Why You Really Should SELL Your Old Stuff

Hey everyone Scott Cunningham aka @scottcbusiness today I want to talk to you guys about selling off your old things
because they’re depreciating in value and we’re talking about mainly consumer
goods and consumer goods generally because technology is improving
manufacturing is improving new things come out making the old ones on seletun
loose value generally consumer goods have been getting cheaper over the past
20 years they’ve gotten slightly cheaper and most things have gotten more
expensive so the fact that consumer goods have gone down in value has been
helpful for our consumeristic society but there’s a lot of people who buy the
new thing every year what do they do with the old thing they keep it they
they might be smart enough to trade it in or whatever it might be but a lot of
people hoard or they keep around old valuable like electronics but they won’t
use them because it’s like okay well it’s my backup or whatever and then they
never use it and then when they finally decide to get rid of it it’s worth like
nothing so this video even though I don’t really have any real financial
expertise or authority to espouse I sold maybe like $1,000 of things over the
past couple months and I thought it was relevant to just share my experience and
why I think it’s really relevant because if you sell something today for $100
used obviously and say you were gonna sell that same thing in two or three
years because you know you’re thinking in your mind
well maybe I’ll need this maybe only this two or three years go by you
haven’t touched it you’re like okay I really have to sell this it’ll be worth
so much less in two or three years compared to if you sold it today and
if you sold it today for $100 and say if you tried to sell it in two or three
years and be worth $50 well with that $100 okay you could buy it for $50 in
the future and thus still have a profit of $50 and still have the thing that you
want even though you don’t really want it because it’s your it’s it’s hoarded
junk that’s lying around or not really useful to you anymore but the point is
if you kind of look at it through that frame of reference that makes a lot of
sense that you’ll actually be gaining money and not only that but in those two
to three years you could take that money and invest it and make even more money
so now you’ve got a hundred and fifty dollars or or two hundred dollars okay
so that thing’s still cost $50 so you go when you buy that thing for $50 and two
or three years and now you’ve still got $150 left your original brand-new
purchase was like maybe 150 because you were gonna sell it for a hundred so
you’ve got your original investment you’ve got the original item it makes a
lot of sense I mean obviously this isn’t the case for everything because some
things don’t go obsolete you know like golf clubs might be a good
example how I I’m sure they definitely go down in value but it’s not like
there’s such a radical new disruptive technology for golf clubs that you would
need to replace your old golf clubs but you know they rust whatever it might be
things depreciate in value they’re meant to they’re designed to consumer goods
are designed to depreciate fall apart and break in five years or so that’s the
point so if you don’t sell it off early on when you don’t need it anymore then
you’re just going to take a financial hit on that on that supposed asset right
and this is what happens to people in economic depressions when
they’ve got all these consumer goods cuz they were just livin it up and just
having a great time then then you know things go bad they’re
in a financial crisis they have to sell all these random consumer goods at 20%
of their value because everyone else is struggling to and they’re just scraping
to get by so they’re selling their golf clubs that they bought for $500 and
they’re selling them for $100 whatever it might be they’re taking major losses
had they did this before and when they were at a higher value because they
hadn’t appreciated as much you would get a much much better value and not that
I’m saying you should quit golfing but my point is like say you haven’t golfed
in two or three years you probably could just sell your clubs and rent when you
go or borrow from a friend or again like I said you could probably end up buying
them back at the same value or less value and then make money with the money
that you that you got from that sale in those two three years it’s extremely
relevant and it seems so obvious that you should sell off old things that you
don’t use or need but a lot of people don’t even audit their the things that
they own to realize that that might be the case and that’s why it’s good to at
least once a year go through everything that you own and see have I used this in
the past year have I use the past two years six months will I ever use this
again and if it’s not a very obvious yes you might be better off just selling it
and again I’m not saying sell all your things but there’s a lot of opportunity
financial benefit to doing this and you know you can use sites like Facebook
marketplace which has a really great feature that lets you reach your posts
to the top of like the listing which you normally would pay for for example on
Kijiji like 3 or 4 bucks on Facebook you can do it up to four
times for one item so they really help you like get your stuff sold at no cost
to you and then you can use kijiji and eBay and Viraj sale and let go and I’m
sure there’s a bunch of other ones in the US this is just ones that I could
use in Canada so yeah let me know if you guys are trying to sell your stuff you
know you can also barter with people too there’s a lot of other options and
opportunities that that you could take advantage of I mean I see people even
just selling services like as an entrepreneur you could list your
services on Kijiji and and I hadn’t actually thought of that before
ironically and yeah there’s just a lot of different opportunities that you
could take advantage of so let me know if this has changed your mind and maybe
you’re gonna do an audit now and sell some stuff let me know if you disagree
with what I’m saying and you know maybe you think it makes more sense to keep
your consumer goods for some reason I’d love to hear any counter opinions so let
me know in the comments below I’m Scott Cunningham aka @scottcbusiness signing off

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