Want to live a simpler life? Many people begin their quest for a low-stress, less complicated lifestyle by removing clutter from their homes, downsizing their living space, and reducing time spent online. Those things are all good ways to start. But there’s a more subtle aspect to simplicity. Don’t overlook your financial life.
It’s one thing for your house to be a clean, efficient dwelling. But if your finances are in disarray, then you’re not truly experiencing the full effect of a streamlined life. The main component of financial clarity is related to liquidity. That’s a shorthand way of saying that you should identify assets you no longer have any use for and convert them into cash. And there are a few areas where you don’t have to sacrifice quality to save money or achieve a simpler lifestyle. Here’s how to get started on your personal conversion process. The main goal is to focus on things you own but can easily do without.
Unload Dormant Stock Portfolios
It’s pretty common for working adults to get excited about stock investing as soon as they begin a new career. After an initial burst of buying shares and building a portfolio, they lose interest and only view results when they receive a quarterly statement. If you own such a collection of outdated, unneeded shares that are not appreciating in value, consider selling them and banking the proceeds. There’s nothing wrong with investing, but if you don’t have the time or interest to attend to a portfolio, convert it to ready money and clean up your financial balance sheet.
Sell Unneeded Life Insurance Coverage
Because insurance policies are intangible assets, many people forget about them when they set out to convert what they own into cash. You can sell your policy via a life settlement and bring in a significant amount of money in the form of a cash payout. What’s more, you’ll be free of making premium payments, which is another way to save. If the concept of life settlements is new to you, there is plenty of information available online that explains all the details and helps you calculate how much your policy is worth. Once you decide to sell, the entire process is short and simple, and you can usually gain access to your payout quickly.
Hold a Cyber Yard Sale
Clear out your house and sell all the excess appliances, computer peripherals, gadgets, clothing, books, and other assorted oddities online. Opt for auction or direct selling platforms. Be careful to stick with reputable sites and avoid paying high commissions on sales.
Convert Collections to Cash: Stamps, Coins, Baseball Cards
Some items don’t belong in yard sales or online auctions. These items include potentially high value stamp, coin, and sports card collections. Your best bet for getting top dollar is to contact a local dealer who specializes in whatever you own. For example, avoid selling a coin collection piece-by-piece online. Instead, work with a local dealer who is willing to purchase the entire set for a fixed price. Use the same system for sports cards, stamps, and other groups of collectibles. You’ll almost always get a better price and won’t have to worry about dealing with anonymous buyers via the internet.
