3 Things To Sell When You’re Ready To Take Your Wealth to the Next Level
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.
“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.
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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.”
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.”
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