5 Ways you could be a millionaire and not know it.

Things of value are known to financial institutions and the general public as assets. So, this article is really about Inventive ways to classify assets. Their some very easily and well known identifiable assets. The quickest form of an asset is probably cash, simply because it’s value is somewhat fixed. The only reason I say somewhat is because the value of a dollar changes with international relationships, and inflation or deflation. Other simple asset classes that everyone knows about are stocks, bonds, cars, insurance face value, etc.. Other items and values often go uncounted.

  1. Take it to a pawn shop. One rule of thumb is. something is only worth what someone else will pay for it. It is truly rare for someone to have an old lamp hanging around the house that is very valuable. However, not so far fetched for someone to inherit antiques. Antiques are hard to identify to the layman, which is why a quick and dirty way to get value is take it to a pawn shop and see what you can get for it. That’s not saying you want to sale your grandmother’s wedding ring, but you can assign a value to it. Which increases your overall net worth, especially if you don’t convert it to cash. You could be sitting on a million dollar antique, coin, or rare jewelry.
  2. Auction it. With the above rule in mind, ebay can be treated like a pawn shop. In that you can find buyers for your items. Which means if it has a value and the market exists it now becomes an asset. An item that fits in this category would be something like a comic book. These can be worth millions, but the bank has no line items for baseball cards and comic book, which could tremendously change your net worth.
  3. Appraise it. This option actually costs money. A text book definition of an appraisal is a professional opinion of value. This requires more a specialist on whatever you have. However, think of how often we purchase something like a painting with the idea that it will increase in value over time. One way to test if your assumption is to take it to a specialized appraisal professional. If you go this route; you probably want to keep a copy of the appraisal in your important documents. This can help establish a baseline value, especially over any non-professionals opinion. Consider that picture you purchased on a cruise a lifetime ago. If you have the an original appraisal you can use it along with a new one to get a new value better estimated value. Then you’d know if the picture you purchased is actually worth a ton of money because the artist later went on to greatness, or a worthless conversation piece.
  4. Does it bring cash in. Kiyosaki’s defition of an asset is something that puts money in your pocket. So, a lot of items that hold no value in themselves can become assets. For instance, a phone is one of my greatest assets. It has a lot of value in customer contacts, relationship building, etc… This value far exceeds the price I would get by any of the above methods. It’s a stretch to think that my android phone is worth millions. But it definitely has a great as long as it adds value, money, or equity in a tangible way. (It can also be liability in the same way by taking your time and attention and money.)
  5. Scrap it. Some items have a value in the materials they are composed with. You may forget sometimes when you have a worthless heat and air unit, or an old junker car, etc… But the some of their parts could end up being worth more than keeping the item in tact. The fact is it could be more valuable as a stack of aluminum, cooper, iron, etc… Or it could be worth more to sell the alternator out of a car, and piece meal it out. Or to at least appraise it as components. A wrecked car is usually worth more in parts than as a combined trash heap.

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