The addiction of cracking packs is real, got back into magic when kamigawa neon dynasty came out and have spent 10s of thousands since then and yeah this ban hit hard.
Quick (and genuine) question, are you counting the unopened sealed product among the losses? In most cases you will turn a profit on that if you can sit on it for two or three years(if it wasn't already aged with increased prices when you bought it). Of course that isn't as fun as cracking the packs, but if you keep a sealed box or two for every box you open and have the patience to and storage space to let them sit for a couple of years, this will help pay for future boxes. The first couple of years will be the toughest, but if you keep a habit of keeping a box or two of each set that comes out, once the first lot you bought starts getting hard to find on shop shelves and rises in price, the rest won't be too far behind. But don't go all in on one set, some sets perform better than others, so diversify.(speaking specifically about MTG)
@@arithonhanzo I can only afford one TCG lol so that's MTG for me. But it's refreshing to see videos based on honesty and rather than hype. This is the first time i've come across your channel, subbed, and will check out some of your other vids when I get a chance.
I love how this video where you talk about how much money you lost is the one getting the most traction on your channel, so silver lining I guess? 😄 I think you struck a chord with Magic players here though, especially after everyone got hosed by the recent bans. Your other top video is also disaster related... maybe you've found your niche!
You should be able to just keep a notepad in your car and log your miles when you're making a business related trip purchasing product or going to the post office, then claim that gas as a business expense when you file your taxes. Save receipts for shipping materials as well.
Although you have spent a good amount of money to get started, I think it will take a whole lot more money, time, effort and space to start turning a profit. If you want to do it as a hobby, you should probably look for the break even point first and then think about it again. I think the recent bannings will have to make you think about that project again since some of the heavy hitters you are looking for might be sitting on your shelf for a little while. Next thing you know your head gets dunked in the toilet. I also think that besides the special sets, it is even harder to break even to begin with. I also used to buy a couple of collectors boxes but if you didn't get one of the good cards in the correct version, it was always a negative outcome. Also the special sets have gotten so expensive that buying into them is even more daunting and risky regarding the latest bans. I appreciate your effort in laying out your expenses and hope you will do well with your chanel.
Think of it as a 50 dollar tax for the experience and gamblers premium. If you're on a budget, singles all day. Sealed product is about the experience if you're not set up to sell unwanted cards. Shops profit off of mass openings with sheer volume, card sorting machines, inventory systems and e-commerce all in place and paid for on top of long monotonous work days
You'd have to get lucky with the box, most of the time your not going to get your money back on the box unless you pull one of the biggest chase cards for the set.
@@cowboy_henk good thing i been buying singles but dockside my most expensive single......... Now the only thing i feel safe buying are the commander decks :( If only i could break even on the collector booster box it would be awesome?
@@arithonhanzo I went overboard catching up on cards for one piece. I know the cards don't have an equivalent value to my spending, but I do know I can get something back for them.
I had an addiction to cracking packs up until the recent bans. Why chase cards if they’re going to be banned in a few months? Thank you WotC and the RC, you’ve cured me…likely from the game completely
@@ajdecaro5474 “womp womp”? I’m guessing you’re happy with the ban. Most people that aren’t mad about this ban is because they couldn’t afford the cards anyway and some poor people just have to rub it in peoples face when an investment of theirs goes belly up. When you work hard and aspire to be something in life, you tend to get mad when your hard earned money is taken from you. The poor and lazy of the world just don’t seem to understand that. They’re just happy to see them knocked down to their level.
@@arithonhanzo it is very obvious and comes off disingenuine + it's like listening to an AI read out a script. Not that others don't do it, but you want to come off as natural and smooth. It is hard to ad lib everything yes... but try just writing down 3 things you want to hit in a video, and just talk around it. Give your genuine self. Good luck!
Thanks for the feedback! Hoping to share that ripping isn't profitable it has to be something you do for fun and realize that money is going to be lost.
Content needs to be engaging to keep people watching and to make it viral. I know you are putting alot of work in but really thats the difference. Even this video wasn't very interesting. Just you talking about the bad decisions you made without any introspection and what you are going to change. Its just kind of like, so what....
More edits. Do some shots of products or more spreadsheets or something. Staring at your mug for 5mins doesn't scream content. Your actual dialog is legit tho. You have a solid foundation it seems. 2cents from some guy on the internet. From what I see, you seem like a ytber to me 👍
@@arithonhanzo i see you've been grinding. Don't fkn stop. I'm old, ive seen shit, it's all persistence and improvement. I mean...the algo brought my internet ass over here.
