Invest slowly we might have some tough times coming up.I used to get caught up in that trap a bit. It hurt to sell something for less than I “had into it”. On the other hand, it was easy to pass along a real bargain if I’d bought it cheap. I’ve seen guys at gun shows, asking top dollar for something that never sells, because that’s what they “have into it”. So it sits there for months or even years.
One day someone was explaining business to me in a way that really made sense. What you have into something is completely irrelevant. What it’s actually worth is all that really matters.
If you’re in business then you need to make a profit, but even then there are many times when it’s better to sell something at a loss than to sit on it; free up that capital and shelf space and use it for a product that will turn a profit.
The same principle holds true for hobbies. If you have something you don’t want or need anymore, sell it for whatever you can get, and use that money for something that you do want. A few dollars “lost” is pretty meaningless in the grand scheme of things.
I have some money sitting in a savings account, that I’d been meaning to invest in the stock market for a couple years. I haven’t done that before and didn’t know where to start, and am a bit nervous about it. I just recently got serious about it again, and realized just how much money I’d “lost” by having it sit in the bank versus stocks.
Yeah, I could have bought a safe full of guns with what I missed out on because of that poor decision.