Money in the bank, or Guitars ?! - Page 3

Pitar · #31 04-18-2018, 05:21 PM

Quote:

Originally Posted by seesound

Would you rather have $10k extra in your bank account, or 10k worth of good acoustic guitars around the house?

I pick these guitars:-)
Martin D35 50th Anniversary Brazilian, a Gibson J45 rosewood, a Taylor Coco GA limited and a Martin D28 (2018)-versus 10k extra $ in the bank right now.

Keep the cash unless your recreational ROI justifies the cost.

1neeto · #32 04-18-2018, 06:23 PM

I’d buy me a nice $1500-$2000 guitar, and invest the rest.

jim1960 · #33 04-18-2018, 06:43 PM

I just had a similar conversation with a friend. This is what I told him...
My house is paid off. I owe zero money on credit cards. My retirement starts in 2 months and 4 days. My pension kicks in a month later. Social Security will kick in at the end of 2022. I'm only ever going to lease cars going forward so they'll always be under warranty. I can't imagine what's going to happen that will require me to have $10k on hand.

I think the worst unexpected disaster that could strike would be if one of my dogs needed emergency surgery. I'm pretty sure I always have enough money on hand for that, and in the event I don't, I can put the balance on a credit card or easily get a short term loan from the bank.

So give me that guitar.

tippy5 · #34 04-18-2018, 06:47 PM

I wouldn't have all of my savings spent on guitars.

Dave Ramsey's radio show on family economics is prudent. Why be the 7 out of 10 American people that live pay check to pay check?
Do a budget. save for a 6 month rainy day account. Pay off most debts. Get a 401K...... oh never mind...

Get the guitars.....

gitarro · #35 04-18-2018, 06:56 PM

It is not as easy to sell a guitar as it is to cash in pn bomds and stock though. If i were targeting a particular guitar, my answer may differ but otherwise i would take the cash.

Steve-arino · #36 04-18-2018, 07:32 PM

This is a great question. I know where my money is going to come from in retirement so I'd spend the $10k. If I didn't know where it would come from I'd spend $3k :-).

griff599 · #37 04-18-2018, 08:01 PM

Depends on your/my goal from the 10k value.

I take the bank.

byudzai · #38 04-18-2018, 08:07 PM

I have $10k+ of guitars sitting in cases. I don't want to sell them. But I don't play them. I like them. But they take up space. I like having guitars. But they may lose value. But I lose money if I sell them. But.... but.....

I have no idea.

Lee Callicutt · #39 04-18-2018, 08:36 PM

I love guitars as much as the next guy, but there's an awful lot to be said for liquidity.

Dwight · #40 04-18-2018, 08:46 PM

Quote:

Originally Posted by seannx

The $6,500 I put into my IRA this year has lost $25 in two months. Over the long term it will (hopefully) increase, but there are no guarantees.

One day you will look back fondly at your $25 loss.

Steve-arino · #41 04-18-2018, 09:03 PM

I also think age is a consideration. If my 23 year old son just starting out in the working world bought $10k of guitars I'd be pretty upset and wonder where his priorities are (thankfully that's not him). Of course he should bank the $10k. These days if he really wanted to learn how to play he could get a beautiful guitar for under $1k.

I figure that I'm in my last few innings (sort of depressingly funny now that I look at it like that) and within reason, I'm gonna get what I want. Nah nah nah.

jaybones · #42 04-18-2018, 10:47 PM

Show me the money, baby!!!

Mystery123 · #43 04-19-2018, 06:53 AM

Neither.
Both lose value but guitar will lose more.

There are other investments but if you want a nice guitar, it'll be considered an expense not saving account.

musicman1951 · #44 04-19-2018, 07:20 AM

Well, I recently spent 10k on a guitar - so I guess that answers that question.

It's an interesting question, but the variables tend to crowd my brain. $10k extra in the bank on top of what amount? I have the guitar now, so would I have a different answer today? If you don't have enough in the bank to no worry about the question you might want to skip the extra guitars.

On the other hand, money in the bank as an investment is an absolute loser. I suspect every quality used guitar purchased at a decent price is a considerably better investment - and you can play it!!

RedJoker · #45 04-19-2018, 08:05 AM

Quote:

Originally Posted by musicman1951

It's an interesting question, but the variables tend to crowd my brain. $10k extra in the bank on top of what amount?

This is the most important point. If it was a choice of $10k in the bank or NOTHING, you'd be a fool to buy $10k worth of guitars. If it's $10k in the bank on top of $1B, get the guitars!

I'm not to the point whereI would be comfortable spending that much on guitars.