OK, do I sell my collection?

[armedindy]

sell me something for a good price

 

[Dr.Midnight]

A family crisis is one thing, but to simply try and eat away at debt, I would find another solution. Me personally, I would rather pick up a second job in the evenings versus selling my guns.

 

[darinb]

Id keep. Ive had to sell basically all mine over the last couple years but Id kept everyone of them if I could.

 

[Libertarian01]

To Hoosier8,

The first thing I would recommend doing is creating an Excel spreadsheet listing all of your debts in a table.

Then, make a column listing all of the minimum payments. From here you can find out where you can get the most bang for your buck by paying the least dollar amount and getting the most cashflow increase. For example, say you have two (2) credit card debts at exactly $2,000 each. The first one has a minimum monthly payment of $90. The second one has a minimum monthly payment of $130. So for $2,000 you would pay off the second card and free up an extra $40 ($130 - $90.)

Find out how much you NEED to clear up to snowball the debt payments into something easily manageable. Once you find out how much you need to pay off to easily snowball the rest with your cashflow look at your collection and see what you can liquidate with the least emotional and long term damage to the collections value. Remove emotion from the equation and the answer will be extremely simple and easy. Of course removing emotion is much easier said than done.

I would also echo the thought that any firearm that has family heirloom status is removed from the equation. I would disagree with any who would hold on to hard to find guns.

Remember, ONCE YOU ARE DEBT FREE YOUR CASH WILL PILE UP!!! You will be able to very easily save for retirement and buy new toys with your freed up cashflow.

Good luck!

Regards,

Doug

 

[Amishman44]

Its not about the guns going bad. It's about getting out of debt. Getting out of debt provides tremendous benefits to your mental well-being and ability to handle problems/disasters. I would cut back, particularly on duplicates and ones that are easily replaceable when cash is more available. Each of mine have a specific niche/function. Extras get sold/traded. I understand some have a hard time letting go, but safe queens that keep you in debt are not doing you any favors.

I concur with pudly's statement...life is too short to suffer stress over debt!

In 2009, I lost both of my jobs within 5 working days of each other...and we ended up having to sell nearly everything we owned to 'stay even' with our debts...except for a pair of Ruger SP101's (mine in .357 and my wife's in .38) and a shotgun. I ended up selling all seven (7) of my GP100's along with several other 'favorite' guns (broke my heart for a bit) and in 2010 we were able to start buying a few things back! When we started purchasing again...we were very careful in what we bought, spent time in prayer over a few of them, and the Lord ended up blessing with items I never would have considered had we not gone through what we did, financially. In the end, while we have less guns, we have 'more' as we are happier now with the guns we purchased than with the one's we had previously. For example, we found a pair of Gen 2 Glock pistols (a 19 for my wife and a 23 for me) that were both still NIB from the early '90's! We like their fit / feel / performance better than the eight (8) Gen 3's we sold.

Remember, the best 'debt-free' approach is to identify the smallest debt and work toward paying it off, then work your way up the ladder until you get them all paid off. The more money you free up the easier it will get, and it will snowball until all your credit card debts are paid off. Right now, the wife and I are down to just 3 payments...the primary mortgage, the secondary mortgage, and my old school loan, which we are working on next!

I encourage selecting a few to keep...then selling the rest and getting debt-free from the credit cards! Then, as time passes, either replace those you wish to replace...or be free to move in a different direction with your choices. We now pay cash for everything...and we don't suffer from credit card debt. We have to plan our purchases a little bit more in advance, but we're not under stress as a result of our choices! It's very do-able...people just need to make the decision to do it that way and git-r-done!

 

[Zinga]

Sell a Mosin and google "Dave Ramsey Financial Peace University find a class". Better yet, sell two Mosin's and have your daughter take the class with. The goal is debt free living and Ramsey has a great program to help walk people through it. There is also an on-line class but the peer pressure of attending with others is more effective at least in my opinion. Over the years I have recommended this to many, even offering to give them the money they spent on the class if they did not feel it was worth it: nobody has asked me for the money.

