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Newbie's right in that certain items (like jewelry) upon being sold don't allow the original owner to recapture the full cost of the item. Jewelry is easily appraised, but if you then try to sell the item you'll find out you're not getting close to the appraisal value. So while it's an asset, one would be smart to appropriately discount the sales value of that asset in counting it towards net worth. If you're holding 18K gold chains and such and the price of gold skyrockets then you might get that full value (and more) back.
if the day comes we have to start counting jewelry , my fishing rods and furniture in to our retirement calculation , that is the day we need to better evaluate this retirement plan ....
Newbie's right in that certain items (like jewelry) upon being sold don't allow the original owner to recapture the full cost of the item. Jewelry is easily appraised, but if you then try to sell the item you'll find out you're not getting close to the appraisal value. So while it's an asset, one would be smart to appropriately discount the sales value of that asset in counting it towards net worth. If you're holding 18K gold chains and such and the price of gold skyrockets then you might get that full value (and more) back.
I'm always intrigued by the degree of resistance to this idea when it comes up.
It's like some raw wound is being poked.
Quote:
Originally Posted by NewbieHere
I know what I have, but I don’t know the valuation of ...
a) Who's fault is that?
b) Who is limiting the discussion to jewelry?
If what YOU (or anyone else) has isn't worth much... then forget it.
What you (or your grandfather) paid for it is immaterial.
But the ostrich head in the sand outlook on the matters completely eludes me.
if the day comes we have to start counting jewelry , my fishing rods and furniture in to our retirement calculation , that is the day we need to better evaluate this retirement plan ....
I'm always intrigued by the degree of resistance to this idea when it comes up.
It's like some raw wound is being poked.
a) Who's fault is that?
b) Who is limiting the discussion to jewelry?
If what YOU (or anyone else) has isn't worth much... then forget it.
What you (or your grandfather) paid for it is immaterial.
But the ostrich head in the sand outlook on the matters completely eludes me.
There’s no raw wound. I like to correct absurd things people post online. You mentioned jewelry, I didn’t. Fault about what? Keep moving the goal post so you can say you were right hey?
Forget about it, that’s exactly what I wrote. You can’t count on them because you can get a proper valuation.
You can’t assume they are all antiques. Even for antique items, I’ve seen the price fluctuates for exactly the same item year to year. I happened to watch the show a few months ago by accident.
if the day comes we have to start counting jewelry , my fishing rods and furniture in to our retirement calculation , that is the day we need to better evaluate this retirement plan ....
Some of my furniture pieces worth more than some of my jewelry pieces. Maybe we should count furniture too.
I like to correct absurd things people post online.
We have that in common then.
Quote:
You mentioned jewelry, I didn’t.
Correct. I made an example using it.
Quote:
In other threads on this general topic I've advocated for also including
virtually any material object in the household (jewelry, art, etc) that could be liquidated.
Then you (and others) chose to limit the takeaway to just jewelry.
Should I have listed the 100 or 10,000 other things that ALSO might qualify as such an asset?
The reader needs to do their share of the work.
Quote:
Originally Posted by NewbieHere
Some of my furniture pieces worth more than some of my jewelry pieces.
Maybe we should count furniture too.
The question is only in HOW to include it.
If the total is truly small enough to dismiss the discussion... then dismiss it.
But if the total is large enough (relative to other assets)... recognize it in the planning.
Repeating: The smaller the total net worth the more critical these other assets become.
Last edited by MrRational; 03-03-2019 at 09:45 AM..
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