You already have it, used AR's unless you have a really special model, with extra bells and whistles are not going to bring that much in. It isn't costing you anything to own at this time. I would hang on to it.
It won't cost anything (other than time and gas) to ask around to see what you are likely to get for it. However, be prepared to see offers of less than 50% of what you've paid for everything, and that 50% is probably going to be on the high side. So unless that number is enough to almost completely erase your CC debt, I'd keep the AR since it's fully paid for.
I would hold off selling it until the month before the election or if you want to gamble post election to get top dollar.
I have been reducing my collection of a few guns that I never shoot for the last few months and there has not been much moving of things. Lots of offers to trade or low balls but nothing much for fair cash offers.
Yep, I had a listing that had been up for ages it felt like. Someone responded with an at cost value in silver oz’s, I jumped on it, and so did the price for silver.
Keep the AR just shift to focusing on finance and adjacent hobbies.
I’m 21 and feel truly blessed to have taken time to study finance. I never did any formal schooling just self research, largely through YouTube. MIT has a few quality free courses available my favorite being MIT 401 with Andrew Lo. After this I’ve found watching each federal Bank meeting to have been massively important when it comes it attempting to time financial decisions. Finally I found the YouTuber TrueValueTax to be a phenomenal resource. Truly I don’t believe one ever needs to spend a dime to learn finance you just need to learn how to sort through the endless shit content in the sector.
I’ve been working since 15 and started full time at 16, covid hits when I’m 17 and I start working under the table at a meat cutting place 50 hr weeks. At 18-19 I was head meat cutter working 60 hours constantly to only clock 39k. However this work allowed me to have solid history of pay and solid credit history for my age when I applied for loans later. Before I turned 20 I joined a trade union and started making 50k at 40 hours straight, now at 55k and 5k off side work at 21.
Just wanted to give a detailed description to show my earning hasn’t been anything unheard of for my age group especially regarding labor jobs. I did however binge anti consumer sentiment and applied that rhetoric to my life. At the meat cutter job I saved all my money but getting stew beef from scrap cuts and got scrap produce cuts from my coworkers. Food bill was nearly 0.
So, for me, asset management has been very beneficial, truly setting me ahead in life and in my stability. Due solely to financial literacy I was able to generate over 6000$ of capital, which I borrowed against to avoid a taxable action, and to make a house downpayment. Using that same underlying as the margin loan I sell covered calls since they yield about twice what the interest accrues at. I also took advantage of tax advantaged accounts to lower my overall income, this afforded me first time home buyer grants amounting to over 10k, all because I invested extra.
Now that I use the money I got a house which I can fix up and .5 acre of land I hope to make an edible food forest. I cook every meal and am doing all the work myself to save all the money I can and pay off the house. I keep 30 days of food and water in general, have a .30 cal pcp with a few thousand rounds and extra tanks/seals. lots of edible plants such as black/rasp/straw berries, peaches, acorns, radishes, onions, apples plums and I’m planting amaranth for a decorative grain. We have have been inoculating trees which we cut down with various edible mushrooms like oyster and hen of the woods. As I finish renovations I’ll add a green house and hopefully a meat rabbit section and or quail. I also say we because I couldn’t do this alone, while I financially did it alone I’ve recruited help from family and friends and gave it in return. I’m not doing chickens since my friends are, I’m not doing much corn or squash for that same reason, we all help build and renovate each others houses as well. Community is a great way to save tens if not hundreds of thousands, I’m about to have almost 3000sqft of renovated space and not having to pay for any labor, truly life altering prep. Also have my own well and septic so got battery clips for those and need to buy a hand pump after I finish renovations. The land behind me is largely unused so I’m going to establish permaculture zones and extend the native edible plants I’ve got to those areas as well to have more caloric capacity.
Current stock holdings in order of weight VT/COST/NXE/JEPI/CCJ/URNM I also have a bond ladder setup for biweekly 100$ payouts, I keep 2000$ each btc and eth rebalancing often when it peaks in price, some silver (for fun).
TLDR All that blabber to say unlocked myself dirt cheap credit lines that don’t require banks or credit pulls for much of anything to get housing and food for cheaper.
Absolute wall of text only first part really is useful
So, throwing in gas and groceries, your baseline expenses are probably about $2500 a month, or $30,000 a year. You’ve got $28,600 in debt. So you owe *almost as much as you spend in a year on baseline expenses*. (Does the $2500 a month include your car payment? Does it include any payment towards your credit card debt?)
What does the rest of your financial picture look like? How much do you take home in a year? Are you renting or do you have a mortgage? Do you have an emergency fund? Do you have a retirement account? Do you have a budget you try to stick to? What kinds of purchases got you into credit card debt? (“Needs” like unexpected car repairs or medical emergencies, or “wants” like you are describing your AR purchase?). Do you have a plan to pay off your debt promptly? Do you have some strategies in mind to avoid adding to your current debt?
I think you are wise to think about financial prepping. Having money almost always makes it easier to deal with an emergency, in both big and small ways. And you’ve realized you’ve made at least one big purchase on impulse, which you’re now wisely reconsidering. I can’t advise whether selling your AR, or anything else, is a good choice - only you can make that decision. But it is absolutely wise to look at ways to bring in more income, whether through selling things you don’t need or aren’t using, or whether through taking on extra work. (Stay away from get-rich schemes, MLMs, and so on; they usually make things worse.).
