Author Topic: At what point do you sell a "luxury" you own?  (Read 1800 times)

zigzampow

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At what point do you sell a "luxury" you own?
« on: February 21, 2017, 01:34:10 PM »
I'm new here, I just discovered this place today. I searched but couldn't find anything like this (hopefully it's not because of the blocks they have at work).

MMM is very similar to the natural philosophy I've grown over the years, and now that I seem to be around somewhat like-minded people- I have a burning question that maybe I can get response on.

At what point do you sell a "luxury" you own. Sell the $60,000 car - make sense, but what about the $15,000 Prius that's already paid for? I have $2,000 worth of guitar equipment that I used for a couple hours a month MAYBE.

It's "easy" to make smarter choices on purchases- but how do you all draw the line on the value of your own things? Where do you make the distinction between keeping and selling on things that already minimize financial burden, but are still somewhat superfluous?

Uturn

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Re: At what point do you sell a "luxury" you own?
« Reply #1 on: February 21, 2017, 02:10:59 PM »
Some say that if you would not replace it if it broke, it's time for it to go. 

I also look at storage.  I have a set of strut compressors that I've have over 20 years.  I would not replace them if they broke, but they are not taking up so much space that I'm looking to upgrade my toolbox.  Same goes for my power washer that I inherited.  It lives under the wheelbarrow that I use 3-4 times a year, so it really doesn't take up space.  If I want to put item X in the spot where item Y lives, and item Y has not been used for quite some time, item Y goes on craigslist. 

Dave1442397

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Re: At what point do you sell a "luxury" you own?
« Reply #2 on: February 21, 2017, 02:18:25 PM »
I've been selling off some stuff, such as watches. I realized that I really only wore two or three of the many watches I have lying around, so I've been slowly selling them off on ebay, and not missing them at all.

On the other hand, I have books that are worth some money, but I'm not selling those. I cut way back on book purchases, and can probably get rid of a lot more books once I start cleaning out the attic.

daveydinner

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Re: At what point do you sell a "luxury" you own?
« Reply #3 on: February 21, 2017, 02:43:29 PM »
I'm in the same boat brother! No superfluous luxuries besides electric guitars and amps. I'm in for about 5 each so I think my problem is a little bigger than yours.

I like the "would you buy it again" type advice as mentioned above.

I even have a little chart in my excel sheet to keep track of it with how much I paid, market value, etc. One column is: "Easy to replace?"

  • My first nice guitar? Not easy to replace, too much history. Keep
    Pretty standard "reissue" fender telecaster? Easy to replace, move it out.
    Big name-brand amp i used for gigs with the band? Easy to replace, move it out.
    Groovy sixties off-brand amp I've never seen before/since with mystery speaker and cigarette burns and some kind of mojo? Keep.


I've gone through this with expensive bikes and vintage cars. Thought I"d be too attached and miss them, but if they don't pass the buy-again test, let them go, stash the cash and you'll forget them soon enough.

Rimu05

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Re: At what point do you sell a "luxury" you own?
« Reply #4 on: February 22, 2017, 02:16:18 PM »
There are times I think the spark joy philosophy applies. Despite being a minimalist, I have five football/soccer Jerseys that I do wear though not as frequently as my actual wardrobe which is very condensed. I make an effort to preserve these shirts especially since I bought two of them when I was a teenager and I didn't baby them. Now, low-key regretting as there is some wear on the lettering and you can't get these shirts anymore as they are from 10/11 years ago.

These shirts for me though "Spark joy."

Linea_Norway

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Re: At what point do you sell a "luxury" you own?
« Reply #5 on: February 24, 2017, 05:59:59 AM »
A few days ago my husband and I discussed FIRE scenarios. My idea is to move to a cheaper house in an area where you can perform most of your hobbies without travelling far (holiday destination). My husband thought that such a moment would be a great moment to do some travelling: sell the house, sell most of the stuff you own and go on a half year cycle holiday through Europe (for example). Or go live a winter in the north of Norway to see how that is. And wait with buying the new house until done travelling.

His argument is that if you can sell a luxury on a site like Graig's list, then you can probably buy something similar back later. So there is no reason to hold on to e.g. furniture. In his plan, we should store just a small amount of our belongings in a container somewhere and sell all the rest, including our nice loudspeakers and comfy chairs. I still have to get used to the idea a bit. And yes, these are things that I might very well replace if the house ever burned down.

I'm a red panda

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Re: At what point do you sell a "luxury" you own?
« Reply #6 on: February 24, 2017, 06:41:40 AM »
When they are no longer useful to me, or interesting to me- I consider getting rid of it.
But I'm not a minimalist. I LIKE stuff.  I just don't like spending money on stuff I don't need or really want. 

I also don't have any non-mortgage debt. If I was in a hair on fire emergency, I'd have to reevaluate this.

But as long as I have space for it, my house isn't a disaster, and it is already paid for- there is no reason to get rid of something just to get rid of it.