When I started collecting again in 2017, I was buying $20 blaster boxes of Allen & Ginter at Target. I was also picking up singles on COMC and eBay to build out master sets of Allen & Ginter and Gypsy Queen. My mail days would consist of 15-20 singles, each costing between 5 cents to a dollar. At the time, collecting was a $75-per-month hobby for me, and I never considered spending $100 on a single card—let alone $500, $1,000, or $10,000.
Over time though, I explored new players, different eras, and embraced new ways of collecting. I discovered my passion for quality cards and wanted to level up my collection. Even though my wantlist changed, I had a hard time crossing the mental hurdle of, “I can’t spend that much on sports cards.” A psychological barrier was been holding me back.
So, how did I go from that style of collecting to spending $5,000 on a card? And how did I get comfortable buying another card for $13,000 after that?
In this post, we're going to explore how to overcome the mental block, so you can acquire your dream cards. Here’s a framework to help you decide whether taking the plunge and spending big on one of your dream cards is worth it.
Disclaimer: The “mental block” is there for a reason. It’s meant to stop you from making poor financial decisions. Go into your purchase with open eyes and clear expectations. Understand the sacrifices you’re making and the opportunity cost of your purchase. Enjoy cards in a financially responsible way.Step 1. Getting to Know Yourself
Understanding Your Sports Card Purchase Limits
What’s your spending limit on a single card sports card purchase? Why does that number exist? How did you arrive at that number? Our personal financial situations only allow us to spend a certain amount on the hobby. We set limits, consciously or unconsciously, that allow us to collect the way we want. But what if you explored new ways of acquiring cards? Or sold cards you owned to pay for a card you never dreamed of acquiring. Would you still use the same limit?
Example: Johnny spends $2,500 per year ($208 per month) on sports cards. He’s uncomfortable spending more than $750 on any one card, but has always wanted a 1933 Goudey Babe Ruth. His friend is consolidating into a bigger card and is willing to sell Johnny his PSA 2 copy for $7,500. How should Johnny proceed? We’ll follow Johnny’s journey through each step to illustrate what this process might feel like.
You can quickly start to see that collecting is more than a “One-size-fits-all” rule. Different cards and different scenarios warrant different considerations. Think about what you want your collection to look like and where you want to get to.
Know the Value of Your Collection
Expensive cards used to be reserved for people who had the most cash or access to the biggest lines of credit. But innovations in the hobby have made funding for those cards more accessible than ever before. You can now sell your cards to pay for purchases without needing to front the cash. This requires knowing the value of your collection. More importantly, you need to know what cards you’d be willing to sell if the “right” card came along.
Example (Continued): Johnny’s collection value is tracked in Card Ladder and is valued around $25,000. The cards that Johnny doesn’t want to sell are valued at $10,000, while the cards he’d be willing to sell are valued at $15,000. Johnny is starting to think that 1933 Goudey Ruth might be accessible after all.
Know your Risk Tolerance (Sports Cards)
Sports card values fluctuate. Like any other collectible, they’ll go through boom and bust cycles. Not a big deal when you’re a long-term collector or you have hundreds of cards across different players and sports. Bigger deal when most of your collection’s value is tied up in a handful of cards. What is your comfort level with these swings? Can you stomach a 50% drop in the value of the card you’re considering picking up? What percentage of your net worth would you like your cards to be?
Example (Continued): While Johnny tracks the value of his collection, he doesn’t obsess over it. However, he has hundreds of cards in his collection and very few that could significantly move the value of his collection alone. It’ll be a change for Johnny to have so much of his collection tied up in one card. He knows he’ll need to give up a lot to get that card and is proceeding cautiously.
Know your Opportunity Cost
As much as I’d love for every dollar spent on cards to remain in the hobby, it’s foolish not to think about what you’re potentially giving up. You might be buying a card that’s worth more than your car or even your house. The money you spend could be a downpayment on a home or a dream vacation. Go into the purchase with eyes wide open and know what you’re choosing to pass on.