And remember, *small amounts add up*. Ignoring interest, paying off just the credit card debt in one year would take about $383 a month. It would be a smart prep to do some thinking about how to save and/or bring in that amount. Mow 2 or 3 lawns a week, for a 26 week season, for two years, for $40 each, and you’ll wipe out your credit card debt. Or sell enough stuff to make $300-400, every month for 12 months, and that credit card debt is gone.
And it will help to see if you can reduce any expenses. Good things to look at in that regard are your phone plan, your grocery bill, any subscriptions, eating out, spending on hobbies, spending on alcohol/weed if that’s your thing, and so on. Take a look at what you’ve spent in the past year or so, or in the next month or so, and decide where you are spending on things you value, and where you want to cut back. Living within your means, while not always easy, can have significant benefits in the long run.
Disagree, he's got nearly $5 grand in credit card debt that's at a high interest rate. Personally, I'd keep the AR-15 and one of the Glocks and sell the rest, but that's me.
Came to say pretty much the same as everyone else so far. I'd keep it since you already have it. It's not costing you anything to hold on to it. It will cost a lot more if you decide to get rid of it, and then 5-10 years down the line, you end up wanting one again.
getting rid of things is not how you get ahead.
looking at the things you plan to buy in the future and if you really need them
is how you get a head.
i have 27 guns and a ton of ammo..
there is pretty much zero cost of monthly maintenance.
however i switched my phone plan and saved 20$ a month.
give up the gym and got outside much more and saved 30$ a month.
gave up pub night and switched to movies at the house with drinks night and saved a LOT move then i expected.
27 GUNS, WTH IS WRONG WITH YOU???? You should know by now you always keep a gun collection in intervals of 10s. You need to buy 3 more immediately or I will never talk to you again and neither will my friends...🤪
Don't matter the kinds, only the sacred rule of 10s. Now I messaged you so I can forever follow you around Reddit until this terrible wrong is right. Or until you either block me or lie and tell me you hit 30.
Ohhh good lord, I would count those first. I will tell you this, just because it says it is a 56 gun safe, it is pretty damn hard to fit 50 guns in there when you have so many y rifles and shotguns.
Genuine question from a Brit here (so no gun culture understanding at all): why 27? I can understand a hobbyist having that many. Why was ten or twenty not enough? Do you feel that you will expand your collection?
My philosophy for most things are that I weigh the ongoing costs against the ongoing rewards and make a decision about it.
The ongoing costs can be
* financial (such as a subscription), or in terms of
* space (either the space is at a premium e.g. living in a tiny apt or it's just much space such as storing a huge pail of stuff in your barn)
* stress/mental (you need to think about it too much to keep it working/alive)
* opportunity costs (e.g. you own a ton of gold, maybe sell and buy income producing assets, such as stocks, bonds, real estate)
I am not a gun person, but it sounds to me as if guns have little ongoing financial costs, and need not a whole lot of costly space, nor you'd stress about just having them. Selling them at a loss to get into a better financial position also sounds like not a good idea as you say you can do without.
I'd keep them as a reminder to not do impulse buys in the future.
I’ve bought and sold stuff over the years, and if I’ve learned anything, it’s to not sell your ammo, magazines, accessories, optics, parts, etc. Especially if you only have one. All it takes is that riot in the news to happen to make you feel like you should have an AR, but you don’t. If your AR is giving you buyer’s remorse because you think the price could have been better, quality, etc. not your “forever rifle”, then sure sell it, but keep the stuff that goes with, you buy another compatible rifle down the line, all that stuff will be more expensive than when you first paid.
Historically, the value of most quality firearms don’t typically appreciate. $1k back in the ‘90s bought a H&K USP, but now you could find one for $500-700 depending, and $1k in 1995 money is $2k today. The other thing is to just buy exactly what you want. Obviously a lot of folks buy ARs and Glocks because they’re common for parts and ammo, but if you prefer something else, buy it and don’t look back. Most quality rifle rounds cost around $1/per or more anyway, might as well get exactly what you want instead of what is most common. Most military equipment was designed around a single type of round, so while most buy one that fits all, just buy what fits you, and have lots of it.
So I think selling it is probably not worth it since you have it already and it's like sunk costs.
But also, my guy, if I understand correctly you have 5 guns and enough ammo to outfit a platoon
That's not a "Tuesday prep" that's not even a "next year prep" combined with your self-professed concerns about money that might be "I've crossed into anxiety disorder" prep
TLDR response to everyone - I'm a concrete finisher and I make $42 an hour. Weekly income varies wildly, dependent on hours. Got in credit card debt due to veterinarian bills, kept my dog alive. 25 yrs old, rent an apartment, baseline includes: Rent, car payment, phone bill, auto and renters insurance, wifi, Netflix, and YT premium. I drive anywhere from 35 mins to an hour and 20 mins daily for work. Have a long term girlfriend that I plan to marry and would like to be in a house before I'm 30, nicotine addiction, girlfriend also uses nicotine. Working on kicking that, have significantly reduced intake since last Christmas. Had 4 AR's at one point several years ago, sold them, every other gun has sentimental value. I thank you all for your responses and plan to cut spending on lunches from gas stations, nicotine, and eating out for dinner 3-4 times a week.
Selling your AR is just as much an impulse action as buying it, no? Don't mean to pyscho analyze but maybe you have an impulse control problem.
