If you are Stockpiling J's on Credit, BEWARE!! You're Losing

[cdynasty24]

Whattup People,

Rock Deep, I definitely feel what you're saying about stockpiling and seeing lower profits in the future, but I wanted to add a little something extra.

I'm getting older, and now with a house (and a wife), I have to start budgeting, and looking at how I am spending my money. After doing some analysis, I have had to change some of my spending habits/hobbies.

Like most, I used to buy one to wear, and another to sell collect/sell later. If I didn't have the cheese, I would throw the additional kicks on a card (average percentage of a credit card APR is 20/21%). Here's my analysis to keep in mind:

Release Date: Purchase Flips for $150 in 2007
By 2008 with Interest: Price is now $180 (meaning, I would need to sell for $180 to breakeven)
2009: Price is $216
2010: Price is $260
2011: Price is $311
2012: Price is $374
2013: Price is $447 (Do you really think that you can sell your Flips for $447...ever?)

My recommendation is, stockpile if you have the cheese to do so. If you need to use a credit card to collect your J's, be aware that you will not breakeven after 2-3 years!

Also, close to the 200th Post, so I figured I'd try to give some valuable advice!

One!

 

[nklebrkr]

Um, nice math there...but why start a new thread when Rock already stated the word?

Stay in the same thread, no need to start a new one!
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[terrenced]

Great math that's why I got a second job cash homie.

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[ninjahood]

wow...good info

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[damnneardeadstock]

it should go without sayin, but truth is you probably just helped a ton of people
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[3thaman]

If your buying extras to stockpile so you can be a reseller you deserve to eat them. If I buy 2 of something it's so I'll have a pair for on down the road or so my son can wear them one day.

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[kobekilledit]

Will it really take you two years to pay off $180? If you take six years to pay off $180, you deserve to pay $447 for it.

Here's an easy way to pay for all your Js for years to come: re-fi your house. I re-fied my 30 year loan 5 years ago - the payment stayed the same but now my house will be mine in 10 years and I save over $200,000.

 

[tdog91184]

^Not necessarily for just one pair. Think about the guys that buy the 10 pair limit on eastbay and try to hold on to em and cash in later. If things are good sometimes I guess the previous release could pay for the current ones, but how many times a year are these people doing it, and how many times you think they get stuck with something because they won't sell it for any less than retail just to move it.
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[cdynasty24]

I'm definitely a 1-2 Pair man myself, so paying off a couple of pairs is definitely not a problem.

However, I remember when I got my first card, and was like "I could afford a couple more pairs, cause these are FIRE, and I'll be back in a couple of weeks for the next release!" When bonus, and tax return time hit, I was good, but you can easily get caught up thinking you have something good going.

 

[nanbeezy]

you should be paying cash for your kick anyway
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[hollakid619]

You make a lot of sense
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[kix79]

My Pastor says it best...pay for everything CASH! If you cannot pay for it cash, then do not buy it credit. All other things like car notes, mortgage, etc. on the CC. Thanks for the info, I caught myself doing that 2 years ago, and it's not a good look.
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[jordunk]

i never really thought of it that way but it makes sense
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[poofyo101]

thanks for the math but if you cant pay off ur cc bill u should lay off the jordans anyway

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[rico7jt]

If you buyin most your Jordans on credit... sad... but if so like dude said if you cant pay if off... you should stop.... pay cash its the easy and fast way.
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[mjshoefanatic]

I guess this doesn't apply to me since I'm a collector not a stockpiler.

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[sylvestermcgrizzly]

Well I don't do the resell thing but when I do cop I try my best to do cash....
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[acts65]

I only use my CC out of convenience, so I don't have to carry cash but I only use my CC knowing that I can pay off the balance at the end of the month. If you can't pay off your CC, spend less, otherwise you are just giving your $ away to the Credit Card Co.
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[metalmaned]

1. You address Rock's post but make your own?? Come on man this belongs in his post PERIOD!!!

2. Do you REALLY think it's gonna take someone a year let alone, 6 years to pay off a pair of shoes??? Maybe you are the kind of person that will buy them and not pay them off for years and years but most people will either pay cash or pay their cards off within a few months. I mean if you can't pay off $140 in a month or 2 you got no business buying shoes anyways...

3. Lock this for the first thing I said.. LOL
You say I'm not The "E"??? You wanna make a bet???

 

[frenchblue23]

I never use cc on a pair of jordans anymore, unless I have to.
If I have no money of my own to spend, I don't buy.

It's a luxury, not a necessity, and I've learned that cc come in handy when u have no other option at all,
I had to learn that the hard way.

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[trooph22]

If it takes more than a year to pay off 150 bucks on a credit card, you need to cut that @#%$ up and stick to paper transactions.
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[twinsnyc]

You should only use your credit card if you can pay it off at the end of the month. I buy my j's on the net out of convenience so I have to use a CC but I pay it off each month.

 

[jaymills0625]

Good Lookin out, them credit cards are dangerous I know, if I don't have the cash already, I wont cop. I think thats why essential I plan my purchases a couple months in advance so I know I'll have the bread when they come out.

 

[three6mafia2007]

good advice. Even though I never bought Js in hopes of selling them and I only have a debit card now, If i ever considered it, now i know not too
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[csdsofaking]

NICE INFO! Credit is a young persons worst nightmare.

My CC limit was bumped substantially with an extremely low interest rate earlier this year. Luckily that card was cut up a few years ago. Sometimes having really good credit can reward you in an unforgiving way .... especially with those packs just mere months away. Forget bills, it looks like i'll be dipping into the 401(k) next year

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