MY HUSTLE

No shame in selling personal assets to survive

Selling household electronics after losing your job helps pay the bills

In Summary

• Save for land, everything else depreciates with time, so cashing in makes sense

Image: PEXELS

Personal finances can sometimes get so strained that one is forced to sell assets just to survive. A humbling experience it is, but selling some property could help you get back on your feet.

An asset is any property that can be sold. Land, buildings and cars are large value personal assets. Household furniture, electronics, kitchen appliances and gardening equipment can be considered low-value assets.

There's a common belief that selling personal belongings leads to poverty. Examples abound of people who sold their furniture, electronics, clothes and even kitchen utensils. If the money is not wisely invested into productive activities, poverty will surely follow when there's nothing left to sell.

On the other hand, selling the family car to pay school fees is justifiable as an investment in the children’s future. Selling household electronics after losing one's job is a necessary step to keeping the family fed and the bills paid.

Worth remembering is that land is the only asset whose value rises with time. Everything else depreciates as you use it. If you bought a car three years ago at Sh1 million, its current value will be lower than what you paid for it. A flat-screen TV worth Sh40,000 five years ago might fetch less than half that price today.

As with any other business, look around for credible dealers who will give you the best prices for your household goods. They may require original receipts as proof of ownership for sensitive items such as electronic appliances.

Edited by T Jalio