6 steps to take after hitting a life-changing card

· Yahoo Sports

Hitting a big card could feel like winning the lottery, especially with some sports cards being worth six-to-seven figures.

Once the rush of excitement wears off, there are a lot of things that need to get done if you plan on cashing in and selling the card. 

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Here are six steps to help you if you hit a mega card. 

You don’t need to do anything right away. While you might want to shout it out to the world and post it across social media, it’s important to take a moment to plan for the next steps.

It’s OK to take a couple of weeks to figure out what you want to do. 

Some cards could be life-changing, but they also come with financial implications that you are going to want to figure out before you sell the card. 

Before thinking about maximizing the sale price, protect the card.

  • Get the card into appropriate secure storage, such as a vault or safe.

  • Determine if your existing insurance actually covers a card of this value. You might need to get more coverage or a rider.

  • Document the card and how you acquired it.

  • Keep receipts, invoices and other records associated with the card.

  • If it needs to be shipped or graded, understand who is responsible for it at every stage and what insurance applies.

If you've potentially pulled a million-dollar card, physical security becomes part of the planning.

Every auction house, big spender and portfolio investor is going to want the card. Before you start taking offers, get the right team in place. 

Find a fiduciary financial planner who can help you with the next steps. 

Get a tax advisor who can explain the implications that come with selling a card worth big bucks.

For a truly massive card, you might want an attorney involved to help review contracts that come with a sale.

Decide what you want to do with the money — and where it will be going

You should at least have an estimate of what the card might sell for, which will help you figure out the tax implications. Now is the time to figure out what you want to do with the money so that you can stick to the plan.

Once you see those dollar signs, you might suddenly have ideas about buying shiny new things.

Instead, consider paying off debt, saving for retirement or college, giving to charity or a little bit of all of the above. There should also be room for fun money to enjoy your new windfall.

While you don’t need exact numbers since the card is not sold yet, you can figure out percentages of how you want to spend the money. 

You can shop around among different auction houses and find the best deal for your card.

Some auction houses will offer competitive rates because of the PR they get from selling the card, even if they don’t make any money off the sale. 

There may be private offers worth considering. 

Once that card is sold, revisit your estate plan. Not to be morbid, but it’s important to figure out what will happen to your assets after you’re gone. 

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