Photo (cc) by ToastyKen
Earning money on your savings is hard nowadays. Consider that Bank of America is currently offering a rate of 0.01 percent for standard savings accounts.
Let me say that again. Bank of America is offering 0.01 percent interest for standard savings accounts. That means $100 in your account will get you one shiny penny of interest. Whoa! I know, you can barely contain yourself, right?
Maybe you shouldn’t bother putting that $100 in your savings account. Maybe you’d get a better return by investing that money in your favorite collectibles instead. Let me explain — both what to look for and what to avoid.
10 collectibles to avoid
Before we start talking about the collectibles you can be using to make money, let’s talk about the ones that will never make you money.
These are the items that are passé or that have too few buyers for too many items on the market. Although dud collectibles can sometimes vary by region, these are the ones that probably won’t make you much money anywhere.
- Beanie Babies
- Hummel figurines
- Franklin Mint collectibles
- Collectible plates
- Precious Moments figurines
- Thomas Kinkade prints
- McDonald’s toys
- Recent issue sports cards
- Recent issue comic books
- Animation art
Some of these items, such as Beanie Babies and Hummel figurines, may have had some collectible value at one time. Others, like items from the Franklin Mint, were never worth much from the start. As a general rule, anything sold as a collectible is probably anything but.
Find something you love and focus on a niche
The items that may make you the most money may be the ones you least expect. At various times, duck decoys, political memorabilia and Pez dispensers have all been hot commodities.
The key to finding the right collectible is to find something you love, something you wouldn’t mind holding on to even if the market goes soft and demand dries up. Then, take that something and specialize it even further.
For example, rather than collecting stamps, collect stamps from a specific nation or time period. Rather than collecting old comic books, collect old X-Men comic books.
Having a niche serves two purposes. The first is that it makes it easier for you to keep your collection under control. It can focus your buying and selling and make the process more manageable. The second is you can more easily become an expert in your area and quickly gauge demand for an item and its worth.