 

[HollowPoint]

It is a hard decision whether to sell or not. Be selective, keep the ones you really want and ones that you know you may have trouble replacing later if you wanted to. Keep the ones that have been given to you by your parents or grandparents, of ones you may want to pass on to your children or grandchildren. I sold some that I made 3 times what I paid for them. I also sold a couple that today I wish I had not sold. Just think it through so you can say you made the best decision at that time.

 

[HollowPoint]

Start by paying off the highest interest rate loans first

 

[bullet]

I had to sell a lot of my guns and other possessions when I wife was going though nursing school. I regretted most of what I sold, but I would do it again.

There comes a certain peace of mind with paying off credit cards, cars, boats, etc. And that peace of mine is well worth sacrificing firearms ownership for (keep the guns you need though). You can always buy more guns when your better off financially down the road.

 

[dusterboy49]

As I have gotten older, (mid sixties) I have considered selling my firearms.
It is not a vast amount, all common firearms, but I do not have anyone in my family who hunts or is an avid shooter.
I would want to dispose of my firearms prior to my passing if possible.
Have any of you made plans for your firearms as you get older?

 

[churchmouse]

WE went through some terrible financial issues in 2002 due to medical. Had to sell off all but 2 of my guns to keep the lights on. I was mortified by this. Several friends stepped up to buy them to help out and promised to sell back if I lived through my illness and ever got back on my feet.
Well, I am still here. I did get most of them back. In this I found that every one of them were just guns. Nothing to loose my sanity over....just guns. Cool, yes. Very nice guns but just guns all the same. I did not have any civil war items so all were easily replaced if sold.
Since then they are merely a hobby. I have a few that will be with me till the end just because I really like them but I have found they are all expendable.
When I decided to retire we went through and thinned the herd down to a more manageable number and used the funds for projects around the house and a much needed Vacation. I am looking at 2 right now that may get sold off to put something different/nicer in the safe.

As to family, I have already given every one of my kids and some of the grand kids very nice hand and long guns. In my mind and heart they are taken care of.

If we were to hit the wall again financially I would sell off to keep things going.

Get rid of the Credit Card debt.

 

[BE Mike]

You really seem to have a hard time deciding what is necessary and what ain't. If you were serious about eliminating debt, you wouldn't have traded some guns for luxuries, i.e. motorcycle and guitar. When you get serious about eliminating debt, you should sell some guns, but only when you are sure you will use the money to pay off that credit card.

 

[223 Gunner]

Let me preface by giving my age. I'm 48 and have considered what I will do with my firearms prior to dying. I have considered death a lot over the past 2yrs. My kids really are only mildly interested in shooting, I will leave them each something, but do not want my wife getting "hosed" when it comes to selling off my collection. I have started this process myself of paring down my collection, one gun at a time. After all I bought them one gun at a time. We have been debt free for years, so I do not need to sell any of them. I really wished I had been able to learn about marketing at a younger age, because before Dave Ramsey was a household name, we eliminated our debt exactly the way he suggests, and we did it on our own. Never heard of him until the past few years. Still have not read a book, or attended a class since I believe all he has to say will get down to common sense and discipline. Had I known that I could have made money by writing books and giving classes on what I had just considered to be common sense, I would be a rich man!

When we were younger and poorer we would watch all of our friends buy all kinds of material items with their tax refunds every year. We always put ours toward our debt, knocking out the smaller debt first to free up money to make larger payments on the next one in line.

To get back on track with the thread, I am nearing "coothood" as the OP says he's there. I have found, that you really only need a few for whatever role you need them to fulfill.
Of course we never know when our time on this earth is up, I have all but given up on doctors they are professional shysters, you never get a real answer and just handed another pill to try.

To the OP congratulations on your weight loss by the way, I see you have lost 40lbs using fitness pal. I have been trying to heal myself through diet and exercise, because after all that is always the first thing the overweight Nurse or Doctor will tell you to do. The thing is I have been working out at the YMCA since 2002, but not as serious with my diet, I am now thinking that diet should have been first.

Anyway sorry for all the ramblings, but getting out of debt, and knowing you don't owe anyone a cent is a great feeling. I can tell you are in "coothood" because our young people today would never consider paying back what they owe. They would sell their guns to hire a bankruptcy attorney.

