#1
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War chest?
I am curious to know what you guys do with the sales proceeds of a guitar or other music-related item.
It strikes me that the most "sensible" thing to do is to place the dough in a dedicated, cloistered account, Swiss or off-shore - to acquire future music-making companions. Name the account whatever you like - "BRW CSH," "DTO (deliver to office),""PICK COIN." You get the idea. Seems to me that the money that you used to buy the thing you sold has already been properly spent, and "laundered," and should not be sullied by co-mingling it with other money that might be subject to repeated "supervisional" vetting and approval. Certain assumptions made here. Moreover, since you have already spent that money once, it like, does not really even exist as "money" - more like chit for barter. The best kind of chit. I might add that pouring the money back into your kids' college funds is commendable, though, perhaps ultimately regrettable. I put three kids through college. And buying guitars is way more fun. Have at it. David
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I took up the guitar at 62 as penance for a youth well-spent. |
#2
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The only reason I sell a guitar is to get a different one (limited living space) or to cover living expenses that I can't manage any other way. I think that answers OP's questions though.
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#3
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Points well taken, but that is way too much thinking about money for me. I'm not rich, but I don't have to play money games. My brother, who is pretty much the same not rich as me, and he loves it. Money games and coming up with justifications for spending it is his hobby I think. That said, I do have my own checking account and credit card for buying my own stuff.
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Please don't take me too seriously, I don't. Taylor GS Mini Mahogany. Guild D-20 Gretsch Streamliner Morgan Monroe MNB-1w https://www.minnesotabluegrass.org/ |
#4
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David - our financial planner is fond of saying, "It's all an equation."
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”Lorem ipsum dolor sit amet” |
#5
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I'm a bachelor (happily divorced, still friends with the ex). I do whatever I want whenever I want to, within limits that I decide upon :-).
Now that I've blown a bundle on guitars, I'm fine with keeping that bundle in a 6 string format. I do have a set limit on overall guitar expenditures and I've reached it. The problem for me is that I have other expensive hobbies as well, photography, audio, some traveling. Being retired, I really do need to keep some sort of a limit on my (future) hobby expenses :-). I ain't rich either. My kids are self supporting and my debt is low.
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Steve-arino Martin Custom Shop 000-28 Authentic Aged 1937 Fairbanks F20 Rainsong CO-OM1100NST |
#6
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Before retirement I kind of didn’t have a budget for musical gear and did whatever I wanted. That amounted to 15 or 20 guitars of various shapes and sizes come and gone over the past 15 years.
I’ve been focused on getting down to the right guitars and am there with 4…three 6 strings and a 12 string. I have all my bases covered. Having said that I still get the itch to re-visit some of my prior models. (Just this weekend I was looking at 000-15sm’s, J-15’s and a CEO-7, all of which I’ve owned in the past (twice in two cases) but ultimately decided that the concept of “collecting” no longer appeals to me. As far as the money, it never went in a separate fund….again because I had a bunch of disposable income. I’m trying hard to enjoy a simpler lifestyle at this point.
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Please note: higher than average likelihood that any post by me is going to lean heavily on sarcasm. Just so we’re clear... |
#7
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I dump the cash into quickly depreciating assets called carbon-fiber mountain bikes.
I'm here for all your investment questions. |
#8
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Since I've only sold two instruments in the 50+ years I've been playing, that wouldn't be much of a source or fund for further purchases.
Houses have been fully paid off for many years. Likewise cars, trailer, camper, boat , motorcycle. Put both kids through college and they're both on their own and doing fine. Not making any payments on anything. I figure I've spent around $25 k on musical instruments and gear over mostly the past 16 years. If I actually had to sell all of it, I would likely net less than half of that. For a few years I didn't spend any more on instruments/gear than I earned gigging, but I haven't been doing much of that for a while. I'm newly retired so I don't plan to start spending more money on anything, but any future instruments/gear.purchases will come from the general fund. |
#9
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I do the 'War Chest' thing for guitars and music-related gear. Leading up to retirement two years ago I had acquired my 'dream guitar' - a Froggy Bottom H12 Deluxe that was everything I'd hoped it would be. But after retiring we ramped up our gigging (acoustic duo with my wife) and since the Froggy Bottom was not something I was willing to take out gigging it started to bug me to have 'all that money hanging on the wall' only to be played acoustically at home. So I sold it off.
Since it was a high-dollar item AND I knew that being retired meant not having the expendable income to buy new guitars and other gear at will, I decided to just keep the proceeds in my PayPal account. I then sold off a few more items that were just laying around collecting dust. This account is now my music gear War Chest. Although I did just recently tap into it for some gear for my other hobby, pickleball. But my plan to keep at least $2-3k in it to try new stuff as I want. |
#10
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I have a "War Chest" also in the form of a dedicated savings area. Our money is all in the same account but split up in the form of different savings accounts and checking account. My wife can see it but she doesn't care. It's growing but I don't see another guitar in my future. I've been there and done that with guitars and now I can't seem to get excited about any guitar available. Except the ones I have. There are probably two that I might pop for, but I don't see those coming on the market and I'm not that interested to special order one.
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Waterloo WL-S, K & K mini Waterloo WL-S Deluxe, K & K mini Iris OG, 12 fret, slot head, K & K mini Follow The Yellow Brick Road |
#11
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Quote:
Well done. David
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I took up the guitar at 62 as penance for a youth well-spent. |
#12
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Quote:
Hanging on for dear life as I plummet toward the inevitable crash... |
#13
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Quote:
Ride hard. Fall softy. David
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I took up the guitar at 62 as penance for a youth well-spent. |
#14
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Quote:
What are O'skis? O'Brien waterskis? |
#15
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I keep extra cash in an indexed mutual fund. It makes you think twice before buying a guitar.
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1938 Gibson L-00 Martin 000-28 Custom Authentic 1937 Taylor K14ce Builders Edition National Polychrome Tricone National Model D Squareneck Weber Gallatin A Mandolin http://www.bandmix.com/jon-nilsen/ https://www.bandmix.com/limberlost/ |