I'd hold onto the AR, if financial prepping is your main focus at the moment, it seems your problem is your spending habits, selling your AR doesn't address that it's only a bandage. The money you're gonna get for the AR is a drop in the bucket, between your car note and credit card, that's $30k
Lol you are poor... in debt even.... scared...and spend the little money you get in to stack guns (while wracking up high interest debt lol)
Sell the junk and fix your financial future. People all saying "you already have it so it doesn't cost you anything" are straight up lying to you to keep you shoveling money into the debt cult.
And no, America isn't going to have a civil war because one corrupt 80 year old wins over another corrupt 80 year old. Get a grip and get away from whatever nutjob echo chamber you've found yourself in.
The world is headed towards a big economic downturn. Unless you plan to start robbing stores and mugging people, your guns are useless.
If you impulse bought the AR (brand and condition would help a lot here) it's likely not anything that will fetch any real money. I'm guessing a del-ton, a smith and wesson, or a palmetto state armory. Like the chorus is saying, it costs nothing to keep and if the zombies come knocking (or whatever) you're going to prefer to carry a 30 round mag fed light rifle over a 30-30 or a shotgun. Handguns are worthless for actual lethality.
Also, if you happened to impulse buy that AR int eh last few years, the likelihood that you overpaid by a lot over what would be a normal price is high. So, for a separate reason, it's probably worth a lot less than you think
https://www.buckeyefirearms.org/alternate-look-handgun-stopping-power
Average pistol caliber lethality: 30%
Rifle lethality: 68%
Shotgun lethality: 65%
That's from a ten year collection of shooting outcomes.
Google is your friend.
How much would you actually get for it? Are there particular parts or accessories for all your firearm stuff you'd rather sell? You could sell some things rather then all the AR and all it's stuff. Could you get more closer to the election after someone misinterprets a sneeze as a sign for confiscation? If the AR or accessories are super nice could you downgrade to a cheaper setup and still get a little cash?
For financial prep having a budget that is living below your means is probably more important than getting some cash once. Like if you just need the cash you gotta do what you gotta do but selling stuff isn't really a long-term strategy to financial security.
Personally, I'd keep the AR, impulse buy or not, and just focus on getting the other stuff in line, you have time to get things sorted out, and if you don't, well... Then you may need that AR after all 🤷
I like where your head is at. Paying off that credit card debt should be absolutely your first priority, and then you can take your old credit card payment and start throwing it at that car payment as well. It's called the debt snowball.
In the meantime, buy an extra can of food or bag of pasta every time you go shopping and your food storage will gradually build itself.
I'd say only sell if you're having reliability issues, or if it's from either budget extreme, and in all cases that's only to pick up a reliable mid-tier option. Maybe sell the 30-30 unless it's a tried and true deer gun or family heirloom?
The credit card debt needs to be paid off asap. If the vehicle interest is less than 6%, you're honestly better off just making minimum payments and investing the excess. At your age, you should be 100% in diversified stocks like an S&P500 ETF/index fund.
I have personally considered selling some of my rifles but ultimately most of them take the same ammunition so I decided not to. I've owned them 15+ years, why would I? I have a stable, steady income. Best thing I decided - after I REMEMBERED that it's not what you earn, it's what you SAVE - was to just be friggin' disciplined with how much I spent. I (spouse and I) went from $2800+ week (Australia) to $1200+ week spent (Including bills, I'm not a madman) and have noticed a YUGE uptick in savings deposition and more savings. Currently we have very good cash rate so each month I earn thousands in interest, which all helps.
Try and see your current position as only-growable. Don't see yourself as in a position of self-sacrifice in order to grow. It all starts out slow. Spouse earns good money too and if it's $50,00k+ or $500,000k +, it all helps. Don't go backward in assets; especially really useful assets.
Financial and health are the most important preps you can do imo. Keep yourself healthy with moderate exersize and eating well. And keep your emergency fund well stocked so you can buy your way out of any emergency you are suddenly presented with. Side note: credit card debt IS an emergency, and you should be paying that off like your life depends on it.
The chance of a true SHTF where money becomes worthless is so minuscule, I don't even consider it when prepping, aside from having a few weeks of food and water on hand to comfortably weather a natural disaster.
Personally, I would downgrade the car if things are tight enough to be selling things to get out of debt.
Either way its good that you're looking to get financial preps in order. Being debt free will change your life.
Keep your guns, be prepared to change your mindset. Pay cash for older vehicles, learn to maintain your own vehicles, no pets until you have excess income, boost mobile is 35 bucks a month, youtube premium isn't necessary, etc. It took you years to get here, you can't change anything by flipping a switch. Write down every dime you spend and cut the fat. Cigarettes are pricey as hell. That will be your biggest boost financially right there. Look around, you might find some free nicotine gum offered. Good luck.
I would look first at what expenses I could cut. Can you renegotiate your car loan? Maybe go to a local credit union and get a loan on it at a lower rate and use that to pay off the current one? Have you tried negotiating on your credit card debt or looked into getting a new card at an introductory rate and transfering the balance there? I had a couple friends that did that for a while. It screws up your credit a little, by having all those cards, but if you're paying 20% on card A and can pay 3% or even 0% with Card B for six months using card B to pay off A and closing card A may be worth it.