@@arithonhanzo that’s not that tax write off I’m referring to. You can take the value of the unopened pack, and deduct that from your taxes as a loss, after you’ve calculated the value of the cards minus the value of the pack. So if the value of the sealed pack was sat 10k, and the cards you pulled from it only valued at say 100.00, you minus that from the packs unopened value, 9,900.00 and then take that an write it off on your taxes as a loss of 9,900.00. Unless you didn’t know that……so you’re not losing anything. 😉😁👍
What you are saying is incorrect. From my video I spent 25000 on my business and I made 6500 so you deduct the 18.5k and that's what I pay taxes on, the -12000. So I just don't owe any taxes on my sales earnings. Thats the difference between deductions and credits.
@@arithonhanzo no, what I said is correct. Now you’re going into what I’m talking about. Which is correct. So you didn’t lose anything. You get a tax credit for the loss on the value of the pack from opening it. Businesses do this all the time. That’s why stores don’t really care about theft to much. Unless it’s getting really ridiculous. Yes you don’t get taxes back, but you also don’t have to pay as much taxes. That’s what deducting the loss is for.
You are using Deduction and Credit interchangeably which is incorrect. A Credit is a 1:1 dollar replacement. A Deduction is a reduction of your taxable income. When you lose money on a business the Feds are not owed any taxes, but they do not give you back anything. The whole point of the section I talk about this in the video is so that people do not try to rip packs and expect that money they lose will be returned as a tax credit. Please stop encouraging people to lose money.
Great reality check! It looks easy, but there's a lot of behind the scenes work and it's extremely difficult to turn a profit.
Absolutely!
Thank you for taking the time to share what you learned on your journey. First hand experience is invaluable. Great video!
The addiction of cracking packs is real, got back into magic when kamigawa neon dynasty came out and have spent 10s of thousands since then and yeah this ban hit hard.
the ban sucks, sorry man.
@arithonhanzo I don't even play cEDH, mainly modern. But having multiples of the banned cards was a kick to the balls. Oh well, live and learn...
Gambling addiction is real. You’ll feel much better when you finally pull yourself away from it and just buy singles.
Very sober and informative video. No bs, no unnecessary hype - undiluted facts. I wish you the best and hope you pull the next big thing.
Thank you!
Thanks for the video dude. Awesome to hear the journey, and sad for the wallet.
Can semi-relate.
See ya next time! 😎
Thanks!
Good video. Thanks bro and good luck
Thank you!
First time on your channel. I like the vibe. you are braver than I am. I choose to leave my losses a mystery.
Its always fun to show whats really happening.
Quick (and genuine) question, are you counting the unopened sealed product among the losses? In most cases you will turn a profit on that if you can sit on it for two or three years(if it wasn't already aged with increased prices when you bought it). Of course that isn't as fun as cracking the packs, but if you keep a sealed box or two for every box you open and have the patience to and storage space to let them sit for a couple of years, this will help pay for future boxes. The first couple of years will be the toughest, but if you keep a habit of keeping a box or two of each set that comes out, once the first lot you bought starts getting hard to find on shop shelves and rises in price, the rest won't be too far behind. But don't go all in on one set, some sets perform better than others, so diversify.(speaking specifically about MTG)
I do count sealed product as losses until i sell it, usually though if im holding sealed product its pokemon and not magic.
@@arithonhanzo I can only afford one TCG lol so that's MTG for me. But it's refreshing to see videos based on honesty and rather than hype. This is the first time i've come across your channel, subbed, and will check out some of your other vids when I get a chance.
I love how this video where you talk about how much money you lost is the one getting the most traction on your channel, so silver lining I guess? 😄 I think you struck a chord with Magic players here though, especially after everyone got hosed by the recent bans. Your other top video is also disaster related... maybe you've found your niche!
Its like that with any tcg though... lots of people lose their pants on yugioh and pokemon, nevermind lorcana, those are so hit and miss
It is tough out there on all the games.
You should be able to just keep a notepad in your car and log your miles when you're making a business related trip purchasing product or going to the post office, then claim that gas as a business expense when you file your taxes. Save receipts for shipping materials as well.
Awesome, thanks for the advice!
Interesting to know, great video!
Thank you!
Dopamine rush
Feeding my brain!
Although you have spent a good amount of money to get started, I think it will take a whole lot more money, time, effort and space to start turning a profit. If you want to do it as a hobby, you should probably look for the break even point first and then think about it again. I think the recent bannings will have to make you think about that project again since some of the heavy hitters you are looking for might be sitting on your shelf for a little while. Next thing you know your head gets dunked in the toilet. I also think that besides the special sets, it is even harder to break even to begin with. I also used to buy a couple of collectors boxes but if you didn't get one of the good cards in the correct version, it was always a negative outcome. Also the special sets have gotten so expensive that buying into them is even more daunting and risky regarding the latest bans. I appreciate your effort in laying out your expenses and hope you will do well with your chanel.
Thanks man!
"Beep boop"
crazy how a company can make billions printing cardboard.
It does all seem so simple
Why wouldnt you just buy singles? You cany buy anything and coordinate that so you have multiple for other formats, jfc
Hobbies cost
is it worth it to buy collector boosters and open?
