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We all have assets that we could use for financial gain. This could be your home, your car, small items that you own or even collectibles in your attic. But how many of us actually use our assets to their full potential? Just a few and worse still we actually waste some assets completely.
We don’t use them at all. We squander them, and a brilliant example of this would be limited edition disc sets or movies that are in the collectible packaging. Now, if you are using the discs, the package is open, and the collectible item is on display then to an extent you’re using it. You’re not using it to the biggest financial gain, but you’re using it.
What about if you’re one of those people that keeps the set in shrink wrapping and pristine quality. You don’t sell it, you just keep it stored away in the back of a cupboard. You’re not enjoying it at all, and you’re certainly not profiting from it. This isn’t a wise use of the asset.
Instead, you should be monitoring it’s worth online. The mistake people often make is that collector’s items like this will always rise in value and this isn’t true at all. There will always be set periods where the item is massively valuable before it drops off again.
Obviously, you have to wait until it’s not being manufactured anymore. After that, you need to wait until interest peaks.
People with Pokemon collectibles, for instance, should have sold a couple years ago when GO was popular with everyone. This is just one example. Let’s look at some of the other assets that are wasted.
You might have a number of regular items that are worth a lot of money and that you don’t really use anymore. For instance, over the years you might have collected TV box sets. This is understandable as it wasn’t so long ago that streaming wasn’t a viable option for most people.
Now of course it is, and you can probably find whatever you want to watch somewhere online. The good news is that you can sell media like this for a profit right now online with more info available from various resources.
However, this won’t be true forever. There’s a finite number of people who are still buying hard copies of entertainment media, and that number is dropping very quickly indeed. Essentially, you need to strike while the iron is hot.
What about your home? Perhaps you have a home with rooms that you hardly ever use. Right now, you might be using that room for storage, but you could move the junk into the attic, sell it and then make better use of the space. What are we talking about here?
Well, depending on how much space you have in your home, you could rent it out. We know that this sounds like a crazy suggestion, but it’s not. If you own the property, you can do this, and you can decide who you allow to stay. The money you make from a venture like this could be more than enough to fund your next holiday.
We hope you see now how learning to use your assets more wisely could lead to great financial rewards.