When to Sell Valuables

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Dear Dave,

How do you decide whether or not to sell collectible memorabilia when you’re getting out of debt? — William

 

Dear William,

In most cases, there’s a pretty wide spectrum of emotional involvement when it comes to this sort of stuff. I mean, there’s a big difference between having a baseball signed by Mickey Mantle from a day that you and your dad met Mickey at the stadium, and buying a baseball a few years ago that he autographed and seeing it has gone up in value.

With the first, I’d be tempted to tell you to keep it unless you’re literally about to lose everything. In it, you have a deep, emotional connection — a personal story about you, your dad and one of the greatest baseball players of all time. It was a sentimental, once-in-a-lifetime kind of thing. In the second case, it’s just a purchase you made as a hobby. That kind of thing can go without a whole lot of thought. If what you own doesn’t have some kind of deep sentimental and emotional connection to family or a major life event, then it’s just stuff.

I hope this helps a little, William. There’s nothing wrong with having some nice things. But there’s a big difference between you having things and your things having you. Never let “stuff” stand between you and your family’s sense of security and financial well-being!     —Dave

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About Author

Dave Ramsey

America's trusted voice on money and business, Dave Ramsey is a personal money-management expert and extremely popular national radio personality. His four New York Times best-selling books—Financial Peace, More Than Enough, The Total Money Makeover, and EntreLeadership—have sold more than 7 million copies combined. His latest book, EntreLeadership: 20 Years of Practical Business Wisdom from the Trenches, debuted at number one on the New York Times best-selling list.

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