division. Collecting is a personal hobby for what ever the reason is for collecting. Some people like to collect to get easy cash for their retirement, so it can be lucrative, but you got to know what you're doing for you can be swindled too. Learning from American Pickers, Pawn Stars & Antique Road show is fun too.
I like to collect things too, and I do it because it makes me feel "fulfilled". Money is made to be spent anyway, so it's not really a waste of money if you really want the item. I collect things for my personal satisfaction though, and not because I want to resell it in the future.
Myself, I collect domain names. I'd be very happy, obviously, if I ran into that golden name which would get me 10 thousand dollars, or even just a few thousand. Nonetheless, I get great enjoyment from names I find valuable, but possibly others don't. Therefore, I don't believe domaining is a waste of money. For instance, it would be like someone buying a music album they really liked, but others didn't. That wouldn't be a waste.
No,collecting things is not a waste of time,and you should only collect things for the love of it anyway-also the simple value is the great pleasure it gives you as well. I like to collect art and antiques -and good places to start are secound hand shops,charity shops,and garage sales as well. Yes it can be profitable as well-if you do your research on antques-but you should only invest in things you like.
Considering that the act of collecting something always gives me great pleasure, I definitely don't think that collecting something is a waste of money. For me, it's worth every single penny.