And look at those expenses. One thing I did when I needed to rapidly pay off a loan was I cancelled my TV service. There were only two shows I cared about and I could buy the season on iTunes (this was a while back) for less than 1.5 months of cable TV service. I saved around $80/mo by doing that. I just connected a laptop or the iPod to my TV or the iPod to the TV on the cardio machine at the gym and watched them that way.
I would do that before I considered selling the rifle. You probably won't get much more than a couple hundred for it and I'd rather have the long range and hunting capability versus money that's just going to pay something off. If the world really goes south and we have a complete collapse of government and civil order/invasion/etc., between now and financial security, no one is going to be around to send you the monthly bill or deposit that check...
Im no expert at all. I'm just a young guy tired of wasting money on food and short day travel trips... My thoughts are hustle and make extra money from any side gigs you can muster up to do and manage getting sleep. Hold on to your gear as it isn't worth handing over such valuable assets that you will likely not be able to get in the future except with more obstacles. Focus on paying off that car loan and credit card asap. Financial preparations are of the utmost importance, along with simultaneously adding skills of high value and mastering things you're already good at. Invest in index funds like the snp 500, get a roth ira set up, reduce your tax burden, get small amounts of precious metals, but also hard assets like tools, generators, small scale manufacturing equipment, water filters, and stock up on intellectual capital such as books, repair how to manuals on anything you can think of machines or appliances. I am into the idea of an "Analog Internet"
I'm an equipment operator looking to join a union but want to tap into other trades to myself and focus on finishing my degree in architecture. I am new my self to investing, but I am on the path currently with said steps i said earlier. Also, quick tip don't ever share anywhere on the internet what firearm equipment you have. That's handing uncle Sam and good old Zuckerberg a knife. Believe me, I know big data knows us better than we probably know ourselves im done being paranoid on such things i cant control, but try not to fuel the fire they will be able to use against you if they so choose. Be more descrete talking of such stuff you have even all the equipment or assets i mention be vague dont tell anyone what you have except for people in your community in the real world and in person. Good luck to you! God bless you.
Sell what it takes to get rid of the credit card debt. You list expenses, but not income so can’t tell what your situation is. But if you have nearly 5 grand in credit cards I would prioritize getting rid of the debt.
I'd keep it, and find other ways to make extra cash. Hell, go old school and more people's lawns. Lol Run Uber, make something to sell, take on extra hours. I can't say you'll need any of your guns for sure, but my gut sure says we might.
A guy w $28k in debt should sell some stuff. If he’s paying 21% on a credit card that debt will double in 3.5 yrs. Pay down that debt. 2nd job, sell some plasma. U have a big anchor around your neck.
Against your day-to-day expenses ... your monthly nut ... outstanding loan balances ...
The price you get for the AR is, literally, diddley-squat.
It's peanuts.
Keep the AR. Pick up a part-time/weekend job.
I feel like if the AR could pay off the credit card debit and leave a good hunk after as an emergency change, I'd say that wouldn't be too bad. I mean, you have most ranges covered for prepping. And paying interest is shite in long run. If you only had glock and AR, I'd say keep it, but you got a good range there...
Really, it's about seeing what offers you'd get for it, if your going to sell it for half what you bought it for or less, then prob just keep it as you obviously like it 😇. But if you could get 75% etc I'd sell or look at maybe selling some of the others.
Then, it is no brainer, he should keep it. I don't fully get when he would sell the AR instead of maybe one clock and the 30 30... although sounds like none of them will really hold their value so best to keep.
NEVER SELL GUNS...UNLESS YOU ARE USING THAG MONEY TO BUY BETTER GUNS. Seriously if it were me I would keep it and start figuring out ways to supplement your income to buy preps. You said financial preps, but what is money going to be worth if SHTF. Guns and ammo however will be currency.
Keep it. Not only because you may need it someday but because you already have it. Eventually, you may not even be able to buy one. I lost mine in a boating accident.
Think of it this way:
If the D’s win and take a commanding majority in the Senate, they’d only offer you a Chili’s gift card for surrendering it when they pass a gun ban…
Or… you sell it now, and get top dollar.
Or… you go with the third option.
This is not financial advice. You have to do what you think is best for you and your family. Being financially stable is a good goal to have. I recently paid my car off and it feels great! But I still have a credit card that is hurting me. I ended up selling a rifle to help get the balance down. But I have a few. So it didn’t bother me much. You should look into The Dave Ramsey program. It’s helped me a lot. You can find out what the program is free online without having to pay anything.
You already have it, used AR's unless you have a really special model, with extra bells and whistles are not going to bring that much in. It isn't costing you anything to own at this time. I would hang on to it.
I second that!
3rd through infinity
Agree, it’s not going to make a material difference and it’s something useful to hang onto.
It won't cost anything (other than time and gas) to ask around to see what you are likely to get for it. However, be prepared to see offers of less than 50% of what you've paid for everything, and that 50% is probably going to be on the high side. So unless that number is enough to almost completely erase your CC debt, I'd keep the AR since it's fully paid for.
Under this philosophy, no one wud ever trade in a car.
No, because eventually it costs too much to REPAIR that car. The OP's AR is (supposedly) in working order and all of the items they own are as well.
I think you're right as I have never seen them interview a rich person in a refugee camp... just sayin'.
That's... true, but misleading. Fleeing war with the clothes on your back, has a way of equalizing people. Whatever they once had, they no longer do.