The bad thing right now is that the market is very weak, and selling Mosins for $150 each, how much will that really help you?
But for me, it is a nice feeling getting rid of stuff to de-clutter the house, as well as you debt load. Remember you won't benefit by "giving" them away.
Best of luck.

 

[Captain Bligh]

I would sell (a) anything you don't have an emotional attachment to and (b) anything that can be easily replaced. For example if decding between a Glock and a Series I Kimber, sell the Glock. You can always get another just like it when you are able. Getting out of debt is a great aim and good feeling. I'd suggest you look at how you stay out of debt-- particularly how you use credit cards in the future. Credit card interest is a killer.

 

[Fullmag]

Honestly if you can not get your spending under control you'll be back here again. Not trying to be Dear INGO Abbey but it I've got out of debt before only to be back in debt again. If it were me I would not sell unless I was not spending money you do not have. Borrowing money costs more than actual cash down the road, with interest and headaches to pay back loan, it's not really the easy way just quicker. Have sold a few guns and regret selling the ones I needed for money the worst.

 

[Winamac]

For what it is worth. I was in your shoes about a year ago and as incredibly hard as it was I had to sell(what I felt were my "I cannot live without) prized pieces. You know what? I paid off a arse load of debt and I slept better than I had in years. You know what else? I found out I was actually able to exist happily without these priceless (in my mind) pieces. I am down to just the calibers that I can hunt with in Indiana. As stupid as it may sound, that is what I based my decision on when it came time to decide which guns were sold. I kept only those that could be used to legally hunt with in Indiana.Looking back now I realize The others were just high priced paper punchers that costed me a arm & leg to buy ammo for when I would shoot them. That is just my views and I realize everyone's situation is different and everyone's likes and dislikes are different. best of luck on your decision. It is a tough one.

 

[warthog]

OK, I had a collection, a large collection, of firearms myself. I had more than 2500 firearms in it, many rare firearms in it too. Some of these guns were one of a couple hundred or fewer in the country. I started off selling them slowly to pay bills after I was hurt in a work related accident but before they were willing to settle my case with me. I wound up selling nearly all of them unfortunately and am now left with those I shot more often as I fired all the guns in my collection since none of them were made less collectible by firing them.

I admit I still have more firearms than the average person at around 200 but when you have had as many and as rare of firearms as I have had it sort of hurts to think of those that I had to sell. There are a few I still think I was a bit hasty to sell though this is hind sight and at the time I was sure I needed to do it. So my advice to you is to be sure this is the right plan for you. If after discussing this with your spouse (if applicable) and after careful financial consideration you feel this is the best option, then pick the firearms that are both easiest to replace and easiest to sell. I did that part incorrectly, I sold those that brought me the fastest, easiest money but are unlikely for me to ever be able to replace. ALL of them have increased in value to the point I can't possibly afford them again with my new finances even if one became available.

That's about all I have to offer and it is from direct experience. I can't say I am unhappy, I am happy with what I have at any one moment in time. I'm just saying that there should be no doubt that this is what you have to do before you do it. I should have done what I did differently IMO but it isn't going to kill me for not doing so.

 

[JettaKnight]

[h=1] “Hold everything in your hands lightly, otherwise it hurts when God pries your fingers open.”
[/h]
― Corrie Ten Boom

 

[BE Mike]

I don't want to be too hard on you. Getting debt free and keeping debt free is harder for some than others. I know people who completed Dave Ramsey's Financial Peace University and say that it is the best thing they could have done. It helped them, when they could not help themselves. Heck, losing weight is simply taking in fewer calories than one expends, but there is a multi-million (maybe multi-billion) dollar industry built around helping people lose weight because many people have a hard time trying to do it themselves. I guess what I'm saying is selling guns won't get you debt free and stay debt free unless you have the tools to succeed.

 

[6mm Shoot]

I have never sold a gun that I didn't wish I had back.

As far as debt goes, are you really ever out of debt? What I am talking about is as soon as I get out of debt something comes up and I have to put it on a card or finance something for some thing that has broken or has to be replaced.

Me, I have more guns than I need and not as many as I would like.

I don't go in debt for guns or ammo. When I was young and making little money I did sell a couple of guns to take care of things that came up. The one I regret the most was a Model 27- 3 that my dad got me. I still haven't found one to replace it yet.