Why sports card collectors are losing money, and the simple way to reverse that.
I am shocked by how many people don't keep track of inventory.
Whether you are strictly a collector, mostly a seller, or a mix of both, it is crucial that you track what you take in and send out.
For me, it's as simple as keeping a spreadsheet.
I record what I paid for everything that I take in, and then record anything that I have sold.
For one, it's important for me tracking what I need to pay quarterly in sales tax, but most importantly, it saves you money.
I've heard collectors tell me that they remember what they paid for everything they have purchased. That's a complete lie.
It is so important to track all of your costs and sales. It helps you stay within your means.
Collecting is fun, but not when it destroys real life.
Imagine if you didn't keep track, and let's say that in a year, you sold 1,000 cards. However, because you didn't keep track, you sold every card for 15 cents less than you paid for it. 15 cents is nothing, right?
It is once you've calculated that you gave away $150, just due to not keeping track of costs.
Now, imagine the cards you could have bought with that $150+ that you lost out on.
Such a simple step to sustain your hobby, business, or mixture of.
Happy collecting my friends!