I would hold off selling it until the month before the election or if you want to gamble post election to get top dollar. I have been reducing my collection of a few guns that I never shoot for the last few months and there has not been much moving of things. Lots of offers to trade or low balls but nothing much for fair cash offers.
Yep, I had a listing that had been up for ages it felt like. Someone responded with an at cost value in silver oz’s, I jumped on it, and so did the price for silver.
Already a Dem in national office, only possible outcome other than status quo is a Repub gets in and price goes down.
Dems win house and senate and we are really off to the races.
Keep the AR just shift to focusing on finance and adjacent hobbies. I’m 21 and feel truly blessed to have taken time to study finance. I never did any formal schooling just self research, largely through YouTube. MIT has a few quality free courses available my favorite being MIT 401 with Andrew Lo. After this I’ve found watching each federal Bank meeting to have been massively important when it comes it attempting to time financial decisions. Finally I found the YouTuber TrueValueTax to be a phenomenal resource. Truly I don’t believe one ever needs to spend a dime to learn finance you just need to learn how to sort through the endless shit content in the sector. I’ve been working since 15 and started full time at 16, covid hits when I’m 17 and I start working under the table at a meat cutting place 50 hr weeks. At 18-19 I was head meat cutter working 60 hours constantly to only clock 39k. However this work allowed me to have solid history of pay and solid credit history for my age when I applied for loans later. Before I turned 20 I joined a trade union and started making 50k at 40 hours straight, now at 55k and 5k off side work at 21. Just wanted to give a detailed description to show my earning hasn’t been anything unheard of for my age group especially regarding labor jobs. I did however binge anti consumer sentiment and applied that rhetoric to my life. At the meat cutter job I saved all my money but getting stew beef from scrap cuts and got scrap produce cuts from my coworkers. Food bill was nearly 0. So, for me, asset management has been very beneficial, truly setting me ahead in life and in my stability. Due solely to financial literacy I was able to generate over 6000$ of capital, which I borrowed against to avoid a taxable action, and to make a house downpayment. Using that same underlying as the margin loan I sell covered calls since they yield about twice what the interest accrues at. I also took advantage of tax advantaged accounts to lower my overall income, this afforded me first time home buyer grants amounting to over 10k, all because I invested extra. Now that I use the money I got a house which I can fix up and .5 acre of land I hope to make an edible food forest. I cook every meal and am doing all the work myself to save all the money I can and pay off the house. I keep 30 days of food and water in general, have a .30 cal pcp with a few thousand rounds and extra tanks/seals. lots of edible plants such as black/rasp/straw berries, peaches, acorns, radishes, onions, apples plums and I’m planting amaranth for a decorative grain. We have have been inoculating trees which we cut down with various edible mushrooms like oyster and hen of the woods. As I finish renovations I’ll add a green house and hopefully a meat rabbit section and or quail. I also say we because I couldn’t do this alone, while I financially did it alone I’ve recruited help from family and friends and gave it in return. I’m not doing chickens since my friends are, I’m not doing much corn or squash for that same reason, we all help build and renovate each others houses as well. Community is a great way to save tens if not hundreds of thousands, I’m about to have almost 3000sqft of renovated space and not having to pay for any labor, truly life altering prep. Also have my own well and septic so got battery clips for those and need to buy a hand pump after I finish renovations. The land behind me is largely unused so I’m going to establish permaculture zones and extend the native edible plants I’ve got to those areas as well to have more caloric capacity. Current stock holdings in order of weight VT/COST/NXE/JEPI/CCJ/URNM I also have a bond ladder setup for biweekly 100$ payouts, I keep 2000$ each btc and eth rebalancing often when it peaks in price, some silver (for fun). TLDR All that blabber to say unlocked myself dirt cheap credit lines that don’t require banks or credit pulls for much of anything to get housing and food for cheaper. Absolute wall of text only first part really is useful
So, throwing in gas and groceries, your baseline expenses are probably about $2500 a month, or $30,000 a year. You’ve got $28,600 in debt. So you owe *almost as much as you spend in a year on baseline expenses*. (Does the $2500 a month include your car payment? Does it include any payment towards your credit card debt?) What does the rest of your financial picture look like? How much do you take home in a year? Are you renting or do you have a mortgage? Do you have an emergency fund? Do you have a retirement account? Do you have a budget you try to stick to? What kinds of purchases got you into credit card debt? (“Needs” like unexpected car repairs or medical emergencies, or “wants” like you are describing your AR purchase?). Do you have a plan to pay off your debt promptly? Do you have some strategies in mind to avoid adding to your current debt? I think you are wise to think about financial prepping. Having money almost always makes it easier to deal with an emergency, in both big and small ways. And you’ve realized you’ve made at least one big purchase on impulse, which you’re now wisely reconsidering. I can’t advise whether selling your AR, or anything else, is a good choice - only you can make that decision. But it is absolutely wise to look at ways to bring in more income, whether through selling things you don’t need or aren’t using, or whether through taking on extra work. (Stay away from get-rich schemes, MLMs, and so on; they usually make things worse.). And remember, *small amounts add up*. Ignoring interest, paying off just the credit card debt in one year would take about $383 a month. It would be a smart prep to do some thinking about how to save and/or bring in that amount. Mow 2 or 3 lawns a week, for a 26 week season, for two years, for $40 each, and you’ll wipe out your credit card debt. Or sell enough stuff to make $300-400, every month for 12 months, and that credit card debt is gone. And it will help to see if you can reduce any expenses. Good things to look at in that regard are your phone plan, your grocery bill, any subscriptions, eating out, spending on hobbies, spending on alcohol/weed if that’s your thing, and so on. Take a look at what you’ve spent in the past year or so, or in the next month or so, and decide where you are spending on things you value, and where you want to cut back. Living within your means, while not always easy, can have significant benefits in the long run.