Hell no
Think of it as a 50 dollar tax for the experience and gamblers premium.
If you're on a budget, singles all day. Sealed product is about the experience if you're not set up to sell unwanted cards. Shops profit off of mass openings with sheer volume, card sorting machines, inventory systems and e-commerce all in place and paid for on top of long monotonous work days
You'd have to get lucky with the box, most of the time your not going to get your money back on the box unless you pull one of the biggest chase cards for the set.
@@arithonhanzo what about booster box's? from the new set? when i was buying not to long ago I would seem to break even on thos. :)
@@cowboy_henk good thing i been buying singles but dockside my most expensive single.........
Now the only thing i feel safe buying are the commander decks :( If only i could break even on the collector booster box it would be awesome?
If you got cards then you got what you paid for. If you opened for profit goals you may need to rethink your investment concepts.
Yep, Im ripping for fun. No illusions that i can open the box and profit.
@@arithonhanzo I went overboard catching up on cards for one piece. I know the cards don't have an equivalent value to my spending, but I do know I can get something back for them.
I had an addiction to cracking packs up until the recent bans. Why chase cards if they’re going to be banned in a few months? Thank you WotC and the RC, you’ve cured me…likely from the game completely
The ban is still strange to me, I'm definitely part of the group expecting it to get walked back but maybe im too hopeful.
Womp womp
@@ajdecaro5474 “womp womp”? I’m guessing you’re happy with the ban. Most people that aren’t mad about this ban is because they couldn’t afford the cards anyway and some poor people just have to rub it in peoples face when an investment of theirs goes belly up. When you work hard and aspire to be something in life, you tend to get mad when your hard earned money is taken from you. The poor and lazy of the world just don’t seem to understand that. They’re just happy to see them knocked down to their level.
Bro buy guns not cardboard
I buy cardboard, guns, ammo, precious metals and the S&P500
A man can't just do bill drills all day
Are you middle class?
Probably, I'm doing pretty well.
you'd do better if you didn't read from a pre-written script.
Thanks! Its tough to ad lib a whole video but I need to improve on using my teleprompter too.
@@arithonhanzo it is very obvious and comes off disingenuine + it's like listening to an AI read out a script. Not that others don't do it, but you want to come off as natural and smooth. It is hard to ad lib everything yes... but try just writing down 3 things you want to hit in a video, and just talk around it. Give your genuine self. Good luck!
Its a shame that you have to do “negative” videos to get views. Your other content is also very good!
Thanks for the feedback! Hoping to share that ripping isn't profitable it has to be something you do for fun and realize that money is going to be lost.
Content needs to be engaging to keep people watching and to make it viral. I know you are putting alot of work in but really thats the difference. Even this video wasn't very interesting. Just you talking about the bad decisions you made without any introspection and what you are going to change. Its just kind of like, so what....
More edits. Do some shots of products or more spreadsheets or something. Staring at your mug for 5mins doesn't scream content. Your actual dialog is legit tho. You have a solid foundation it seems. 2cents from some guy on the internet. From what I see, you seem like a ytber to me 👍
Thank you! Feedback is always welcome, will see if I can implement some.
@@arithonhanzo i see you've been grinding. Don't fkn stop. I'm old, ive seen shit, it's all persistence and improvement. I mean...the algo brought my internet ass over here.
Actually you don’t lose anything. It’s a tax write off…….please be honest…….
Tax write offs only let you lower your taxable income, it doesn't replace 1:1
@@arithonhanzo that’s not that tax write off I’m referring to. You can take the value of the unopened pack, and deduct that from your taxes as a loss, after you’ve calculated the value of the cards minus the value of the pack. So if the value of the sealed pack was sat 10k, and the cards you pulled from it only valued at say 100.00, you minus that from the packs unopened value, 9,900.00 and then take that an write it off on your taxes as a loss of 9,900.00. Unless you didn’t know that……so you’re not losing anything. 😉😁👍
What you are saying is incorrect.
From my video I spent 25000 on my business and I made 6500 so you deduct the 18.5k and that's what I pay taxes on, the -12000. So I just don't owe any taxes on my sales earnings. Thats the difference between deductions and credits.
@@arithonhanzo no, what I said is correct. Now you’re going into what I’m talking about. Which is correct. So you didn’t lose anything. You get a tax credit for the loss on the value of the pack from opening it. Businesses do this all the time. That’s why stores don’t really care about theft to much. Unless it’s getting really ridiculous. Yes you don’t get taxes back, but you also don’t have to pay as much taxes. That’s what deducting the loss is for.
You are using Deduction and Credit interchangeably which is incorrect. A Credit is a 1:1 dollar replacement. A Deduction is a reduction of your taxable income.
When you lose money on a business the Feds are not owed any taxes, but they do not give you back anything.
The whole point of the section I talk about this in the video is so that people do not try to rip packs and expect that money they lose will be returned as a tax credit.
Please stop encouraging people to lose money.