Example (Continued): Johnny is a collector. He’s wanted this card his entire life. If necessary, he’s willing to give up attending playoff games, going on vacation with his friends, and continue driving a 15-year-old card if it means getting this 1933 Goudey Ruth.
Step 2. Research & Preparedness
Are you sure this is the right card?
You figured out who you are as a collector. You’re starting to realize that a big acquisition is within reach. Now is when you show patience. Wait for the right card to show up and have conviction in that card. Do your research. Ask yourself:
How does this card fit into my collection?
Is this card historically stable or volatile in value?
What are the long-term prospects for this player or set?
What’s the availability like, and how often does this card hit the market?
This might be your only shot at a big card for a while. Let’s make it count by picking the right card.
Example (Continued): Johnny has wanted a 1933 Goudey Ruth for as long as he can remember. He’s memorized the pop reports, studied sales trends, and is convinced that this is one of the most important baseball cards ever made. He’s aware of common condition issues and knows how to look out for fakes. There are no other cards he’d rather have at this price.
Plan, Plan, Plan
“Every battle is won before it is fought”. - Sun Tzu You’ve come so far and now is the time to plan. Develop a strategy to acquire the card and start planning the steps to make it a reality. Some questions to consider when building your strategy:
When do you expect the card to become available?
How would you pay for the card?
Have you maximized your collection value?
Example (Continued): Many copies of 1933 Goudey Ruths come to auction every year. But a copy that fits Johnny’s criteria is much rarer. He’s lucky if there’s a handful of well-registered PSA 2s every year. His friend’s copy is on the same level as the ones he’d chase at auction.
Step 3. Execute
Assess Funding Options
Arguably the most important step - figuring out how to pay for the card! Here are the most common methods:
Cash/Savings: If you’ve planned and saved specifically for a card, paying with cash or savings is often the safest route. This is the option for collectors not looking to sell any of their cards but it’s also the least accessible.
Credit Cards: While credit cards can be an option, tread carefully. Plan well in advance how you’ll pay down the balance and we strongly recommend NOT carrying a balance to make the purchase happen.
Consolidation/Funding Services: One of the latest hobby innovations, these services allow companies to acquire a card on your behalf. In return, you consign your own cards to cover the cost. While there are fees involved for both the service and the selling platform, the key benefit is that you don’t need to front the cash yourself. Great option for collectors looking to sell cards from their collection to fund their purchase.
Auction Consignment Services: Almost all the major auction houses offer customers the option to pay for their auction wins through consignment. While this is similar to the Consolidation/Funding Services above, you’re limited to purchasing and selling on their marketplace.
Example (Continued): Johnny is ready to move forward with the 1933 Goudey Ruth purchase. He’s graded a few dozen cards he plans to sell and has $2,000 in cash to use. Instead of selling the cards on his own or putting the purchase on a credit card, he decided to work with a Funding Service.
Buy The Card!
All that’s left to do at this point is to buy the card! You’ve done the work. You built conviction. Let’s make it happen!
Example (Continued): Johnny now owns his dream card! He packaged up the cards he was looking to sell and shipped them out to the Funding Service. A few weeks after the auctions ended, the Funding Service shipped the card to Johnny and the transaction was completed!
Optional: Test the waters with a mid-value card
If you’re struggling with the idea of making a big purchase, start smaller. Try buying a mid-value card that’s more expensive than your typical purchases but still within reach. This approach helps you get comfortable with higher price points while gauging how the acquisition makes you feel.
Overcoming the mental hurdles of spending limits in sports cards isn’t about impulsively blowing through your budget—it’s about gaining clarity on your goals, knowing your financial limits, and building conviction in the cards you’re targeting. By understanding yourself as a collector, doing thorough research, and approaching big purchases with a plan, you can responsibly pursue the cards you’ve always dreamed of. Remember, this is a hobby meant to bring joy and satisfaction, so make sure your spending habits enhance, rather than hinder, your collecting journey.