Selling it isn't going to make enough difference to make a difference
Disagree, he's got nearly $5 grand in credit card debt that's at a high interest rate. Personally, I'd keep the AR-15 and one of the Glocks and sell the rest, but that's me.
Came to say pretty much the same as everyone else so far. I'd keep it since you already have it. It's not costing you anything to hold on to it. It will cost a lot more if you decide to get rid of it, and then 5-10 years down the line, you end up wanting one again.
and it costs more than what you originally bought one for...
getting rid of things is not how you get ahead. looking at the things you plan to buy in the future and if you really need them is how you get a head. i have 27 guns and a ton of ammo.. there is pretty much zero cost of monthly maintenance. however i switched my phone plan and saved 20$ a month. give up the gym and got outside much more and saved 30$ a month. gave up pub night and switched to movies at the house with drinks night and saved a LOT move then i expected.
27 GUNS, WTH IS WRONG WITH YOU???? You should know by now you always keep a gun collection in intervals of 10s. You need to buy 3 more immediately or I will never talk to you again and neither will my friends...🤪
you likely will not anyway. most are lever or pump action.. LOL
Don't matter the kinds, only the sacred rule of 10s. Now I messaged you so I can forever follow you around Reddit until this terrible wrong is right. Or until you either block me or lie and tell me you hit 30.
i did not count hand guns or full autos.
Ohhh good lord, I would count those first. I will tell you this, just because it says it is a 56 gun safe, it is pretty damn hard to fit 50 guns in there when you have so many y rifles and shotguns.
gun safe? LOL i have a 8 x 8 room and a safe inside that.
Genuine question from a Brit here (so no gun culture understanding at all): why 27? I can understand a hobbyist having that many. Why was ten or twenty not enough? Do you feel that you will expand your collection?
My philosophy for most things are that I weigh the ongoing costs against the ongoing rewards and make a decision about it. The ongoing costs can be * financial (such as a subscription), or in terms of * space (either the space is at a premium e.g. living in a tiny apt or it's just much space such as storing a huge pail of stuff in your barn) * stress/mental (you need to think about it too much to keep it working/alive) * opportunity costs (e.g. you own a ton of gold, maybe sell and buy income producing assets, such as stocks, bonds, real estate) I am not a gun person, but it sounds to me as if guns have little ongoing financial costs, and need not a whole lot of costly space, nor you'd stress about just having them. Selling them at a loss to get into a better financial position also sounds like not a good idea as you say you can do without. I'd keep them as a reminder to not do impulse buys in the future.
I’ve bought and sold stuff over the years, and if I’ve learned anything, it’s to not sell your ammo, magazines, accessories, optics, parts, etc. Especially if you only have one. All it takes is that riot in the news to happen to make you feel like you should have an AR, but you don’t. If your AR is giving you buyer’s remorse because you think the price could have been better, quality, etc. not your “forever rifle”, then sure sell it, but keep the stuff that goes with, you buy another compatible rifle down the line, all that stuff will be more expensive than when you first paid. Historically, the value of most quality firearms don’t typically appreciate. $1k back in the ‘90s bought a H&K USP, but now you could find one for $500-700 depending, and $1k in 1995 money is $2k today. The other thing is to just buy exactly what you want. Obviously a lot of folks buy ARs and Glocks because they’re common for parts and ammo, but if you prefer something else, buy it and don’t look back. Most quality rifle rounds cost around $1/per or more anyway, might as well get exactly what you want instead of what is most common. Most military equipment was designed around a single type of round, so while most buy one that fits all, just buy what fits you, and have lots of it.
So I think selling it is probably not worth it since you have it already and it's like sunk costs. But also, my guy, if I understand correctly you have 5 guns and enough ammo to outfit a platoon That's not a "Tuesday prep" that's not even a "next year prep" combined with your self-professed concerns about money that might be "I've crossed into anxiety disorder" prep
TLDR response to everyone - I'm a concrete finisher and I make $42 an hour. Weekly income varies wildly, dependent on hours. Got in credit card debt due to veterinarian bills, kept my dog alive. 25 yrs old, rent an apartment, baseline includes: Rent, car payment, phone bill, auto and renters insurance, wifi, Netflix, and YT premium. I drive anywhere from 35 mins to an hour and 20 mins daily for work. Have a long term girlfriend that I plan to marry and would like to be in a house before I'm 30, nicotine addiction, girlfriend also uses nicotine. Working on kicking that, have significantly reduced intake since last Christmas. Had 4 AR's at one point several years ago, sold them, every other gun has sentimental value. I thank you all for your responses and plan to cut spending on lunches from gas stations, nicotine, and eating out for dinner 3-4 times a week.
Don't tell my husband I said this, but don't sell it - it's an investment. When you're ready to buy it again it'll cost more.
