As part of my fact finding when I meet with a new client, I ask for the value of things like home, autos, boats, jewelry, art, and collections. The answers vary widely (once a lady had $200,000 in jewelry!), and I don’t really use the values to create retirement income.
The collections question can bring up some interesting conversations. One thing I notice is that people think a collectable (guns, dining room set, art, Precious Moments figure, Beanie Baby) is worth at least what they paid for it or more. Anyone who has watched American Pickers knows this is not true.
I recently saw a website* with 30 collectibles that are worth pennies now. Here is a sampling so you can put a more critical eye to your possessions. If nothing else, it will save you some embarrassment at dinner parties when you stop bragging about your lucrative investment in Cabbage Patch Dolls.
McDonald’s Happy Meal toys
Anything from Franklin Mint – Did you really think?
Hummel figurines – Really any figurines.
Model trains – Super cool around the Christmas tree, but worth very little on eBay.
Star Wars toys – With very rare exceptions and yours aren’t one of them.
Vinyl Records – Ditto.
Stamp collections – Ditto.
Norman Rockwell collector plates
Autographed sports memorabilia – Too hard to authenticate and who else wants your Frank Williams Clippers jersey?
Thomas Kinkade “art” – Did anyone even LOOK at that crap before they bought it?
Longaberger baskets – Thank goodness, one less party I have to dodge.
Brown furniture – Think solid oak/walnut/mahogany furniture that weighs a ton. Your kids want furniture from Ikea.
And now, who are the winning collectors**? If you have been hoarding these, your financial future is secured! Assuming that you also been saving at least 10% of your salary in your 401(k) with a diversified portfolio.
A Super Bowl ring from a player (not the athlete’s foot applicator guy)
Vintage watches of name brands like Rolex, Patek Philippe, Universal Geneve, or Enicar
Retro video games
Polly Pocket toys
Original Kenner Star Wars Toys
Vintage Pyrex bowls
Old typewriters
Sources:
* https://www.cheatsheet.com/money-career/get-rid-of-these-worthless-collectibles.html/
** http://mentalfloss.com/article/533411/old-things-your-house-are-worth-fortune
