If you’re financially stable and want to take your wealth to the next level, there is a rather easy way to go about it: Sell some of your most valuable goods. Some of these items might be even more valuable than anticipated, enabling you to convert the newly earned cash into investments — and ultimately generating more wealth.
“We often overlook the potential value of the items we’ve
collected over the years, but what might seem like clutter to us could be a
dream purchase for someone else,” said Andrew Latham, CFP and managing editor
at Supermoney.com.
That luxury watch gathering dust in your drawer, the designer
handbag you haven’t used in years or that vintage audio equipment stored away
in the basement could be the key to unlocking a new world of financial
opportunities, said Latham.
“By identifying and selling these high-value items, not only do you declutter your space, but you also
create an opportunity to invest in your future and turn your once-forgotten possessions into long-lasting wealth,” added Latham.Jewelry
“I have evaluated thousands of
jewelry items and have helped many people turn what they thought was junk
jewelry into considerable amounts of cash, said Matt Harris, certified pearl
specialist and pearl jewelry designer at Matt Harris
Designs.
Harris said that when he ran a
consignment store, he came across a lot of people selling either inherited
pieces of jewelry they never wear, or pieces — such as engagement rings — that
former partners offered, as well as pearls.
“You’d be surprised at how many
people have no idea what their jewelry is worth,” said Harris. “Take gold for
instance: It is at almost an all-time high, today trading at $2,020 per ounce.
Just over 20 years ago throughout 2002 it hovered in the $200s.”
In addition to gold, Harris noted
that Burmese sapphires, red spinel, Columbian emeralds and many other gemstones
have skyrocketed since the ’80s but the average jewelry owner has no idea what
they have or what it could be worth.
Harris recommends going to a
reputable consignment store, or to a local gemologist or gem dealer, who can be
very valuable in helping turn these old collections into cash.
Handbags
The luxury handbag market value is
expected to rocket up to $42.48 billion by 2029 — from just $22.61 billion in
2021, according to a March 2023 Data Bridge Market Research analysis. If you
have old handbags in your closet, now might be the time to check out their
worth.
“Designer handbags can be a hidden
goldmine,” said Latham. “For instance, a classic Chanel Flap Bag in excellent
condition can be resold for up to $5,000, while a limited-edition Hermès Birkin
can go for well over $20,000, sometimes even reaching six figures if it’s a
rare piece.”
Real Estate
One of the most valuable things to
sell is, of course, real estate.
“If you own a property that has
appreciated in value, selling it can be a great way to unlock the equity you
have built up over time,” said Jon Morgan, CEO of Venture Smarter. “This
could include a primary residence, a rental property or even undeveloped land.”
How Can You Turn This Cash Into Investments and Generate
More Wealth?
There are many other items you could
sell, including cars, business assets you don’t need anymore, collectibles and
art. And once you do, there’s an array of possibilities as to how you could
turn this cash into more wealth.
For example, Latham said that if you
have a collection of designer jewelry worth $10,000 that you no longer wear,
selling it and investing in a real estate investment trust (REIT) with an
average annual return of 6% could grow your investment to approximately $33,100
in 20 years.
“This approach allows you to turn
luxury items into a long-term income stream,” he added.
Another real estate investment could
be rental properties.
“The value rarely goes down, it’s
something you can control and there’s cash flow every month,” said Derek Sall,
financial expert and founder of Life And My Finances, adding that you want to buy something that
appreciates in value.
Of course, you can also invest in
stocks and bonds — which are a great way to grow your wealth over the long
term. However, consider investing in a diversified portfolio of stocks and
bonds, or working with a financial advisor to develop a customized investment
plan, said Morgan. In addition, he suggests that you could invest in a small
business startup.
“This can be a risky investment, but
it has the potential to generate significant returns if the business succeeds,”
Morgan said.
Finally, Morgan said to consider
investing in yourself: your own skills and education.
“This could include taking courses
or obtaining certifications that can help you advance in your career, or even
starting your own business or pursuing a new career path,” he said. “When it
comes to investing, it’s important to do your research and work with trusted
advisors who can help guide you through the process. With the right strategies
and mindset, selling assets and investing in new opportunities can be a great
way to take your wealth to the next level and achieve your financial goals.”
-Yahoo
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