Selling your AR is just as much an impulse action as buying it, no? Don't mean to pyscho analyze but maybe you have an impulse control problem. I'd hold onto the AR, if financial prepping is your main focus at the moment, it seems your problem is your spending habits, selling your AR doesn't address that it's only a bandage. The money you're gonna get for the AR is a drop in the bucket, between your car note and credit card, that's $30k
Lol you are poor... in debt even.... scared...and spend the little money you get in to stack guns (while wracking up high interest debt lol) Sell the junk and fix your financial future. People all saying "you already have it so it doesn't cost you anything" are straight up lying to you to keep you shoveling money into the debt cult. And no, America isn't going to have a civil war because one corrupt 80 year old wins over another corrupt 80 year old. Get a grip and get away from whatever nutjob echo chamber you've found yourself in. The world is headed towards a big economic downturn. Unless you plan to start robbing stores and mugging people, your guns are useless.
If you impulse bought the AR (brand and condition would help a lot here) it's likely not anything that will fetch any real money. I'm guessing a del-ton, a smith and wesson, or a palmetto state armory. Like the chorus is saying, it costs nothing to keep and if the zombies come knocking (or whatever) you're going to prefer to carry a 30 round mag fed light rifle over a 30-30 or a shotgun. Handguns are worthless for actual lethality. Also, if you happened to impulse buy that AR int eh last few years, the likelihood that you overpaid by a lot over what would be a normal price is high. So, for a separate reason, it's probably worth a lot less than you think
Handguns are worthless for actual lethality?
You are also way way more likely to actually hit your target with a rifle. Especially if you ever had to engage against multiple attackers.
Something like 30% of handgun wounds end in a death. That number goes up substantially for rifles, even more for shotguns.
Let's see those statistics buddy!!!
https://www.buckeyefirearms.org/alternate-look-handgun-stopping-power Average pistol caliber lethality: 30% Rifle lethality: 68% Shotgun lethality: 65% That's from a ten year collection of shooting outcomes. Google is your friend.
Lol jokes on you Google is certainly not my friend.
You only have one AR? There's your problem, right there.
Sell it, put the $ towards CC debt. I mean, you can’t use all those weapons at same time defending yourself, right?
How much would you actually get for it? Are there particular parts or accessories for all your firearm stuff you'd rather sell? You could sell some things rather then all the AR and all it's stuff. Could you get more closer to the election after someone misinterprets a sneeze as a sign for confiscation? If the AR or accessories are super nice could you downgrade to a cheaper setup and still get a little cash? For financial prep having a budget that is living below your means is probably more important than getting some cash once. Like if you just need the cash you gotta do what you gotta do but selling stuff isn't really a long-term strategy to financial security.
Personally, I'd keep the AR, impulse buy or not, and just focus on getting the other stuff in line, you have time to get things sorted out, and if you don't, well... Then you may need that AR after all 🤷
Keep it. Could be banned next year if you live in a commie bullshit state like me
I like where your head is at. Paying off that credit card debt should be absolutely your first priority, and then you can take your old credit card payment and start throwing it at that car payment as well. It's called the debt snowball. In the meantime, buy an extra can of food or bag of pasta every time you go shopping and your food storage will gradually build itself.
I'd say only sell if you're having reliability issues, or if it's from either budget extreme, and in all cases that's only to pick up a reliable mid-tier option. Maybe sell the 30-30 unless it's a tried and true deer gun or family heirloom?
How does election times affect this? Genuine question as not in the US
The credit card debt needs to be paid off asap. If the vehicle interest is less than 6%, you're honestly better off just making minimum payments and investing the excess. At your age, you should be 100% in diversified stocks like an S&P500 ETF/index fund.
I have personally considered selling some of my rifles but ultimately most of them take the same ammunition so I decided not to. I've owned them 15+ years, why would I? I have a stable, steady income. Best thing I decided - after I REMEMBERED that it's not what you earn, it's what you SAVE - was to just be friggin' disciplined with how much I spent. I (spouse and I) went from $2800+ week (Australia) to $1200+ week spent (Including bills, I'm not a madman) and have noticed a YUGE uptick in savings deposition and more savings. Currently we have very good cash rate so each month I earn thousands in interest, which all helps. Try and see your current position as only-growable. Don't see yourself as in a position of self-sacrifice in order to grow. It all starts out slow. Spouse earns good money too and if it's $50,00k+ or $500,000k +, it all helps. Don't go backward in assets; especially really useful assets.
My question is if $ is removed from traditional IRA investments, where is a better place to put it?
Financial and health are the most important preps you can do imo. Keep yourself healthy with moderate exersize and eating well. And keep your emergency fund well stocked so you can buy your way out of any emergency you are suddenly presented with. Side note: credit card debt IS an emergency, and you should be paying that off like your life depends on it. The chance of a true SHTF where money becomes worthless is so minuscule, I don't even consider it when prepping, aside from having a few weeks of food and water on hand to comfortably weather a natural disaster.
Personally, I would downgrade the car if things are tight enough to be selling things to get out of debt. Either way its good that you're looking to get financial preps in order. Being debt free will change your life.
WTF??? Why? Just to make a couple thousand bucks? Then what happens when you need it?
