A no-savings generation is cashing in sneaker collections [Los Angeles Times (CA)]
Cowen Inc. - Class A (COWN)
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Source: Los Angeles Times
A wedding. Transmission repair. Bail money. Those are some of the reasons why more and more sneaker collectors are cashing out the shoes they have lovingly amassed over the last decade or so. Most were facing sudden expenses that threatened to throw their finances into disarray because student loans, rent payments, avocado toast and the like had pushed them into a cash-flow corner. Roughly 6 in 10 U.S. adults donâ??t have enough savings to cover a $1,000 emergency room visit or car repair, according to New York financial services company Bankrate. For young adults, the savings picture is slightly worse, Bankrate said. Los Angeles hairstylist Sabrina Ahmed, 28, is one. Faced with a $9,000 bill for unpaid federal taxes, Ahmed reluctantly parted with 12 pairs of sneakers last year, including a pair of Nike Air Force 1 Low Off-White MCA University Blue, listed on some reseller sites for at least 10 times the original $150 retail price. â??I loved that shoe,â? Ahmed said. â??But it felt l
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