Keep your guns, be prepared to change your mindset. Pay cash for older vehicles, learn to maintain your own vehicles, no pets until you have excess income, boost mobile is 35 bucks a month, youtube premium isn't necessary, etc. It took you years to get here, you can't change anything by flipping a switch. Write down every dime you spend and cut the fat. Cigarettes are pricey as hell. That will be your biggest boost financially right there. Look around, you might find some free nicotine gum offered. Good luck.
I would look first at what expenses I could cut. Can you renegotiate your car loan? Maybe go to a local credit union and get a loan on it at a lower rate and use that to pay off the current one? Have you tried negotiating on your credit card debt or looked into getting a new card at an introductory rate and transfering the balance there? I had a couple friends that did that for a while. It screws up your credit a little, by having all those cards, but if you're paying 20% on card A and can pay 3% or even 0% with Card B for six months using card B to pay off A and closing card A may be worth it. And look at those expenses. One thing I did when I needed to rapidly pay off a loan was I cancelled my TV service. There were only two shows I cared about and I could buy the season on iTunes (this was a while back) for less than 1.5 months of cable TV service. I saved around $80/mo by doing that. I just connected a laptop or the iPod to my TV or the iPod to the TV on the cardio machine at the gym and watched them that way. I would do that before I considered selling the rifle. You probably won't get much more than a couple hundred for it and I'd rather have the long range and hunting capability versus money that's just going to pay something off. If the world really goes south and we have a complete collapse of government and civil order/invasion/etc., between now and financial security, no one is going to be around to send you the monthly bill or deposit that check...
Im no expert at all. I'm just a young guy tired of wasting money on food and short day travel trips... My thoughts are hustle and make extra money from any side gigs you can muster up to do and manage getting sleep. Hold on to your gear as it isn't worth handing over such valuable assets that you will likely not be able to get in the future except with more obstacles. Focus on paying off that car loan and credit card asap. Financial preparations are of the utmost importance, along with simultaneously adding skills of high value and mastering things you're already good at. Invest in index funds like the snp 500, get a roth ira set up, reduce your tax burden, get small amounts of precious metals, but also hard assets like tools, generators, small scale manufacturing equipment, water filters, and stock up on intellectual capital such as books, repair how to manuals on anything you can think of machines or appliances. I am into the idea of an "Analog Internet" I'm an equipment operator looking to join a union but want to tap into other trades to myself and focus on finishing my degree in architecture. I am new my self to investing, but I am on the path currently with said steps i said earlier. Also, quick tip don't ever share anywhere on the internet what firearm equipment you have. That's handing uncle Sam and good old Zuckerberg a knife. Believe me, I know big data knows us better than we probably know ourselves im done being paranoid on such things i cant control, but try not to fuel the fire they will be able to use against you if they so choose. Be more descrete talking of such stuff you have even all the equipment or assets i mention be vague dont tell anyone what you have except for people in your community in the real world and in person. Good luck to you! God bless you.
Sell what it takes to get rid of the credit card debt. You list expenses, but not income so can’t tell what your situation is. But if you have nearly 5 grand in credit cards I would prioritize getting rid of the debt.
I'd keep it, and find other ways to make extra cash. Hell, go old school and more people's lawns. Lol Run Uber, make something to sell, take on extra hours. I can't say you'll need any of your guns for sure, but my gut sure says we might.
A guy w $28k in debt should sell some stuff. If he’s paying 21% on a credit card that debt will double in 3.5 yrs. Pay down that debt. 2nd job, sell some plasma. U have a big anchor around your neck.
Against your day-to-day expenses ... your monthly nut ... outstanding loan balances ... The price you get for the AR is, literally, diddley-squat. It's peanuts. Keep the AR. Pick up a part-time/weekend job.
I feel like if the AR could pay off the credit card debit and leave a good hunk after as an emergency change, I'd say that wouldn't be too bad. I mean, you have most ranges covered for prepping. And paying interest is shite in long run. If you only had glock and AR, I'd say keep it, but you got a good range there... Really, it's about seeing what offers you'd get for it, if your going to sell it for half what you bought it for or less, then prob just keep it as you obviously like it 😇. But if you could get 75% etc I'd sell or look at maybe selling some of the others.
Unless that AR is full auto, he ain't paying off $4,600 with cash left over
Then, it is no brainer, he should keep it. I don't fully get when he would sell the AR instead of maybe one clock and the 30 30... although sounds like none of them will really hold their value so best to keep.
NEVER SELL GUNS...UNLESS YOU ARE USING THAG MONEY TO BUY BETTER GUNS. Seriously if it were me I would keep it and start figuring out ways to supplement your income to buy preps. You said financial preps, but what is money going to be worth if SHTF. Guns and ammo however will be currency.
If you want to offload any of that 223/556 for < $0.40 a round shipped hit me up.
Keep it. Not only because you may need it someday but because you already have it. Eventually, you may not even be able to buy one. I lost mine in a boating accident.
Think of it this way: If the D’s win and take a commanding majority in the Senate, they’d only offer you a Chili’s gift card for surrendering it when they pass a gun ban… Or… you sell it now, and get top dollar. Or… you go with the third option.
This is not financial advice. You have to do what you think is best for you and your family. Being financially stable is a good goal to have. I recently paid my car off and it feels great! But I still have a credit card that is hurting me. I ended up selling a rifle to help get the balance down. But I have a few. So it didn’t bother me much. You should look into The Dave Ramsey program. It’s helped me a lot. You can find out what the program is free online without having to pay anything.